Why Millennials are not Buying Boats
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BandB,
You're very fortunate with younger folks and you must pick the best of the best and have superb training.
Yes, Millennials have a reputation, and i'll stand by that. And we all fit into a generation that has a reputation. Doesn't mean that all are good or bad or right or wrong. It's the way they are.
True, I'd not hire a millennial, but in past years I wouldn't hire any younger that 30ish person unless they came with skills and were trained. I didn't have to ability to train someone from scratch in my businesses.
Don't do much day to day stuff in business, but still involved. We do a lot of trade work in the house business (rental, rehab, buy and sell), and I can't tell you the last time I saw anyone on the job less than 35. They are all elsewhere playing on their IPhones. I've got one kid that we hire that's prob 35 and he works pretty hard. He's the exception.
I reordered this for you....
"I absolutely hate generational debates. Making broad and ignorant characterizations about millions of people based on when they were born is just silly (advertisers love it though)."
"This 43 year old is happy that the media, advertisers, and virtually no one cares about Generation X. Talk about ignored! Yes, we are the ones in many leadership positions now... quietly getting stuff done and keeping things moving while the boomers and millennials throw mud at each other. I remember when Generation X was called the "slacker" generation... nothing changes."
And how are the millennials in your home? Its always best to learn first hand about things that you are concerned about.
JDCAVE
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“Why millennials are not buying boats?”
The economic barrier to entry is huge! In Vancouver, post secondary tuition is massive. Rents are sky high and home ownership? Forgetaboutit!
My tuition to UBC, a work class university was $458/year in 1974-1978. I easily saved for that during the summer employment as an aquarist at he Vancouver Public Aquarium, even though my wage was just over $2.50/hr. I could commute to school from my parent’s home. They provided access to a car and I paid for gas. I still had savings after I graduated. Compare that to those who graduate with an undergraduate degree with $100,000 in debt.
Incidentally, I managed to get accepted for 1st year university, although my high school grades were only a high C+ average. No chance of that nowadays, with the competition from foreign students. Then, there was the financial crash of 1980-1981. Home prices, at an all-time high (mortgages at +20%), crashed by 50%. My friends has no difficulty purchasing their first single family home by 1984. I waited until 1989, as savings enabled a 50% down payment, although my 2-year term mortgage was 12.5%. The youth nowadays can only dream, with foreign buyers driving up home prices.
I had a 1/4 share in a sailboat for a few short years in the late 1980’s. It didn’t work out. As I could not take any vacation time June -October, there was no point to owning a boat until retirement.
Jim
The economic barrier to entry is huge! In Vancouver, post secondary tuition is massive. Rents are sky high and home ownership? Forgetaboutit!
My tuition to UBC, a work class university was $458/year in 1974-1978. I easily saved for that during the summer employment as an aquarist at he Vancouver Public Aquarium, even though my wage was just over $2.50/hr. I could commute to school from my parent’s home. They provided access to a car and I paid for gas. I still had savings after I graduated. Compare that to those who graduate with an undergraduate degree with $100,000 in debt.
Incidentally, I managed to get accepted for 1st year university, although my high school grades were only a high C+ average. No chance of that nowadays, with the competition from foreign students. Then, there was the financial crash of 1980-1981. Home prices, at an all-time high (mortgages at +20%), crashed by 50%. My friends has no difficulty purchasing their first single family home by 1984. I waited until 1989, as savings enabled a 50% down payment, although my 2-year term mortgage was 12.5%. The youth nowadays can only dream, with foreign buyers driving up home prices.
I had a 1/4 share in a sailboat for a few short years in the late 1980’s. It didn’t work out. As I could not take any vacation time June -October, there was no point to owning a boat until retirement.
Jim
don't have any millennials in my home(s).
Woodland Hills
Guru
This is the big generational change: once you could go to college on scholarships and grants and graduate with a degree. Now those forms of aid are insufficient and students graduate with a degree and tens of thousands of $’s in debt. It’s hard to buy a boat when you have student loans to pay off and this is not the way it was 20 or 30 years ago.
Woodland Hills
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We were just docked at the Palm Beach Yacht club for a few nights and it was just like the one in Caddyshack: white pants and blue blazers on the white haired men and pearls and diamonds on the blue haired matrons. I half expected to see Ted Knight walking the pier...... no wonder millennials (or anyone else) are staying away in droves.
We do in our family - and we also have a bunch around here all the time as well as at our place of work.
Our experience is that they are very talented as well as being industrious. Certainly the ones we know best are very much on the move - much more so then these posts describe.
Perhaps it is related to where you are, who you know, what you do or something like that? But the ones we know are very talented and somewhat competitive.
Nomad Willy
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I am too but most know here that I am anything but silent.
Here’s a short post to that end though.
Fletcher500
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Silent Age Group = The Greatest Generation.
caltexflanc
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Actually "the greatest generation" was the one before that.
The cost of education in the US is a national tragedy. And it's true whether four year college or a trade school. Most trade schools only survive through VA programs paying.
We encourage students in our area to do two years community college and two years state university. The cost of two years at Broward College, just counting Tuition, Fees, Books and Supplies and not counting transportation or any other costs is about $12,000. Then the cost of two years at FAU is $27,000, so a total four year cost of around $40,000. That's with an excellent community college and state school program and living at home.
Now, the only less expensive option is an employer who will pay or a program like the Walmart program for $1 a day. They use Guild Education. We've jumped on to the same program which in FL is good because the University of Florida's online program is included. Unfortunately, only five majors. Regular Tuition and Fees and supplies in the UF Online program are about $5000 per year. I will say too that FAU has an excellent online program.
As an employer, we currently have 127 employees we are paying college tuition for.
My wife's education, which she paid herself, at the University of North Carolina Charlotte would cost $32,000 today for 4 years of tuition, fees and books and grad school another $20,000 and that was in-state.
And these are the least expensive solutions. Tuition, fees and books at the University of Miami are over $50,000 per year now. Total annual costs for a student not living at home around $70,000.
Oh, and tuition in a local HVAC program for the year, $20,000.
BandB,
You're totally right... cost of education is ridiculously high... and gone up WAY more than the cost of living.
Just like most folks, the Millennials for the most part, just don't have a lot of money and it's been harder to get. Wages haven't kept up with costs, and things like college, health care and housing have skyrocketed. And only in the past few years since the change of administration have unemployment rates gone down, so even finding a job, let alone a good one, was not easy.
Couple the above with a lot of folks just don't want to work, want the best of everything but don't want to own this. Makes a combination of fewer boat sales to them.
And even though they've had some challenges, very few understand what a real downturn and hard times are like.
You're totally right... cost of education is ridiculously high... and gone up WAY more than the cost of living.
Just like most folks, the Millennials for the most part, just don't have a lot of money and it's been harder to get. Wages haven't kept up with costs, and things like college, health care and housing have skyrocketed. And only in the past few years since the change of administration have unemployment rates gone down, so even finding a job, let alone a good one, was not easy.
Couple the above with a lot of folks just don't want to work, want the best of everything but don't want to own this. Makes a combination of fewer boat sales to them.
And even though they've had some challenges, very few understand what a real downturn and hard times are like.
Woodland Hills
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I am pretty sure that anyone who lived through 2007/2009 knows what a real downturn and hard times are like. If your reference point for hard times is 1929/1935 then you are right: most who remember those days are dead and thus no longer understand.
RT Firefly
Enigma
Greetings,
Mr. BB. Fully agree about tuition fees. The major difference IMO is someone with a trade is more likely to get a job much sooner and be able to pay off any debts, than a college or university graduate. From what I've read, industry is crying for skilled trades.
Mr. BB. Fully agree about tuition fees. The major difference IMO is someone with a trade is more likely to get a job much sooner and be able to pay off any debts, than a college or university graduate. From what I've read, industry is crying for skilled trades.
The cost of college is getting completely crazy. And, these kids are being saddled with huge loans right out of the blocks.
I got out of four years of college and three years of law school, only owing $10,000 (no parental contributions and working part time the whole way through). That was 1984. I bought a 1982 Cape Dory 25D a week after I graduated (and two days after I had started a job!).
I can't imagine getting out and owing $50,000, $75,000, $100,000, before you even have a job. I imagine buying a boat would be the last thing on my mind.
I got out of four years of college and three years of law school, only owing $10,000 (no parental contributions and working part time the whole way through). That was 1984. I bought a 1982 Cape Dory 25D a week after I graduated (and two days after I had started a job!).
I can't imagine getting out and owing $50,000, $75,000, $100,000, before you even have a job. I imagine buying a boat would be the last thing on my mind.
2007 and 2009 was hey day for me. I made more money in those years than I did in my entire life! Times were great.
A lot of folks just didn't understand that the economics just couldn't continue with 20% inflation...... there WILL be a correction. They should has asked California that has been there several times. And some very smart folks got caught on that. A few of us idiots just held back and bought after the crash. Life was good. I also put a LOT of folks back in their homes after the bank took it. Unfortunately the banks didn't understand economics either.
A lot of the kids back then barely missed a meal. Not hard times.
Fletcher500
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Some members of the the Silent group were also old enough to be part of WW2, hence my comment that they were part of the Greatest Generation. Reference: Tom Brokaws book.
ssobol
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Some of the problem with college debt has to do with the majors selected by some students. Someone going to an Ivy League school for many years to get a Master's or Doctorate in Medieval English Literature may be following their bliss, but the return on that investment is going to be a long time coming. Students selecting areas of study really should do their due diligence before they start to make sure that the expected career earnings of their desired course of study is worth the cost of the education required to enter that career.
The first thing they should teach is that going $150K+ into debt to get a job that pays $20K a year is not smart math.
The first thing they should teach is that going $150K+ into debt to get a job that pays $20K a year is not smart math.
FF
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"The first thing they should teach is that going $150K+ into debt to get a job that pays $20K a year is not smart math."
Could it be? New Math is back?
Could it be? New Math is back?
catalinajack
Guru
Same here. All four out of the house at 18 and fully self-supporting and successful.
Westiculo
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I have two millenials in my house: myself and my girlfriend. Our house is our boat - it's great. As for hard working, we've done at least twice as much work on our boat as anybody else in our marina.
I love these threads, they crack me up - so many generalizations!
The one thing everybody seems to agree on is that college is too expensive.
I actually disagree. Sure, you can pay $50k per year and go to Duke, or you can pay $10k and go to an in-state school for a similar product. $10k is an incredible deal. You receive an amazing service by a group of well-trained professionals for 8 months out of the year. Compare that to boat expenses... Besides, if you're hardworking, you can make well over $10k in a summer to cover tuition and living. Maybe you need to take out $10k or $20k before you graduate; for what you receive I don't think that's unreasonable.
The problem I see is that both parents and society in general overlook the true value received and say, 'sure, go to Duke - great school'. 1 year at Duke is the same as full degree at a state school. Is it 4X better? No. I know this because I did grad school there and undergrad at a state school. In-fact, I think you learn more at a state school because you're less pampered. As a high schooler, you have no concept for what $10k and $50k even means. I think this is what really needs to be fixed.
I love these threads, they crack me up - so many generalizations!
The one thing everybody seems to agree on is that college is too expensive.
I actually disagree. Sure, you can pay $50k per year and go to Duke, or you can pay $10k and go to an in-state school for a similar product. $10k is an incredible deal. You receive an amazing service by a group of well-trained professionals for 8 months out of the year. Compare that to boat expenses... Besides, if you're hardworking, you can make well over $10k in a summer to cover tuition and living. Maybe you need to take out $10k or $20k before you graduate; for what you receive I don't think that's unreasonable.
The problem I see is that both parents and society in general overlook the true value received and say, 'sure, go to Duke - great school'. 1 year at Duke is the same as full degree at a state school. Is it 4X better? No. I know this because I did grad school there and undergrad at a state school. In-fact, I think you learn more at a state school because you're less pampered. As a high schooler, you have no concept for what $10k and $50k even means. I think this is what really needs to be fixed.
Tom.B
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Anyone that think Millennials aren't buying and using boats clearly need to get on YouTube. There are likely hundreds of YouTube channels of you boaters doing video blogs. All trying to become famous like The Wynns, La Vagabond, or SV Delos.
We are in NY - we do not see this.
RT Firefly
Enigma
Granted, there ARE a large number of skilled trades in the construction industry but there are a vastly greater number of laborers that need no skills other than the ability to put on a hard hat. I doubt too many illegals can be classed as skilled.
I am quite willing to be corrected if you could please link to the article you mentioned. I am also unaware of the trade you describe as "Reinforcing workers" I would also appreciate THAT job description. Thanks
I am quite willing to be corrected if you could please link to the article you mentioned. I am also unaware of the trade you describe as "Reinforcing workers" I would also appreciate THAT job description. Thanks
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Wifey B: If college and majors was only about smart math, you'd never have any teachers. I got a bachelor's, master's and doctorate to start a career as a first year teacher. Lousy financial, but very worth it and rewarding.
Only about a fifth of the people can afford a self-sufficient lifestyle and Millennials are a fraction of that.
Here's this post again:
Here's this post again:
caltexflanc
Guru
Take into account the number of wage earners in a household, education levels and other demographic factors.Here's a pretty good article on the subject.
Explaining US income inequality by household demographics, 2016 edition - AEI
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