A Political Thread pt. 2

[Ragey Erasmus]

Thisnisna bit misleading, I've been able to help a number of first time buyers in recent years. I've found that those with appropriate expectations are able to get on the ladder with ease.

Case in point, a 23 year old earning 24k per year, managed to save 7k and used that as a 10% deposit on a 70k flat just north of Cardiff. He rented out the 2nd room out for 500 per month and his mortgage was 400 per month...

Opportunity is there, I find those who complain about it are those who expect an average 3 bed 350k house on a minimum wage salary at 21 years old.

Ignoring the fact that housing is objectively more expensive now. Sure you can still get on the ladder but we've gone from a single, average income being able to support a family in a house in their 20's to people on 2 higher incomes with no kids barely being able to afford a similar property now. People have every right to complain because the opportunities of the past simply do not exist at the same level now, not even close.

It's costing more and more to get less and less. In another 10 years, even adjusted for inflation, that 7k saving will no longer afford that 70k flat.

 

[dirty harry]

Ignoring the fact that housing is objectively more expensive now. Sure you can still get on the ladder but we've gone from a single, average income being able to support a family in a house in their 20's to people on 2 higher incomes with no kids barely being able to afford a similar property now. People have every right to complain because the opportunities of the past simply do not exist at the same level now, not even close.

It's costing more and more to get less and less.

I don't disagree with this, it is of course much more difficult, and by design from the powers that be.

The net positive should be that those who bought their family hone easier should really pass that on to their off spring.

 

[Weldit]

Ignoring the fact that housing is objectively more expensive now. Sure you can still get on the ladder but we've gone from a single, average income being able to support a family in a house in their 20's to people on 2 higher incomes with no kids barely being able to afford a similar property now. People have every right to complain because the opportunities of the past simply do not exist at the same level now, not even close.

It's costing more and more to get less and less.

it's been going on for years.

 

[Ragey Erasmus]

I don't disagree with this, it is of course much more difficult, and by design from the powers that be.

The net positive should be that those who bought their family hone easier should really pass that on to their off spring.

The problem with a lot of the inheritance that younger generations are due to get is that for most it will come far too late. In my own example, I do not expect to see any inheritance before I'm 50. By then I've likely already started a family, they have gone through school and I'm closer to retirement than the start of my career. The time when I would have really needed that extra money will have long passed.

 

[McTallshort]

Your language is pretty vile, I don't want to call you a key board warrior but your actions aren't far off...

For someone in their 50s I'd expect a bit more maturity

Truth hurts I suppose

 

[dirty harry]

The problem with a lot of the inheritance that younger generations are due to get is that for most it will come far too late. In my own example, I do not expect to see any inheritance before I'm 50. By then I've likely already started a family, they have gone through school and I'm closer to retirement than the start of my career. The time when I would have really needed that extra money will have long passed.

I agree, I am potentially the same, except I paid off my parents mortgage a few years ago, so for me it's more of a return than inheritance.

I met with a very successful guy a few years ago, who inherited just north of a million pounds from his grandparents, and it turned out that it took 3 generations of wealth before he was able to really push the envelope.

Fact is, I'm hoping to pay for my daughters first car, education and home deposit (approx 45k each) over the next decade, before I even consider inheritance, and realistically that inheritance will be 150k each if their lucky, and I'm hoping I'll be alive for 30 more years making them 35 and 42.

It's a rela tough time, those who choose to pass on some wealth will really help the next generation, but I wouldn't criticise those who spent their life savings on enjoying themselves either, it doesn't last long

 

[dirty harry]

Truth hurts I suppose

You tell me, your the loud mouth embarrassing yourself on an Internet forum designed for discussion lol.

 

[Ragey Erasmus]

I agree, I am potentially the same, except I paid off my parents mortgage a few years ago, so for me it's more of a return than inheritance.

I met with a very successful guy a few years ago, who inherited just north of a million pounds from his grandparents, and it turned out that it took 3 generations of wealth before he was able to really push the envelope.

Fact is, I'm hoping to pay for my daughters first car, education and home deposit (approx 45k each) over the next decade, before I even consider inheritance, and realistically that inheritance will be 150k each if their lucky, and I'm hoping I'll be alive for 30 more years making them 35 and 42.

It's a rela tough time, those who choose to pass on some wealth will really help the next generation, but I wouldn't criticise those who spent their life savings on enjoying themselves either, it doesn't last long

I don't criticise Boomers and the like if they want to enjoy their own wealth, what I do criticise is those same Boomers etc talking down the generations after them for struggling in an environment the Boomers have created, which has been set up to **** over both the generation before and after. This chart is probably the best illustration of this (It's from the USA but the trend is very much reflected across the western world):



Basically people nowadays have a lower share of the total wealth in a country at the same age than the boomers did, often by quite considerable amounts. You then get the earlier generations denigrating them. At no point has "wait until the early generation who had it better die off so you may get some of the scraps at the tail end of your life" been a sound economic strategy. People expect to be earning enough by their late 20's and early 30's to get on the housing ladder and be able to raise a family without having to live in absolute squalor.

We have made it so difficult and so expensive to have a home and family in this country that it's no wonder birth rates are plummeting.

 

[dirty harry]

I don't criticise Boomers and the like if they want to enjoy their own wealth, what I do criticise is those same Boomers etc talking down the generations after them for struggling in an environment the Boomers have created, which has been set up to **** over both the generation before and after. This chart is probably the best illustration of this (It's from the USA but the trend is very much reflected across the western world):

View attachment 23272

Basically people nowadays have a lower share of the total wealth in a country at the same age than the boomers did, often by quite considerable amounts. You then get the earlier generations denigrating them. At no point has "wait until the early generation who had it better die off so you may get some of the scraps at the tail end of your life" been a sound economic strategy. People expect to be earning enough by their late 20's and early 30's to get on the housing ladder and be able to raise a family without having to live in absolute squalor.

We have made it so difficult and so expensive to have a home and family in this country that it's no wonder birth rates are plummeting.

Although I agree, you can't really blame boomers for coincidentally being part of the system at the right time, I mean their generation lived a very conservative lifestyle in the 80s and 90s compared to 2020's. I'm a millennial, but remember growing up living off home made egg and chips, running a paper round of 60 papers at the age of 11, and not knowing what a holiday was until I was 17 and got to go to western super mare lol...

The Boomers find themselves in a privileged financial situation, but don't know the experiences of travelling to every continent, didn't know the Internet for half their life and have only just benefited from foreign purchase, fruit out of season and world wide communications.

 

[Saintjay]

Thisnisna bit misleading, I've been able to help a number of first time buyers in recent years. I've found that those with appropriate expectations are able to get on the ladder with ease.

Case in point, a 23 year old earning 24k per year, managed to save 7k and used that as a 10% deposit on a 70k flat just north of Cardiff. He rented out the 2nd room out for 500 per month and his mortgage was 400 per month...

Opportunity is there, I find those who complain about it are those who expect an average 3 bed 350k house on a minimum wage salary at 21 years old.

Problem is that's a 70k flat in Cardiff. My daughter would need 320k minimum for a flat near me. Finding 10% of that whilst bringing up a child on her own is nearly impossible.

 

[AlRums]

Your language is pretty vile, I don't want to call you a key board warrior but your actions aren't far off...

For someone in their 50s I'd expect a bit more maturity

Problem is, he's right.

 

[AlRums]

Honest question, how come they can't remove Trump from the office for doing so much damage? Surely there's some mechanism?

They can through impeachment, unfortunately both houses are controlled by the magas

 

[AlRums]

You tell me, your the loud mouth embarrassing yourself on an Internet forum designed for discussion lol.

You don't discuss, you pontificate

 

[AlRums]

Commerce secretary explains why island territory inhabited by penguins received tariffs

After President Donald Trump on Wednesday announced sweeping tariffs on imports to the United States from more than 180 countries and territories, one territory became the subject of memes and punchlines.

Heard Island and McDonald Islands, which is an Australian territory near Antarctica, doesn't have a human population and is solely inhabited by penguins.

"Yeah, we put a 10% tariff on an island that only has penguins? Trump would have been better off tariffing that island Tom Hanks got stranded on," joked Michael Kosta on "The Daily Show."

On Sunday, Commerce Secretary Howard Lutnick explained on CBS' "Face the Nation" why the islands were included in the tariffs.

"If you leave anything off the list, the countries that try to basically arbitrage America go through those countries to us. … The president put tariffs on China, right, in 2018. And then what China started doing is, they started going through other countries to America. They just built through other countries through America," he said.

Some have speculated the Trump administration may have used artificial intelligence to generate the list of countries that would face tariffs, which Lutnick denied while noting many countries weren't included on the list.

--------------------------------

Can't take any chance those penguins will corner the market!!

Happy Feet Rulz.

 

[TRF_Olyy]

Finding 10% of that whilst bringing up a child on her own is nearly impossible.

Plus the fact that mortgages are still locked at 4.5x salary,
So even with a 10% deposit you'd need a £64k salary, and median salary in the UK is £37k

I think the issues facing first time buyers are completely misunderstood (being generous)/ignored by a lot of people - I remember when they started building a new estate where I live and laughing at the audacity of them selling a 2 bed mid terrace, with no parking, for 190k
The latest phase of new developments here has the same style of house starting from 280k
And when you look at flats they have so many extra charges - I was looking at a flat in Birmingham the other week, really liked it, asked about service charges....£3400 a year. No concierge, no lift, no gym, no garden area, no nothing. Just an extra £280 a month for the odd lightbulb change in the corridors.
I'd be wanting all of the above and a pool for that much.

Housing is just completely out of control in this country

 

[AlRums]

You're fired Vs you're fired.

 

[Ragey Erasmus]

Although I agree, you can't really blame boomers for coincidentally being part of the system at the right time, I mean their generation lived a very conservative lifestyle in the 80s and 90s compared to 2020's. I'm a millennial, but remember growing up living off home made egg and chips, running a paper round of 60 papers at the age of 11, and not knowing what a holiday was until I was 17 and got to go to western super mare lol...

The Boomers find themselves in a privileged financial situation, but don't know the experiences of travelling to every continent, didn't know the Internet for half their life and have only just benefited from foreign purchase, fruit out of season and world wide communications.

I can't blame them for benefitting when the times were good but I certainly do blame them for pulling up the ladder after them when it came their time to help fund the following generations. Young boomers enjoyed relatively well paying jobs as standard even in low skill industries. Sure plenty still faced hardships etc and they didn't have access to many modern amenities but their relative wealth within society was vastly greater than for Millennials. By the age of 35, a Boomer would have had approximately 4 times the relative wealth of a Millennial at the same age within the country (20% vs 5%). That is a staggering difference.

Policies since the Reagan era have focussed on concentrating wealth in the hands of the same generation and this has been perpetuated for decades now, with the wealth constantly moving up with the Boomer generation. Protections and privileges that Boomers enjoyed and were paid for by their parents were stripped away as Boomers refused to spend their hard earned cash on ensuring the next generation would get the same as them. Tax cuts were passed conveniently as Boomers entered those tax bands, whilst social security spending for those outside those bands dropped. Wages, which had been rising when Boomers were the workers, stagnated as the next generations entered the workforce but the Boomer levels continued to rise, creating a growth in wealth inequality.

Are all Boomers responsible? No. Are the majority of people in the positions of power who created this economy and made the decisions Boomers? Yes.

I'm a Millennial and, after years and years of hearing how we are all just lazy, entitled, selfish, stupid etc from those who came before whilst we get screwed over by them, I find it pretty galling given many of their own histories. My generation and the ones after mine are getting ****** over form all sides. I've spent my entire adult life either in recession, austerity or stagnation. There have been no "good years" for Millennials and now we are getting dragged once again into another ******* crisis by another bunch of ******* Boomers who are again blaming anyone but themselves and I'm sick to the back teeth of it.

I put the effort in to go to uni, get an engineering degree and work in engineering. A few decades ago, I'd have been reasonably well off. Now? I have sweet FA to show for it.

 

[dirty harry]

Problem is, he's right.

I can't respond to what you say after all your lies and bombardment of falsehoods lol

 

[dirty harry]

Problem is that's a 70k flat in Cardiff. My daughter would need 320k minimum for a flat near me. Finding 10% of that whilst bringing up a child on her own is nearly impossible.

1. Then she can move somewhere cheaper

2. She can decide not to bring up a child on her own

3. You can decide to help with the 10%

The point is, we can all make good decisions, or bad decisions, but they are out decisions.

 

[dirty harry]

They can through impeachment, unfortunately both houses are controlled by the magas

I wonder why that is...