Millennials have had the unique opportunity to be both touched and untouched by the great recession. They have had the opportunity to watch as their parents and the parents of their friends were severely impacted by an event that shook the foundational faith that had their parents had always known. The millennials unlike other generations grew up seeing and being forced to come to terms with the fact that just because you were hard working didn’t necessarily mean that you were going to be alright. This has caused the millennials to consider finances differently than perhaps the last four generations before them. The thought of buying a home and having to deal with the potential sell house as is mindset that the previous generations have had to grapple with is something they have chosen to completely avoid for a lighter in assets but way more mobile in reality. To millennials gaining financial independence and retiring early seems to be what wholly on their mind, not if they own a property. They types of millennials differ just as the types of people that exist differ with some planning on moving in with two or three roommates in retirement and living off of means that perhaps previous generations would scoff at others however, are planning on squirrelling enough away to live as millionaires in their retirement.
Some millennials have constructed interesting ways of pinching their pennies in order to save for retirement. For example, limiting the amount of heat they use doing the winter time by testing just how cold they turn down the heat before shivering a couple discovered that they could be in a temperature as low as 55 degrees before they started shivering and they used this knowledge to save on their bills instead of the concept of sell house as is they decided to live in the house at drastically reduced cost to their heat bill. They would leave the temperature at 55 degrees and bundle up in order to stay warm in the winter. They were kind enough to warn visitors about the cold before they actually came over.
Another way some millennials have come up with for saving money is by extreme couponing using this tactic millennials have been able to keep their grocery bills to a 100 dollars a month budget. Collecting dozens of coupons before going into the store and using them to keep the prices very low. Unfortunately when using the coupons they don’t always apply to the healthiest food so those millennials had to stop after a bit in order to consider the health aspect of just eating whatever the supermarket decided they want to put on sell.
Millennials have also adopted the concept of living with their friend and splitting the rent even with studios in order to store away extra cash for early retirement it may not have been the most fun to live above a screeching train line that kept them awake at all hours but the savings they made was about a thousand dollars a month that they were able to put away and because neither of them owned the property they didn’t have to worry about having to sell house as is and potentially lose money on the property
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