HirdsTheWord
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With getting older comes simply having done more work to accumulate, or as you call it 'get richer ':
These bastards worked for 40 years & are better off than me after 40 months.
Are you fair dinkum ? Lets see:
'Rich get richer due to them having advantage purely based on age. This is how the housing market works in Australia. Housing it not seen as an essential need but rather an investment opportunity, it is fundamentally wrong.'
Plenty of us cant buy a place when we leave home, we go out & rent & work, work & rent, & save enough to get a deposit.
No different to the 10% + interest rates, just more of your repayment went in interest.
Imagine 13%, 17% ..... bloody lucky to have a housing loan at the moment, more money for the kids, wining & dining, a new car !! Covid.
You arent dinkum !!
you didn't even read what I wrote? Or you weren't capable of understanding it.
Older people didn't work harder for 40 years to buy their house. They just worked to pay off their mortgage, like any one does.
People who are buying their first home in 2021 aren't working any less hard than older people did 40 years ago. The issue is that people who are buying a house now are going into a debt to income ratio of 15:1, compared to an older person (40 years ago) who did it at a debt to income ratio of 2:1.
I'd take the 2:1 and the 10%-17% interest any day of the damn week, so then i can just use equity to purchase MORE property (like many older investors do and continue to do) IE get richer based off an advantage they had that current generations don't have access to IE my original post.
Older people acting like they work harder than current generations are just full of s**t. They were just lucky to be born at a time where housing was available and as such they didn't need to go into ridiculous amounts of debt to secure it, like current generations do.
These people aren't special, nor did they do anything fantastic that current generations do to get a house. It was just cheaper and easier to access when they went to buy.
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