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

[Twenty Something]

41 minutes ago, jiltedjen said:

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. 

It seems that we aren’t going to find a common ground. There is far more to generational happiness than wealth, and again, your argument that you can’t judge a group off a small sample applies just as much to what you’re saying. There’s no way I would swap my youth for a house, pension or whatever else, but if you would then that’s your call. Making statements such as 98% of the boomer population say they have had an easy run of things again just shows how silly your argument is. Based on what research? Your mates dad after a few Proseccos on Xmas day? 
 

As to the graph, there has been a large shift in the way people grow up. My parents (boomers) were married in their mid twenties, had myself and my brother shortly after and yes, brought a family home. How common is that picture nowadays? Millennials go on gap year, spend 3-5 years at uni, go travelling etc etc. So yes, it stands to reason that comparing a 21 year old today and one 50 - 60 years ago is going to show the boomer was more asset rich. That wealth has then perpetuated into the current day where on the back of low interest rates and a credit boom everything has got more expensive. In some perverse ways it has also got more affordable as if you can get a deposit together, the mortgage payments are often less than the equivalent rental. We are as an example of lived experience paying £150 a month more for a four bed three story house than we were for the small two up two down that we were in. 
 

I would put money on it that if I’m still rattling round this site in 25 years time, someone such as yourself will be posting about how the millennials screwed up the world with their greed and easy jobs that haven’t all been replaced by automation and robots from China. 

Edited May 2, 2021 by Twenty Something

[kzb]

2 hours ago, jiltedjen said:

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. 

I think you might need some kind of counselling JJ.

I am wondering if your parents had unrealistic expectations of you, resulting in you feeling like a failure in your father's eyes and hence the later hatred.  Something like that.  You can probably tell I have no qualifications in this area, but then most people would say there is some psychology going on here.

Please realise that life has always been a struggle for 95% of the population.  For every generation.  There was no Golden Era, all we have done is swap one problem for another.

[kzb]

1 hour ago, Twenty Something said:

I would put money on it that if I’m still rattling round this site in 25 years time, someone such as yourself will be posting about how the millennials screwed up the world with their greed and easy jobs that haven’t all been replaced by automation and robots from China. 

Exactly.  Millennials = the bitcoin generation.  The very definition of a Ponzi scheme, stealing wealth from future generations.

[zugzwang]

1 hour ago, Twenty Something said:

In some perverse ways it has also got more affordable as if you can get a deposit together, the mortgage payments are often less than the equivalent rental. We are as an example of lived experience paying £150 a month more for a four bed three story house than we were for the small two up two down that we were in. 
 

It's correct to call it perverse. Criminal is another valid description. A decade long rolling bailout and profiteering opportunity for the banksters via a succession of term funding schemes and helicopter drops. The UK govt has essentially taken the place of the wholesale credit market for UK mortgage lenders. That cost is ultimately borne by those excluded from ownership as house prices continue to diverge from average weekly earnings and where rental inflation is maintained beyond the constraint of affordability by the continuous subdivision of the housing stock into ever smaller units.

[Notting Hell]

14 hours ago, Twenty Something said:

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. 

Your success is solely down to Bitcoin luck. Society deemed your graft at university and work doing a HARD subject as worthless. A broken social contract.

[Twenty Something]

12 minutes ago, Notting Hell said:

Your success is solely down to Bitcoin luck. Society deemed your graft at university and work doing a HARD subject as worthless. A broken social contract.

Not sure why you’ve quoted me as I didn’t make that post. I do however largely agree with you and think it strange that JJ is upset that she hasn’t had the same opportunities her parents had whilst allegedly owning a house outright in a few years due to a once in a lifetime opportunity such as Bitcoin. Then again, I take most statements of financial wizardry made on this site with a huge pinch of salt, and her anger gives away there is more to this story as others have alluded to. 

Edited May 2, 2021 by Twenty Something

[Dorkins]

30 minutes ago, kzb said:

Exactly.  Millennials = the bitcoin generation.  The very definition of a Ponzi scheme, stealing wealth from future generations.

Bitcoin isn't like shelter, you don't need it to live. If future generations choose not to buy bitcoin off early entrants they are free to do so but they have no real alternative to buying shelter off somebody.

[Notting Hell]

3 minutes ago, Twenty Something said:

Not sure why you’ve quoted me as I didn’t make that post.

Apologies, I quoted your quote rather than the original post. The point, however, remains as you say.

[doomed]

You simply play the cards as they are dealt. In many ways there are more opportunities now than ever, they are just different from the past. Moaning about how unlucky you are and feeling sorry for yourself will not help. Everyone has their own cross to bear.

[Notting Hell]

On 4/27/2021 at 1:28 AM, Big Orange said:

This is semi-permanent and the established Westminster parties have destroyed their future power base. 

I completely agree, but who is going to step up and form a party that represents the interests of millennials? Who is competent enough to do so? Who, paradoxically, has enough established wealth to pursue a political career and therefore not suffer from the problems millennials face to the same extent and therefore are representing a class of people that they themselves are not in? If that person doesn't exist who is going to take the risk? The perpetual complaint that "the young don't vote" is a non-issue: they have no one to vote for! No one represents their interests!

[Freki]

54 minutes ago, doomed said:

You simply play the cards as they are dealt. In many ways there are more opportunities now than ever, they are just different from the past. Moaning about how unlucky you are and feeling sorry for yourself will not help. Everyone has their own cross to bear.

People are not moaning, people are showing how it is: much harder, a large portion of the population without any mean to access to life staples that provide security and relieve mental stress. 

Putting your head in the sand is a valid strategy, just don't get surprised that it doesn't fix anything

[kzb]

1 hour ago, Dorkins said:

Bitcoin isn't like shelter, you don't need it to live. If future generations choose not to buy bitcoin off early entrants they are free to do so but they have no real alternative to buying shelter off somebody.

Maybe, but that value has been taken from somewhere.  Like everything it is the workers who pay in the end.

Also they could stop rioting about things that will cost them money and riot about house prices instead?

I'm still waiting to see my first riot about house prices, but there are plenty about climate change, BLM and violence against women.  All things which are only going to cost the white males on here money.

[kzb]

17 minutes ago, Freki said:

People are not moaning, people are showing how it is: much harder, a large portion of the population without any mean to access to life staples that provide security and relieve mental stress. 

Putting your head in the sand is a valid strategy, just don't get surprised that it doesn't fix anything

Mental stress has only just been invented.

Houses outside London are as affordable as they were back in the boomers' heyday.

All my offspring, nephews and nieces who have got to the house-buying stage of life have done so.  Also they are two-car families with lifestyle the boomers could only dream of at their age.  

[kzb]

1 hour ago, doomed said:

You simply play the cards as they are dealt. In many ways there are more opportunities now than ever, they are just different from the past. Moaning about how unlucky you are and feeling sorry for yourself will not help. Everyone has their own cross to bear.

Maybe if they moaned in the right way it could help.

I've yet to see any TV media reporting how bad it is that London house prices are so high.  Let alone any campaigning protest organisation being highlighted.

[Dorkins]

1 hour ago, doomed said:

You simply play the cards as they are dealt. In many ways there are more opportunities now than ever, they are just different from the past. Moaning about how unlucky you are and feeling sorry for yourself will not help. Everyone has their own cross to bear.

If anything I think the young don't do enough moaning. Politics is about picking winners and losers and politicians always pick the young to lose. The young should make more of a fuss about this.

[doomed]

28 minutes ago, Dorkins said:

If anything I think the young don't do enough moaning. Politics is about picking winners and losers and politicians always pick the young to lose. The young should make more of a fuss about this.

Yes, because if you moan enough politicians come along and solve all your problems 🙄

[doomed]

1 hour ago, Freki said:

People are not moaning, people are showing how it is: much harder, a large portion of the population without any mean to access to life staples that provide security and relieve mental stress. 

Putting your head in the sand is a valid strategy, just don't get surprised that it doesn't fix anything

There are literally zero political answers to the problems we face today. Demographics, the dollar, debt cycle, and globalistation are driving everything. 

 

Edited May 2, 2021 by doomed

[Dorkins]

24 minutes ago, doomed said:

Yes, because if you moan enough politicians come along and solve all your problems 🙄

I don't think anybody's claiming politicians can make all the problems go away, but they can certainly make things better or worse depending on whether you've been picked to win or lose from a given policy.

For example, allowing buy to let landlords to continue to claim MIRAS long after it was removed for owner-occupiers made it possible for buy-to-let to replace first time buyers at the bottom of chains and meant the private rented sector expanded from 10% of residential property to 20% between the late 1990s and the late 2000s. BTLers won, FTBs lost.

Edited May 2, 2021 by Dorkins

[Dorkins]

34 minutes ago, doomed said:

There are literally zero political answers to the problems we face today. Demographics, the dollar, debt cycle, and globalistation are driving everything. 

 

Tax the bejeesus out of BTLers and their portfolios will move into owner-occupier hands.

[doomed]

2 hours ago, Dorkins said:

Tax the bejeesus out of BTLers and their portfolios will move into owner-occupier hands.

Sounds overly simplistic. Why not rent controls too, what could possibly go wrong?

[Dorkins]

56 minutes ago, doomed said:

Sounds overly simplistic. Why not rent controls too, what could possibly go wrong?

Name one asset class other than private rented property the man/woman on the street can borrow hundreds of thousands or millions of pounds to buy outside of a company structure and then repay the interest using gross, not net income. There isn't one. At the very least BTL should be brought into line with every other asset class when it comes to buying it with leverage.

Edited May 2, 2021 by Dorkins

[doomed]

1 hour ago, Dorkins said:

Name one asset class other than private rented property the man/woman on the street can borrow hundreds of thousands or millions of pounds to buy outside of a company structure and then repay the interest using gross, not net income. There isn't one. At the very least BTL should be brought into line with every other asset class when it comes to buying it with leverage.

There isn't one to my knowledge. Nearly all western democracies have followed a path of houseprice inflation as policy regardless of who has been voted for. What is the reason for this, is it what the people want or something else?

[zugzwang]

3 hours ago, doomed said:

Sounds overly simplistic. Why not rent controls too, what could possibly go wrong?

 

Not as simplistic as your digusted philistinism!

Why not rent controls? Why not capital controls? How about reshoring some of the manufacturing jobs your Tory chums have exported to China? How about building two million social housing units, reversing the financialisation of the economy that began with Margaret Thatcher?

 

[kzb]

7 hours ago, doomed said:

There are literally zero political answers to the problems we face today. Demographics, the dollar, debt cycle, and globalistation are driving everything. 

I am sure London house prices could be tackled given the will to do so.

London being 5-10 times as expensive as the north is a relatively recent development.  It has not always been so.  Within living memory it has only been 20% more. 

We need to start asking serious questions exactly how this has come about.

I'm still waiting to see my first protest vigil about house prices, or even a critical look at the problem on the BBC.

[kzb]

12 hours ago, Twenty Something said:

I would put money on it that if I’m still rattling round this site in 25 years time, someone such as yourself will be posting about how the millennials screwed up the world with their greed and easy jobs that haven’t all been replaced by automation and robots from China.

Millennials buying houses in 2009 have doubled their money by now.  That's pretty well as good as boomer performance.