Millennials Are Keeping The Economy Afloat One Splurge At A Time [technology addicted]

The Fiscal Times ^ | May 11, 2012 | Julie Halpert

[fight_truth_decay]

John T. Rogers, age 26, grew up in rural West Texas, raised by a single mother who often worked three jobs to make ends meet. He says his 59-year-old mother remains fiscally conservative, refusing to spend a dime on herself, though she now earns a respectable income. But when it comes to spending, Rogers is not following in her footsteps. "Not to knock J.C. Penney's, but I definitely wanted to step up my style," he said. Earning $46,000 a year as a communications manager for a private, non-profit university in Denver hasn't held him back. He bought a hybrid Lexus SUV after graduating from college and recently purchased a $950 Hugo Boss suit as well as the iPad 3, since the MacBook he purchased five years ago "moves at a glacial pace and I can't carry it around to meetings and look cool."

To balance his spending, Rogers skimps in other areas, shunning trips to Starbucks and seeking out free or inexpensive cultural activities. Still, he's racked up $3,500 in credit card debt and owes $19,000 in undergraduate loans and $22,000 in graduate loans that will kick in this September.

[fight_truth_decay]

"In The American Freshman survey of entering college students, 42 percent of boomers surveyed in 1966 said that being very well off financially was important – while that number rose to 80 percent of millennials surveyed in 2011, a record high."... [Indication of how Millennials may vote?]

[desertfreedom765]

Great, another DEBT DOPE!, just what the country needs...

[cripplecreek]

Restraint and responsibility are overrated apparently.

[Psalm 73]

"Earning $46,000 a year....He bought a hybrid Lexus SUV....purchased a $950 Hugo Boss suit as well as the iPad 3....he's racked up $3,500 in credit card debt and owes $19,000 in undergraduate loans and $22,000 in graduate loans..."

Hey Freepers - do any y'all have a problem with paying his student loans off for him?

[sasquatch]

I wonder how much of that hybrid we paid for.

[Movemout]

maybe he could take it out of olosers stash!!!!!!!!

[WILLIALAL]

“Indication of how Millennials may vote?”

It will be a battle for them between voting for someone who will provide a private sector job, versus one who will try to fill that void with promises to forgive their college debts and provide assurances (Julia) for the rest of their lives.

[Biggirl]

Most likely though, this generation of youths will simply skip this year’s elections. It will be more likely the millennials parent themselves and folks like me who are going to do the voting.

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[stephenjohnbanker]

A three year old regular Lexus could be bought for 20,000, and last for 5-6 years easy.

This kid is stupid

[LoneStarGI]

It’s also idiots like this that are hurting the economy too down the road when they rake up so much debt they lose everything then expect taxpayers to bail them out. How do you afford a Lexus on a $46000 salary? To be honest, there are way more attractive and affordable cars.

[SVTCobra03]

He should have purchased a VW Touareg TDI.