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      07-04-2008, 07:28 AM   #1
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Interesting Article on Young People and Luxury Cars. E92 ///M is Featured

http://www.msnbc.msn.com/id/25352526/#storyContinued


Delete if this is a repost.
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      07-04-2008, 08:27 AM   #2
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Woo Hoo.... I belong to generation Y and am close to my parents (although I dont stay with my parents and spend a lot of coin on rent)...Maybe I am loaded
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      07-04-2008, 08:35 AM   #3
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Totally agree with the article.. i am one of them.

23, 60k salary, no rent, no utilitie...

So.. instead of leasing of a BMW M3, i bought a 2003 BMW Z4 3.0i that i know i can afford easily... look pimp... and still burn money at a club!
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      07-04-2008, 08:44 AM   #4
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The good thing is alot of the young buyers of the E92 ///M will get bored of it an a couple of years and trade it in for something else and that's when I'll make a move and get one.
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      07-04-2008, 09:52 AM   #5
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Holly shit, well I guess, I am one of the Gen Y's. Twenty three still at home going to school part time with a 71k job.... no rent or utilities. I've come to the conclusion that I can not support myself with what I make lol. I need to continue with school and get a triple digit job before I start thinking about a family. What can I say I have high goals.... I spend rent money on school at the moment.
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      07-04-2008, 11:47 AM   #6
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Quote:
Originally Posted by 335SWEETNESS View Post
I've come to the conclusion that I can not support myself with what I make lol. I need to continue with school and get a triple digit job before I start thinking about a family.
This is what I see with Gen Y - basically, they don't want to leave home and work their way up to the lifestyle of thier parents; they want it now. The same houses, same cars, same salaries, all right out of college.

My younger brother graduated last year and still lives at home, insisting he can't find a job that will pay him what he's worth. I sent him a list of open positions where I work, and the only jobs he was interested in were at my level or higher. (I'm a VP, been here 17 years). I had to go back to him and say "Kid, just because you OWE a hundred grand in college loans, doesn't mean you're WORTH a hundred grand."

Similar thing with one of my part-time employees. He worked his way through college, and once he had his degree started posting for positions at my level. He's not even getting interviews for these, he's not qualified, and he's getting frustrated. Again, I'm explaining that VP is not an entry-level position anywhere unless your surname is the same as the company logo and you call the CEO "Dad." He ended up quitting in frustration, and now works at another company - at the exact same level he was qualified for here. Except here, he had a chance to move up faster since he as familiar with the company and was networked.
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      07-04-2008, 11:51 AM   #7
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Quote:
Originally Posted by epbrown View Post
This is what I see with Gen Y - basically, they don't want to leave home and work their way up to the lifestyle of thier parents; they want it now. The same houses, same cars, same salaries, all right out of college.

My younger brother graduated last year and still lives at home, insisting he can't find a job that will pay him what he's worth. I sent him a list of open positions where I work, and the only jobs he was interested in were at my level or higher. (I'm a VP, been here 17 years). I had to go back to him and say "Kid, just because you OWE a hundred grand in college loans, doesn't mean you're WORTH a hundred grand." He ended up quitting in frustration, and now works at another company - at the exact same level he was qualified for here.

Similar thing with one of my part-time employees. He worked his way through college, and once he had his degree started posting for positions at my level. He's not even getting interviews for these, he's not qualified, and he's getting frustrated. Again, I'm explaining that VP is not an entry-level position anywhere unless your surname is the same as the company logo and you call the CEO "Dad."
I see that alot at my job. Most of the 25 and under college grads want to make 100k+ right out of college. Some of them I mentor and I explain to them of the old PIE structure. 10% Performance 50% Image 40% Exposure. That is the common formula for success in the corporate world. And others are entreprenuers at heart and I encourage them to work their business to a point where they can just step away
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      07-04-2008, 12:13 PM   #8
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Quote:
Originally Posted by epbrown View Post
This is what I see with Gen Y - basically, they don't want to leave home and work their way up to the lifestyle of thier parents; they want it now. The same houses, same cars, same salaries, all right out of college.

My younger brother graduated last year and still lives at home, insisting he can't find a job that will pay him what he's worth. I sent him a list of open positions where I work, and the only jobs he was interested in were at my level or higher. (I'm a VP, been here 17 years). I had to go back to him and say "Kid, just because you OWE a hundred grand in college loans, doesn't mean you're WORTH a hundred grand."

Similar thing with one of my part-time employees. He worked his way through college, and once he had his degree started posting for positions at my level. He's not even getting interviews for these, he's not qualified, and he's getting frustrated. Again, I'm explaining that VP is not an entry-level position anywhere unless your surname is the same as the company logo and you call the CEO "Dad." He ended up quitting in frustration, and now works at another company - at the exact same level he was qualified for here. Except here, he had a chance to move up faster since he as familiar with the company and was networked.
lol I never stated that I'm not going to move out until I get a triple digit job. That would be crazy.... I'm more than happy to grad with something with a good potential of making triple digits. I'm fine with taking a pay cut(30%) as long as I can recover to the same amount with in 2 yrs..... There is some thinking behind my madness. As far as the life styles of my parents, coming from a mom that didn't graduate from junior high and a dad that only made it out of high school because he was on the foot ball team. I'm doing pretty good and far surpassed my parents(salaries, education, cars, etc). Remember not everyone lived the same lives as you guys did. I really don't see myself coming out of college and making the money in the triple digits. It would be nice but I can be realistic about things to come. I was also talking about starting a family....... not just me moving out lol
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      07-04-2008, 01:11 PM   #9
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The house expense will come eventually. It's good GenY is spoiled; waiting will allow them to sit out the current price correction.
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      07-04-2008, 11:57 PM   #10
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I am also a member of Generation Y and decided that I want to enjoy a nice car while I'm still young. But I only did so after living out on my own.

I don't understand, however, those who splurge on a nice car while living at home. I couldn't imagine living at home again after getting used to living in my own place. Especially when you've got a girlfriend.

Having my own place is sweet. You eat, sleep, go out whenever you want. Eat whatever you want and wherever you want. Decorate how you like.

Maybe a lot Generation Yers are okay with parking their M3's in their parents driveways every day, but personally I value my own freedom and independence far more.
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      07-05-2008, 12:31 AM   #11
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71K is a good amount of money for a 23yo with no college degree, what do you do?

If you want to make a six figure salary out of U/G, get a 3.6-4.0 gpa and transfer to a name brand school. switch majors to Finance or Accounting and then go work in Capital Markets/Investment Banking.

However, then you will be working 80-90 hours a week in a high stress job and won't have time for the car. High salary corporate jobs mean high-pressure, high expectations, high hours and a high salary (if you guys turn a profit, otherwise you go home broke). Welcome to the real world (where it's not handed to you).

(FTR - I work for an Investment Bank, so I speak from experience, not cynicism)
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      07-05-2008, 01:39 AM   #12
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Quote:
Originally Posted by DiscoZ View Post
71K is a good amount of money for a 23yo with no college degree, what do you do?
Funny enough the cell phone industry, everyone needs a cell phone. I manage a sales team..... You would never think that the guy in the Sprint/Cingular/T-mobile store could do so good but they do.... I'm very lucky as I am one of the top 3 highest paid. Not everyone is so lucky.
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      07-08-2008, 05:31 AM   #13
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Quote:
Originally Posted by epbrown
This is what I see with Gen Y - basically, they don't want to leave home and work their way up to the lifestyle of thier parents; they want it now. The same houses, same cars, same salaries, all right out of college.
I think part of the problem is that the parents of the Gen Y group have always held their kids to superstar status. It seems a lot of the Gen Y parents have told their kids that they deserve only the best. So us Gen Y kids go to college and think that when we get out we deserve the same things our parents may have worked 20 years to get. Sometimes I feel like television does not help either. "Reality" Television has led people to believe that young and rich should be commonplace. You look at The Bachelor, or Cribs or The Hills or Keeping up with the Kardashians and you see these young kids in Ranges, Bimmers, Bentleys and God knows what else and you think, "Hey, I should have that too," forgetting these people all earn 6,7 and 8 figure salaries.


I graduated with a B.S. in Environmental Science from UC Riverside this March. I'm getting job interviews with salaries in the $40K to $50K range. I can't speak for the rest of the country but I know home prices here left no choice for most Gen Y kids to do anything but move home. Even in suburb communities which would require a commute into Orange County, LA or San Diego were pricing homes well into the $300K range and onward. This just isn't feasible for a recent grad, with loans. I was fortunate enough to get free tuition all the way through college but I can only imagine what my counterparts are faced with. So what is left if buying a house/condo isn't available? Apartments or move back home. Even a nice apartment can run well over $1500 a month. So I, like most Gen Y kids have moved back home though my reason is more motivated by the fact that I am still looking for work. Personally though, after tasting freedom for my last two years of college, I'd rather drive my car into the ground and be on my own if possible than drive an expensive car and live at home. My parents allow me freedom but there's just something about having your own place that is hard to put a price on. I figure if all the guys move home and drive nice cars and I have my own place sooner or later I'll rack in all the ladies once they get past the nice cars stage since I know they'll grow tired of having to bone in the back seat of his M3

Okay, sorry for the long post. Feel free to disagree, the above is just my observations
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      07-29-2008, 02:29 AM   #14
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M3 payments are like what, 2k? You can make that much money working as a waiter.
Yeah a hungry waiter who lives in their M3. That is a mortgage payment.
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      07-29-2008, 11:06 AM   #15
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Ahhhh thats me also!

20 , leasing a e92 335 , still have my parents on my side for necessities.

I go to a 32k private university and pay rent. Comes down to just having less jager bombs and heinies on the weekend
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      07-29-2008, 12:25 PM   #16
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So much bitterness towards generation y. I just turned 24, my fiance is 23 and we both make 6 figures a year just out of university. Chose your profession wisely and work for your grades and it is attainable. We are both pharmacists. I paid 15-20 k more than you guys paid for your M3's since I am in Canada and there is still lots of money left for investing, mortgage and all of the other amenities. Just because you had to work up the ladder doesn't mean that everyone had to in order to achieve a good salary. I am no "superstar" but my parents have helped me throughout my schooling and I am very grateful for what I have received and yes I do have a very close relationship with my parents. The want it now is still there but some younger people do have the means to achieve this. Sorry about the long post.
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      07-29-2008, 03:55 PM   #17
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Quote:
Originally Posted by 335SWEETNESS View Post
I am... Twenty three still at home going to school part time with a 71k job.... no rent or utilities. I've come to the conclusion that I can not support myself with what I make lol. What can I say I have high goals.... I spend rent money on school at the moment.
No, you spend rent money on your car. I mean absolutely no offense to you personally, but somebody making $70k/yr and living at home I would consider somewhat of a "non-winner". Who in their right mind shows so little responsibility that instead of moving out and taking care of themselves they still live at home and suck off of mom and dad's nurturing nipple and buy a new BMW? I guess different priorities in life? Who knows, maybe if I made another $20k/yr and had different parents I'd be the same way I will tell you that there's no way in hell my parents would allow me at 23 to move back into their home. They'd tell me to go get a job, even if it was at McDonalds, and take care of myself.

I want an E93 at the moment but am saving to buy a home. I have the money to go finance the new BMW but instead am living in a nice home with a paid off E30, paid off motorcycle, and out of debt. I'm trying to accumulate long-term wealth instead of short-term.

I have respect for younger guys who can afford these nice E9X's but take care of the important things in life first. A big sign of irresponsibility on the parents and child's part to the folks this story is in reference to.

/rant; sorry to any who may come across offended
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      07-29-2008, 04:05 PM   #18
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No, you spend rent money on your car. I mean absolutely no offense to you personally, but somebody making $70k/yr and living at home I would consider somewhat of a "non-winner". Who in their right mind shows so little responsibility that instead of moving out and taking care of themselves they still live at home and suck off of mom and dad's nurturing nipple and buy a new BMW? I guess different priorities in life? Who knows, maybe if I made another $20k/yr and had different parents I'd be the same way I will tell you that there's no way in hell my parents would allow me at 23 to move back into their home. They'd tell me to go get a job, even if it was at McDonalds, and take care of myself.

I want an E93 at the moment but am saving to buy a home. I have the money to go finance the new BMW but instead am living in a nice home with a paid off E30, paid off motorcycle, and out of debt. I'm trying to accumulate long-term wealth instead of short-term.

I have respect for younger guys who can afford these nice E9X's but take care of the important things in life first. A big sign of irresponsibility on the parents and child's part to the folks this story is in reference to.

/rant; sorry to any who may come across offended
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      07-29-2008, 10:24 PM   #19
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staying at home saves A LOT of money... its the simple tradeoff between freedom (having your own place) and fun (money to spend), depending on which one you value more

to me it only seems like the smarter thing to do. why pay for bills when you don't have to?
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      07-29-2008, 11:07 PM   #20
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Haha, I can't imagine living at home and having the money to drive a nice car like this. I'm 23, but have my own apartment and pay for everything on my own. The reason I have an apartment rather than a house, is because I'm trying to pay off some more loans first.

Sure, I could drive a beater and pay them off faster, or buy a house and pay them off slower, but I'm perfectly happy in an apartment (I honestly don't really want a house for myself yet), and this way I can have a nice car that I like (for the car itself, not in the slightest bit due to it's image as a BMW), and still pay more on loans.

I'm really surprised how many people on here do live with their parents. When I came back from school, my parents let me live with them for a little while to save up a little money, and I drove a $7000 97 Mustang GT while I did with payments of a whooping $150 a month. I also paid for my own insurance and everything, parents basically just let me stay rent free for a little while. I didn't buy any other nicer cars until I had moved out, and I'm even on my second job now.

The ambition to want to succeed NOW, is not bad, but expecting it is. There's a difference between self confidence and attacking the job field to move up as quickly as possible, and just acting like the world should give you everything.
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      07-29-2008, 11:47 PM   #21
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Living at home with a nice car = LOSE
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      07-29-2008, 11:48 PM   #22
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Living at home with a nice car = LOSE
win for me

But this subject is a

http://www.m3post.com/forums/showthr...light=entitled

its been debated to death, so plz delete.
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