Defeated and trapped. Young look on in despair at The Kingdom of the Boomers

yertiz_2

Conrad wrote: »

Just had an East European potential client in. Bought a flat in outer East London 1 year ago for £220k, spent £20k doing it up, now sold for £350k.

Typical story I see, came here recently, not great English, penniless.


No sense of being deprived, just getting stuck in.

Could you explain please how he bought a flat for £220k when he is penniless?

thequant

yertiz wrote: »

Could you explain please how he bought a flat for £220k when he is penniless?

Copious amounts of benefit fraud I would suspect

Linda_D_2

yertiz wrote: »

Could you explain please how he bought a flat for £220k when he is penniless?

It's a conrad post, he's famous for making up stories every day on here, no-one believes him.

moneyinmypocket

Do the young even mind renting? Most seem happy with renting and spending there weekly money on beer

Morglin

I wish someone would have a bit of sympathy for us baby boomers....

We worked hard for years, and were promised the moon by various governments, yet all we get told now is that our retirement age has changed, and we can pay for any care or help we need or go without.:mad:

We get ripped off by banks, because we don't want to borrow money, and we prop up those with mortgages, and other debtors, by getting pitiful interest rates on our investments and savings, because the interest rates are being kept artificially low (although they do say that will change by Xmas, at least).

We baby boomers built our lives from nothing, because our parents couldn't afford to help us, so, it was all secondhand stuff until we could afford it, as credit wasn't really an option, - yet our door here appears to almost revolve, at times, with our kids and grandkids wanting help with buying houses, cars etc., etc.,

We are also, via taxes on all our pensions etc., now having to subsidise 'help to buy' as well! :eek:

So, yes, many of today's youngsters have it tough, and I don't envy them, but it wasn't and isn't all milk and honey for the post war generation either.

Lin

pbouk

MrRee wrote: »

Remember that, back in the 60's (I know I was there!) - only the father tended to work.

Today's generations, BOTH work ...... both probably earn around £30,000 each. Have childcare (paid for by us boomers!) and have material goods which would have made their grandparents toes curl .. !!

The price of what the youth consider essentials is the cost their grandparents saved ......

There is no doubt that todays youth is far better off than their parents ...... there is also no doubt that they want more, and expect more.

Whilst myself and my generation were grateful if we had a good dinner on Sunday evening .... todays generation want a good meal every day!

How would their childcare be paid for by "us boomers" when both parents work?

CLAPTON

pbouk wrote: »

How would their childcare be paid for by "us boomers" when both parents work?

are you serious?

Cornucopia

Although many "boomers" are self-made people, it does seem like it was easier to take that route then (back in the 70s/80s) than it is now.

When I went to University, for example, I had a full grant (as a consequence of having poorer parents) and ended my course with a job (courtesy of a sandwich year placement) and virtually no debt. That makes for a much easier start than most young people are experiencing now.

Although I disagree with the policy of sending so many people to University, I do understand the logic behind it - which is that the developing countries have undermined our manufacturing industries, which means that we have to look to employment in higher-tech industries, which means graduates.

I also suspect (but cannot prove) that an element of HPI is down to more mortgages being based on 2 good incomes than was the case in the past. When there is more to spend and a shortage of supply, the market will respond by raising prices.

GeorgeHowell

ringo_24601 wrote: »

So nothing to do with competing against the rest of the world, in an attempt to create a 'knowledge economy' and a vibrant financial sector?

That was the theory. But in practice it has resulted in the unaffordable practice of large numbers of youngsters being duped into believing that they would benefit from obtaining a useless qualification from a third rate institution, and then ending up serving up burgers. As so often is the case, a worthy idea appallingly badly implemented.

Cornucopia

GeorgeHowell wrote: »

That was the theory. But in practice it has resulted in the unaffordable practice of large numbers of youngsters being duped into believing that they would benefit from obtaining a useless qualification from a third rate institution, and then ending up serving up burgers. As so often is the case, a worthy idea appallingly badly implemented.

If that's all they ever do, then the taxpayer will end up covering their student debt.