Millennials are probably the most flexible generation ever!
In my opinion, Millennial’s have an extreme desire for the Highest Quality Lifestyle!
In many ways, the way a millennial today thinks and acts in a way that is far superior to other generations. They have mastered life’s pleasures of travel, dining, and entertainment. A lifestyle like this was mostly just a dream for generations past. Leaving couples bogged down with car payments and nine to five jobs. Employment today has many advantages made possible through technology allowing for the capability of working remotely. Working from home for past generations was all but impossible requiring the expense of two cars.
Millennials are saving money by not purchasing expensive cars. Cars require maintenance, insurance, gas and the need of a place to park them.
Instead of two pricey cars, they may share one or not even have one. With strong public transportation and many ride share companies available this can be huge savings. This leaves more of the earnings available for their dining and travel experiences.
Where do Millennial’s like to live?
Many still live with their parents or family member in line with a lower cost of living. Then there are those who choose to be away from family who either rent a room or share an apartment. Sharing living space with one or more friends seems to be the most popular. Millennial’s have mastered the art of affordable living and flexible employment allowing for Maximum Fun Time!
Is the Lifestyle of Our Millennial Generation Missing Something!
For the most part no they are not missing anything. This generation above all others is choosing experiences over monetary things like a car. However, do not touch their phone that to them is a survival tool. They should be careful with that, technology is wonderful but is no substitute for personal interaction. A Facebook post or video will never replace a face to face family gathering with friends and relatives. They may look up from their phones one day realizing their parents and grandparents have passed away while they were out touring other countries. Oops too late they are gone.
A few small changes can make a huge difference in the future success of the Millennial way of thinking.
Instead of renting a room or sharing an apartment invest in a home and have your friends rent from you! Remember any time you pay rent you are investing in someone else’s future. You will need a place to live in the future when your parents are gone. Capitalize on your generation by being the one that collects the rent on rooms for rent, so you have a paid off place to live when you are no longer working. That time will sneak up on you faster than you possibly could imagine.
Stay physically connected with your family and friends, put away the phone and socialize once in a while. Especially if you have kids, remember grandparents are not cool hugging a tablet. They want to interact with the real thing.
This generation even has their version of games, like Millennial Monopoly that has eliminated Real Estate as the focus. As a Realtor, many of my clients and friends own rental property.
A word of caution to for this fast-paced generation is not to let years go by without securing a home for your future. And consider owning more than one. If you buy two new cars, the value goes down as soon as you drive off the lot. You will have to make the same payment every month as the vehicles become worthless. A home works the opposite the monthly payment stays the same, unlike rent which goes up. Yes, you have to make payments every month however unlike cars the value goes up.
The New Car
It is worth less and less every month, and your friends go places with you for free!
The New Home
As time goes on the home is worth more and payment stays the same. Now you have two friends that want to stay in your two spare bedrooms. This is much different from a free car ride, and they pay rent which you can use to pay your mortgage. Big difference if your mortgage is $1200.00 a month and two people pay you $600.00 a month they are investing in your retirement.