A FEW weeks ago while digging through a copy of the Daily Telegraph (mainly out of sheer boredom) that had been residing untouched in my living room for some months, I noticed an interesting headline. Apparently Australian Gen Y’s or Millennials are completely miserable. In fact, we are the most among the most miserable twenty something’s in the world.
What’s driving the doom and gloom; well apparently it is housing affordability. This, among the Millennials surveyed, ranked as a far greater concern than the threat of terrorism, global security, personal safety, Climate Change, pay equality and healthcare. According to the study published by the Telegraph, only 8% of Gen Y’s believe that they are better off than their parents, compared to 26% of the Global Population, and, flying in with an even more depressing number, only 4% of Australian Gen Y’s think that they will be happier than their parents. Pretty sad stuff…
This article really got me thinking, are we really THAT miserable? We, the generation that with a push of a button can be whisked away in an Uber? The generation that can happily drop $20 on a piece of toast and avocado? Or the generation that is more connected to the rest of the world than any generation before? Well… I can tell you that the only thing that has really made me miserable of late is checking my Instagram feed of late where it seems that nearly every twenty something I know is living it up in Europe while I sit in my office writing blogs…
Where am I going with this? Well, as a broker, I sometimes find myself in the unique position where I see Gen Y at its best, and I can tell you – for the most part, most are not miserable. It is heartening to see the amount of people my age who are coming to me with great ideas on what they want for their financial future, and most importantly, coming to me with a great plan to execute and achieve.
Here are my top tips for Gen Y’s looking to avoid misery at the mercy of the housing market:
- Get good at saving: Most millennials who come to see me who are in a good position to buy have a well-established saving pattern and stick to a budget.
- Job security & commitment. Gen Y’s can be hard working, and something a bank values in the mortgage approval process are applicants who can demonstrate a high level of job security, and also stay in their jobs for longer than the probation period.
- Keep your Credit in check: Anyone who was lucky enough to be educated a catholic school like myself will always remember that bible story which was read out at least 3 times a year. The servant who looks after his master’s money is trusted in future with bigger things. The same basic principle applies to your credit rating. Small Credit Cards, Personal Loans or leases can have a big impact on whether the bank will trust you to look after bigger things in future – like your first mortgage.
These three steps can go a long way to helping you along the way to avoiding feeling miserable.
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