Tim Gurner, a 35-year-old Melbourne, Australia, property manager who is worth almost $500 million, told Australia's "60 Minutes" why millennials won't be buying a home any time soon.
Gurner revealed to the program that millennials are too busy making poor lifestyle choices and spending their money on "smashed avocado" and watching "Keeping Up With the Kardashians."
“When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each,” Gurner said, revealing how he amassed his fortune.
“We're at a point now where the expectations of younger people are very, very high," he continued. “They want to eat out every day, they want travel to Europe every year."
Comparing those who own homes today to millennials, Gurner said, “The people that own homes today worked very, very hard for it [and] saved every dollar, did everything they could to get up the property investment ladder.”
However, Gurner said that entitlement among millennials is as commonplace as Bentleys in "Keeping Up With the Kardashians."
“This generation is watching the Kardashians and thinking that's normal," Gurner said. "Thinking owning a Bentley is normal.”
Gurner began his career in 2001 after purchasing a gym with a $34,000 loan from his grandfather. He later started up his own real estate company in 2015. He reported has nearly $4 billion worth of real estate development in the works.