Today's Bear food

economic

p1212 wrote: »

Can you please tell me how can I save 600K in 9 years from monthly net 4500-5000, while paying rent, eating etc...? That is saving monthly 5.5 grand from an average net salary of 5 grand.

Even if you can save half of your salary, 2.5 grand per month, it takes 20 years to buy just a flat with all your top uni + top banking job.

why do i need to save 600k? havent you heard of mortgages?

p1212

economic wrote: »

why do i need to save 600k? havent you heard of mortgages?

Please don't tell me that with top education and top banking job you still have a big mortgage.

economic

lets say one puts down 40% deposit for 600k flat. 40% is a lot and very conservatve in terms of equity in the property. so thats 240k needed. thats £2.2k a month needed to be saved over 9 years. on a 90k base after costs and rent thats entirely possible. plus dont forget theres bank interest and stock growth/dividends if the money was invested.

so entirely possible for those who want it. not so possible for those like you who moan and wonder why you cant afford it!!!

economic

p1212 wrote: »

Please don't tell me that with top education and top banking job you still have a big mortgage.

my mortgage ltv is around 40%. you know what ltv is right?

btw i wouldnt say i had a top banking job. i was in a support function. similar paying jobs in other areas in banking exist where any monkey can perform the role.

p1212

economic wrote: »

lets say one puts down 40% deposit for 600k flat. 40% is a lot and very conservatve in terms of equity in the property. so thats 240k needed. thats £2.2k a month needed to be saved over 9 years. on a 90k base after costs and rent thats entirely possible. plus dont forget theres bank interest and stock growth/dividends if the money was invested.

so entirely possible for those who want it. not so possible for those like you who moan and wonder why you cant afford it!!!

It's all nice, but when you bought it it was not 600K? It was closer to 400 yea?

economic

p1212 wrote: »

It's all nice, but when you bought it it was not 600K? It was closer to 400 yea?

nope i bought at 550k. and its not like i put all my money into it. i put roughly half of my money.

now do you realise how poor you are? this is the wealth inequality that is happening. yes you are angry and bitter but then so are others. but also there are many like me who are doing ok. some even better. welcome to a world that just aint so fair.

cells

Londoners receive (my estimate) around £50 billion each year in inheritances and gifts (UK ~£200B pa)

By comparison, if you multiply the average London price of £472k by the typical 10,000 sold properties per month you get £56.6 billion as the annual amount spent on purchasing London property

So you can run the show on gifts and inheritances alone. This is why income debates are misleading, the elephant in the room is gifts and inheritances. Something the hpc cheerleaders never seem to want to consider.

Before the cheerleaders say all inheritances are not spent on buying homes some are spent on fast cars and loose women! Sure but a significant portion of gifts and inheritances are spent on housing. The only significant gifts I know that have been given to the younger generation have almost all gone into buying a home or a better one. Some are also leveraging said gifts/inheritances via mortgages.


So purely on an income basis London looks expensive, on an income and inheritance/gifts basis not so much

cells

p1212 wrote: »

Can you please tell me how can I save 600K in 9 years

you dont need to do that, you need to find a well off woman/man or even a not-so-well-off woman/man who is going to inherit a portion of Londons £50,000,000,000 a year in inheritances and gifts.

ukcarper

p1212 wrote: »

Can you please tell me how can I save 600K in 9 years from monthly net 4500-5000, while paying rent, eating etc...? That is saving monthly 5.5 grand from an average net salary of 5 grand.

Even if you can save half of your salary, 2.5 grand per month, it takes 20 years to buy just a flat with all your top uni + top banking job.

You could move out and buy a nice house for half that or a flat for just over a third. I couldn't afford to buy in London in the 70s I might have moan about it to my family but I still move out and commuted.

p1212

economic wrote: »

lets say one puts down 40% deposit for 600k flat. 40% is a lot and very conservatve in terms of equity in the property. so thats 240k needed. thats £2.2k a month needed to be saved over 9 years. on a 90k base after costs and rent thats entirely possible. plus dont forget theres bank interest and stock growth/dividends if the money was invested.

so entirely possible for those who want it. not so possible for those like you who moan and wonder why you cant afford it!!!

So you are saying only people who earn 80-100k on average should live in London.

That's top 1-1.5% percentile in the UK, so according to you only 900.000 people should be able to live in London and all the other 9 million should just leave London. Funny