Boomer Bomad Btl Scum

[Guest]

5 min conversation at work.... bit my tongue.

Colleague, 50ish, told me her daughter had been very poorly 2 years ago, brought on my stress of:

1. Buying first house with boyfriend (smugly told me 4 relatives contributed £60k each, so they could buy a really nice 3-bed semi)

2. 11 days after moving in they split up

3. Rented house out for a year (smugly told me "she was a landlady" as if that implies status and achivement)

4. Sold it (smugly told me she made a profit)

I really want to see the look on her face when all that equity goes down the toilet.

[Si1]

5 min conversation at work.... bit my tongue.

Colleague, 50ish, told me her daughter had been very poorly 2 years ago, brought on my stress of:

1. Buying first house with boyfriend (smugly told me 4 relatives contributed £60k each, so they could buy a really nice 3-bed semi)

2. 11 days after moving in they split up

3. Rented house out for a year (smugly told me "she was a landlady" as if that implies status and achivement)

4. Sold it (smugly told me she made a profit)

I really want to see the look on her face when all that equity goes down the toilet.

I'm with you bro.

[frederico]

How can all the equity be gone of she's already sold it.

TBD she's probably done really well.

Good luck to her.

[spyguy]

Bit nuts.

I'd guess shes down a few k with the costs of buying and selling in ~18 months.

Some people have a strange of profit i.e. ignore costs.

[Killer Bunny]

All bcos of HTB.

[justthisbloke]

How can all the equity be gone of she's already sold it.

Maybe he means now the money is crystallised as cash, it'll be frittered away a frivolous young millennial on iPhones etc.

It's this intergenerational distrust that helps create the mentality that "deposits" are the only means of intergenerational wealth transfer. OTOH, I'd argue it's better (ie less risk to family money) to give them £20k cash rather than a £20k leveraged bet.

[durhamborn]

This is the last generation who will be able to leverage their huge final salary pensions to help their grandchildren i expect.It is quite incredible though that when i was a kid in the 70s pensioners were mostly poor.Now they are at the least nice and secure,mostly minted.No mortgage,no debts,savings and huge pensions is Shangri La.

[spyguy]

This is the last generation who will be able to leverage their huge final salary pensions to help their grandchildren i expect.It is quite incredible though that when i was a kid in the 70s pensioners were mostly poor.Now they are at the least nice and secure,mostly minted.No mortgage,no debts,savings and huge pensions is Shangri La.

Pensioners were poor up until the late 80s.

I know my GPs were. No compnay pension. Only state pension.

Defined benefit pensions did not become main stream until the late 70s.

Of course, as it turned out, all those DB pensions were grossly underfunded.

[Highway to Hell]

This is the last generation who will be able to leverage their huge final salary pensions to help their grandchildren i expect.It is quite incredible though that when i was a kid in the 70s pensioners were mostly poor.Now they are at the least nice and secure,mostly minted.No mortgage,no debts,savings and huge pensions is Shangri La.

Absolutely. Just that many aren't helping out their children / grandchildren. I know there are many that do, but there are many pensioners / will become pensioners that have a sense of entitlement that they believe they should have the holiday home, multiple holidays, change cars every couple of years.....

They feel this is utterly justified and deserved, and resent any questions about this.

How they came to this conclusion, when in many cases their own parents themselves were very poor (so left nothing, or little) and they only reached mediocre levels in public sector / safe (as they were back then) jobs is something I don't understand how they square that circle.

I expect history will not look back kindly on the working class boomers that blew opportunities that the rare set of circumstances that they happened to be born into gave them.

In this case, it sounds like the £60k each gifts is as much about perceived social status than anything. They really are a shower of Hyacinths. Owning a few Bob Dylan albums, and occasionally voting labour isn't going to alter that!

[fandanman]

Bit nuts.

I'd guess shes down a few k with the costs of buying and selling in ~18 months.

Some people have a strange of profit i.e. ignore costs.

Yeah that makes sense considering prices (depending where you live) have gone up 10-30% in 2 years especially in the SE, at 240k for a semi 3 years ago they probably are in the SE. I'm guessing they walked away with 20-60k.

[thewig]

Any time I hear anyone say the word Landlord or Landlady I immediately say out loud and without prejudice "DEBTjunkie".

[Si1]

Absolutely. Just that many aren't helping out their children / grandchildren. I know there are many that do, but there are many pensioners / will become pensioners that have a sense of entitlement that they believe they should have the holiday home, multiple holidays, change cars every couple of years.....

They feel this is utterly justified and deserved, and resent any questions about this.

How they came to this conclusion, when in many cases their own parents themselves were very poor (so left nothing, or little) and they only reached mediocre levels in public sector / safe (as they were back then) jobs is something I don't understand how they square that circle.

I expect history will not look back kindly on the working class boomers that blew opportunities that the rare set of circumstances that they happened to be born into gave them.

In this case, it sounds like the £60k each gifts is as much about perceived social status than anything. They really are a shower of Hyacinths. Owning a few Bob Dylan albums, and occasionally voting labour isn't going to alter that!

Never forget that Dylan was middle class. True agitators prefer Springsteen.

[Si1]

I'm furious in my own family that 5 figure financial gifts float around if you want to become a debt junkie but not to put in your sipp or as a long term gift for grandchildren. It makes me seeth.

[thewig]

I'm furious in my own family that 5 figure financial gifts float around if you want to become a debt junkie but not to put in your sipp or as a long term gift for grandchildren. It makes me seeth.

Bricks and mortar is deep in the programming in the UK. I've noticed so often shortly after people have taken on a shtload of DEBT against a cr@ppy pile of bricks and mortar that they feel comfortable asking about other peoples intentions regarding the bricks and mortar game. The telly programming makes everyone a bricks and mortar expert (aka a DEBTfish) and a football expert. Two subjects people can confidently talk about. That is the scope of the great british public's percieved knowledge IMO.

[iamnumerate]

Bricks and mortar is deep in the programming in the UK. I've noticed so often shortly after people have taken on a shtload of DEBT against a cr@ppy pile of bricks and mortar that they feel comfortable asking about other peoples intentions regarding the bricks and mortar game. The telly programming makes everyone a bricks and mortar expert (aka a DEBTfish) and a football expert. Two subjects people can confidently talk about. That is the scope of the great british public's percieved knowledge IMO.

It is quite international lots of countries people like owning their home. What is worrying is that people think HPI is good but not other forms of inflation.

[thewig]

It is quite international lots of countries people like owning their home. What is worrying is that people think HPI is good but not other forms of inflation.

Really? I've travelled to a fair few different countries over the years and nowhere on earth comes close to the bricks and mortar obsession of our insular little island IMO.

[Eddie_George]

Never forget that Dylan was middle class. True agitators prefer Springsteen.

I'm more of a James Blunt man myself.

[iamnumerate]

Really? I've travelled to a fair few different countries over the years and nowhere on earth comes close to the bricks and mortar obsession of our insular little island IMO.

I have traveled to Spain and South America and they think the same. Saying that most immigrants I know seem to think the same as us (although that could be because of the news etc).

Edited June 20, 2016 by iamnumerate

[Si1]

I have traveled to Spain and South America and they think the same. Saying that most immigrants I know seem to think the same as us (although that could be because of the news etc).

I suspect that is part of the international property bubble.

[Greg Bowman]

I expect history will not look back kindly on the working class boomers that blew opportunities that the rare set of circumstances that they happened to be born into gave them.

+ 1, Lost count of the amount of conversations I had with friends when my children were in private school. New Range Rovers, holidays in the West Indies and the comment always was 'don't know how you afford those school fees'

This isn't a pro private school pitch, it was just our choice of investment in our children which is looking like it paid off (whether it was the school or us who knows?)

A whole class of people had the chance to change this country for the better but chose not to and acted like jackdaws or 1st generation immigrants just interested in more tat (They remind me of my Lithuanian relatives who came over in the eighties before the wall came down)

They had the chance to really strike a blow for social mobility but chose a new kitchen and a plasma TV instead

[CentrinoDuo]

Really? I've travelled to a fair few different countries over the years and nowhere on earth comes close to the bricks and mortar obsession of our insular little island IMO.

This is true in Australia and most (if not all) East Asian countries. Have you heard about the "Great Australian Dream"? https://en.m.wikipedia.org/wiki/Australian_Dream

It's so true in OZ, it's the equivalent to talking about the weather here in the UK. The thing is I've never thought how obsessed people in OZ about property is until I stepped out and live in the UK.

And from what I know from relatives & colleagues in US and Canada this is also a national obsession.

[janch]

I heard the other day of someone becoming a LL at the age of 27 in order to get on the "ladder" but they're still living at home with mum and dad. Don't know who put up the cash for the deposit in this set up but a bit ****-eyed if you ask me.

[renting til I die]

The silliness continues. At some point someone will get hurt! Mind you, I've been getting hurt over the last 10 years of this nonsense!

[Arpeggio]

5 min conversation at work.... bit my tongue.

Colleague, 50ish, told me her daughter had been very poorly 2 years ago, brought on my stress of:

1. Buying first house with boyfriend (smugly told me 4 relatives contributed £60k each, so they could buy a really nice 3-bed semi)

2. 11 days after moving in they split up

3. Rented house out for a year (smugly told me "she was a landlady" as if that implies status and achivement)

4. Sold it (smugly told me she made a profit)

I really want to see the look on her face when all that equity goes down the toilet.

I just sold Gold mining at 76%. With the money she was given (240k) that would have made £182,000 (minus tax). I didn't have 240k to put on it though, the government didn't get £36,400 and £145,600 in liquid cash was not added to the UK economy.

[Kiwi Toast]

Maybe she was just trying to set you up with her daughter.