Misery looming for the 'have it all generation'

BobQ

ruggedtoast wrote: »

If less boomers wasted money on frippery like iPhones they would be better off.

I agree, but at least they are not buying them on the never never and using them as fashion items.:)

HAMISH_MCTAVISH

ruggedtoast wrote: »

I'm not really sure what you're driving at Hamish.

I blame the state school system for that.

Now come on toasty, why do you always insist on claiming Gen-X are hard done by?

When the reality is that Gen X are the lucky generation, with access to the cheapest houses in history, the best mortgage availability in history, that lived through the longest boom in history, and then benefitted from the lowest rates in history.

The boomers were pushing 50 when house prices reached an all time low against income in the mid 1990's.

Whereas Gen X were mostly of FTB age in those years.

And while we're at it, if the boomers bought up all the cheap houses and then pulled up the ladder, why is it that houses fell to an all time low versus income a couple of decades after most boomers bought?

If anyone hoovered up all the cheap houses in the 90's, it was Gen X..... Not the boomers.

grizzly1911

HAMISH_MCTAVISH wrote: »

When the reality is that Gen X are the lucky generation, with access to the cheapest houses in history, the best mortgage availability in history, that lived through the longest boom in history, and then benefitted from the lowest rates in history.

Did all of Gen X get lucky or just some of them?

HAMISH_MCTAVISH

grizzly1911 wrote: »

Did all of Gen X get lucky or just some of them?

Most of them I'd say.

Gen X had more opportunity than the boomers by far, and access to cheaper housing and better mortgages.

grizzly1911

HAMISH_MCTAVISH wrote: »

Most of them I'd say.

Gen X had more opportunity than the boomers by far, and access to cheaper housing and better mortgages.

So it is more a general trend of possible improvement rather than everyone in that generational gap.

Does your 70/30 rule apply or is that just the breakdown at present?

Graham_Devon

HAMISH_MCTAVISH wrote: »

Most of them I'd say.

Gen X had more opportunity than the boomers by far, and access to cheaper housing and better mortgages.

In the mid 90's, which is the example you used of most generation x being FTB age by that point, they would have been 14-36 years old.

YOU may have benefitted being at the later earlier end of generation X, but it's a bit far fetched to believe that "most" of generation X benefitted. Some hadn't even taken their GCSE's at the reference point you used.

Around 30-40% of generation X would have been able to "make the most of" everything you talk of. One was you, but don't try to make out everyone is the same as you. You are unique in every sense of the word....not even wanting kids, but in a couple where both seemingly don't even pay for cars or the fuel to run them...don't have children etc. You are in a very unique position and one you often appear to assume everyone else is in.

ukcarper

Graham_Devon wrote: »

In the mid 90's, which is the example you used of most generation x being FTB age by that point, they would have been 14-36 years old.

YOU may have benefitted being at the later earlier end of generation X, but it's a bit far fetched to believe that "most" of generation X benefitted. Some hadn't even taken their GCSE's at the reference point you used.

Around 30-40% of generation X would have been able to "make the most of" everything you talk of. One was you, but don't try to make out everyone is the same as you. You are unique in every sense of the word....not even wanting kids, but in a couple where both seemingly don't even pay for cars or the fuel to run them...don't have children etc. You are in a very unique position and one you often appear to assume everyone else is in.

Prices were still below long term average in 2002 and lower than they were in 70s and 80s until 2000.

Loughton_Monkey

Graham_Devon wrote: »

In the mid 90's, which is the example you used of most generation x being FTB age by that point, they would have been 14-36 years old.

YOU may have benefitted being at the later earlier end of generation X, but it's a bit far fetched to believe that "most" of generation X benefitted. Some hadn't even taken their GCSE's at the reference point you used.

Around 30-40% of generation X would have been able to "make the most of" everything you talk of. One was you, but don't try to make out everyone is the same as you. You are unique in every sense of the word....not even wanting kids, but in a couple where both seemingly don't even pay for cars or the fuel to run them...don't have children etc. You are in a very unique position and one you often appear to assume everyone else is in.

I reckon all Generation X had (on average) better opportunities than did "Boomers" on average. Specifically, lower than average house price multiples were below average throughout Q3 1991 to Q3 2002. [Halifax]

A glance at "Measuring Worth" tells me that people who started work in 1972 (as I did) saw an 11.1% rise over the first 10 years [Average increase in 'real' wages v RPI] to 1982. In the period 1987, both GenX and Boomers were seeing 10 year real wage inflation of double this most of the time.

But within either generation, there are 'winners' and 'losers'. This has little to do with the "luck" of when you were born, it was more to do with one's own lifestyle, habits, choices, and financial discipline.

[Of course some of us don't have children, and managed to get company cars for some of our working lives]. A good education, a high paid job, and the avoidance of a divorce all help as well and can allow early retirement on assets of 40 times spending - thus allowing the odd large gin & tonic.....

On the other hand, were you to have been like my brother - a couple of years older - who went to the local 2ndry modern, started life in a coucil house with two kids, had a divorce, earned less than average wage all his life.... well actually he retired early with >40 times his spending [including a mortgage free house] as well. Funny that!

Road_Hog

Generation X


http://www.youtube.com/watch?v=ON-7v4qnHP8

mystic_trev