The Rachel Cruze Show - Have Millennials Officially Given Up? These Spending Stats Are Wild!

Starting point is 00:00:05 I recently saw an article titled, I can't afford a house, so why don't I just be gorgeous? Great title. And these are the hard-hitting questions millennials are asking, so let's talk about it. Be sure to like, subscribe, and share this episode with a friend. So according to this article, 52% of millennials are now homeowners, but 24% believe they'll never be able to save enough for a down payment. And in 2023, the average millennial spent $2,670 on cosmetics and aesthetic procedures, which is more than both Gen Z and Gen X. Now, I don't know how accurate all these numbers are, right? But I think it speaks to this larger trend that we are seeing.

Starting point is 00:00:50 So apparently millennials are doing the classic fake rich kind of thing where they will spend $3,000 on fancy skincare or designer bag, but they claim. to not have enough to save for big financial purchases like a house. So first off, I get it, right? We are all human and we love a quick fix, and there's something about knowing you can spend an amount of money on something, and in the moment, it just makes you feel great, right? I get it.

Starting point is 00:01:17 But listen, having that mindset of living so just in the moment and what feels good in the moment, it is costing you because there is something about a level of maturity with your money to say, hey, I have to delay pleasure. Everything that I want in the moment, I can't have. And just because I feel like I can get something that's like a little bit luxurious over here, that may not be the smart decision in the long run. So instead, I would say, have hope that you can hit big goals. Okay, it may take longer. It may look, you know, differently than how you pictured it. But consistency is so, so key. So have that goal out there and day in and day out, make a decision that you're going to work towards it. Now, another thing that requires consistency is being vigilant about your personal info online, and that is why I love and use Delete Me. So you may not realize it, but scammers and spammers are constantly buying and selling your data online.

Starting point is 00:02:13 And the last thing you want is for your name and address and other important information to be left exposed, just waiting for internet creeps to find it and to use it without your knowledge. So delete me steps in and wipes those sites clean so you don't. don't have to, and it gives you peace of mind. You can get 20% off an annual plan at joindeleteme.com slash Rachel, which checks out to be about $9 a month. So it is worth it. So go to join deleteme. com slash Rachel. All right, number two, I would say practice saying no in the short term. Like, that's what we were talking about. So sometimes you're going to have to say no.

Starting point is 00:02:49 And it won't be forever, okay? So you're not having to say no to everything. But what is great is when you say no now in the presence, because you're working towards. something greater. When you have what you're working towards and you're still making an income, you have margin because you set yourself up, you're going to have the ability to say yes, a whole lot more. Next, I would say get a plan and run your numbers. So if you feel like buying a house is completely impossible, then figure out how much it's going to take to save up for a 5% down payment or 20% down payment. And I would recommend Ramsey's Mortgage Calculator. And it's great because you're going to be able to see, okay, here's what the average home in my area or the kind of home I'm looking at.

Starting point is 00:03:28 This is what it costs. You know, here's how much money I have. Here's what the down payment, what the monthly payment would be. It does all the calculations for you. And what's great about that is you're able to see something realistic. And again, you may be waiting three, four, five years to be saving up in order to do that. But you're able to actually have hard data versus just this like aloof feeling of like, oh, everyone says that it's expensive and I can't do it. Now, controlling your monthly cost, too, is going to help you when it comes to things like saving up for a down payment.

Starting point is 00:03:58 So I recommend every dollar. It's a great budgeting app because it does give you an accurate picture of your financial situation, and it kind of can guide you to the next step of where you're at. All right, number four, I'd say don't be afraid to reevaluate what's on your wish list. Now, millennials, we used to share bathrooms and rooms with our siblings. Do you remember that? Like, you know, you look back on the 80s, the 90s, and I'm like, that was so normal, so normal, right? And for some of you, you're like, that's my life now,

Starting point is 00:04:27 and that's great. But I do think because of social media, it's given us this picture, this window into what feels like, you know, the everyday woman out there. And you're like, oh, my gosh, she's so great. But look at her house. Like, it seems like everyone's houses. It's like, it's gotten nicer and nicer. And the expectation that you have to have your forever home or the home that, like, your kids are going to grow up in and that everyone needs their own bathroom and bedroom and all of it, that may not be realistic, you guys. It really may not be. And so there is something to say about changing and possibly compromising on a couple of things. It may be location, it may be aesthetic, square footage, amenities. I don't know what it is, but just knowing the reality that

Starting point is 00:05:05 we're not going to be able to get everything we want, the reality that, yes, incomes have not kept up with housing overall, right, when you're looking at the charts. So there is something to be said of, we're going to have to adjust something, and usually it's going to be our expectations. that's okay. But in order to get in, get in the market when you can, is important. Now, what can happen is we can hear some lies like you will never be able to do this, or you'll see people on social media and they give you no solution. They talk about the problem, but no solution. And we don't want that, right? We want truth and a plan and knowing that there is hope at the other end. But if you want to dig into more financial lies that you need to ditch, check out my episode five

Starting point is 00:05:43 popular money myths that keep you broke. You can click right here or if you're listening on podcast. I'll leave a link below. All right, you guys, remember to take control of your money and create a life you love.

The Rachel Cruze Show - Have Millennials Officially Given Up? These Spending Stats Are Wild!

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