Pay off a mortgage? No way!

One of the biggest jokes about millennials is that they're graduating from college only to move back in with their parents. Well, this is mainly because many of them can't afford their own apartment. But beyond that, with housing prices constantly rising, it's likely that many of them will never be able to own a home.

Another reason millennials are ruling out homeownership is that they consider it too restrictive. They prefer renting an apartment or house for greater mobility, without the large commitment of a mortgage. Want to move from California to Canada? No problem!

They don't trust the stock market

Investing in the stock market used to be an option, but that's now a thing of the past. According to a Barron's survey, stocks are no longer a popular way to invest money. Only 13% of those surveyed said they were willing to invest in the stock market.

Most would prefer gold, cash, and the most popular, real estate. This is due to a number of reasons, but most likely they don't trust the stock market because they've already seen firsthand what can go wrong.