Fellow millennials, how are u guys doing economically nowadays?

[tiggerandelise]

@af2018af2018 Same here. Early 30s, no family with enough EF and disposable income to afford simple luxuries but I don’t have enough financial capacity to buy big ticket items like house and car. When I crunch the numbers, I seem to only afford less than PhP3M worth properties na definitely wala sa Metro Manila.

For someone like me working in PH in a non-IT industry, ang hirap makabili ng property

 

[dx70]

@af2018af2018 Hays, parang ang out of reach ng mga big ticket items na yan kung di ka nasahod ng at least 6 digits :/

 

[anonymouswho]

@be4christ My parents didn't have it easy. Father came from a mid class family who owns agri land and one of the few who owned horses in town. They were doing okay but his father got sick later in life and most of the properties were sold (at yung iba kung paniniwalaan yung kwento, forcefully kinuha/binili using worthless mickey mouse money), what was left, pinaghatian pa nilang 8 siblings. Hindi malaki subdivided pero enough na for our own consumption yung bigas namin. High school tinapos then naging construction worker all his working years. Minsan may trabaho, minsan wala.

Mas mahirap naman sa mother side ko. Third of 12 siblings from a poor fam kaya teenager pa lang lumuwas na Metro Manila para maging katulong. SAHM from the start.

Wala silang naipon, cash, property or other investment aside sa nakatapos 3/5 saming magkakapatid. Puro kami utang at utang na loob sa mga kamag-anak growing up. Siblings have own families already now. Sakto lang.

70s na parents now and with father's meager pension na kulang pa sa gamot nila, everything else sagot ko na. Nung minamadali nila ako sa pagkuha ng bahay, naiinis ako at gusto ko sagutin na all their life, they had their chance na mag-ipon and buy their own para sana di kami nagrerenta at nakikitira ever since, tapos ako tong not 30 yet minamadali. Nag-anak pa ng more than they can afford tapos sakin ipapasalo yung mga kapatid kong not doing so well. Nahihimasmasan din ako so di ko nabblurt out pag galit but they have their faults.

I'm doing better kasi I don't have kids, nakatapos ako, at comparing with my parents, talagang they had nothing. Hindi pa rin naman ako mayaman pero I have extra money now na hindi na lang for survival.

 

[be4christ]

@anonymouswho I love it thank u for sharing. I myself had something similar KC my father came from a large family and he was 1st born and during their time matic he has the financial burden of helping his siblings kaso he started his own and there was a conflict. Ofw naman siya and he was doing okay private schools kami and he was able to provide with his siblings until he got sick and was gone. Suddenly pilay kami bgla financially. But since I am now the man of the house I've severed our connections with them. So okay lang na pilay kami na immediate KC it will hlget better and it got better over time. But ayun nga, what about u do u see urself starting your own fam in the immediate future?

 

[faithtees]

@be4christ First of all, I’m afraid financially. I feel left out sometimes but that’s just being human. I’m trying to continue investing as much as possible. Financially, speaking, I can’t sustain having a own family. I also don’t want having kids as I believe I can’t be a good father so I just fool around. What I do is just saving up for will come in the future, either be it supporting my parents or having my own retirement funds.

 

[be4christ]

@faithtees U r not the only one. Man u have no idea how many of my friends have that same sentiment. Some of them r in denial but basically it's the same thing. I dunno when I was a kid I figured by this age I should've my own family but then I got here and I was like wtf I just ate out over the weekend and suddenly I'm 5k short wth then starting a family? I dunno.

 

[megalos]

@be4christ As a person born in 1990 I can tell you we have it easier in quality of life but not financially.

I experienced my childhood without internet, the mere idea of listening to music pupunta pa ko mg raon para magpaburn ng cd. Dial up internet whole day mag download ng simpleng bagay. Rotating brown outs was frequent in the past too. Para makapag Rganarok Online ka 100 pesos 8 hours iirc. You have to wait for long commercials to end para makapanood lang ng flame of recca o ghost fighter o slam dunk.

Pero our easier access to information nowadays opened the floodgates to consumerism. Targeted ang ads kaya mas susceptible tayo lahat na maconvince that we need certain things in life. We are pressured to change phones, vehicles, etc every few years. Adding to cart and quick door to door shipping also made us impulsive. Socmed also redefined peer pressure as people look towards other people to measure success and happiness.

Lastly asset acquisition is leagues harder for our generation than the previous ones as there are more people than before population wise.

 

[be4christ]

@megalos Very well said bro. Man simpler times before. Go to school come home watch anime and merienda then assignment assignment then cap it off with samurai x I think we can sum it up that attention just like money is nowadays a currency. Before those who came before us had to spend their attention/money on things that will appreciate overtime. Versus us wherein there r a lot of things masquerading as important when its just a damn good targeted ad. So the underlying result will be additional cost of living. Also the supply and demand correlation in our population.

 

[lilyanna]

@megalos Damn im getting targeted by ads everyday. Thank you shopee for super fast and free delivery now I’m a platinum member. Haha!

 

[secretsisters]

@be4christ I make very good money, I have an emergency fund, I invest a percentage of my income every month, I have zero debt, I have HMO, I have life insurance (very low premiums bec I don't have dependents), I have disposable income--I still feel economically unstable. Lol.

 

[be4christ]

@secretsisters U r not the only one Same-same Tayo maliban sa life insurance.

 

[livelifeliving33]

@secretsisters Same. I constantly feel like I'm one major emergency away from bankruptcy and by any other metric, I'm very well off.

 

[n0ble207]

@livelifeliving33 Exactly my sentiment.

 

[mylifeiswithjesus]

@secretsisters What?? Why? Is it industy related? Like you don’t think it will last?

I see your comments and I always thought you had it figured out.

I think you’ll be ok! Ika nga ni Tom: “you're a tough fucking bitch who always survives, because you do what you need”

 

[secretsisters]

@mylifeiswithjesus probably a mental health thing haha.

 

[angelhmyun]

@be4christ Im doing just fine, I guess? Got 2 properties. 1 in the city 1 in the province. Got insurances. I have EF and trying to reach 2m savings this year. I dont have business and i dont think im made for that which makes me scared because i dont want to be a corporate slave forever

 

[krazeban]

@be4christ you have to think of the trade offs and specific scenarios:

In 1970s:

• A barely educated bloke from the countryside will have to take risks into getting a job abroad. Success in getting one is a game changer though, as 20k php a month salary as a Janitor in the middles east/Japan/HK can easily buy hectares of land or finance a business. Basically sure and steady accumulation of assets.

There's a good reason why a lot of boomer pinoys got to establish wealth despite the lack of education.

Today:

• a millennial wont have to take those risks, as there are a lot of jobs in PH already, you just need to graduate college which is also a lot easier now thanks to LGUs all around.

Tradeoff is that the accumulation of assets is a lot slower as land is more expensive, cost of living is just too damn high.

The same blue collar jobs that made boomer pinoys rich back in the 70s would just pass as a bare livable job in today's standard.

TLDR IMHO, Its easier to get richer during boomer times, but easier to get out of poverty in the present as Risk Vs Rewards was a lot better back then.

 

[be4christ]

@krazeban I love it. It's easier to get rich during boomer times but easier to get out of poverty in the present! I think a huge portion of millennials have a strong inclination to be rich. And the conflict arises when the said millennials fail to do so.

 

[jcn]

@krazeban That last part always makes it hard for me to sleep soundly. Alam kong never ako maghihirap to the point na I can't feed myself, but I probably won't make my (own) first million before 40, if at all, given this inflation. Unless I take on two side gigs on top of my dayjob. Pretty much means I'll just have to kiss getting married and having kids goodbye. Decent wedding probably cost over 500k, a good secondhand sedan would be around that price too (exclusive of MoOEs pa yun for sure), and getting your own place in the metro would cost over 2m at the cheapest - probs just a sad 18-20sqm studio unit with barely a window.

 

[krazeban]

@jcn yep, nag bottle neck tayo sa accumulation of wealth and assets, which makes retirement bleak for all of us