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Today's Young Will Be Wealthier Than Parents

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This was one of the leading articles in yesterday's Sunday Time, but I can't get the link.

Basically they peddled the same argument as this chap......... ipods are cheap, big flat screen tellies were a dream 25 years ago. So generation y what exactly is the problem?

http://www.pieria.co.uk/articles/the_intergenerational_question

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I wish the media would stop talking about someone maybe or maybe not buying your house in the future, for maybe the price you want or maybe a lot less as "Wealth". Imaginary property equity is the only "wealth" most parents have , and as young people are unlikely to be paying the fantasy asking prices there is a good chance that many of todays young will be picking up property at bargain basement prices in their future?

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I don't understand why older people aren't meant to be benefiting from advances in technology as well as young people. All the boomers I know have the latest widescreen tellies, tablets, cars and phones more often than the younger generations.

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Prices of many services, drink and housing have risen over time ... but prices of many goods have plummeted: an iPod was infinitely expensive in 1988. If we look at the former, today's young people are struggling. If we look at the latter, they're blessed.

I'm not at all sure how these balance out.

:lol:

Hmm, an iPod or a house, an iPod or a house, which one gives you more quality of life...? No I just can't figure it out, what a head-scratcher.

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I wish the media would stop talking about someone maybe or maybe not buying your house in the future, for maybe the price you want or maybe a lot less as "Wealth". Imaginary property equity is the only "wealth" most parents have , and as young people are unlikely to be paying the fantasy asking prices there is a good chance that many of todays young will be picking up property at bargain basement prices in their future?

It's wealth in that they can use it to house themselves. Whether it's wealth or "wealth", most young people don't have the luxury. Even if they can access it through family gifts or deaths, I doubt very many appreciate their own infantilisation. Regardless of the iniquity, a generation resigned to the idea that their own efforts are mostly irrelevant to their prospects is very dangerous to any hope of a vigorous society and economy.

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Just live in the cardboard box it came in.

It will be bigger than some flats. :blink:

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Regardless of the iniquity, a generation resigned to the idea that their own efforts are mostly irrelevant to their prospects is very dangerous to any hope of a vigorous society and economy.

+1

What he said.

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It's wealth in that they can use it to house themselves. Whether it's wealth or "wealth", most young people don't have the luxury. Even if they can access it through family gifts or deaths, I doubt very many appreciate their own infantilisation. Regardless of the iniquity, a generation resigned to the idea that their own efforts are mostly irrelevant to their prospects is very dangerous to any hope of a vigorous society and economy.

Really? Try telling them that :lol: It is four holidays a year, big silly car in the drive, AND free money for retirement and not one penny less or else they have been cheated out of what is due them. BIG wake up coming for property "owning" mentalists IMO, at least young punters can just sit rent and bill free at home until it all collapses.

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The last part of the title got truncated sadly, it should have read: Today's Young Will Be Wealthier Than Parents In Xbox Farming Simulator

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Regardless of the iniquity, a generation resigned to the idea that their own efforts are mostly irrelevant to their prospects is very dangerous to any hope of a vigorous society and economy.

Quote of the month.

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Regardless of the iniquity, a generation resigned to the idea that their own efforts are mostly irrelevant to their prospects is very dangerous to any hope of a vigorous society and economy.

To be devil's advocate for a second; don't most of us discover that efforts != rewards quite early on?

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The last part of the title got truncated sadly, it should have read: Today's Young Will Be Wealthier Than Parents In Xbox Farming Simulator

:lol:

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To be devil's advocate for a second; don't most of us discover that efforts != rewards quite early on?

Indeed. It's the difference between an environment where rewards don't match exactly ones efforts and an environment where ones efforts are of marginal relevance to those rewards. We will always exist somewhere on a sliding scale between a perfect correlation of reward and effort and a situation where efforts have no effect at all. As you get towards the latter hypothetical position, the rewards for each unit of effort diminish. There is a point at which each individual will drop out and decide it's not worth it. That's why I defined it by people's resignation to the situation rather than an objective measure of it. I think that for a great many younger people, they are resigned to some degree or another. Whether they are "sadly resigned", "pragmatically resigned" or even "lazily resigned" to not applying themselves is a separate (and maybe less useful) discussion.

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Whether they are "sadly resigned", "pragmatically resigned" or even "lazily resigned" to not applying themselves is a separate (and maybe less useful) discussion.

Laziness is an underrated virtue. Somebody who slogs away for no reward is either a mug or a slave.

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Indeed. It's the difference between an environment where rewards don't match exactly ones efforts and an environment where ones efforts are of marginal relevance to those rewards. We will always exist somewhere on a sliding scale between a perfect correlation of reward and effort and a situation where efforts have no effect at all. As you get towards the latter hypothetical position, the rewards for each unit of effort diminish. There is a point at which each individual will drop out and decide it's not worth it. That's why I defined it by people's resignation to the situation rather than an objective measure of it. I think that for a great many younger people, they are resigned to some degree or another. Whether they are "sadly resigned", "pragmatically resigned" or even "lazily resigned" to not applying themselves is a separate (and maybe less useful) discussion.

I worked out at 25 that hard work!=rewards when I saw a truely idiot civil servant retire at 53 with a huge payoff and pension. I did her job as a takeover and it took me two hours per day. However, I thought I could still make it in the UK with hard work myself

I worked out in my mid 30's that the system in the UK was set up against law abiding, tax paying men in the UK with my divorce.

I worked out in my late 30's that the system in the UK was set up against law abiding, tax paying people of all genders from any class but the very top, as I saw all my peers running to stand still - including those on 200k per year in the SE

I worked out in my early 40's that the system globally is designed in most countries to impoverish the workers and benefit those with assets, via inflation and income taxation.

At each stage I adjusted my behaviour to pay less tax - legally - and build up more wealth that can't be taken off me easily.

I wonder what I'll learn in the next five years!

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