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And boomers wonder why millennials are bitter towards them..

Discussion in 'General Discussion' started by Scam, 18 Sep 2020.

  1. kitfit1

    Mobster

    Joined: 24 Feb 2003

    Posts: 3,788

    Location: Stourport-On-Severn

    I know where your coming from exactly. I have a nephew that spent £36,000 on his wedding. At the time they lived in a rented flat..................................they now live in an even cheaper rented flat. Yes, the wedding was very nice............................that £36,000 though would have got them a very large deposit on a nice house.
    I'm sure all of their friends enjoyed the rooms they slept in, along with the nice wedding breakfast and off course the 5 course meal. The thing is though, like most modern couples that do this....................they rent a **** hole and havn't got two pennies to rub together.
     
  2. fobose

    Soldato

    Joined: 6 Dec 2005

    Posts: 5,320

    Location: Cambridge, UK.

    Happy wife, happy life............. :eek:
     
  3. GIBURROWS

    Mobster

    Joined: 13 Jan 2010

    Posts: 3,538

    Location: The 'Shire'

    Is it a happy life? I think its no wife, happy life.
     
  4. BongoHunter

    Wise Guy

    Joined: 14 Apr 2014

    Posts: 2,345

    Location: West London

    It's always hard to gauge some posters perspective without a bit more info on here sometimes - particularly in threads where age and location play a bit of a factor in someone's point of view.

    I take it the consensus is that this is something that's more of an issue for younger people in the south-east + touristy type spots, or is it equally difficult in the grim North?

    I think if I'd have stayed in East Mids I would have been buying my first place in 2009 (10 years earlier than I actually managed in the south) even though I would have earnt a lot less if living there.
     
  5. Tefal

    Capo Crimine

    Joined: 30 Jun 2007

    Posts: 66,594

    Location: Wales


    Well yeah they couldn't use it for a mortgage as you now have to prove you saved the money for your deposit yourself.

    No mum and dad, no gifts or wins.


    Did your generation have to prove you earned your deposit yourself?
     
  6. Rofflay

    Perma Banned

    Joined: 28 Nov 2006

    Posts: 5,758

    Location: N Ireland

    A 36k wedding is a good sign to divorce asap. I think its a waste of money it would be better to spend 6k on a budget one and buy 30k worth of house or if you must a round the world holiday. But on one day? Wtf
     
  7. Scam

    Capodecina

    Joined: 20 Oct 2002

    Posts: 14,193

    Location: London

    All you did was save a year's salary. Congratulations. This is the point where we point out a year's salary (average) is nowhere near enough for a deposit these days, especially in the south east.
     
  8. Usher

    Mobster

    Joined: 30 Dec 2004

    Posts: 3,356

    No and neither did anybody else until very recently, Are you saying that all lenders now require proof of savings because a family gift of money is still acceptable but not a family loan which has to be paid back
     
  9. Gray2233

    Mobster

    Joined: 25 Oct 2010

    Posts: 3,946

    Funny how you singled out that tiny post fragment in a several post discussion.
     
  10. Tefal

    Capo Crimine

    Joined: 30 Jun 2007

    Posts: 66,594

    Location: Wales


    Ok, so another point would you got 6+ times salary mortgage?

    Want to see if you can do that as a first time buyer these days
     
  11. Bluecube

    Wise Guy

    Joined: 20 Feb 2011

    Posts: 2,275

    Complain to the banks then.
     
  12. GIBURROWS

    Mobster

    Joined: 13 Jan 2010

    Posts: 3,538

    Location: The 'Shire'

    But its easier to complain on here and blame other people who are better off!
     
  13. Gray2233

    Mobster

    Joined: 25 Oct 2010

    Posts: 3,946

    Check my initial post in this thread and the posts leading from it.
     
  14. 413x

    Capodecina

    Joined: 13 Jan 2010

    Posts: 21,838

    Location: Llaneirwg

    Yes a lot of people waste money who could put that to a deposit

    It also a lot of people never had the option to live rent free from parents. I paid rent when I was at home so I did move out.

    It is harder to get on the ladder now. And importantly, it won't be as lucrative.
    Getting on back in the boomer days has paid so wel . That's not going to happen now.

    No common pleb like most of us is going to own much more than a 'nice house' even on dual income.

    My parents earning less than me ended up with a mortgage free nearly million pound house. A house earning their wage for many years
    And 3 kids having to be paid for
    Retiring on great pensions
    No need to study, no need to change job etc.

    Ill end up with
    A 250k house, mortgage free, little gain in terms of house price rises. Might even be no gain.
    Ill end up with a small pension I have to pay lots into
    No kids will help cash flow

    Ill depend on any inheritance to have anymore than that.


    Yes, everyone could do better. But my parents really didn't have to try to get ahead. Just buy a house at right time.


    I don't blame them for it. I'm just envious!
     
  15. Rroff

    Man of Honour

    Joined: 13 Oct 2006

    Posts: 74,122

    Personally I'm not even envious - just think the whole reward/effort side of it is out of whack - my parents didn't have it easy but their hard work paid off and there was a balance to it (for what they got back then - not taking into account the massive increase in value of houses since) - the same level of hard work from myself won't return half as much - not even in the ballpark of being commensurate even if that is somewhat subjective.

    I know loads of people my parent's age or a little older who with fairly minimal effort have retired on very decent pensions that I'd have to spend the next 30 years pretty much not living to fund something similar on the same kind of job as they were doing.
     
  16. 413x

    Capodecina

    Joined: 13 Jan 2010

    Posts: 21,838

    Location: Llaneirwg

    Yeah. If you're in the middle of the wage scale,not really any way to escape once you get past 30

    You could retrain - costing many years of your life for something that might not pay off
    You could do extra hours - but tax make it not worth the time
    A pay rise of a few thousand - isn't going to make much difference.

    You have to be mega rich to make money off housing now. Nothing else is a sure bet.

    What really helped boomers is that owning a house was a standard achievement just for quality of life. To make a killing on that is an amazing perk.

    There is nothing like that around now
     
  17. fobose

    Soldato

    Joined: 6 Dec 2005

    Posts: 5,320

    Location: Cambridge, UK.

    Hah.

    Well, I wouldn't be happy if mine wanted to spend 36k on a wedding! I thought we spent enough on ours (9k) which took us quite a while to save for (was already over paying a mortgage at the time).

    I am not sure what you earn, but from your posts it doesn't sound like your in the 40% bracket (forgive me if I am wrong). I am way way under the 40% myself so for me, any overtime I can get my hands on makes it very worth my time, especially as I get 1.5x overtime rate (2x on a Sunday). It very rarely comes up for me, but when it does, I will do all the hours available. My last lot was a one off job in March, I did 40 hours overtime that month! Any extra you can do will always help, whether that's to pay extra to your mortgage to reduce your term or to save for a holiday etc.
     
  18. Freakbro

    Capodecina

    Joined: 29 Jul 2010

    Posts: 18,909

    Location: Lincs

    What do you mean by flat screen? As a 37" flat screen CRT in the 80's wasn't just "nothing special" (avg size tv in the 80's was 21-24") and flat screen (lcd) tv's weren't publicly sold until the late 90's iirc?
     
  19. Martini1991

    Caporegime

    Joined: 18 Sep 2009

    Posts: 28,971

    Location: Dormanstown.


    It depends.
    The north is grim, but as long as you've got two people on a full time job, it's entirely possible to buy a house.

    Where I live I work in further education and my girlfriends a hair dresser, we've currently got a 2 bed terraced with about 15K equity and about 15K in savings to move onto another house.

    I'm 28 and she's 26.

    However my situation isn't compareable to everyone in the north etc as there's plenty of people who aren't in the same position for whatever reason.
     
  20. SPG

    Soldato

    Joined: 28 Jul 2010

    Posts: 7,152

    So the past 4-5 pages have reaffirmed my position that every idiot wants to live in the south, have a skillset that is woefully inadequate and yet they still want a 500k house, nice cars (on hp) 2 holidays a year long haul, flexi time, half the subs you can get and all the latest tech oh and a flutter on Kickstarters as you may get a bargain.

    All straight after you have left uni or at the very least by the time you are 27....

    Sympathy gone, i have enough stashed away for a buy to let. Might as well use it i guess.

    /Thanks