Boomers and/or Young People Suck

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fuic08 said:
The point is that to buy a fibro shitbox in Semaphore would now, relatively, cost a lot more than it cost him to buy, demolish and rebuild.
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I’ve still got the photos of the demolition - my late dad and I demolished it over two weeks holiday. We literally took it apart bit by bit.

Now in saying that, we didn’t have to fence the property like you do nowadays. All we had to do was write - “demolition in progress - keep out” on the front fence. That was all that was required back then. I’ll find the photo and post.
 

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kirky said:
I seriously do feel sorry for the millennials - the housing issue is due to a number of poor policy decisions made in the early 2000’s.

The average housing price as a % of income is at historical highs.

The problem now is how to unscramble it all.
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For what kind of house? Absolutely not so in my case.
 
kirky said:
Its a choice tho.

Everything comes down to choice.

For example I don’t go to restaurants, Fringe, theatre etc other than special occasions but my $$$ go on flights etc to see Crows and accommodation.

It all comes down to the choices.

I’m mentoring a millennial and his wife (plus two kids) and they are on jointly $200k+ a year but haven’t saved a cent. Their rent is $580- per week (up from $450- two years ago). The first thing I said was do you have a budget spreadsheet? Answer no. So do you know where all your money is going? Answer no but we don’t have any spare cash. So finally, they are doing a budget and saw expenses they could cut out. We are slowly getting there.
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What you are also conveniently forgetting to say is that in those days consistent payrises came through well above CPI and cost of living increases. So not only were you paying a MUCH lower % of your wage on your home loan, but you also benefitted consistently by having payrises that increased your wealth.
Today people get pay rises significantly below cost of living increases, so they in fact get poorer each year.

Stop trying to tell everyone how amazing you did. You've had every advantage possible, unlike the youth of today.
 
kirky said:
I seriously do feel sorry for the millennials - the housing issue is due to a number of poor policy decisions made in the early 2000’s.

The average housing price as a % of income is at historical highs.

The problem now is how to unscramble it all.
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You can't unscramble it, because all of the stuff that pushes the prices up (very low deposit % required, negative gearing, grants, allowing corporate investment in property, allowing foreign investment in it etc) is now priced into the market, so if you try to remove fix any one of those things you will have 5 million people owing more than their asset is worth.

Maybe (very), if you sunset clause some of those concepts with a 30 year timeframe, you wouldn't immediately destroy the economy, but that's not ever going through parliament.

So, we'll just plod along until we either die from climate change or the value proposition on guillotines gets good enough.
 
footy4ever said:
My first house was around 9 - 9.5 times (a bit more in fact) my single wage as a first yr out teacher, as I've posted before, for a modest (tiny) 3 br 1 bath single carport house with nothing but floorboards and a stove LOL, on the edge of southern suburbia. A house I could buy now in an equal wage/cost situation to that would be a luxurious mansion by comparison.

But who's interested in a real life factual situation?
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How long ago was this? I'm curious.
 
Slippery Pete said:
I’m going to say one nasty thing and one nice thing about Boomers. Brace yourselves.

1. Boomers, try as they might, just can’t seem to get it through their heads that doing what they did will not make a person wealthy anymore.

2. Let’s be honest, Boomers are probably the last competent generation. When they were in charge, things weren’t perfect, but they were okay. Now that Gen X is mostly in charge at the government and corporate level, it’s an absolute f*cking disaster.
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The boomers are still in charge. It's true. Look at government everywhere. Look at who is actually pulling the government strings (Murdoch etc).
It's still the Boomers running everything for the benefit of the boomers. Why do you think there is an outrage every time someone dares mention changes to negative gearing?
 
Mostyn said:
How?

It's inarguable that the generation coming of age during the 60s to 80s has it MUCH easier financially than those today.
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I just gave a real life factual situation showing that it is totally and realistically arguable. People today are in a worse financial situation because of the number of financial 'distractions' available.
 
kirky said:
I seriously do feel sorry for the millennials - the housing issue is due to a number of poor policy decisions made in the early 2000’s.

The average housing price as a % of income is at historical highs.

The problem now is how to unscramble it all.
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Decisions made by Howard and through the LNP over decades now have led to this situation. They have prioritised corporate money making over people. It's why they consistently vote against pay rises (except for politicians of course).
The gap between profits and pay has never been bigger. Never.
 

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DJ75 said:
What you are also conveniently forgetting to say is that in those days consistent payrises came through well above CPI and cost of living increases. So not only were you paying a MUCH lower % of your wage on your home loan, but you also benefitted consistently by having payrises that increased your wealth.
Today people get pay rises significantly below cost of living increases, so they in fact get poorer each year.

Stop trying to tell everyone how amazing you did. You've had every advantage possible, unlike the youth of today.
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Well since the mid-90’s, 20 of the past 28 years we were governed by the Coalition. If you want to blame someone, look in that direction.

In fact, one of the former Coalition ministers has publicly said it was a policy direction of the then Coalition government to try and keep wage rises as low as possible.
 
fuic08 said:
The point is that to buy a fibro shitbox in Semaphore would now, relatively, cost a lot more than it cost him to buy, demolish and rebuild.
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You still missed the point ..................I would very much doubt that some or most of the current say 20-30 year olds would lower their standards far enough to live in said fibro shitbox to start with (im not a boomer either)
 
Jetwa5h said:
You still missed the point ..................I would very much doubt that some or most of the current say 20-30 year olds would lower their standards far enough to live in said fibro shitbox to start with (im not a boomer either)
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I wonder how I put up with it but I had a goal in mind - thought I’d be rebuilding in 5 but did it in 3.

PS : not even sure if there was any asbestos in the shitbox. Didn’t wear masks etc.
 
DJ75 said:
What you are also conveniently forgetting to say is that in those days consistent payrises came through well above CPI and cost of living increases. So not only were you paying a MUCH lower % of your wage on your home loan, but you also benefitted consistently by having payrises that increased your wealth.
Today people get pay rises significantly below cost of living increases, so they in fact get poorer each year.

Stop trying to tell everyone how amazing you did. You've had every advantage possible, unlike the youth of today.
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Well my wife didnt have any access to maternity leave when we had our children in the early 1990's. My wife gave up her full time job for 4 years when we had our first child. We survived on one income so we went without.

What happens now? Couples can both access maternity leave now from their employer and the Government. Wish we had that.

We had to contribute 30% deposit on our first house. Wages weren't anything like they are today but saving money was still difficult (it is all relative). Now you can basically borrow 100%. Or put in as little as 5%

17% interest rate (for a time). No redraw. Could only pay your repayment monthly so no chance of getting ahead of your home loan.

Our Super wasn't paid for by our employer. Jeez, it wish it was looking back now.

No-one is saying its not tough now to save and buy a house etc. But spare me the 'it was so easy back in your day' BS.
 
kirky said:
Well since the mid-90’s, 20 of the past 28 years we were governed by the Coalition. If you want to blame someone, look in that direction.

In fact, one of the former Coalition ministers has publicly said it was a policy direction of the then Coalition government to try and keep wage rises as low as possible.
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I agree 100% with you. It started with Howard and has continued since. Increase profits for companies, keep wages as low as possible.
 
Rabish Binney said:
Well my wife didnt have any access to maternity leave when we had our children in the early 1990's. My wife gave up her full time job for 4 years when we had our first child. We survived on one income so we went without.

What happens now? Couples can both access maternity leave now from their employer and the Government. Wish we had that.

We had to contribute 30% deposit on our first house. Wages weren't anything like they are today but saving money was still difficult (it is all relative). Now you can basically borrow 100%. Or put in as little as 5%

17% interest rate (for a time). No redraw. Could only pay your repayment monthly so no chance of getting ahead of your home loan.

Our Super wasn't paid for by our employer. Jeez, it wish it was looking back now.

No-one is saying its not tough now to save and buy a house etc. But spare me the 'it was so easy back in your day' BS.
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You are conveniently ignoring the other facts.

Home loan repayments are a significantly larger % of pay today than it was back then. Same for grocery costs. And fuel. And pretty much everything else.
You had it much easier. It's a fact. Thanks to decades of keeping wages as low as possible, today's generation will and are finding it almost impossible to purchase a home unless they have help from family.

You think you had it tough-ish, but the facts (these things are important) say otherwise.
 
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