Tim Gurner, 35, an Australian property tycoon worth half a billion dollars, has a piece of advice for millennials with silly spending habits: “When I was trying to buy my first home I wasn’t buying smashed avocados for 19 bucks and four coffees at $4 each.” He made these remarks during Australia’s version of “60 Minutes”.
Gurner was saying that millennials’ lavish lifestyles and excessive spending habits are coming in their way of buying a house.
“We’re at a point now where the expectations of younger people are very, very high.
“They want to eat out every day, they want travel to Europe every year.
“The people that own homes today worked very, very hard for it (and) saved every dollar, did everything they could to get up the property investment ladder.”
Twitter was quick to attack Gurner’s remarks
Avocado toast: $35,000
Someone good at the economy please help me budget this
— Murtaza Hussain (@MazMHussain) May 15, 2017
— Annie Lowrey (@AnnieLowrey) May 15, 2017
Someone pointed out that Gurner took a loan of 34,000 from his grandfather to start his business empire.
— Kate Beckman (@Kate_Beckman) May 15, 2017
Student loan debt is growing in the US. The average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year. Millennials are also the largest group of homebuyers competing against repeat buyers who have more experience.