A Millennial Speaks out

chucknorris

ukcarper wrote: »

I’m not sure why you are replying to triathlon he is obviously trolling.

I get your point, I guess I am feeding the troll. But it is comedy gold that he thinks that I am part of the HPC bunch.

triathlon

chucknorris wrote: »

I didn't quote any figures, but for the record a 5th year part time QS student would probably be on about £32-35k, I don't discuss their salaries with them. Although I do know that full time graduates (with no work experience) start on about £28k, so £32-£35k seems reasonable for those about to graduate with over 4 years experience.

You seem to have the wrong end of the stick, I do not want a house price crash, I want prices to surge, but I suspect that over the next few years we will have stagnation. I merely have some sympathy for those priced out, but definitely not to the extent where I want my assets to drop in value.

Well I can bet there are not many millennials on here that will be a fan of mine, but at least I can be honest and say I really do not care about there so called plight, because there isn't one.

You on the other hand are claiming to have sympathy for them while acknowledging there are unfair obstacles and difficulties for them also, but you go on to say that you do not want the problem addressed as it will effect you financially. At least be honest and stop patronising them, because I sure has hell feel no guilt over the money I have and continue to make and so I shouldn't.

You remind me of one of those endless line of politicians that have for years and decades stood up and gave a speech about the nasty old imaginary housing crisis as they wipe a tear from their eye and then yet go on to do nothing because nothing needs doing.

What they need is a politician to tell them the truth and just get off their backsides and do something with their lives.

triathlon

ukcarper wrote: »

I’m not sure why you are replying to triathlon he is obviously trolling.

Yes there is a troll on this thread.
I would just say to one of them if they are that bothered about the imaginary problems of these people then give them one or two of your homes, because going on what he is saying he is the problem.

borkid

Graham_Devon wrote: »

A lot of things seem to be forgotten about when it comes to the past.

This idea that everyone 30-40 years ago had to save deposits just like today. It simply doesn't stack up. Not when you look at working ages and when people bought homes. People can argue as much as they like, but ultimately pure fact shows that arguing is futile when people bought houses sometimes before they were 20 years old. There wasn't enough time between leaving school and what the facts show on home ownership to allow these arguments to be correct.

Secondly, all this stuff about mobile phones and costs "which we didn't pay all those years ago". Well guess what, millenials don't have a contract with rumbelows to rent a TV and Netflix. Thousands clearly did rent TV's and video recorders 30-40 years ago.

What we spend our money on has simply changed, and it's very apparent that because people didn't spend on mobile phones and sky subscriptions 40 years ago, they feel others shouldn't be now. They clearly forget that instead of mobiles and sky, it was TV & video rentals and the music industry was absolutely booming, with millions of records sold each year. Who bought them if no one was buying anything as we are so often led to understanding from this forum.

No mater how much people argue, it won't change the past. All those booming leisure industries 30-40 years ago were paid for by someone. I've even heard people suggest that people didn't go to concerts "in those days". Then you watch TV and see people litterally clambering to try and get a ticket to see the Beatles.

We did none of those things when SAVING. No TV until we got one from a scouts jumble sale after we were on the housing ladder with a flat which needed work on it. I'm not complaining about what we went without just I get tired of how some people think we had it easy.

Both my son and daughter have bought property in their 20s one in 99 and the other 2004 ( in London) and no deposit paid by us I think we paid solicitors fees and helped with removals, just cardboard boxes etc as they had no furniture.

The thing is people save and spend at different times in their lives according to their means ( or should be) We've had a couple of 'big' holidays both after we retired when a couple of endowment policies matured. When we were saving for a house and then had children we spent very little apart from on the children

Out,_Vile_Jelly

I can't find it now, but within the past year I read an article in the Guardian by someone my age (late thirties) complaining about not getting a mortgage in London. Their life choices consisted of:

-being a journalist
-writing a novel
-writing a blog
-having children
-doing a PhD in a pointless subject as a mature student

He couldn't get over the fact that his mum, who didn't go to university or have a cool job in blogging or journalism, but was in fact a boring, menial bank clerk in a boring uncool Northern town, had been able to buy a house when he couldn't.

A lot of the career advice I had was along the lines of "what do you like?" and "what do you think would be an interesting job?" rather than "how about doing a boring and untrendy but well paid job?".

Edit: found it: https://www.theguardian.com/money/2017/apr/02/the-lost-generation-credit-crunch-thirtysomething-brokebroke

It was the North East where he couldn't afford a mortgage until his mum helped out because the cruel modern world wouldn't lend to someone who chooses to freelance in a low-paid and precarious industry.

ukcarper

steampowered wrote: »

I am sure you worked hard. I commend you for it, and others who worked just as hard.

Just as there were lazy baby boomers and hard working baby boomers, there are lazy millenials and hard working millenials.

The point I am making is that on average, the baby boomer generation worked less hard and had a much easier ride than the millenial generation do now.


While I appreciate that every generation has had to save hard for a deposit, the facts are very clear: it is much harder to save for a deposit now than it was in the past.

As per the link I gave you, deposits have increased by more than 10x over a period in which earnings have increased 3x.

Or have a look at this graph which shows the size of the average FTB deposit as a percentage of earnings over time. You will see that the size of the required deposit has increased from about 40% of earnings during the 70s to 100% of earnings now.


The point on taxes is that the baby boomers are being heavily subsidised by the younger generation, and on average as a generation will take far more in public services and benefits during their lifetimes than they pay in taxes.

This is largely because baby boomers are living much longer into retirement than previous generations, yet during their working lives funded a smaller generation with much shorter life spans, yet still benefit from a low retirement age and high state pension. I don't bemoan baby boomers for living longer, but there comes a point where things like the state pension have to be paid for.

Especially when right now we have the never-before-seen situation where pensioners have a higher average income than working households.


I try not to be as hyberbolic as triathlon. The difference between me and triathlon is that I actually look at the real facts, rather than simply making stuff up.

You are still looking at things as if prices increased linearly which they haven’t.

How boomers being subsidised by younger generations they are probably one the the highest tax paying groups.

I agree I don’t think you are as bad as triathlon but you are selective on the facts you look at whether that is intentionally or not I don’t know.

As I’ve said it’s harder to buy now but if you earn enough to get a big enough mortgage you can save deposit. Read last sentence again and try to understand it.

steampowered

triathlon wrote: »

What they need is a politician to tell them the truth and just get off their backsides and do something with their lives.

What job have you done for most of your working life, triathlon?

I'd love to know. It would be very interesting to assess whether you could have had the same lifestyle if you entered that same job today.

andrewf75

ilovehouses wrote: »

In the UK there's a pattern of each generation being wealthier than the previous. There's also a pattern of each generation complaining the previous were better off.

I think millenials will continue with tradition and take their place as the wealthiest generation ever in the UK. At worst they'll end up being the second wealthiest generation. It's a problem of the first world variety - the best sort to have.

I think that’s very naiive. There is not a chance millennials will be as wealthy as baby boomers. In fact it seems unlikely that any generation ever will be. It seems hard to imagine how the levels of wealth can do anything but fall given that basically we in the rich Western countries consume way more than our fair share of the worlds resources. Other countries are now driving global growth, populations are rising, people are living longer. All of that points to less wealth per person. The warning signs are everywhere, pensions, NHS funding crisis etc

triathlon

steampowered wrote: »

What job have you done for most of your working life, triathlon?

I'd love to know. It would be very interesting to assess whether you could have had the same lifestyle if you entered that same job today.

SDH(synchronous digital hierarchy) engineer with a electrical engineering background

armchaireconomist

I live in the North East admittedly, but I managed to buy a house at 21 with no financial help and having been "employed" for less than 12 month on 19k, having been an apprentice the 2 years prior. I should add that house was a mess, and I spent 3 month of just about every evening and weekend making it habitable.


I had no holidays, no expensive PCP financed car, no designer clothes, no expensive meals out etc... Entirely possible. However, it takes effort - of which I find my generation often don't want to do.


Her problem isn't the environment she lives in, it's her lifestyle.