Spoiler alert: You can still spend your money on smashed avo but maybe not a deposit on a house.
If you're still angry about Bernard Salt's mockery of millennials spending too much money on smashed avo, then you should be.
How dare he demise my everyday breakfast-love of avo on toast? Has he even tried it?!? It's such a healthy alternative to buying a sausage & egg McMuffin or skipping breakfast all up. I'm not even the only person slightly offended by his remarks. Sites such as Buzzfeed, The ABC and Broadsheet have come together to battle the anti-avo movement created by Salt.
Avo Images by Gareth Sobey
Jokes aside, if he actually saw young people order smashed avocado with crumbled feta on five-grain toasted bread at $22 a pop and more, then even I'm not out of my mind to spend that much on food.
Regardless of the price, Salt's maths weren't exactly on-point. I'm pretty sure that "twenty-two dollars several times a week could go towards a deposit on a house" isn't the most accurate comparison of the housing market to brunch items on a menu. The median house price in Sydney is below $1 million meaning that you need to put $200,000 for a 20% deposit.
If my maths are correct (don't worry I used a calculator) that would mean that:
$22 (price of smashed avo) x 52 (number of weeks in a year) = $1144 a year
Therefore, it would take 175 years to save enough for a deposit for a house in Sydney based off the current housing market.
Enough criticism of Salt now, he did say that the money could go towards a deposit on a house. So what is a more realistic comparison?
Let's imagine that if you did want to save for a deposit, you would do this over a period of 3 years. That would be roughly $1280 each week you would need to save.
At least for me right now, that's not possible juggling uni, sports, bills and who knows what other commitments I pay for.
An article I read earlier this week discussed the notion of "Why young people don't buy cars and apartments anymore."
Specifically, it mentioned why this happens with links to sociology:
The thing is, the current generation of young people differs from their parents’ generation. They have other values.
The youth today has reconsidered the concept of success, which means:
- Successful people don’t buy property — they rent.
- If you want to be considered successful, invest in experiences: travel, do extreme sports, build startups.
It was just one of those things you stumble upon whilst scrolling through Facebook, but a worthwhile read.
Yet how true is it? As millennials we need to invest in ourselves not necessarily a house deposit. We need to discover the world through travelling and going out of our comfort zones. We're different to our parents and the baby boomers, like Bernard Salt. We don't see the need to include 'buying a house' in our 5 year plan, but rather include 'travel the world', 'change career path' or 'spend more time with friends' as items on our bucket list.
We live in a different society where we're so easily influenced by what we see on our screens, but are also so eager to see the world from our own eyes. That's why Leezair is connecting those two together and making that connection easier for everyone. By connecting experiences and the simplicity of discovering them on our phones, allows for individuals like you and me to make our days extraordinary and more worthwhile.
Gone are the days of ownership. James Hamblin, The Atlantic’s columnist, has explained that decades of research performed by psychologists proves that spending money on experiences is more beneficial than buying new things. Experiences bring joy, fulfillment, a sense of well-being and from what I know, it brings helps you develop a sense of purpose in life. I guess that's why I find it hard to understand why people are always so eager to purchase the newest iPhone or tech gadget when you can invest in yourself.
Nevertheless, it's getting out into the world and doing something different. Something that buys you happiness in a different way. So don't save your $1280 on a deposit on a house.