If you are a Facebook regular, you have surely seen a whiny piece of journalism trending titled "Millennials who are thriving all have one characteristic in common," published by theAtlantic.com. The characteristic is revealed that we all come from rich parents, which has led to home ownership and overall financial stability. The article specifically states that 43% of us who received help from our parents paying for undergrad are now homeowners. The article fails to address the majority; the other 57% who received help, still don't own a home. Which leaves us pondering...... What is going on with those people? According to the current administration, job numbers are soaring!
Mind you, theAtlantic.com article sites Zillow for its figures. If these numbers are calculated as well as the home values on Zillow, then I would doubt their accuracy. Fellow realtors will understand.
If I could preface a little bit about myself, I am a part of this elusive 43%. I graduated from the University of Tampa in 2007. An $80k diploma courtesy of my parents and, in part, myself as I received a 6k academic scholarship every year. My dad took the equity out of his home to pay for it because he didn't want me burdened with the overwhelming debt. (It was also beneficial for him to keep a mortgage on his house as the tax benefits of his mortgage outweigh the interest.) I purchased my first home in 2013 with my husband.
Despite what seems to be another elite acquiring wealth with such ease, neither my parents nor myself are in any way rich.
I grew up in Waldorf, Maryland, a DC suburb known for being racially diverse and a great place to purchase drugs. I spent my early years in a small Catholic school, located in the poorest part of the county, run by a priest who never taught us basic Algebra but thought it was more important we understand the dangers of wearing denim to Mass. Hardly an elite private school. The tuition was not insanely expensive but it was enough to keep brand-name clothes off my back, junk food out of the fridge, and cable TV and Nintendo far away from my living room. I finished middle and high school at the local public school which was mediocre at best. I studied 2 years of Spanish and all I can do is order a beer fluently. While most students spent their latter high school years reading Shakespeare and J.D. Salinger, my English teacher was trying to sell us Mary Kay make-up. Another pillar of elite education.
After university, though, I did something Millennials seem to resist: I went to work. I graduated in 2007, the exact point the housing market crashed and recession began. At that time there genuinely were no jobs, and if you were searching for one at that time, you can understand my lack of sympathy for the jobless cry-babies in today's market. So with little prospects at home I flew off to Asia to teach English. I made a very good salary which would have easily paid off student debt (if I had it) or even better, would have been a down payment on a house. But instead I squandered most of it backpacking in Asia, buying nice things, and drinking. Perhaps it was the trend for my entitled soul but at least it was my money, not my parents or the taxpayers. Towards the end of my travelling tenure, I finally applied the fiscally conservative values my parents practiced and before settling in England with my husband, I did have a bit of savings. This of course did not last long though due to the strength of the British pound.
As an American in the UK, I was not able to work until my visa was granted, which took about 18 months. Nevertheless, my husband and I were determined to buy our own house within 2 years. After months of substitute work, he finally got his first salaried teaching position at a local high school. I'm sure you can fathom how lucrative a first year teaching salary is. On top of full time teaching, he spent 5 nights a week at a not so local restaurant that brought in another few hundred pounds a month (less than £400). We paid our own rent, utility bills, food, my husband’s student loans, and paid cash for our one car which needed £60 of gas every 5 days. I'd also like to note that as residents of the UK, we are subject to much higher taxes than Millennials stateside, (20% sales tax on everything you purchase, council tax, road tax, TV tax, the 20-30% taken from your salary, NI, NHS, etc.). These taxes are necessary to cover all that "free" healthcare.
Unable to work myself, I volunteered for a marketing position at a non-profit to improve my skills. I needed to do something productive that would benefit me in the future. It was a great learning experience and my future employer was impressed I spent the time to hone my skills. In an interview 2 years later, my soon-to-be-boss asked me why I chose to volunteer as opposed to just working in a bar somewhere and just get paid under the table? I told him I thought employers would be more impressed with my marketing skills rather than how fast I can make a round of shots.
For nearly 2 years we scrimped and saved for our home. We didn't go out to eat, clipped coupons, frequented charity shops, and never enjoyed a vacation. It sucked. When I finally did get my visa, I immediately got a job in a bar while looking for a position in real estate, which commenced September 2013. In November 2013, 22 months after arriving in the UK, we bought our own house........ And it was worth every moment of boredom and misery.
I have my own theory that may explain why so many Millennials, including the majority who were aided in undergrad, cannot get on the property ladder. They never want to leave school and actually work. They continue on to 'higher education' and funnel thousands more dollars into graduate programs and doctorates which mean absolutely nothing to employers. The Millennials are not impressed with the bottom feeding jobs available to them once they get that diploma. They walk across the graduation stage expecting the five figure salary and corner office to be waiting. It doesn't work like that. You don't get the dream job straight out of college… that takes another 5 years. You have to start working that shitty job during the day while still serving tables at night. You might even have to volunteer, but that is where you find the skills and people that allow you to move up. And that retail or hospitality job you have on the side teaches you the most valuable of all skills, how to remain professional when someone is being a complete dick. You don't learn that in the classroom.
Employers are not impressed that you aced your presentation on the marketing failures of Saturn cars. Employers care about real skills and real problem solving situations. They want to hear that some irate client walked into your office ready to castrate you and after your persuasive reasoning, she left happier than a pig in shit and gave you half a dozen referrals. They are not impressed with your thesis on gentrification. They want to see the algorithm you perfected for a new phone app.
Even one of my Facebook friends who posted this garbage admitted that her parents paid for undergrad and she took on the responsibility to pay for grad school which was 3x more costly than undergrad. Um....... Maybe you should actually use the first degree before you drag yourself into debt to get another one.
Unless you are going to cut people open for a living, or litigate 90 hours a week, grad school is pretty useless. You don't need to believe my opinion but you should believe the numbers. Unemployment for Millennials with bachelor and post graduate degrees are only slightly higher than the national average, ranging between 5-7%. But the cost of grad and post grad studies is soaring. The cost of a bachelor degree is up 20% from the early 2000s. Over the past 30 years, college tuition is up 533%. Simply put, the cost far outweighs the benefit. You need to get out of school fast to get to work fast. Even if that means taking a job that didn't require your expensive degree, you have to get out there. According to a 2015 Forbes article, 80% of jobs aren't even posted online, which is why it's so important to network within the job market.
I've learned more in 6 months in the corporate world than I did in 4 years of undergrad. You're never going to acquire real problem solving skills until you work with real clients. Real world pressure and deadlines don't exist in the classroom. That paper you submitted 2 minutes before the deadline will not affect your rent payment. Real world skills are acquired when a client is threatening to withdraw from a sale (and paying you) if you don't get a complete contract soon. Success comes from the negotiating table, it comes from the perseverance to go from the intern in a small Baltimore office to the VP at NYC headquarters, the endless door knocking perfecting your sales pitch, and the late nights of lesson planning for your high school students who are 16 and can barely write a paragraph. Even dealing drugs can teach you the importance of customer service. The all-nighter you pulled for Women's Studies is not going to pay you. But maybe volunteering at a non-profit that helps women will show you how to network and find a local business willing to donate to your cause. And that skill will eventually pay you.
My opinion isn't the end-all-be-all for grad school. Post graduate degrees are still valuable......when compounded with a bad ass work ethic. Two of my dearest friends are thriving with their post grad degrees. But they worked in their field during their studies and were practical about the tuition they could afford. One of them even went tuition free as she worked at the university. Bet these Millennials didn't even know that was an option.
Stop delaying work. Hell, if you are in college now and don't like it, save yourself a few tens of thousands and leave. Take any job, anywhere, and get cracking. The A students end up working for the C students in the real world anyway.
Most of your twenties are spent finding your strengths and improving your weaknesses. The first time, less desirable jobs are necessary to show you exactly what you don't want to do for the rest of your life.
Articles like "Millennials who are thriving...." serve as a way to demonize wealth. It's downright insulting to those of us who busted our ass to get a home. I don't have the greatest house in the best town but it's all mine, (and partly the bank's) and I like it. I worked hard for it. So fuck you and the horse you road in on if you think I'm spoiled. Complaining about those who have succeeded won't make you successful. When there were no opportunities for me, I took a risk and left. You can leave the state, you can leave the country. Finding a job is, in itself, a full time job. My peers and I went out and found work; we didn't litter Facebook with complaints about how life isn't fair. That's not productive.
(Also note that theatlantic.com does not mention that Millennials wait longer to get married. Buying a home is typically a 2 person job.)
Being spiteful to those who are rich, won't make you rich. Your drive and work ethic will. Maybe you should look at these people as inspiration. After all isn't it the American Dream to be successful. What good does it do to knock the hustle it took to achieve it?
