If you ask a Baby Boomer why young people are unable to get into the housing market, they’ll probably say something along the lines of: “Because they don’t save up their money! They spend it all on rap music and smashed avocados and TikTok. Now, stop distracting me with silly questions and pay the rent you owe me.”
You might think that fictional Baby Boomer we just made up is totally wrong, but maybe they have a point when you check out a thread that’s generating a lot of discussion over on Reddit.
A 20-year-old British man posted this: “I've heard about people who wasted thousands of pounds per month in their youth, but as a stingy [20-year-old man], I struggle to imagine lavishing that much (unless you earned enough that a few grand was insignificant). For those who have experienced this, what did you waste it on?”
Most of the response are kind of expected: travel, festival tickets, takeaway and beer money seem to be a common theme. But, then there was the guy called Jason who wrote this: “I got a decent inheritance when I was 18, I was actually mostly sensible with it, got a fully paid off house now,” he revealed so as to instil hope that people can make rational decisions to invest in their future. Of course, Jason then added: “But, I did start a fantasy sword collection, they weren't cheap and are now collecting dust in my parents loft with no way to sell them.”
Yes, a fantasy sword collection. It’s probably not the most useful collection, unless of course you are a character in World of Warcraft. But, in Jason’s defence, he has already paid off his house, so if he wants to invest in a replica of the Andúril sword (it’s the one that was refashioned for Aragon, you nerds) then we say go for it!
While the thread was about the purchases that people regretted making, it’s worth noting that a lot of people regret not buying things in their youth. Had this writer had his time again he would’ve bought Bitcoin and shares in Facebook, Apple and Pfizer.
In fact, this was a sentiment shared by one user who regrets spending his cryptocurrency in his youth revealing: “If I saved the Bitcoin I spent back them I would be worth 22 million (pounds) today.”
So maybe the reason young people are struggling to get into the housing market isn’t because they spend all their money trivial items, it’s because they didn’t hold onto their cryptocurrency when they should’ve. Now, if you’ll excuse me, I’m going to see if I can trade my fantasy sword collection for some Ethereum.