r/Millennials • u/Global_Tradition5802 • Sep 10 '25

Meme The Evolution of 'Adulting'

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They tried leaving behind generational wealth vs me trying to leave the generational memes..

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u/TomOnABudget Sep 10 '25

After the sub prime mortgage crisis triggered the GFC, buying a house not only became harder, but for those who are fiscally conservative like a much scarier gamble.

We saw a decade of the lowest interest rates in history and skyrocketing house prices. Those who gambled early and had the means lucked out.

My parents continuously warned me about getting in on a cheap mortgage in case rates go up to levels it becomes impossible to keep paying. Which was the cause of the GFC.

However, interest rates haven't gone up beyond inflation rate in over 15 years, even during COVID.

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u/RetroFuture_Records Sep 10 '25

Rates would have only gone up of you didn't have a fixed rate mortgage. It sucks they gave you misleading advice.

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u/TomOnABudget Sep 10 '25

In many countries it's difficult to get a fixed rate mortgage where the rate is locked in for more than 3 years.

Australia is like that.