Millennials - The Underdogs going into 2018

Millennials - The Underdogs

We've all seen what our parents think of us:




"Millennials are the worst!" - lmao

Here is the truth on the millennial condition and what your parents don't understand. 

The American Dream

The Old American Dream as known by your parents:

Step 1. Get an education - so you can get a good paying job (age 5-22)
Step 2. Get a job - to pay off college loans and save for a wedding/ring (age 22-25)
Step 3. Get married - so excited for life ahead! save for a house (age 25-27)
Step 4. Downpayment on house - so you can have space for the kids (age 27)
Step 5. Have kids - help them get a good education and live their own American Dream (age 28-55) 

It's no secret that millennials are not taking the same path. 

The New American Dream has become:

Step 1. Get an education - so you can get a job (age 5-22)
Step 2. Get a job - to pay off college loans (age 22-25)
Step 3. Find a way to pay off loans faster
     Option A: Change jobs - higher pay (age 25-29)
     Option BGo back to school - take out more loans to get that higher paying job... (age 25-29)
Step 4. Get married - skip the expensive ring
     Option A: I paid off my loans, now let's pay off my SO's loans - (age 25-29)
     Option BI can't pay my loans off, maybe my SO can - (age 25-29)
     Option C2+2 = 3... right guys? right? ... hold me - (age 25-29)
Step 5. Pay off loans - you made it - THE NEW AMERICAN DREAM BABY ... (age 27-32)

Why has the American Dream changed? Why can't we put a downpayment on a house at 27 instead of closing the book on our student loans? Well, it's the economy stupid...

So yes, we millennials know, we can eat all the milk & eggs we can handle. But an education - that will cost you 8 years of your wages! Another interesting point, if you look in the footnotes, the $/square feet for housing has actually gotten cheaper, it's just houses have become larger. Unfortunately, you can't purchase 0.67 of a house, hence the emergence of co-living. If you want to buy your own home, you still need to save a larger chunk of money for your downpayment and do so with a smaller salary after you pay off higher debt. No wonder millennials aren't buying diamonds! 

Oh and by the way, the whole wage inflation to keep up with tuition inflation is not working out. It's just not apples-to-apples anymore. It'd be nice if the central bankers start owning up to their failures in this department. Face it parents, you had it easy on the education front. 

Dark days indeed. The New American Dream has shifted from "putting a down payment on your home" to "paying off student loans". And even then, it's become harder to achieve. With student loan default rates rising to 11.5%, a record 8.5 million Americans are in default on their student loans as of June 30, 2017. Could you imagine what would happen if 11.5% of homeowners defaulted on their mortgage? Wait a second... 

So with all this negative data, how can I be so optimistic?

Underdogs - You Rock

This is America. A country built on the underdogs. This is just another episode of David vs. Goliath. Odds stacked against us, I still see more energy and drive every day out of my millennial counterparts. You are fighting the good fight. Our generation has started more companies, achieved higher levels of education, and reached higher levels of happiness, all with LESS financial resources at our disposal.  

Even though we are the first generation in America in a long time to make less money than our parents, we are also:

1. The most educated generation
2. The most tech savvy
3. The most ambitious
4. The most focused on being mentally healthy
5. The largest and most diverse over 75 million of us!

So hats off to us. Over the next five years, we are going to bring back the American Dream. We did it our way, and it took longer not because of anything we did, but because of the world we inherited. That doesn't matter though, all that matters is we leave the world better off than how we found it - and we will succeed.

The American Dream is dead, long live the American Dream!

Here's to the biggest upset of 2018 - the Millennials!

At your service,
Young Alfred