A Millennial Speaks out

spadoosh

triathlon wrote: »

Well just go out and buy a home then, they are plentiful with cheaper money now then there has ever been, we paid 15% interest at one point on our mortgage, but we just got on with it.
I am glad this country is now full of weak people in someways, every one of my mortgages is being paid by someone renting.

Profiteering from "the weak"? O i wish i could aspire to such greatness.

triathlon

spadoosh wrote: »

Profiteering from "the weak"? O i wish i could aspire to such greatness.

...................................


Thank you

Malthusian

spadoosh wrote: »

I suspect millennials dont care about pensions because they dont expect to get one.

Anyone who thinks that clearly doesn't care, or they wouldn't hold such an erroneous belief.

A school leaver going to work in the 50's would see the greatest growth in earning potential in human history through their lives. Not wishing to be pessimistic here but i cant imagine its the same for gen y and millennials.

No, because we haven't recently slaughtered huge swathes of the 20- and 30 year old population in a World War and wreck huge amounts of infrastructure, unlike in the 1950s. Do you think it would be a good thing if we had?

Huge numbers of broken windows + artificial scarcity of able-bodied working age males = high demand and low supply of labour = very high earnings growth.

Thats one of the few things boomers and millennials tend to share in common, they both think the future (on the whole and my interpretation) looks bleak.

Indeed, that's one of the things that all humans have in common. Bias and irrational primitive negative thinking.

spadoosh

ilovehouses wrote: »

You can't just walk out into the world of work and get that stuff.

I've got all the things on that list (decent rather than awesome pension) and it's taken my wife and I nearly 65 years of work to accumulate.

I know.

Although a lot of statistics and research on the matter suggest millennials will be worse off than their parents come retirement age which will be nearer to 100 years of work for a couple.

To show the perspective. The pension my dad got from his similar paying job to me would cost me 100% more than him. My parents first house cost them 2.5 times their earnings. My first house costs 3 times (we bought at a good time and conservatively, they bought at a bad time and maxed out yet still made huge profit on it) apparently its actually some 7.6 times on average.

Diamandis

Herzlos wrote: »

Can you provide any sort of citation for that?

I don't know many millenials but approximately none of them meet your criteria.

What makes you think that you're not a millenial?

Doozergirl

bugslet wrote: »

Everyone's different and I haven't forgot.

I'm just a boomer (born June '64), but I really struggled to buy my house because I was on a low wage - I didn't earn an average until I was in my late 30s. I socialised but cheaply, I've never had a designer bag or shoes. Your experience and mine is different

The bottom line is that life is a choice. If people want to spend a lot on nothing much, that's fine, but it's no good saying I want to save for a deposit and spend money going out for drinks and eating out and taxis at the same time.

As for people not having a job, I left school in the year when there were 3 million unemployed.

I don’t disagree with you. A deposit of over £30,000 does sound like an awful lot of money and does seem unsurmountable for someone who may not be used to saving. And she’s learned that she might be able do it, and that is the main purpose of the article, not to whinge but to share information.

There’s a lot of angry people on this board, but I guess it wouldn’t exist without them.

It takes a lot of different people to create an economy. I’m not sure but sitting with one’s arms folded making sweeping generalisations about groups containing millions of people and saying everyone should be like you (not you, bugslet) isn’t influential at all. I’d get happy about something rather than getting miserable and moaning about other people moaning...

If you don’t listen to it, you don’t even need to think about it!

Hence I accidentally fell into this thread and will be leaving for sunnier climes on the site where I can genuinely offer some help

triathlon

spadoosh wrote: »

I know.

Although a lot of statistics and research on the matter suggest millennials will be worse off than their parents come retirement age which will be nearer to 100 years of work for a couple.

To show the perspective. The pension my dad got from his similar paying job to me would cost me 100% more than him. My parents first house cost them 2.5 times their earnings. My first house costs 3 times (we bought at a good time and conservatively, they bought at a bad time and maxed out yet still made huge profit on it) apparently its actually some 7.6 times on average.

In my days you had face to face interviews to get a mortgage, you had to have references from work and respected people and your bank manager looked in fine detail at your established bank account. And the idea of never paying that debt back was akin to armed robbery. I read recently that £1 trillion more money could be printed today without hardly a dent on inflation, money is easy to come by now for homes, it has never been easier to own.

Hopefully they will print £1 trillion, which I know is unlikey, not another £375 Billion though, I think that is more than likely at some point, and then these cry babies might as well give up, because no amount of hard work is going to get them on the housing ladder, house prices will be double what they are now, now is the golden age.

ukcarper

I don’t accept that saving a deposit is a barrier to buying a property, I accept that the price of property in many parts of country means that it is out of reach of many people but not because they can’t save but because they can’t get a bigger enough mortgage. If you earn enough to get mortgage there is no excuse for not saving deposit.

triathlon

ukcarper wrote: »

I don’t accept that saving a deposit is a barrier to buying a property, I accept that the price of property in many parts of country means that it is out of reach of many people but not because they can’t save but because they can’t get a bigger enough mortgage. If you earn enough to get mortgage there is no excuse for not saving deposit.

How hard is it to get your wages up to £50k, not that difficult. And I could take you to decent places where you could quite easily get a detached home for £200k, just 4 x earnings, about the historical norm at a time when borrowing money is practically free and with few consequences should things go wrong and you cannot pay the money back.

ukcarper

triathlon wrote: »

How hard is it to get your wages up to £50k, not that difficult. And I could take you to decent places where you could quite easily get a detached home for £200k, just 4 x earnings, about the historical norm at a time when borrowing money is practically free and with few consequences should things go wrong and you cannot pay the money back.

Is almost twice full time earnings so not that easy I would suggest.