My Avocado Toast Spending Is Not The Problem, Mr. Millionaire

my Avocado Toast Spending IsNot The Problem, Mr. Millionaire

My avocado toast spending is not the problem, Mr. Millionaire.

I had my day planned out: wake up, feed my dog, go to work, come back, and finish the how-to-save-money blog series I’ve been working on. But life happens and stuff comes up. Stuff like the time I opened up my homepage and my eyes immediately drew me over to the MSN Money article with the headlines “Millionaire to Millennials: Stop Buying Avocado Toast If You Want to Buy a Home.” 1 OK, I have seen a lot of stupid clickbaits before but I clicked anyways because it has my three favorite subjects: 1. Millennials 2. Millionaires 3. Avocados & Toast (in that order actually).

You don’t have to read it. It’s not even clickbait! It is exactly what the headline says: millennials are not buying houses because we’re blowing our budget on expensive avocado toast. I know that not everything on the internet is supposed to be life changing, newsworthy, and awesomesauce…but what kind of journalism is this? A lot of hard-working millennials are not able to get by even on a strict budget. The average graduation debt load is over $30,000 per graduate.

It is not wise to assume the statistics about millennial spending and home buying are correlated without examing a cohort of other factors. But then again, if you throw in a (Australian!) millionaire to make everything sound authoritative, that just might work. Just like that! Wham, bam, thank you madam you have proven us to be that loser generation that stinks at everything from getting a proper job to buying a proper house.

Anyway, I’m not an idiot. I know the main point of the article is to discuss some percentage of millennials who tend to splurge more than they should. But it has nothing to do with our entire generation! Plenty of people from all age groups  just can’t seem to save money. Don’t tell me your 70-year-old grandma never thought about betting her social security check on that game of Bingo.

But OK. If you want to play the “bad millennials” game, let’s play. Imagine you are young and you have been punished, PUNISHED, by the economic failures prompted by the generations before you 2. Be that know-nothing kid who was barely out of high school when the housing crisis happened. Let that be your introductory course to adulthood. Houses = bad. In your 18 year-old monkey brain, you pieced together that something-something happened…lenders and banks are evil; houses are scary responsibilities; everybody is screwed.

Now your second course to adulthood is…student debt! Wow, wonderful! Having that amazing 5-figure student debt on your back and a mediocre job that was nowhere close to what you studied. In your 22 year-old monkey brain, you learned: colleges are overhyped; colleges are overpriced; colleges are oversold.

Is that depressing? Heck yeah! Some millennials just feel helpless. Many of us are crushed by debt, disgruntled with our reality, and kicked down by journalist who write these stupid pieces.

Maybe having that avocado toast makes the day a little less horrible. Let’s not forget…some people do not want to own a house. My husband and I are millennials and we own two properties. Those suckers are HARD WORK. On days when the plumbing is backed up and the roof is leaking…I think to myself…man, with the money the plumber will cost…I could have just brought myself 100 avocados and toast!

Are millennials not buying homes because of their spending habits? Has the impact of higher education cost and stagnant wages negatively effected us as a nation and as a generation?



11 thoughts on “My Avocado Toast Spending Is Not The Problem, Mr. Millionaire”

  • I think avocado toast is just an example of the many things that people, not just millennial, spend money on when they can find a cheaper option to satisfy their wants.

    I see people spending $10 on breakfast in the morning and still complain that they are in debt. I know it’s their personal choice. But I do think cutting down on our consumption of some expensive items can help save a ton down the road.

    • I do generally agree with not splurging on things but it also mostly dependent on an individual’s financial situation. Statistical data have it that a portion of millennials are expecting large inheritances of some sort from their parents which I think plays into it. For the most part, a lot of millennials do not want homes or a mortgage or the goals seems so far away and life is so short, I mean – we popularized YOLO right? (Just kidding xD)

  • I definitely think the article is relevant to a percentage of millennials who are splurging on things like avocado toast, as well as designer things, instead of saving their money. I have multiple friends who just charge, charge, charge and don’t even thin about saving, but then wonder when they’ll be able to afford a house. However, I do think a majority of millennials cannot afford to buy a house due to student loan debt. Another big factor is that millennials don’t feel obligated to leave their parents house immediately after graduating, the way older generations used to. What is the rush to buy a home when you can live rent free?

    • Hi Courtney! Thank you for stopping by my wee corner of the web.

      I think we’re a population with a spending problem in general but millennials gets the worst flap for not having the desire for a big house or a big car etc. I notice my own social circle delaying everything from relationships to real estate, because like you said: there is no obligation to leave the nest just yet. A lot of them are in graduate school (accruing more debt) so the American dream of owning a home seems even more preposterous vs that bag they want or the avocado toast they can have.

  • I also think that housing has gotten out of control. It’s difficult to find a single family house in the DC area for a reasonable price. I definitely look around and wonder what people are doing in order to push prices up so high b/c it is pricing out tons of my friends and they are moving out of the area. It will be interesting to see once all the retirees start retiring if housing starts to drop.
    Mustard Seed Money recently posted…The Paper Millionaire

    • I was just thinking that the other day! What is going to happen once the retirees starts retiring and heading elsewhere?!

      Yeah DC is massively expensive! I was looking at real estate around Potomac for a friend. I was under the assumption that DC has a lot of “old money” which means certain buyers have an edge over others.

  • I know a couple of millennials who’d rather rent on the cheap, not worry about maintenance, taxes, and take the excess and invest it (rather than accumulate home equity). Plus it takes a lot of money to put up a down payment and they’re thinking instead of accumulating all that why not put little by little in a fund that may be able to grow faster. I suppose I see some logic in that.

    • Hi SMM! Thanks for commenting!

      My husband and I did the cheap rent thing for a few years. We sat on the sofa every weekend binge watching Netflix and then out for dinner. Life was so carefree back then. Now our weekends are full of house maintenance. Cleaning the vent fans, pulling weeds, sealing the countertops…sigh.

      So far, purchasing our house has not been as good as just putting our money in the market (although we love our house of course.) There are other avenues to measure adulthood success besides being a homeowner.
      Lily recently posted…Effective But Semi-Illegal Ways To Pay Off Student Loans

  • Avocados are pretty low on the list of over-priced items I buy. I eat a lot of avocados really, but almond butter? OMG, it’s priced like gold! Honeycrips apples? What in the world justifies that cost? OK, okay, they are awesome tasting, but still.

    Avocados aren’t my issue. It’s apples and almonds. 🙂

    Of course I’m not a millennial either. Maybe that’s throwing things off. :-\

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