Boomers vs Kids these days

[Damp Squarie]

Others think they have become wealthy due to anything but the luck of when they were born and just dont get it. Its easier to ignore the truth and blame the 'avocado generation' for all their many issues being faced.

Im a Boomer and cant come close to spending mine!
Oh and by the way...retirement is so good I should've done it when I left school.

 

[119others]

Your first statement is what I encounter daily dealing with Boomer retirees with 3m-20m so its not news to me.

and I am happy you are enjoying it

 

[119others]

when people say 'boomers have had a free ride' i think that erroneously gets interpreted as if they haven't worked hard - That is obviously not true, in general -

It's supposed to read that no matter how hard the ordinarly layperson of the GenX/Millenial generation work, they'll never be able to accumulate the same amount of capital that boomers did with a comparative work rate

Back in the day a single income could bring up an entire family while the Mum stayed at home

these days dual incomes are barely enough to pay the child care rates

this is the most bang on post i have read in this thread - well done mate.

 

[119others]

inflation. The term you seem to be searching for on this long meandering trip down memory lane is inflation.

AND the most ridiculous thing of all. Inflation, the quarterly published CPI data from the ABS does NOT COVER the cost of the rise in existing house prices.

Think about it. The biggest expense any (or at least vast majority) of any family has is buying a home - normally existing dwelling and the MASSIVE RISES in EXISTING DWELLINGS over 30-40 years has NOT been captured in CPI (inflation data). Thats right, Sydney house prices up 40 x in 45 years has NEVER been captured in inflation data.

Along with the unemployment definition (working one hour per week and you are deemed employed in this country) , the CPI data is also next to useless for the above reasons.

 

[119others]

Home Page — CoM Open Data Portal

data.melbourne.vic.gov.au

go argue with them, that's where I got the data.

Perhaps you are looking at the 'city' (CBD and immediate surrounds) but MLB median house value has never been over 1m, let alone 1.2m

https://reiv.com.au/market-insights/victorian-insights

 

[Vhaluus]

Perhaps you are looking at the 'city' (CBD and immediate surrounds) but MLB median house value has never been over 1m, let alone 1.2m

https://reiv.com.au/market-insights/victorian-insights

Yes, I was looking at Melbourne itself. But I looked at it for both time periods which makes it a like for like comparison and therefore valid.

 

[Vhaluus]

AND the most ridiculous thing of all. Inflation, the quarterly published CPI data from the ABS does NOT COVER the cost of the rise in existing house prices.

Think about it. The biggest expense any (or at least vast majority) of any family has is buying a home - normally existing dwelling and the MASSIVE RISES in EXISTING DWELLINGS over 30-40 years has NOT been captured in CPI (inflation data). Thats right, Sydney house prices up 40 x in 45 years has NEVER been captured in inflation data.

Along with the unemployment definition (working one hour per week and you are deemed employed in this country) , the CPI data is also next to useless for the above reasons.

Oh don't get me wrong I'm in 100% agreement with you, I was just supplying the word for her essay with the argument of 'hmmm things get more expensive over time I guess?'

 

[mistylake]

All those first home buyers making it hard for first home buyers again.

Demand for property has reached fever pitch, latest ABS figures suggest

Capital city prices will get a lot more expensive next year according to property analysts, while the amount of money Australians are borrowing to buy property has jumped to a record high.

www.abc.net.au

 

[1970crow]

Look I am sorry you had to go fight in a bullshit war. It's wrong and shouldn't have happened.

I'm also willing to acknowledge you have probably worked hard to get where you are.

But I still contend that if I work just as hard as you did I won't end up where you are today.

Can you at least empathize a little bit with the plight of millenials?

Take me as an example:
1)I'm in my early 30's and despite having a full time, permanent, government job I don't feel secure enough in my future earnings to be willing to risk starting a family; I work in healthcare and they're cutting jobs in the middle of a pandemic ffs.
2)I am still paying off my undergrad university debt, which I felt forced to get otherwise I didn't think I'd be employable. Yet I'm forced to go BACK to university to get a masters degree despite already largely having the knowledge just because I can't progress my career without that hugely expensive piece of paper.
3)I basically will never be able to enter the housing market, short of winning the lottery, until my grandparents die (something I'm obviously hoping is as far away as possible). Even when that occurs I'll always know deep down that I wasn't able to earn that house off my own back.
4)I'm likely to be working until I'm at 80 because the retirement age has to keep increasing in order to keep our unsustainable economy from completely collapsing
5)I am staring down the barrel of a world that is uncontrollably heating. Even if I could feel financially secure enough to have kids, what kind of hardships are they going to endure because of preventable man made climate change?

I find it very hard to believe that you can't buy a house. Especially with no dependents.

 

[1970crow]

.. you mean don't live in the places that the jobs are at? genius advice.

So you refuse to commute to work?

 

[1970crow]

AND the most ridiculous thing of all. Inflation, the quarterly published CPI data from the ABS does NOT COVER the cost of the rise in existing house prices.

Think about it. The biggest expense any (or at least vast majority) of any family has is buying a home - normally existing dwelling and the MASSIVE RISES in EXISTING DWELLINGS over 30-40 years has NOT been captured in CPI (inflation data). Thats right, Sydney house prices up 40 x in 45 years has NEVER been captured in inflation data.

Along with the unemployment definition (working one hour per week and you are deemed employed in this country) , the CPI data is also next to useless for the above reasons.

It's not ridiculous, it's a consumer price index. Interest is a cost, buying a house is like buying shares, it's an investment. I'd be surprised if rental costs aren't captured in the basket. If they are, then increases in house prices is captured at least in part there. Maybe a lag though as contracts catch up with value changes.

 

[cm_perfect]

Look I am sorry you had to go fight in a bullshit war. It's wrong and shouldn't have happened.

I'm also willing to acknowledge you have probably worked hard to get where you are.

But I still contend that if I work just as hard as you did I won't end up where you are today.

Can you at least empathize a little bit with the plight of millenials?

Take me as an example:
1)I'm in my early 30's and despite having a full time, permanent, government job I don't feel secure enough in my future earnings to be willing to risk starting a family; I work in healthcare and they're cutting jobs in the middle of a pandemic ffs.
2)I am still paying off my undergrad university debt, which I felt forced to get otherwise I didn't think I'd be employable. Yet I'm forced to go BACK to university to get a masters degree despite already largely having the knowledge just because I can't progress my career without that hugely expensive piece of paper.
3)I basically will never be able to enter the housing market, short of winning the lottery, until my grandparents die (something I'm obviously hoping is as far away as possible). Even when that occurs I'll always know deep down that I wasn't able to earn that house off my own back.
4)I'm likely to be working until I'm at 80 because the retirement age has to keep increasing in order to keep our unsustainable economy from completely collapsing
5)I am staring down the barrel of a world that is uncontrollably heating. Even if I could feel financially secure enough to have kids, what kind of hardships are they going to endure because of preventable man made climate change?

You can’t afford a 350K house?

 

[Vhaluus]

You can’t afford a 350K house?

Oh only 350k? yeah sure let me just grab that out of my spare change.

 

[cm_perfect]

Oh only 350k? yeah sure let me just grab that out of my spare change.

Only because I am interested and have young adults as dependants, what do you pay in rent?
100% ok if you don’t want to answer

Edit: not picking a fight, genuinely interested in the discussion

 

[Vhaluus]

Only because I am interested and have young adults as dependants, what do you pay in rent?
100% ok if you don’t want to answer

Edit: not picking a fight, genuinely interested in the discussion

$350 a week

 

[Samcro24]

$350 a week

A 350k home loan is cheaper than that at the moment

 

[cm_perfect]

$350 a week

That can get you a house I reckon.

Rent is dead money

 

[Cap]

A 350k home loan is cheaper than that at the moment

I guess you need the $87K deposit plus stamps and find that house for $430.

 

[1970crow]

Oh only 350k? yeah sure let me just grab that out of my spare change.

so you will only buy a house without borrowing? Makes sense then, no commute and zero finance certainly limits your options. Especially if you work in the city. I presume you need a quarter acre block, 4 bedrooms, 2 living areas and 2 bathrooms for you and the missus as well. Hard to find that with spare change money in postcode 5000. But keep looking, bargains pop up all the time. Just be quick with your unconditional offer.

 

[1970crow]

I guess you need the $87K deposit plus stamps and find that house for $430.

you don’t ‘need’ that deposit, it’s a want. Do first home owners not get SD relief?

 

[Cap]

I be Honest, I have a Lot to thank for the Xennials and Millennials if not for them I would not have been in a postion to retire comfortable,

Be careful who you say this to, just remember who will be choosing which retirement home they'll send you too to Die

 

[Cap]

you don’t ‘need’ that deposit, it’s a want. Do first home owners not get SD relief?

Some do, some don't, to be fair, I'm not over all the schemes.

Usually you get higher rates and have to pay MI don't go 80%

Even at 90% you are still looking for a house at what sub 400k? (Assuming 350 loan). Good luck

 

[mistylake]

You can’t afford a 350K house?

s**t you don’t even need a deposit.
Feds are kicking in $25K, Qld state gov $15K plus an Extra $5. Some developers are also kicking in some to.
Banks easily loan 90-95% if you have a decent job.
So on a $350K house and land package you don’t even need a cent of savings.
in ‘99. I was earning $30K year and had to kick in 20% (self employed) on my first place cost $149K. Only concession was reduction of stamp duty. It’s all relative.

 

[mistylake]

I guess you need the $87K deposit plus stamps and find that house for $430.

Stamp duties are subsidised for first home buyers and LMI is paid by government currently if under 20% deposit. Incentives are about $60K currently. Depends where you’re living.

The incentives available to Australian first home buyers, state-by-state

First home buyers are out in full force despite COVID-19, and that may well be thanks to the many financial incentives available to them.

www.google.com.au

 

[Cap]

I've had a look there are quite a few H & L packages sub $350k

However most were regional or in the outer burbs , definitely need a car.