Tuesday, May 1, 2007

Forget getting an inheritence!

Why 50somethings live like 20somethings

Yes there is a slight politics of envy here.

Posted by nearly30 @ 09:27 AM (505 views)
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25 thoughts on “Forget getting an inheritence!

  • In 20-30 years times this situation will be consigned to the history books – the last of the ‘have-it-all’ generation.

    Amazing to think that a whole generation have had their whole life in near perfect living conditions.

    Of course this is not the case for 100% – but looking at history – it’s a bloody good record.

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  • Oh – forgot to mention – the Times are misleading – should have read
    Why 50somethings live like when they were 20somethings

    If they live like 20somethings of today – they would be:

    * Massively in debt
    * Living with their parents
    * Unable to buy a house
    * Renting some sh*t flat
    * Working for minimum wage
    * Working on a series of contract jobs
    * Never progressing in a career
    * Taking large amounts of narcotics to numb themselves from reality
    * Having a series of meaningless relationships that go no-where
    * Suffering mental distress from a lack of opportunity, poverty and failed society.

    I could go on – but you get the point.

    Hey-ho: enjoy your 15-year retirement though 50somethings!

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  • Planetmervyn says:

    I never did like my parents…

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  • dohousescrashinthewoods says:

    Nearly30, that really strikes a chord – you have described life as I see it and exprience it in just 10 bullet points.

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  • indiablue19 says:

    And as this is a decidedly UK phenomenon — maybe time to ask — what’s up with that!?

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  • indiablue19 – nothing wrong – just an odd way to run a country.

    What we have is a bubble economy – with a bubble ‘generation’ who almost exist in isolation – economically and socially.

    They have and will effectively live an die in their own well-constructed bubble.

    However, the problem will come when all the assurances of the young inheriting from the older gen fails to materialise (no pun!).

    The young are mortgaging their futures – hoping to gain the ‘wealth’ effect seen by the previous generation – but this is not going to happen – and unlike people in their 50s now – the younger gen will not inherit their way out of any financial problems.

    The recent articles about 30somethings ‘struggling’ [at least not getting the lifestyle on their returns of personal investment] are interesting – how do you feel the 20somethings (who have little media voice) are coping with modern day Britain. And what about the teenagers???

    We should be afraid!

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  • Yes the days of leaving the property to the kids is long gone. It will be sold for either care bills or a new jet ski, the parents of the baby boomers would have been horrified at this selfish behavior but times have changed, the generation coming through will be the new serfs of the 21st century mountains of debt and no assets with a super rich class ruling over them kept subdued with low cost drugs and multimedia entertainment. Already people with large mortgages are in a form of bonded labour where most of their income goes to the banks. It’s laughable to think the original building societies were for people to SAVE UP and buy their own home.

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  • dohousescrashinthewoods says:

    Emigration is one option and probably most open to those (like me) who have lived in different places and don’t have a strong affinity to living in Britain. On the other hand, having lived in different places, I also recognise the importance of getting stuck in to making life better wherever you are at the time.

    The harder choice is to tough it out and try to change things with determination and commitment. I respect people who have the vision to see the Britain they want to build and go for it.

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  • i dont agree with nearly 30 im 25 with my own property empire ( 6) which i built up myself. i have a house in spain .
    i drive a new ford focus st. paid for in cash .. im now looking to sell all my assest . which will make me a multi millionaire. if people get up off there arse and work .. they wouldnt be in such a state.

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  • dohousescrashinthewoods says:

    I shudder to think of those who have “mortgaged their futures”. If there is an HPC, economic downturn, depression, deflation and the like, we will see a Japanese-style “lost generation”. Those before and those after may enjoy prosperity, but those in the middle may be saddled for life.

    The only way out would be via substantial inflation. This is the one argument I can see for getting into property – if true inflation is 10% (and rising?) – then mortgage debt will evaporate over the next decade.

    Buying in at the bottom of the crash, when inflation is truly “out of the bottle” could be smart move (unless, as cycle ideas sugest, there will be a second crash a few years later): FTB low, downsize high, rung-up low.

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  • Inflation eroding away these debts is fine if you can negotiate a 10% pay increase for yourself for the next ten years, as our white collar jobs are now sharing the same fate as manufacturing and being exported overseas you can forget that idea for starters.

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  • bidin'matime says:

    As a recently joined member of the ’50 somethings’, it gets my goat a bit to read the whingeing comments above. I spent most of my early life involved in study and DIY – sure, we bought a house that was around 2.5 times our joint incomes, but it was a wreck with no inside loo and I worked bloody hard to put all that right and make it a home. People actually advised us not to buy it. We went without holidays from one year to the next and didn’t have our first foreign holiday together until we’d been together for 13 years and that was just camping in France.

    Whilst I feel sorry for the ‘younger generation’ who get bombarded with messages that say ‘spend, spend, spend’ and ‘borrow, borrow, borrow’, I’m not responsible for those messages or for the decision that each person makes when they comply.

    And the fact that I sold my last house for far more than I thought it was worth (and more than the agent thought it was worth) wasn’t my responsibility – it was the young couple who chose to offer that much. What was I supposed to do, tell them ‘No, no, I couldn’t possibly accept such an offer’? They could have saved their money and rented, like us.

    So before you get off blaming us ‘oldies’ for your debts and drug taking, failed relationships and failed careers, take a look in the mirror.

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  • Notaneconomicsguru says:

    Nearly 30. I am now only a few years short of being a 50 something, but I can strongly identify with 7 out of your 10 sentiments. I have to say the sense of desolation you describe is remarkably similar to how disenfranchised and dispossessed I felt during my 20’s during the so the so called Thatcher/Lawson economic miracle years. It was for me and many others a period of intense frustration and anger towards a greedy and quite frankly pompous and self serving older generation. It was by far the unhappiest decade of my life so far. I did for a long time think mine was the truly shafted generation – massive mortgages followed by massive negative equity followed by a 10 year younger generation that missed the boom and bust and were able to buy into a higher level of a benign market and at least 5 years younger than we were able to buy into our ‘bijou’ hugely over priced studio and 1 bedroom flat’s that were by then no longer wanted (thanks Thatcher/Lawson/Major). The only real comfort I can offer you from experience is that things will most likely get better even if it seems that’s impossible right now.

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  • shipbuilder says:

    My response to this is – so what? The only reason to be disappointed or jealous of the ‘baby boomers’ is if you spend your life craving what others have – usually the mediocre combination of semi-detatched in suburbia/BMW/plasma TV/2 holidays a year. If that’s the sum total of my generation’s ambitions, then yes, we are screwed. What about the ‘enlightened generation’, who –

    *Opt out of a life in pursuit of meaningless consumer rubbish and save money.
    *don’t enslave themselves to a bank, rent and are mobile and carefree, able to travel and see the world
    *working in a meanuingful and fulfilling job rather than a stressed corporate slave filling shareholders pockets.
    *Forgetting about the lie of a ‘career’ at the mercy of an accountant’s keystroke.
    *Enjoying a series of real relationships with interesting people, sharing their experiences and free to share their time outside whining about house prices and the daily grind.
    *Realising that this mess is an opportunity to focus on the important things in life.
    *will not die while still working for anonymous shareholders in a job they despise, with kids they will never see and have nothing to inherit but an example of a failed life and a load of debt.

    Perhaps we all need to think a bit more.

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  • Whingeing comments or not they are the facts, and the younger generation are going to be ones looking after all the baby boombers in their care homes so the older generation better start being nice to them.

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  • holding out says:

    Speaking as someone in between i.e. early 40s. I always thought I got the worst of both worlds – when I was a Kid I had to give up my chair for adults, Speak when I’m spoken to, walk to school, get wedged in the footwell of the car on holiday trips etc.. Nowadays kids are put on pedestels, ferried everywhere, do all the talking, watch endless telly, vote on reality TV shows, try to be like Kate moss by buying her overpriced clothes but still stuffing their faces with cheese burgers.

    It’s more a question of timing when I was in my 20s house prices had just gone beserk and the pressure was on to buy at what was then considered a highly inflated price if that’s what you were interesed in. Alternatively you said sod it and went up the pub with your flatmates. I don’t see any difference now.

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  • dohousescrashinthewoods says:

    @bidin’matime: I don’t think anyone’s blaming the “oldies” – just jealous, but then, maybe us nippers have always had it mediocre-to-good. If nippers have not worked hard for what they have they don’t know the worth of it.

    @shipbuilder: I agree that bucking the trend is a good idea. We have no mortgage, (nearly) no debts, an allotment which tastes way better than Tesco’s, we support local businesses and producers rather than corporates where we can, aim to do balance work we like with standard of living, get very irate about things that matter, (like the abuse of sheeple by businesses and the suveillance police-state we are actively building) and look for opportunities to do something worthwhile. We also enjoy some good stuff, (which is sold to us) but try not to get too zealous about either consuming or not consuming.

    I think there’s a lot to be said for capitalism and a consumer society, but it isn’t all that, as I’m sure most of us would agree. There is some nice stuff to be had, but fundamentally it never addresses the question of “why”, which is both the scariest and the most rewarding question (Shipbuilder, I think your comments point in this direction). Ultimately, many people don’t want to answer that question and capitalism is one way to keep furiously busy avoiding it. Whatever you think/believe in life, answering “why” is going to get you closer to the answer.

    So, why are we watching for HPC? To buy a home? To make a profit? To get out of renting and own when the numbers add up? To be right that it was coming? So we can stop wanting a house and get on with living life? All valid or true reasons.

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  • Strange coincidence then that both Bliar & Crash Gordon are also 50 somethings and have had the easiest of Political rides for the last 10 years!

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  • indiablue19 says:

    Recent experiments in quantum physics point to the idea that people control events — not the other way around. In other words, you get what you expect. To put it in Eastern terms: “what you see coming toward you is actually coming from you.” As something of an outsider as a citizen who hasn’t always lived in the UK, but married to one of those UK “bubble people” that appear to attract some combo of jealousy and derision, I can point to what I see as a drastic distance in attitude between my middle-aged spouse and younger people also born and raised here — belief. There is no belief in anything in the younger people. Thus the reliance on drugs, the expectation of failures, and the feeling that no one, even they, can “be bothered.”

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  • Bearbullfence says:

    @nearly30

    I’m a 20something of today:

    * Massively in debt (nope – only a modest mortgage (40% LTV)
    * Living with their parents (nope – own house thank you)
    * Unable to buy a house (see above)
    * Renting some sh*t flat (nope own a fantastic period cottage thanks)
    * Working for minimum wage (nope quite far from minimum wage)
    * Working on a series of contract jobs (nope permanent position)
    * Never progressing in a career (two promotions in the last three years)
    * Taking large amounts of narcotics to numb themselves from reality (never have, never will)
    * Having a series of meaningless relationships that go no-where (married for 1 year, same relationship for 10 years)
    * Suffering mental distress from a lack of opportunity, poverty and failed society. (nope quite sane over here thanks)

    I could go on – but you get the point.

    I get the point alright, work hard in school, don’t be a waster, don’t spend like money is going out of fasion, and the rewards are there to take.

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  • Incorrect indiablue19, there is clearly belief among the younger generations Belief, for example, that pricing an entire generation out of owning their own homes is not the right way to run a country. What does your spouse believe in? That things will always go well? Is that because they always have?

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  • Matt_the_hat says:

    There are a few choices to this misery for the 20-30 somethings:

    1. Get yourself to the polls on Thursday – vote for anyone just vote – get the time off work cos the grey vote will be there asking for what they want – make the politians take note of our generation.

    2. If you are a highly skilled worker leave the country – go somewhere warm enjoy yourself and leave the rest to wonder who is going to foot the bill for all the old peoples homes – they don’t seem so bothered about our pensions.

    3. Don’t buy one house/flat/box or spend any money in the DIY shops or anywhere that is profiting from this madness, until house prices are affordable – everyone who does this should put a sticker (some kind of symbol etc) in their car , so people can see that other people are taking action.

    4. Tell everyone you know who is thinking of buying don’t and remind them of the risks they are taking (they will thank you in the long term.

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  • I agree IndiaBlue. Although I believe a crash will happen, it should not be to service the lazy. 20 years ago, if you ate too much food, you were obise and a disgrace to yourself. Today, you are considered to have a disease, as opposed to a failing, and you can sue the council for not building a front door wide enough. I am not joking, this happened recently to someone.

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  • bidin’matime et al. apologies if it seems like I am ‘oldie bashing’ – far from it – my comment on original post was ‘politics of envy’.

    However – the whole economic, social mobility and ‘ways and means’ of supporting yourself through life are being buggered about with – based on old ways of doing things. For example – the whole premise that someone should go to uni is to get a better job (degree premium) so getting into debt is ok – FALSE. Also – the pensions system is f*cked up – but the ones that benefit are ones that can buy a property now or who have final salary schemes [although that’s not a given is it].

    Trouble is – nothing is being done in the media or in politics to sort out any of the mess – schools are churning out people without the skills to get work – and unis are filling up with people who will only get vast amounts of debt as a result.

    For those who can’t vote now – they have no voice – that is my message – but they are the ones that will suffer the most in all this.

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  • Ericthered says:

    Nicely put indiablue 19, a touch of karmic reasoning…

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