聽 聽 聽 聽 聽 聽 聽 聽 The other day I read an article titled, 鈥淯nder 35? You face at least 3 tough challenges in the 2017 economy;鈥� I鈥檓 under 35, so CBC got me with their title. Millennials apparently have to worry about precarious work, high home prices, and questions of whether retirement will ever be a reality.
聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 Aside from a couple of interviews with people who have spent their earnings on 鈥渧acations and snowboarding,鈥� the struggle was real. How in the world do you save enough to put a down payment on a house? I鈥檓 actually to the point I feel like I might be renting for life, because at the same time you need to be saving for retirement.
聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 Then I zipped down to the comment section. Bad idea. An individual in the comment section decided to say that previous generations had it much harder than the current generation鈥� Well, yes and no, yes his view was correct because I don鈥檛 know what he went through, but no he鈥檚 not correct because he didn鈥檛 grow up in this generation. He then mentioned that his own kids were a bunch of snowflakes, that they have it too easy and expect everything to be handed to them.
聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 I was never once told that anything would be handed to me, I was told I could do anything, which has caused some issues figuring out what I wanted to do with my life and I still question it; BUT, I was told I could do anything if I applied myself and worked hard. Since I didn鈥檛 know what I wanted to do with my life, I simply applied myself to school and learning everything I could, in high school I was a 90-something student and by the time I figured out university I managed to go from struggling to the Dean鈥檚 List. I was taught hard work and respect get you places, and they did.
聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 It鈥檚 more so the financial situation. I save and save and feel like I鈥檝e gone nowhere in being set for life. A quick Google search brought up information, which took inflation into account, looking at costs in 1975 versus 2015, in the United States鈥� in 1975 a new house cost approximately $48,000 (with inflation $209,417), which in 2015 was $270,200 and college sitting at $3,776 in 1975 (with inflation $16,475) versus $42,419 in 2015. So, although certain things were more expensive like gas and movie tickets, technology has improved thus bringing these costs down, but there are financial concerns for seeming necessities that weren鈥檛 quite the same cost as they were then providing more of a burden.
聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 Additionally the Canadian Pension Plan has been said to be running dry essentially. I鈥檓 paying into it, but may never actually see any of it because people are living longer in this day and age needing more assistance.
聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 So, instead of saving for a house, I鈥檓 saving for my retirement already鈥� I admit, I don鈥檛 know much about financials, but in my mind that seems like a better use of my savings at this time. They definitely need a class in school regarding financials, the best ways to save, what the stock exchange is (I own no stocks because it would create unnecessary worry for me. I just know history and that means I know Black Monday 鈥� the Wall Street Crash before the Dirty Thirties hit 鈥� so the entire market system we use, the stock exchange, everything, actually terrifies me.
