remember these

morg_monster

geoffky wrote: »

A deposit is something many years ago people had when they purchased a house. Its quite complicated but I will do my best to explain. A long time ago, before the Labour Party came to power, people had something called Savings.

Savings were not something your parents gave you, it was something you made for yourself. In those days people had something called a job, and they worked for someone called an employer. The Employer was the person you worked for, and it was he who gave you your wages, unlike today whereby its the Government that gives you your wages.

Each month when your wages arrived (yes its was a per month, not per fortnight) you had something called a budget whereby you would work out how much money you would not spend (herein called Savings) and how much you had to spend to keep yourself alive with food and rent. The less you spent on food, or Beer, or Girlies, the more you saved, and then before you knew it you had enough savings to call it a deposit, which you could put onto a house in part payment.

Then, you lived in your house and the value rocketed even though you didn't really do any work to it. You found yourself living in a house worth 5 times what you paid for it and want to share some of your good fortune with your kids as the world they are growing up in is very different from the one you grew up in.

You aren't going to make us feel guilty. There are plenty of us out there with good jobs, living sensibly well within our means and saving as much as we can, but who have parents who through their own hard work and the joy of HPI, can well afford to - and most importantly, WANT TO - help us out. Maybe they see it as an investment, the return being their kids' future stability and happiness rather than in £££. Maybe they just want grandchildren ASAP and see this as the quickest route to it!

Are you saying no parent 30 years ago ever gave their kid a monetary gift? My parents have told me that a sum towards a house deposit was quite a common wedding present from parents when they were young.

pete80

morg_monster wrote: »

Then, you lived in your house and the value rocketed even though you didn't really do any work to it. You found yourself living in a house worth 5 times what you paid for it and want to share some of your good fortune with your kids as the world they are growing up in is very different from the one you grew up in.

You aren't going to make us feel guilty. There are plenty of us out there with good jobs, living sensibly well within our means and saving as much as we can, but who have parents who through their own hard work and the joy of HPI, can well afford to - and most importantly, WANT TO - help us out. Maybe they see it as an investment, the return being their kids' future stability and happiness rather than in £££. Maybe they just want grandchildren ASAP and see this as the quickest route to it!

Are you saying no parent 30 years ago ever gave their kid a monetary gift? My parents have told me that a sum towards a house deposit was quite a common wedding present from parents when they were young.

Cycles will come and go in the housing market just as in other investment classes so we will all see declines and rises in property value during our lifetime.

Gifts when I bought my first house amounted to secondhand hand cutlery and plates, 2 sets of new bedding and a secondhand hand kitchen table and chairs. I bought armchairs, dining table etc from a boot sale and the savings paid for a new bed, the only new piece of furniture in the house. Even the TV was 8 years old but it done the job.

I would have felt embarassed accepting a cash gift from my Parent's who had both worked long hours to keep us kids looked after.

MissMoneypenny

morg_monster wrote: »

Are you saying no parent 30 years ago ever gave their kid a monetary gift?

Some of our family members were just talking about this last week. My older sister (and her husband) needed money from our parents for a deposit 35 years ago, but neither I nor my younger sister needed this help as we worked, did two jobs and saved for our own deposits.

Now - All 3 of my older sisters (the one that needed financial help) children fill in forms for government help to keep them and their families. My children and my younger sisters children, don't claim any benefits.

I don't think my parents did my older sister and her children, any favours in the long term.

undetterred

geoffky wrote: »

A deposit is something many years ago people had when they purchased a house. Its quite complicated but I will do my best to explain. A long time ago, before the Labour Party came to power, people had something called Savings.

Savings were not something your parents gave you, it was something you made for yourself. In those days people had something called a job, and they worked for someone called an employer. The Employer was the person you worked for, and it was he who gave you your wages, unlike today whereby its the Government that gives you your wages.

Each month when your wages arrived (yes its was a per month, not per fortnight) you had something called a budget whereby you would work out how much money you would not spend (herein called Savings) and how much you had to spend to keep yourself alive with food and rent. The less you spent on food, or Beer, or Girlies, the more you saved, and then before you knew it you had enough savings to call it a deposit, which you could put onto a house in part payment.

lifted from elsewhere..:rotfl::rotfl:

Massive sweeping assumption,fool

MissMoneypenny

morg_monster wrote: »

Then, you lived in your house and the value rocketed even though you didn't really do any work to it. You found yourself living in a house worth 5 times what you paid for it and want to share some of your good fortune with your kids as the world they are growing up in is very different from the one you grew up in.

No. It was the same world, but different attitudes.

In 1972, my mother remarried and both of them sold their semi detatched houses in nice areas, to buy a massive detatched house in a really sort after area in London, with an acre garden and swimming pool. In 1980, I paid the same for my first house as they had paid for the house with the pool! Only I had to settle for a little terrace in a not so nice area.

TREVORCOLMAN

KarrieBee wrote: »

How spectacularly patronising. I would suggest that you look at the saving for a deposit thread.
One point I will make, however, is that a long time ago in a galaxy far far away people could access higher education for free, thus avoiding the burden of student debt. Saving was much easier in that mystical place. People who had the advantage of the free education mentioned often forget this now they own their own houses and sit upon high horses in judgement of others....

And others did not loaf at Uni but got a job at 16.

TREVORCOLMAN

ILW wrote: »

Oddly enough, I never had this higher education. Just got a job, worked hard, saved and bought a house. Does this make me a bit weird, or just old fashioned?

I tink you are me in diguise!

:rotfl:

morg_monster

Can i just point out, I know I'm lucky to be in this situation, and I would never accept money from my parents if I thought it would affect their quality of life even a smidge! My parents didn't "offer" to help us, they told us they were giving us a gift of money to help pay for our wedding (mostly because we have huge close families and they wanted every person invited!) and go towards a house deposit. Dad told us he's been contributing to these "funds" for me and my brother since we were about 12. If we had refused the money I think they would have accepted it but been quite upset. He knows he's brought me up to work hard and has taught me excellent money sense, it's not as if he is bailing me out in any way. In fact if he felt we were bad with money or frittered our salary away, I'm almost certain he would not have given us the money!

What I hate is the assumption that anyone who has received money gifts from their parents is lazy, incapable of budgeting, doesn't work hard, etc etc. It is possible to work and save hard AND accept a well meaning offer of financial help from someone who loves you. (Maybe he just wants to make sure that by the time they're old and infirm, we'll have a big enough house so that they can come live with us...)

Moneypenny - maybe your parents just put off the inevitable with their gift to your older sister, if they weren't great with money or work yet still wanted a house ASAP, and their kids were the same, sounds like they probably would have ended up on the dole / benefits at some point whatever, your parents just put it off to the next generation...

morg_monster

MissMoneypenny wrote: »

No. It was the same world, but different attitudes.
.

isn't it attitudes that make the world what it is, though? getting a bit philosophical i guess...:huh:

MissMoneypenny

morg_monster wrote: »

Moneypenny - maybe your parents just put off the inevitable with their gift to your older sister, if they weren't great with money or work yet still wanted a house ASAP, and their kids were the same, sounds like they probably would have ended up on the dole / benefits at some point whatever, your parents just put it off to the next generation...

Perhaps....but benefits weren't anywhere near as generous as they are now.

With hindsight, we think my sister may have been better off if my parents had refused to give them a deposit, then they would have had to take a second job to save up the money. That work ethic could have then been passed onto their own children.