The Avocado Toast Myth: Millennials Seek Financial Advice Beyond Condescension
Posted on . 2 min read
🥑 Millennials are fed up — and it’s not from eating too much avocado toast! Rather, they are tired of bad, condescending financial advice 🙅♂️
Avocado toast became a symbol of this problem. The "avo toast myth" came into being when Tim Gurner, an Australian real estate tycoon, told 60 Minutes that young people could afford to buy homes if they simply made better financial decisions, like no longer buying “smashed avocado for $19 and four coffees at $4 each.”
This struck Millennials as ridiculous, and the data is on their side. Housing affordability in the U.S. hit another all-time low last year. According to research from Redfin, only 21% of homes in the U.S. were “affordable,” as defined by having mortgages below 30% of local median income. Residential housing value has gone up and up in recent decades. That raised the net worth of older generations, but it also locked younger generations out of the housing market.
In truth, the way to build wealth isn’t by skipping avocado toast or morning coffee. Sure, dining out can become a significant cost when done in excess. But the path to financial freedom is more about making the right financial decision early on, and letting time work its magic ⏲
Xillion can help put you on the path toward financial freedom, whether through our Portfolio Optimizer, our Mentor service, or the Home Buying Guide. And we promise, at no point will we tell you to stop buying avocado toast!