Millennials are a generation of passionate dreamers, trend setters, and entrepreneurs preceded by Generation X. Howe and Strauss suggest that the Millennial generation consists of those born between 1982-2004. The years differ based on who is defining it, so for the purpose of our community, Millennials are everyone who reached adulthood in the 21st century.
Millennials grew up in a technology filled and socially connected world of opportunity. We are ethnically diverse, and to a hopeful extent, tolerant of differences. Baby Boomers and Generation X often look down on us with equal parts of annoyance and jealousy. They think they had it harder than us.
We Millennials were extremely optimistic as we entered adulthood despite the fact that we are the first generation since the Silent Generation that is expected to be less financially successful than our parents. I’ll admit, we have unrealistic expectations which can cause disillusionment. Many Millennials went to college only to find ourselves employed in unrelated fields or underemployed and job hopping frequently. We want to enjoy travel, have adventures in expensive cities, but also the thrills of financial freedom in a world of intense competition.
It is expensive to survive in the city.
We have it hard because we entered into adulthood during a time rapid growth in urban centers. The generation before us moved out of cities into the suburbs. Our generation is expanding vertically in cities. People were not living in Downtown Los Angeles in the 90s. Today, it’s a thriving and exciting place for us Millennials to live. Millennials are not only taking over the major cities like London, New York, and San Francisco, we are also supporting the economic boom and growth of historically less expensive cities such as Portland, Denver, and Austin. Even smaller cities like Nashville, Boise, and Flagstaff are starting to gain momentum and are becoming more and more expensive to survive.
Many Millennials have questions about which financial path to take. There are so many options out there, which makes it even more complicated than just “one or the other”.
Most of us owe tens-of-thousands of dollars in student loan debt, and the competition for jobs and housing makes living in expensive cities almost unrealistic. New York, San Francisco, and London are some of the most expensive places to live with rents that require cohabitation of small rooms in small apartments. Achieving financial independence seems down right impossible.
Millennials have a sense of style and adventure that is costly. How the hell is our generation going to own a house in the city? How how are we going to plan for our future, when are just barely paying off debts and rent?
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- I am in my early 30s and live in the San Francisco Bay Area. Shit is expensive.
- I have an average 9-5 job that earns less than the average tech millennial.
Over the years I’ve learned some creative ways to survive in this expensive city. These strategies have helped me accomplish the following:
- Purchased two properties (I live in one and rent the other out for passive income)
- Paid off my $80,000 student loan debt in 3 years.
- Maxed out my company sponsored 401K and still have enough left over to go out most nights and travel on the weekend.
- Personal Capital suggests I am on track to retire early.