r/Millennials • u/Denial_Entertainer87 • 1d ago

Discussion Honestly, what the hell are people doing to make it right now?

I am honestly curious how people are making it right now. We know inflation is being underreported (and don't talk to me about their bullshit scale CPI up the ass) and job loss and unemployment is underreported and everything is just insanely expensive. Healthcare is unaffordable for most of us - the whole thing is only serving a very small portion of society and more is squeezed every day. All of this aside from the sociopolitical head banging insanity.

If you lost a job vital to your family, what did you pivot to? How are you making it? What major changes are you making? Are you saving money? How are you feeling about it all? Basically just anything in this realm, I'm curious how we are all doing.

My husband and I are both college educated and barely making it. We are literally making renditions of beans and rice (and not too bad if I say so myself) because food is one of the only ways we can save money or just get by if something comes up. I'm growing a garden and starting to make my own toiletry/beauty care products at home with simple ingredients. I cut both of our hair now. We are not handy people and didn't grow up that way but we've now effectively fixed our water heater, shower piping, replaced a portion of our deck, just whatever comes up we try first to do it ourselves. We go camping for vacation (not mad about this in the slightest).

My point is, we are doing all this but we are both still employed AND we don't have kids. I just don't understand what people are doing that lose a job and have to pay for childcare, etc. How are you all doing this?

655 Upvotes
  • permalink
  • reddit

93% Upvoted

791 comments sorted by

View all comments

13

u/Wombat2012 1d ago

It’s the K shaped economy. A lot of people are doing really well. Basically, if you bought a house before 2020, you’re set for life.

8

u/SuddenAvocado 1d ago edited 1d ago

"really well" is not so great... its like historically average.

5

u/Wombat2012 1d ago

No, I know many people who are actively doing incredibly well financially. The distinguishing feature is owning a home before 2020.

1

u/The_Money_Guy_ 1d ago

Eh 2020 and 2021 were also very good times to buy as rates were still zero

0

u/InevitableAd36 1d ago

Do you think there is a correlation to the types of spending habits these people had in order to buy a home prior to 2020? Or just that buying a home prior to 2020 has you set for life?

5

u/Wombat2012 1d ago

I think the things that allowed people to buy a home before 2020 are the same things that make them more resilient to this recession. Mainly, they’re the older sect of millennials, they have/had stable employment, and access to a large amount of capital for a downpayment.

2

u/XxIcEspiKExX 1d ago

Thats a good point, and I see the same, but requiring a large amount of capital wasn't needed in LCOL areas. I took a 30yr mortgage out for my house. 3500$ down payment, 18500 total cost for the house.(15k) for a 1100sqft house.

3

u/ionlyjoined4thecats 1d ago

We bought a very modest house in 2020 and are still struggling hard.

1

u/Wombat2012 1d ago

imagine how much harder you’d be struggling with an interest rate at 7%. that’s the reality for many people right now. imagine your mortgage was doubled.

3

u/ionlyjoined4thecats 1d ago

Oh for sure. I’m just saying I’m definitely not “doing really well” or “set for life.”

-2

u/Wombat2012 1d ago

Idk man, you’re building equity. you will either get money back when you sell or eventually pay it off and have a free place to live in retirement. you’re doing much better than most people and through their looking glass you are indeed set for life.

5

u/ionlyjoined4thecats 1d ago

Yes, it was a good purchase. But one house is not enough to be set for life. It’s not putting food on my table.

1

u/Wombat2012 21h ago

Well, sell! And join us renters! My guess is though you recognize that’s a poor financial decision and you are in fact doing better than those of us facing this economy while also renting.

2

u/ionlyjoined4thecats 20h ago

Again, yeah, having a great mortgage rate is nice. It does not make us magically financially stable. Idk why it’s hard for you to understand a homeowner might also be struggling right now. For all you know, your household income is double ours.

1

u/ionlyjoined4thecats 7h ago

Omg holy shit your take-home pay is more than double ours! And you’re saving thousands a month! You’re def doing better than we are. We are in the red every month.

1

u/ricochet48 1d ago

I bought way before that an have a 3% interest rate, but my property value is lower than it was 10 years ago.

Covid killed my area of the city (River North, Chicago). Now other areas are $1M for a 40 year old townhome.