First Steps to Solvency

alt80

@ryanm8655 are you/ others seriously telling me you’ve wouldn’t have even tried in my situation? Still very little left at the end of the month if we manage to stick to budget - not denying it’s my own fault but everyone makes mistakes and I’m addressing those now.

Yeah I think that probably was the point - if anything as time moves forward it seems women, ethnic minorities and those from a poor background will have most of the advantage in the future? Lots of women in property groups etc now - can you even imagine the uproar if I started a men in property group lol. Tbh I have no problem employing from any sex / ethnicity / background / sexuality if they’re the best person for the job it doesn’t matter to me. I’d expect people in the 21st century to show my son the same respect and not judge him solely based on his sex / ethnicity / background but it seems we’ve a long way to go.

monetxchange

No, not saying he doesn't deserve the place at all. I meant that he doesn't deserve a hardship fund when his parents could afford it, as those are meant for students who could never do it without. Not a comment on his or your social status or his academic ability at all.

Good advice on here to start saving for his house deposit and university money now too. These are things that can't be put on finance. Also £20k might need to grow with inflation over the next few years, at the moment it's hard to even get 75% LTV especially as a 21 year old with graduate income and prices will inevitably rise!

alt80

@ladyholly I will expect him to get some kind of employment - doesn’t matter if for me. If he’s living far away he could still find a job. I did. 

Tbf I’d like to buy a hmo in the area if he goes to uni. He can live there for a low rent and the others can pay my mortgage still going to be some left over for a decent profit if the right house is chosen and always an investor looking for a student hmo If the figures work. 

monetxchange

alt80 said:

@ryanm8655 are you/ others seriously telling me you’ve wouldn’t have even tried in my situation? Still very little left at the end of the month if we manage to stick to budget - not denying it’s my own fault but everyone makes mistakes and I’m addressing those now.

Yeah I think that probably was the point - if anything as time moves forward it seems women, ethnic minorities and those from a poor background will have most of the advantage in the future? Lots of women in property groups etc now - can you even imagine the uproar if I started a men in useproperty group lol. Tbh I have no problem employing from any sex / ethnicity / background / sexuality if they’re the best person for the job it doesn’t matter to me. I’d expect people in the 21st century to show my son the same respect and not judge him solely based on his sex / ethnicity / background but it seems we’ve a long way to go.

Yet hundreds of years on, here are working class people, women, especially those that are BIPOC and/or LGBTQ, still second to wealthy man. It's not a personal attack on you, just the reality. Your son is not going to be judged on his gender, ethnicity or background as he'll always have a certain level of privilege as being the accepted "norm". And I'm saying that also from a massive place of privilege as a white person too. It's not something negative, but I don't support this "soon we'll have nothing" thing that people in comfortable positions try. 

alt80

@monetxchange Re house deposit - I’m not the keeper of his feelings when he’s a grad and looking at a cheap property needing work in a low value area or perhaps no property at all unless he wishes to top up. I’ve no problem helping him find somewhere and working on it with him but I’m not entirely bank rolling his life when he’s an adult. 

Not my job to invest his money either - his choice when he’s older. Could I make it work harder now - almost definitely but I’ve got my own life to deal with right now.

I’ll spell this out as I have already mentioned a little of my parents’ situation - I will see practically no inheritance and have had absolutely no leg ups in life. Everything I’ve got for better or worse I’ve worked for. As it happens I think no less of my parents now than when they had substantial assets. My sister and I grew up with our parents either buying every toy in the shop or not being picked up from school because dad had lost the takings and the tank was out of petrol. I don’t want those extremes for my son in his childhood but my parents taught me if you want something you work for it, you don’t wait for a leg up and you live your life on your terms.

No guilt on my part by hopefully being in a position to help my son when he’s older but not at the expense of sacrificing myself - he will need to find his own way ultimately and that’s life. So long as he’s happy and lives on his own terms I will have done my job.

Re privilege etc. Life isn’t fair. I genuinely believe you can do well if you make the choices, live life on your terms and not playing by ‘my privilege is bigger than yours’. I know lots of Asian investors with wealth far exceeding my wildest dreams who came to the uk with little else than the clothes on their backs and yet somehow they made it big. Certainly isn’t through the uk system having a preference for those of South Asian ethnicity. It’s hard work, determination, confidence, a little bit of luck, a bit of hustle, play the risk game and not being afraid to make your own rules.

ryanm8655

alt80 said:

@ryanm8655 are you/ others seriously telling me you’ve wouldn’t have even tried in my situation? Still very little left at the end of the month if we manage to stick to budget - not denying it’s my own fault but everyone makes mistakes and I’m addressing those now.

Yeah I think that probably was the point - if anything as time moves forward it seems women, ethnic minorities and those from a poor background will have most of the advantage in the future? Lots of women in property groups etc now - can you even imagine the uproar if I started a men in property group lol. Tbh I have no problem employing from any sex / ethnicity / background / sexuality if they’re the best person for the job it doesn’t matter to me. I’d expect people in the 21st century to show my son the same respect and not judge him solely based on his sex / ethnicity / background but it seems we’ve a long way to go.

I can honestly say I wouldn’t have, ha. I wouldn’t be applying to a hardship fund for school funding on my wage.

alt80

@ryanm8655 lol just me then. 

ryanm8655

alt80 said:

@ryanm8655 lol just me then. 

I mean, they can only say no. And I can sort of see where you’re coming from but they’re never going to say that someone can’t afford school fees because they’re down to two brand new cars and had to hand back the F-type, one of which is a top spec Range Rover. I don’t think that is hardship by anyone’s definition haha. I grew up in a single parent household where my mum didn’t work, though so probably have a different definition. This is actually why I think diversity in politics is so important.

RelievedSheff

Good luck with handing back the car today. Try not to let it get you down too much.

alt80

@ryanm8655 As I said I more hoped they’d be feeling generous with corona etc going on. Clearly not lol. Sure I think our upbringing affects us in many ways tbf - as a result of mine, I’m not a gambling man. Can see the attraction but know I’d get into it in a big way if I did and I’m a bit too risk adverse for that.

@RelievedSheff Thank you. Had my final run in it. Going to miss it; lost so much money and my previous car too - £45kish in total for a couple of years with the car. Wish I’d just bought the AM and lost that tbh. Never for a moment did I think this would happen. Stupid as the debts were already piling up but I can’t risk carrying on in deficit.