Why Do Millennials Spend Their Hard-Earned Money On Brunch?
People absolutely love giving us millennials unsolicited financial advice. Anyone from your parents, relatives, news anchors, journalists to now millionaires.
Case in point? A 35-year-old Australian millionaire and property mogul Tim Gurner told Australia's 60 Minutes that millennials would be more likely to be able to buy a house if they keep in check their spending on avocado and indulging in brunches.
Tim Gurner believes our housing crisis will be resolved when young Aussies inherit the 'incredible wealth' from the Baby Boomers. #60Mins pic.twitter.com/iET9sus8qW
¡ª 60 Minutes Australia (@60Mins) 15 May 2017
¡°When I was trying to buy my first home, I wasn¡¯t buying smashed avocado for $19 and four coffees at $4 each,¡± he said. ¡°We¡¯re at a point now where the expectations of younger people are very, very high. They want to eat out every day; they want travel to Europe every year. The people that own homes today worked very, very hard for it,¡± he said, adding that they ¡°saved every dollar, did everything they could to get up the property investment ladder.¡± But that's not it.
He also said: "This generation is watching the Kardashians and thinking that's normal ¡ª thinking owning a Bentley is normal."
UM, Mr Gurner, I have no idea where this is coming from, but the the last time I checked I din't know a single person who thought it's absolutely normal to own a Bentley. That car costs a whopping Rs 1.5 crores or more! An amount most people won't make in their lives.
And of course, Twitter tore his advice to shreds as it quickly spread across social media. Naturally, some found the statement impractical or insulting.
I spent all my avocado money paying rent on my apartment, or maybe for my bus pass. I'm such a bad millennial.
¡ª Sarah (@SRRSkelley) 15 May 2017
OH SO AVOCADOS ARE WHY I CANT AFFORD A HOUSE
¡ª NOT A WOLF (@SICKOFWOLVES) 16 May 2017
THANK GOD
I THOUGHT IT WAS BECAUSE OUR COUNTRY IS A CORPORATE RUN TRASH FIRE
WHAT A RELIEF
The real issue with millionaire Tim Gurner's advice is that it just doesn't make sense. Here's why:
First, millennials are doing okay when it comes to buying a house, pretty much without his advice. According to 2018's TATA Group Consumer Housing Trends Report, our generation makes up more than half of all home buyers today and 56% of first-time home buyers.
Second, the real issue is not our choice of brunch or preference of what we decide to spread on our toast. The actual problems are the unpaid internships, pathetically low salaries, and increasing rents and home prices.
I also went ahead and did my own math.
A serving of avocado toast on an average costs about Rs 575. If I bought it once every single day of the year - which no one does - it would cost me about Rs 2 lakh. If I make it a once a week habit, the cost then comes down to Rs 31,000. And the last time I checked Rs 30,000 was nowhere close to a down payment of a house, let alone a car. Of course, I'm spending money on more than just avocado toast but every single time I eat out, it lets me spend more time getting ahead at work, hanging out with people I love, reading books, and planning trips. I'd rather take a few more years to buy a house than miss out on any of that. No wonder they say millennials value experiences. And that's also why we'll continue to spend our hard-earned money on brunch.
