Financial future

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Soldato
Joined
14 Oct 2003
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.. So for those of us who are lucky enough to own our homes (with mortgage), who can just about meet the bills each month, who own our cars and have had opportunities for education (free) and who can afford gadgets and holidays occasionally, are we the last generation who will have these opportunities?

What will the UK be like in the future? Full of the unfortunate uneducated, with no future? Has this situation begun already?

Will we end up with a situation whereby people will just 'get by' with no real opportunities?
 
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The divide for the haves and have nots will get greater.
Children will live at home for longer.
Renting will become more of the norm, like in mainland Europe.
 
...and to add insult to injury, those that have worked hard all their lives, paid off their mortgage etc will have to sell their home instead of their children inheriting it just to pay for their old age care, whilst those that spent their life claiming benefits or renting permanently will have this paid by the state. Nice!
 
If the price of property continues to increase long-term at such an unsustainable rate, then yes, we're probably the last generation who will be able to afford our own homes without really struggling. Education doesn't matter if wages don't increase at the same rate. :(

I had to work my nads off to get a 45K deposit together. I'd definitely not want to go through that again.
 
I was talking about this to my Mrs the other week.

Our generation have "hand outs" when parents/family sell their houses which they probably bought for 17k and sold for 150k.

These days, less and less can afford to get on the ladder and own a house, so less and less will be passed on to our children.
 
Narj said:
I had to work my nads off to get a 45K deposit together. I'd definitely not want to go through that again.
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Do you not think that it is right that you should have to work your "nads" off to afford something like your own home?
 
Jez said:
Do you not think that it is right that you should have to work your "nads" off to afford something like your own home?
Click to expand...

I could have done it at a slower pace but there was a sense of urgency at the time in having to get in there before I was priced out of the market. That meant doing most weekends for 2 and a bit years. Almost killed me! :(

Working hard, yes. Almost doing yourself in, no.
 
There's no money to be made if something is too expensive for people to buy.

Someone must be buying houses for the prices to keep going up.
 
Jez said:
Do you not think that it is right that you should have to work your "nads" off to afford something like your own home?
Click to expand...

Owning your own home isn't a right, neither is being housed by the state.

Had this with my brother, couldn't afford to rent, couldn't afford to buy, as a white single male couldn't get a council place.

Well, swallow your pride and come and live with me, its no less "not yours" than renting.
 
atpbx said:
There's no money to be made if something is too expensive for people to buy.

Someone must be buying houses for the prices to keep going up.
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Because people can see what this country will be like in the future. He who owns the most property gets the most rent...

There is not enough affordable houses, there won't ever be... So as mentioned more and more people will begin to rent. It's the people taking that rent who will be the sorted ones.
 
I think there should be financial education at school. Without sounding up my own bum my head is screwed on fairly well financially but what I learnt was from my Dad. With more and more people out there seeming to have the attitude of "don't worry, someone else will pay for it" do we really want future generations only having their parents for guidence?
 
MeEsH BaKkA said:
Because people can see what this country will be like in the future. He who owns the most property gets the most rent...

There is not enough affordable houses, there won't ever be... So as mentioned more and more people will begin to rent. It's the people taking that rent who will be the sorted ones.
Click to expand...

I know how it works, the point being is that the prices only keep going up because enough people CAN afford to keep buying houses.

If some people cant afford to keep up, then..... tough.
 
I am fortunate enough to be in the process of buying my first place 5050 with my long term girlfriend.

It makes financial sense but I think I am a bit of a pessimist by nature because the thought of the economy getting even worse, possibly losing my job, her job etc. terrifies the hell out of me.

I suppose getting on the ladder earlier than later generally makes sense as long as the housing market doesn't crash again... but it's happened before!
 
We should work to live, unfortunately we're being led to believe it's more important to live to work.

We slate places like North Korea for using slave labour, yet we have a system that is forcing people to ridiculously long hours and extra days a week just to keep a roof over our heads.
 
My sister is 2 years older than me, owns her own home (100% mortgage) and enjoyed a free university education.

I earn a respectable wage, will be paying student loan back as long as I live and am looking at another 3-5 years saving before my wife and I can afford a deposit.

Fiddlesticks.
 
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