In Forbes Magazine, contributor Blake Morgan talks about what it was life was like in the epicenter of the 2008 global financial crisis. Morgan recalls the somber mood that had visibly settled over New York City that year where restaurants were notably empty and many people were faced with the difficult reality of losing their houses to a bank. Billy Mcfarland notes that the experience of seeing people lose everything that they had labored an entire lifetime to get is likely responsible for the way that she and other millennials are choosing to spend their money.
Many young people have chosen to delay big purchases that are typically markers of middle class status such as purchasing a home and a vehicle. Having seen how assets like houses and cars can slip through one’s fingers, millennials are, as Morgan put it choosing “access over ownership.” This shift is being seen in the housing market where, as noted in The Atlantic, home ownership is the lowest it has been in three decades for people between the ages of 18 and 34.
Young people are now willing to spend their hard-earned money on experiences that can’t be repossessed by a bank. In that vein a 25-year-old businessman is stepping into the fore by creating exclusive experiences that are designed by millennials for millennials. According to Fortune, Startup founder Billy McFarland is the brains behind Magnises, a company that serves as a point of connection between fancy restaurants, clubs, parties and events and young people living in metropolitan areas. Magnises is distinguished by its centerpiece, an onyx-colored card that gives those in its possession the ability to go behind the velvet rope in night spots in cities like Washington DC, San Francisco and New York City.
The Magnises card effectively helps its holders create the sorts of experiences that probably inspired them to move to the big city in the first place. Card holders have gotten the chance to drive Tesla cars, go on helicopter rides, attend events in the Hamptons, party in penthouses on the Fourth of July and meet other professionals that work in industries that drive urban centers like New York City: fashion, banking and tech.
McFarland has taken pains to make the Magnises card as easy and convenient to use as possible. While the card is not issued by a bank like the Visa card or Mastercard many adults have in their wallets it can be linked to a credit card and used for purchases.