‘Just stop buying lattes’: The origins of a millennial housing myth (thehustle.co)
Consider the 21st century’s most ubiquitous piece of financial advice: “Can’t afford a house? Just stop buying lattes.”
Every millennial has heard some kind of variation of this myth. It’s peppered all over Twitter, dispensed on personal finance blogs, and uttered from the mouths of pundits on national television. Sometimes, “latte” is exchanged for a different millennial trope, like avocado toast.
These kinds of stories make me physically sick. It’s a reminder that (truly) wealthy people lose their touch with the vast majority of the people in the world. The fact that they think most of these people drink, much less have the opportunity to purchase, lattes everyday shows how little they actually know.
And their premise of investing that money (and not ever touching it) also show that they are out of touch with how most people’s lives go. Ever get really sick? Have a car accident? Have a parent or child get sick? Need to help a family member or friend who’s struggling? Want to donate to charity? People have unexpected financial needs throughout a 25-year span. You, Mr. Rich Person, may now have that, or have other funds to cover the same situations. But the vast, vast majority of us don’t.
And, oh by the way, most of us don’t have parents or grandparents to seed us and/or fall back on in case things get bad.
Just a little pro tip, asshole.
