I've been thinking about what is the Millennial generation's (born in the 1977-1982 and beyond range) equivalent to a mortgage burning party. As I did research, I found this informative blog summarizing the tradition of mortgage burning parties in the past (with quotes from the LA Times) and why that is being lost through generations. But, people are still asking for good ways to celebrate being rid of their mortgage. So, if the articles are right and many of the Boomer and Generation X generations will never lose their debt, will the Millennial generation be any different?
I tend to be an optimist but the Millennial generation seems to be in a bad debt position as of now. This article from the Futurist says:
Debt levels for the Millennial Generation are totally out of control. Before many Millennials even reach the age of 25, they’ve racked up enough debt to equal all their income for the next five or ten years, and it will take nearly a lifetime to pay off. So much for going to college to get ahead.
If that is the case, will they ever get to the point where they pay off their mortgages? Optimistically, I see this generation as people that are anti-debt because many of them have been burdened by this large debt from a very young age. I think we are seeing more and more people that are anti-debt at 25. You can even see this in some of the new up and coming "online personalities" like Shaycarl(on right) are anti-debt. On the flip side, this generation has few people to look up to who have paid off their mortgages at young ages and maybe they won't even think that the mortgage is something to pay off.
For those like me who are anti-debt, I think this calls for a new way to celebrate paying off your mortgage to make sure people know it can be a cool accomplishment to paying off your mortgage. A mortgage burning party seems too easy. I am thinking of creating a model rocket out of the paperwork and launching it in a way that it will explode. Pretty sure that is illegal in North Carolina though, so I may have to travel to South Carolina where they let you launch anything. :-)
So the rocket idea may not work, but I am looking for other ideas. How do you think the Millennial Generation should celebrate paying off their mortgages? Is there something we can do which will be not boastful but help our peers know it is possible to pay off your mortgage and not just a dream that happens if you can stay in one place for 30 years?