this post was submitted on 18 Feb 2024

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submitted 2 years ago by robocall@lemmy.world to c/me_irl@lemmy.world

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[–] unreachable@lemmy.world 38 points 2 years ago (1 children)

story of millennials

[–] VaultBoyNewVegas@lemmy.world 10 points 2 years ago (1 children)

I was born in 96 and had a flip phone, I remember getting the Simpsons meltdown on it from the back of a magazine. I'm not a millennial, I'm just about gen z.

[–] Lazhward@lemmy.world 3 points 2 years ago (1 children)

You're a zennial.

[–] VaultBoyNewVegas@lemmy.world 4 points 2 years ago (1 children)

Seems like it. I've had people tell me I'm a millennial and I've had people tell me I'm gen z. According to Wikipedia I'm gen z but anytime there's something about gen z on the news it's like an alien language to me and the people in the articles are usually like late teens/early twenties.

[–] Appoxo@lemmy.dbzer0.com 2 points 2 years ago

Hell, I am 24 and this is alien to me. What the hell am I gonna do?

[–] late_night@sopuli.xyz 25 points 2 years ago (1 children)

I downloaded a custom logo from my phone operator to display on the main screen of my Nokia 3310.

[–] Psythik@lemmy.world 4 points 2 years ago* (last edited 2 years ago)

Did the same for the secondary screen on my Motorola Razr, which it's only purpose was to display the Motorola logo and IIRC display the camera for taking selfies (since phones didn't have dedicated selfie cams yet). That was all it did.

[–] MystikIncarnate@lemmy.ca 13 points 2 years ago (1 children)

I bought a ringtone for my Samsung flip phone that always freaked people out. I used it for text messages.

The sound was a cat purring.

The reactions were entertaining.

[–] ColeSloth@discuss.tchncs.de 12 points 2 years ago

I ripped a piece of audio, edited it down to the piece I wanted to use, and put it on my phone from my computer. When I got a call, it was Kyle yelling "You're such a fat fuck, Cartman, that when you walk down the street people go GOD DAMMIT that kid's a BIG FAT FUCK."

[–] Jackcooper@lemmy.world 12 points 2 years ago (1 children)

I remember buying like 50 bucks in ringtones and then being too embarrassed to use them

[–] robocall@lemmy.world 3 points 2 years ago

That is hilarious

[–] doctorcrimson@lemmy.world 2 points 2 years ago

TikTok is garbo for traitors and concavemen.

[+] LemmyIsFantastic@lemmy.world -11 points 2 years ago (3 children)

52% of US millennials own their home.

[–] Chriswild@lemmy.world 23 points 2 years ago

Millennials are in their 40's now and you're claiming half owning homes is good. Only half owning homes for a generation that will soon stop having children is actually really bad.

[–] Ross_audio@lemmy.world 13 points 2 years ago* (last edited 2 years ago) (2 children)

https://www.forbes.com/sites/katherinehamilton/2023/04/21/gen-z-ahead-of-millennials-and-their-parents-in-owning-their-own-homes/?sh=72b01fd87d0e

Even Zoomers have it easier than millennials when it comes to home ownership.

Even then it's a massive problem still.

[–] LifeInMultipleChoice@lemmy.world 2 points 2 years ago (1 children)

How many of these people actually own their homes? If you "buy a house" I would consider it owned by the bank until it is paid of. Loans are usually 20-30 years. If ~30 percent of the populace has been paying off houses by 25 I am way more fucked than I thought I was, haha.

[–] Ross_audio@lemmy.world 3 points 2 years ago

There's obviously a grey area between mortgaging a property and owning outright.

If you want to actually get an idea I'd look up stats on net wealth which includes assets like property.

Everyone's wealth should grow until retirement then begin to drop.

https://www.avtrinity.com/news/what-is-the-average-household-net-worth-in-great-britain

An example of the wealth difference in the UK.

16-24 average below the 15th percentile £22,300

25-35 around the 30th percentile £76,800

35-44 below the 40th percentile £198,000

45-54 at the 55th percentile £366,600

55-67 at the 65th percentile. £553,400

The earnings to bridge the gap seem pretty big even though we're talking about households here so couples can count together very often.

An average 20 year old needs £5500 per year in savings or asset growth to get to the place a 30 year old is in today.

An average 30 year old needs ~£12,500 per year in additional savings and asset growth to reach the average those who are 40 have reached.

A 40 year old needs ~£16,000 a year

A 50 year old needs ~£20,000 a year

This isn't possible without assets with compounding interest and tracking ahead of inflation. It's essentially dependent for most on getting on the property ladder as that's where the majority of the wealth is.

The average house price in the UK is £288,000. Essentially the average would be to own your house by 50, except some wealth is in pensions not property. So really it's at least 55.

25 years average mortgage means those 55 year olds likely got on the property ladder at 30.

The later people get on the property ladder the more of that compounding investment happens later. Interest works against people who still have mortgage debt and below 50% equity. A 40 year old getting on the property ladder is likely to pay off the mortgage on their last house at 65. With 50% equity happening at 55.

Getting on the property ladder at 40 is essentially just in time to have a retirement. Later than that and they're in trouble.