Why young people don’t buy cars & apartments anymore?



Why young people don’t buy cars & apartments anymore?

Nowadays, the traditional measure of success — owning an apartment &/or a car — is out of date. An increasing number of young people around the world don’t want to buy them.
Research shows that the so-called millennial generation, who are now 30-35 years old, rarely buy houses & even more rarely — cars. In fact, they don’t buy super expensive things at all. In the USA, people under the age of 35 are called ’the generation of renters.’
Why does this happen?
Some sociologists say 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. The point is, that people now don’t want prosperity & stability — all they want is flexible schedules & financial & geographical independence. People have started to have no interest in material things. Why own a car, if you can take a cab? It’s almost a personal car with a driver. And it’s not more expensive than having your own car. Why buy a house in a beautiful place & go there for vacation, if you can find a place to stay through "Airbnb" in any corner of the planet? You don’t have to overpay for rent or buy a property in a country you love. The same thing with real estate in your hometown. You don’t know how long you’ll stay where you live. You can take on a mortgage for 40 years, or you can accept the fact that you’ll spend your whole life in a rented place. You’ll probably change your job in the next few years. If you rent, nothing prevents you from moving closer to the office.
According to Forbes, modern young people change jobs every three years on an average.
The concept of ownership is no longer relevant.
James Hamblin, 'The Atlantic’s' columnist, explains the phenomenon as follows: ’Over the past decade, psychologists carried out a great amount of research proving that, in terms of happiness & a sense of well-being, spending money on new experiences is much more profitable than buying new things. It brings more joy.’ Experiences help us make friends.
Social interaction between people is crucial to whether they feel happy or not. Talking to others & having a lot of friends makes you a happier person. But would people rather hear about how you spent a year in a wild country or about how many apartments you’ve already bought?
Remember that even a bad experience can become a good story. Material things cannot.
Buying things makes us worry.
There’s one more thing. The things we own, especially if they’re very expensive, make us worry about their condition. If you buy a car, you’ll flinch every time someone’s alarm sounds outside. If you buy a house & fill it with expensive items, you’ll be afraid of being robbed. Not to mention the fact that a car can be scratched or break down & a super expensive TV might break after a year of usage. But no one can ever take away the experiences you have.
Every purchase will go down in price over time.
Our parents weren’t able to travel as often as we do. There wasn’t the possibility to have so much fun. They didn’t have so many opportunities to start a new business. Therefore, they invested in houses & cars & we don’t want to do that. After all, every purchase, if it’s not a house or an apartment, will depreciate over time. And if we think about how quickly real estate depreciates during a crisis, then everything becomes even more obvious. Experience is the only thing that matters: it won’t go down in price, and no one can steal it.

Now, the take home message!!
The author of the above article is from the USA & has explained of a growing trait in the USA. But India is not far behind. More & more of my friends, family & people I know, who live in metros like Mumbai, Pune, Delhi & Bangalore, are shifting to the above mindset. The change is happening really fast & experience has become the new age motivator. Very soon, youth in developing cities will understand the power of the above & adopt it. Its an evolutionary change, where we are moving away from "Materialistic" value to "Higher Emotional Value to Life!"
If we consider Maslow's Pyramid, this is a further step towards greater happiness; & also what Krishna said in the Bhagwad Gita - "Detachment is essential to experience bliss!"
If you still depend on the materialistic approach to happiness, then this is a great time in the social evolution of society to experience the other side, without being considered a rebel or having to break too many comfort zones!

Think about it...
Cheers...
:)

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