Avocados Breaking Millennial Banks, Says Millionaire
In today's world, millennials are always looking for the best that life can afford, from artisan coffee to avocados on everything, but when they need money for items of importance - like bills - they don't know what happened. Millionaire Tim Gurner decided to call millennials out on this and tell the younger generation like it is.
All Artisan Everything
Gurner, the Australian native who made his money in real estate, called out millennials for spending money recklessly in their careers instead of saving for the long term. He tied this to why so many millennials are unable to purchase homes at times when they should be able to, even with a career in full swing. Instead, they are spending money on expensive trips and artisan food.
"When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each," Gurner said during the latest episode of Australia's 60 Minutes. He split the blame between the reckless spending mindset of the younger generation, along with growing up on the current slate of reality TV that dominates the airwaves.
"This generation is watching the Kardashians and thinking that's normal, thinking owning a Bentley is normal," Gurner said.
Gurner's thoughts were echoed, in part, by fellow millionaire Grant Cardone. Cardone did go after the topic a little more softly than Gurner though, encouraging millennials to put off some of the traveling they want to take until they are a little older and have established a level of financial security.
Author David Bach joined in as well, stating in an interview with CNBC that "not prioritizing homeownership is 'the single biggest mistake millennials are making.'"
Deep Pockets, Longer Arms
The way Gurner comes across in this may seem strange, but the intent of his message is clear. The culture most millennials have grown up in encourage an expensive lifestyle that, in most cases, could do more harm than good.
At least that's what Gurner is going for when talking about avocado toast. Sure, there are plenty of ways around this, especially with the right job, but reckless spending is never a good idea.
On the flip side, Gurner may be a bit too harsh on millennials becoming homeowners. That is a massive financial undertaking, regardless of how careful one is with their money. Between the pile of bills needed to keep a home safe and working, and in some cases also having to balance mortgages, it's understandable why younger generations just getting into the workplace and finding careers might be cautious when approaching homeownership. That said, saving money is always a good idea.
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