Millennials own just 3% of all Household Wealth!!!

[dugsbody]

5 minutes ago, kzb said:

As we found out on that other thread, the investment cost of housing, state services and extra infrastructure is NOT paid by immigrants the day they step off the plane. 

This cost has not been included in the various economic analyses.  If it was, the positive economic result would be shown to be a lie.  It's certainly a lie relative to the current population's position, who are effectively paying for this.

No, we didn't find that.

You decided that was what it meant and proceeded to stick your own limbs through your ears and out your 4rse in contortions to make it so.

Edited May 1, 2021 by dugsbody

[Mikhail Liebenstein]

1 hour ago, Social Justice League said:

Agree, I was born in 1975 so right around the time I might have been looking to buy 2003/4/5, the boom HPI kicked off big time and fecked it all up.  Oh well, not really much I could do about my date of birth.

Yes, I probably have 12-18 months on you, and at the time narrowly scraped it thanks to landing a well paid job. But those on more average wages will have just missed the boat unless they were perhaps born in 1971 or earlier.

[andrewwk]

On 27/04/2021 at 07:00, 14stFlyer said:

I expect to see significant wealth transfer in the next 20 years as boomers die off /move into homes. 
 

Much of this will skip a generation and end up with the millennials. The “family home” will again have children in it at last.  

well that's ok then

[longgone]

5 hours ago, Social Justice League said:

Agree, I was born in 1975 so right around the time I might have been looking to buy 2003/4/5, the boom HPI kicked off big time and fecked it all up.  Oh well, not really much I could do about my date of birth.

Bit younger than you but bought in 2003 shame i bought a crap new build flat and not a house.

All my fault really was never a money problem untill HTB.

Missed out on 0.5m plus i reckon.

[MonsieurCopperCrutch]

56 minutes ago, longgone said:

Bit younger than you but bought in 2003 shame i bought a crap new build flat and not a house.

All my fault really was never a money problem untill HTB.

Missed out on 0.5m plus i reckon.

Where were your hindsight trader mad skillz back then?

[Timm]

33 minutes ago, MonsieurCopperCrutch said:

Where were your hindsight trader mad skillz back then?

Easy tiger - The man is just opening up and sharing his personal experience. This is of value to all of us.

We all have history.

[longgone]

52 minutes ago, MonsieurCopperCrutch said:

Where were your hindsight trader mad skillz back then?

🤣

I was working on my character.

Sheesh get a life man your nearly rich. You should go out and mingle its safe outside i go out everday without a mask and im fine.

 

[jiltedjen]

Born late 80’s. 

State schools were terrible, parents did very well out of HPI but didn’t help me at all.

Was lucky and only got into a decent Uni doing engineering as they put the fees up the year i went (so my year was undersubscribed as those who would of taken a ‘gap yah’ in the previous year didn’t).

worked through uni, yet still left with big debts, just in time for the financial crisis. (My own dad got free uni fees). 

Started working in the depths of the crisis, forged in the fires of chaos, worked all the overtime, evening and weekends out of necessity, which was knackering, and got depression, (didn’t have the luxury to actually stop working those hours) but did mean in 3 years I crammed in 5 years worth of Engineering experience. 

got pretty angry at working all the hours available, HPI started racing away again, I had debts regardless of always ‘doing the right thing’, living a terrible quality of life. 

I started to read about investments, how money itself worked, and generally went down a bit of a tin foil hat rabbit hole. Bought some bitcoin around 2013. 

gave up with that job/life and realised I could go live with my parents and save more money just working minimum wage than renting while earning a professional wage, as it turns out 1H30M driving just took me in range of a professional job when living with my parents (paying rent)

3 or 4 years of being exhausted driving 3 hours a day and being flat out busy at work, saving with my now new partner we managed to save about 90k between us.

plenty of weekends repairing my car, etc. 

Half way through that period my parents kicked me out, of their house, they never really fully seemed to grasp how shit the young have it and how easy they had it, I think their self worth was derived from their HPI, and there was a lot of cognitive dissonance from them, wondering why my slightly older sibling tried to top themselves, (I had a few periods when it crossed my mind also) while they book their second holiday of the year. 

then it reached a point when I could of cashed in my Bitcoin to go towards the deposit in 2017, but instead I kept commuting as I believe in it. I was having such a rough time there would of been enough other millennials in a similar situation to make it work. Bought a nice ‘doer upper’ house in 2018. 

So began years of DIY Fully Re-plumed it and installed central heating, and rewired it, while covering for three other furloughed engineers at work. 

then this year paid the mortgage off by selling my Bitcoin. 

so basically it was doable being a millennial, just had to put a lot of graft in and take the opportunity afford to you, plus some luck. 

all of that luck and graft only got me to a worse situation that my own parents would of been in in their early 30’s, without them having done anything similar (they were single income etc), we are dual income, partner been seriously ill with depression also. No gold plated pensions, get to retire at 72. 

I still think the boomers generally are lazy feckless morons who will never realise how easy they had it, where a milkman could buy a nice house, spend all day reading a newspaper at work, buying a house for £1 when getting paid 50p a year on a single income. Going to NIMBY protests and bringing their grandchildren along with them etc etc, voting themselves rich with unfunded pensions, and salting the earth behind them. 

but it’s good to leave it behind. Get on with life. I have had millennial friends end their lives at how grim it has been, many are suffering and struggling in silence. 

I have learnt that all you need is hobbies, no debt, a good partner. you have to hold your tongue when talking to anyone over 50, they live in an easy world, they won’t understand. 

it’s funny as the boomers has ‘greatest generation’ parents, and they themselves were the worst generation, immortal society corrosive degenerate generation.

the hippies are only going to create a generation of extreme nazi children, by crushing them. 

Edited May 1, 2021 by jiltedjen

[Twenty Something]

2 hours ago, jiltedjen said:

Born late 80’s. 

State schools were terrible, parents did very well out of HPI but didn’t help me at all.

Was lucky and only got into a decent Uni doing engineering as they put the fees up the year i went (so my year was undersubscribed as those who would of taken a ‘gap yah’ in the previous year didn’t).

worked through uni, yet still left with big debts, just in time for the financial crisis. (My own dad got free uni fees). 

Started working in the depths of the crisis, forged in the fires of chaos, worked all the overtime, evening and weekends out of necessity, which was knackering, and got depression, (didn’t have the luxury to actually stop working those hours) but did mean in 3 years I crammed in 5 years worth of Engineering experience. 

got pretty angry at working all the hours available, HPI started racing away again, I had debts regardless of always ‘doing the right thing’, living a terrible quality of life. 

I started to read about investments, how money itself worked, and generally went down a bit of a tin foil hat rabbit hole. Bought some bitcoin around 2013. 

gave up with that job/life and realised I could go live with my parents and save more money just working minimum wage than renting while earning a professional wage, as it turns out 1H30M driving just took me in range of a professional job when living with my parents (paying rent)

3 or 4 years of being exhausted driving 3 hours a day and being flat out busy at work, saving with my now new partner we managed to save about 90k between us.

plenty of weekends repairing my car, etc. 

Half way through that period my parents kicked me out, of their house, they never really fully seemed to grasp how shit the young have it and how easy they had it, I think their self worth was derived from their HPI, and there was a lot of cognitive dissonance from them, wondering why my slightly older sibling tried to top themselves, (I had a few periods when it crossed my mind also) while they book their second holiday of the year. 

then it reached a point when I could of cashed in my Bitcoin to go towards the deposit in 2017, but instead I kept commuting as I believe in it. I was having such a rough time there would of been enough other millennials in a similar situation to make it work. Bought a nice ‘doer upper’ house in 2018. 

So began years of DIY Fully Re-plumed it and installed central heating, and rewired it, while covering for three other furloughed engineers at work. 

then this year paid the mortgage off by selling my Bitcoin. 

so basically it was doable being a millennial, just had to put a lot of graft in and take the opportunity afford to you, plus some luck. 

all of that luck and graft only got me to a worse situation that my own parents would of been in in their early 30’s, without them having done anything similar (they were single income etc), we are dual income, partner been seriously ill with depression also. No gold plated pensions, get to retire at 72. 

I still think the boomers generally are lazy feckless morons who will never realise how easy they had it, where a milkman could buy a nice house, spend all day reading a newspaper at work, buying a house for £1 when getting paid 50p a year on a single income. Going to NIMBY protests and bringing their grandchildren along with them etc etc, voting themselves rich with unfunded pensions, and salting the earth behind them. 

but it’s good to leave it behind. Get on with life. I have had millennial friends end their lives at how grim it has been, many are suffering and struggling in silence. 

I have learnt that all you need is hobbies, no debt, a good partner. you have to hold your tongue when talking to anyone over 50, they live in an easy world, they won’t understand. 

it’s funny as the boomers has ‘greatest generation’ parents, and they themselves were the worst generation, immortal society corrosive degenerate generation.

the hippies are only going to create a generation of extreme nazi children, by crushing them. 

You do realise the irony of saying they had it easy back in those days whilst simultaneously stating you’ve brought a house outright in a matter of a few years? Why so angry when all you’ve had to do is work till your early 30’s doing a bit of a commute like many others and a bit of DIY?

Edited May 1, 2021 by Twenty Something

[kzb]

4 hours ago, jiltedjen said:

t’s funny as the boomers has ‘greatest generation’ parents, and they themselves were the worst generation, immortal society corrosive degenerate generation.

Jesus

You've been working on that piece for years haven't you?

[kzb]

12 hours ago, dugsbody said:

No, we didn't find that.

You decided that was what it meant and proceeded to stick your own limbs through your ears and out your 4rse in contortions to make it so.

Well I did and I bet so did many others.

[MonsieurCopperCrutch]

6 hours ago, Timm said:

Easy tiger - The man is just opening up and sharing his personal experience. This is of value to all of us.

We all have history.

Haha my gud friend @longgone and I just like to have bantz together. 

6 hours ago, longgone said:

🤣

I was working on my character.

Sheesh get a life man your nearly rich. You should go out and mingle its safe outside i go out everday without a mask and im fine.

 

😀

[jiltedjen]

7 hours ago, Twenty Something said:

You do realise the irony of saying they had it easy back in those days whilst simultaneously stating you’ve brought a house outright in a matter of a few years? Why so angry when all you’ve had to do is work till your early 30’s doing a bit of a commute like many others and a bit of DIY?

If I had worked as hard as I had in life but been born a boomer then i could easily of been a head of the company, had plump pensions, free university, mortgage done without having to take on risk etc. It’s easier to get ahead when the rest of your cohort is lazy. Partner would not of needed to work etc, would of been full employment, any debt eroded away in a few short years. 

these days unless you do ‘everything right’ and make ZERO mistakes you are stuffed. and even then you get boomers blocking jobs up as their ‘hobby jobs’ at the top, decent housing is hoarded by a single cohort, councils failing due to unfunded burden that cohort places onto it. It should not be the case that millennials have to basically win the lottery (bitcoin) to have a half decent life and even then find themselves in a still worse situation than their own parents were in early 30’s. Millennials are seen as cows to be milked, renter livestock. 

it does cause a lot of resentment, and anger, and eventually that will translate to votes and extreme right wing ideology. 

I myself have navigated the world just about fine, I was lucky. I’m not the typical millennial. most are stuffed, locked into shite lives, high debt, no prospect of buying a house, or locked into terrible quality new-builds which fall to bits in 5 years, while their parents buy new cars, three holidays a year and tell their kids to ‘pull their finger out’ 

I guess one day there will be an inflection point, when the voting power sudden moves from boomers, to boomers children, and we start to see policies aimed at clawing back from the old, new laws that specifically target the boomer cohort. 

[Twenty Something]

1 hour ago, jiltedjen said:

If I had worked as hard as I had in life but been born a boomer then i could easily of been a head of the company, had plump pensions, free university, mortgage done without having to take on risk etc. It’s easier to get ahead when the rest of your cohort is lazy. Partner would not of needed to work etc, would of been full employment, any debt eroded away in a few short years. 

these days unless you do ‘everything right’ and make ZERO mistakes you are stuffed. and even then you get boomers blocking jobs up as their ‘hobby jobs’ at the top, decent housing is hoarded by a single cohort, councils failing due to unfunded burden that cohort places onto it. It should not be the case that millennials have to basically win the lottery (bitcoin) to have a half decent life and even then find themselves in a still worse situation than their own parents were in early 30’s. Millennials are seen as cows to be milked, renter livestock. 

it does cause a lot of resentment, and anger, and eventually that will translate to votes and extreme right wing ideology. 

I myself have navigated the world just about fine, I was lucky. I’m not the typical millennial. most are stuffed, locked into shite lives, high debt, no prospect of buying a house, or locked into terrible quality new-builds which fall to bits in 5 years, while their parents buy new cars, three holidays a year and tell their kids to ‘pull their finger out’ 

I guess one day there will be an inflection point, when the voting power sudden moves from boomers, to boomers children, and we start to see policies aimed at clawing back from the old, new laws that specifically target the boomer cohort. 

So, the world has changed sure, but to try and generalise that an entire group of people are all the things you say is a bit farcical. Plenty of examples of boomers as you put them who don’t have a good pension, big house etc just as there will be millennials who have. Comparing life from 50 years ago to today is pointless. Things change, the world and its markets are globalised, women have careers etc etc. Looking outside of London and the SE, youngsters can and do buy property quite happily on a single salary. Looking within those areas yup, I have some sympathy for the argument that it’s all gone a bit crazy. 
 

I think your posts could be more accurately focussed on the (in my view) growing divide between the middle classes / wealthy and everyone else. If you are a 30 year old whose parents can bung you 75k for a deposit then you’re fine. If you aren’t then yes, life is going to be much harder and you may struggle to get a foothold. Plenty of daddy’s girls where I work as an example who all own flats in the nicer parts of SW London with a single average salary, and I do mean plenty of examples not just one or two. I don’t think you are as uniquely lucky amongst your peers as you would like to believe, just as those you have issue with are not all on a yacht in the Seychelles. 

Edited May 2, 2021 by Twenty Something

[jiltedjen]

18 minutes ago, Twenty Something said:

So, the world has changed sure, but to try and generalise that an entire group of people are all the things you say is a bit farcical. Plenty of examples of boomers as you put them who don’t have a good pension, big house etc just as there will be millennials who have. Comparing life from 50 years ago to today is pointless. Things change, the world and its markets are globalised, women have careers etc etc. Looking outside of London and the SE, youngsters can and do buy property quite happily on a single salary. Looking within those areas yup, I have some sympathy for the argument that it’s all gone a bit crazy. 
 

I think your posts could be more accurately focussed on the (in my view) growing divide between the middle classes / wealthy and everyone else. If you are a 30 year old whose parents can bung you 75k for a deposit then you’re fine. If you aren’t then yes, life is going to be much harder and you may struggle to get a foothold. Plenty of daddy’s girls where I work as an example who all own flats in the nicer parts of SW London with a single average salary, and I do mean plenty of examples not just one or two. I don’t think you are as uniquely lucky amongst your peers as you would like to believe, just as those you have issue with are not all on a yacht in the Seychelles. 

Ok boomer. 

 

[Twenty Something]

8 minutes ago, jiltedjen said:

Ok boomer. 

 

I’m at the younger end of Gen X, so your anger is misdirected at me I’m afraid. If you can’t understand that what you’ve posted above has at least some flaws / mass generalisations, then it reflects a lack of reasoning and common sense that turns your argument into an anger fuelled rant that serves no purpose in terms of furthering your assertions. 

[Freki]

32 minutes ago, Twenty Something said:

I’m at the younger end of Gen X, so your anger is misdirected at me I’m afraid. If you can’t understand that what you’ve posted above has at least some flaws / mass generalisations, then it reflects a lack of reasoning and common sense that turns your argument into an anger fuelled rant that serves no purpose in terms of furthering your assertions. 

Your arguments are anecdotal when the issue at hand is proven statistically. The 18-30 used to earn 30% of the housing wealth when it is now 3%. 

The boomer generation had it easy: high starting inflation to 0 means their debt naturally eroded away. 

Then you go on pile in into his luck to say: l"ook not too bad! And look I line boomers with bad pensions" 

In terms of argumentative value, it is worth a good zero

[jiltedjen]

33 minutes ago, Twenty Something said:

I’m at the younger end of Gen X, so your anger is misdirected at me I’m afraid. If you can’t understand that what you’ve posted above has at least some flaws / mass generalisations, then it reflects a lack of reasoning and common sense that turns your argument into an anger fuelled rant that serves no purpose in terms of furthering your assertions. 

I don’t think anyone can comment on what it’s like to be a millennial without having experienced it. when you actually have opportunities for cheap houses and decent employment opportunities at the start of your career 

I agree it’s about generalisations, but the young on average have been hugely crushed.

history will look very poorly on the boomer generation. 

a it’s very disingenuous to have a ‘twenty something’ username and be at least 40, that to me reeks of a boomer who somehow wants to erase the reality of the situation, and have joined the site with that in mind.

im sure there are a few millennials on this thread.

I would be interested in listening to the situation other millennials have found themselves in. 

Out of my family and friends most are doing horrendously badly, some have had a single thing go wrong, and that’s absolutely destroyed their chances at a decent life.

and also a comment on ‘May struggle to get a foot-hold’ doesn’t sound too bad, but the reality is a depressing ruined crushed life of struggle and feeling like a failure., while working and watching parents go on their 3rd holiday for the year, while they are working to pay very high rent and car repairs. 

[Huggy]

Also at the younger end of Gen X. Realise I have been lucky in some things, unlucky in other, but all in all content with my lot. Lack of affordable housing is Issue #1 to solve now, but at least that is all it is. I'm not living in some diverse shittole sink estate with a life expectancy of around now, nor am I in an awful part of the world at an awful time in history either. Maintaining that perspective.

Could buy a small shitti 2 bed terrace with change for some furnishings and Asda wallpaper, but that is not commensurate with my qualifications and standing so I won't. If this is my biggest problem, then I won't complain too much. It will turn, eventually, but it is definitely getting dull now.

Actually Issue #2 is deciding whether to start on the sauce at midday or leave it till 4 today.

[doomed]

I was born in 81. Most of the people I grew up with seem to be doing well with family, own home and decent jobs. Obviously a few have struggled but I imagine that has always been the case. 

[jiltedjen]

14 minutes ago, Huggy said:

Could buy a small shitti 2 bed terrace with change for some furnishings and Asda wallpaper, but that is not commensurate with my qualifications and standing so I won't.

The house I bought was owned by two people older than boomers who both worked at the same factory I now work in, except the lady only worked briefly and both were low skilled jobs. Retired for nearly 30 years. He say work was ‘a laugh’ and he ‘hardly worked’ 

I’m highly skilled, both myself and my partner work, and if it was not for luck with bitcoin we would be paying the house off for the next 25 years, both working full-time paying child care etc. 

Im actually really happy about my life now, I have say 80% of what my boomer parents had at my age now, and to me thats luxury, life on easy mode now. and I’m miles ahead of all my peers. 
 

my peers are ******ed. 

[jiltedjen]

6 minutes ago, doomed said:

I was born in 81. 

My colleagues who are roughly 10 years older than me are doing just fine also, cheap houses, 10 years additional to pay off those cheap houses. 

Houses they bought for £150k now for for £290k, started their careers before the crisis, and are in the perfect age group to take the dead/retired boomers management jobs, which they themselves can stay in until 68

[Huggy]

3 minutes ago, jiltedjen said:

Im actually really happy about my life now

Absolutely, 100%, the most important thing.

[Twenty Something]

20 minutes ago, jiltedjen said:

I don’t think anyone can comment on what it’s like to be a millennial without having experienced it. when you actually have opportunities for cheap houses and decent employment opportunities at the start of your career 

I agree it’s about generalisations, but the young on average have been hugely crushed.

history will look very poorly on the boomer generation. 

a it’s very disingenuous to have a ‘twenty something’ username and be at least 40, that to me reeks of a boomer who somehow wants to erase the reality of the situation, and have joined the site with that in mind.

im sure there are a few millennials on this thread.

I would be interested in listening to the situation other millennials have found themselves in. 

Out of my family and friends most are doing horrendously badly, some have had a single thing go wrong, and that’s absolutely destroyed their chances at a decent life.

and also a comment on ‘May struggle to get a foot-hold’ doesn’t sound too bad, but the reality is a depressing ruined crushed life of struggle and feeling like a failure., while working and watching parents go on their 3rd holiday for the year, while they are working to pay very high rent and car repairs. 

If you have a look at the date I joined this site, you’ll see it was 2003 when I was indeed a twenty something with a head full of dreams. I felt upset then that I couldn’t afford to buy, and felt everything was rigged against me - sound familiar to today? I would suggest that the young have probably always felt that the old are out of touch with them - no new news there. 
 

The growth that I’ve experienced is that I turned into a 40 something who stopped blaming everyone else or inadequacies in my life. I took ownership and grew and here I am with a very different mindset to that which I had in my twenties. You have your lived experience which is yours and yours alone, yet however valid it is it proves nothing in terms of the general population. You could very well fire your argument straight back at you and say you aren’t a boomer therefore what right have you to comment on their lived experience. What do you know about the struggles of ethnic minority boomers as an example growing up in poverty? The wind rush generation? The coal miners and their poverty? 
 

I am sure that there are millennials with crappy lives, just as I am sure that there are Gen Xers and boomers with crappy lives too. Demonising a group of people based on a singular characteristic of how old they are is staggeringly silly, and if you can’t see that then I feel sorry for you. 

[jiltedjen]

8 minutes ago, Twenty Something said:

If you have a look at the date I joined this site, you’ll see it was 2003 when I was indeed a twenty something with a head full of dreams. I felt upset then that I couldn’t afford to buy, and felt everything was rigged against me - sound familiar to today? I would suggest that the young have probably always felt that the old are out of touch with them - no new news there. 
 

The growth that I’ve experienced is that I turned into a 40 something who stopped blaming everyone else or inadequacies in my life. I took ownership and grew and here I am with a very different mindset to that which I had in my twenties. You have your lived experience which is yours and yours alone, yet however valid it is it proves nothing in terms of the general population. You could very well fire your argument straight back at you and say you aren’t a boomer therefore what right have you to comment on their lived experience. What do you know about the struggles of ethnic minority boomers as an example growing up in poverty? The wind rush generation? The coal miners and their poverty? 
 

I am sure that there are millennials with crappy lives, just as I am sure that there are Gen Xers and boomers with crappy lives too. Demonising a group of people based on a singular characteristic of how old they are is staggeringly silly, and if you can’t see that then I feel sorry for you. 

Have you seen the graph this thread is about? 

the UK that millennials find themselves crushed in, has been one created solely by the boomers who had and still have all the voting power. 

those are facts. 

it’s not nice that so much responsibility is placed on the lazy selfish boomers, but that’s how history will see it. 

In generations to come, future generations can look at the cold facts without being in either generation and think

‘woah that’s strange how the old crushed the young so much, that must of been horrible for the young, and brilliant for the old living wealthy lives off the backs of the young’ 

so history will tell the story. I mean I much rather be a boomer living a gilded lovely rich easy life than a millennial, if I were a boomer I wouldn’t care what history thinks of me, especially if it meant correcting the situation by giving up my unearned unfair wealth 

and yes I agree the minorities did face a real uphill struggle, but you can’t claim a whole generation had it hard due to a few small groups of people who genuinely did have it hard. On mass the majority of the boomer generation say 98% have had a really easy run of life. 

Edited May 2, 2021 by jiltedjen