'Rich Privilege'

[Jono8]

Of course, it does depend on house prices. But at a fairly ordinary current income of £3k/month (presumably it's not be £3k always either), you'd be hard pushed to save outright for a house under your own steam.

Rubbish!

 

[robgmun]

Rubbish!

Well not really in London, a deposit, sure, but not a house outright within the M25

 

[BuffetSlayer]

Well, yes. If they had been able to afford paying about £2,200 mortgage per month out of their £3k earnings, which they were earning from age 18.

Depends on the interest rate of the mortgage over the life of the repayments. Also depends on the earning history. They bring home £3k now, but may have earned more, or had bonuses/overtime which they invested into their mortgage.

It is not unfeasable for them to be earning that wage from 18, perhaps they started a business and it was successful? Plenty of tech based business have done well and were started by young people.

I agree, in a lot of circumstances being mortgage free at 26 would point to external help, but it could be achieved without it, depending on the circumstances.

I bought a house late in life compared to many. I was 30, but hope to be mortgage free at 42.

There are a lot of ifs and buts and variables in that timeline, but we are prioritising getting it paid off and cutting our cloth to suit.

 

[eatcustard]

Getting on in life:

Its now what you know, its WHO you know.

 

[mattyg]

Who said anything about waste or being rubbish with money?

I'm saying boosting domestic demand is good for the economy, and that poor people will tend to spend any small windfall rather than save it.

If you give £5million away all thats going to happen is instead of the money being "tied up" in bricks and mortar it'll be tied up in playstations or smoked or ****ed up a wall

 

[cheesyboy]

That's being poor with money, so you rather the poor stay poor by not saving money, that is what the upshot of what you are saying, it's ok to admit.

No need to play stupid, Rob.

I expressed no preference on how poor people should spend their money. Simply that spend it they do.

And who are you and I to say what is wasteful and what is not? If we're talking the poorest, say, 2% - it's almost certainly the case that the rational choice for them would be to spend the money. That's the reality of being seriously ****ing poor.

 

[cheesyboy]

Rubbish!

I was talking about Diagro doing it by age 26.

 

[Jono8]

Well not really in London, a deposit, sure, but not a house outright within the M25

Ah I had not realised he meant outright, as in outright with no mortgage.

Maybe Diagro lives in an incredibly cheap housing area.

 

[Jono8]

I was talking about Diagro doing it by age 26.

I realise this now. Yes, that is a stretch. I would assume he has had some help, inheritance along the way.

 

[mattyg]

No need to play stupid, Rob.

I expressed no preference on how poor people should spend their money. Simply that spend it they do.

And who are you and I to say what is wasteful and what is not? If we're talking the poorest, say, 2% - it's almost certainly the case that the rational choice for them would be to spend the money. That's the reality of being seriously ****ing poor.

I agree with you to a certain extent. I've been down to my last £2 which meant I spent all the rest. But back then I WAS bad with money.

 

[cheesyboy]

Actually owning several businesses makes me acutely aware of the cyclical nature of money.

I have to know where it comes from and where its going.

However some of my workers think I can just conjure it up

Owning businesses has nothing to do with knowing the cyclical nature of money. It's a macro economic concept, rather than a micro one that would be relevant to business owners.

(I realise you were just getting defensive there )

 

[Jono8]

Judging by this thread:

http://forums.overclockers.co.uk/showthread.php?t=18495991

I would certainly say Diagro must have had some help. He only left Uni and has been in full time employment for less than 2 years!

 

[cheesyboy]

Judging by this thread:

http://forums.overclockers.co.uk/showthread.php?t=18495991

I would certainly say Diagro must have had some help. He only left Uni and has been in full time employment for less than 2 years!

It's good that he has enough self-awareness to recognise why people might be envious then

 

[robgmun]

Judging by this thread:

http://forums.overclockers.co.uk/showthread.php?t=18495991

I would certainly say Diagro must have had some help. He only left Uni and has been in full time employment for less than 2 years!

If both my parents died tomorrow (god absolutely forbid) after selling their house it would leave me and my brother with enough to put down a 70%+ deposit on a house each and if i worked hard enough would be able to pay off the rest in 2-3 years as well. And that's in London, so i assume something similar has happened to him or he got a second place jackpot on the lottery or something.

Either way that him i don't begrudge him getting a house out-right, in fact a congratulate him.

 

[mattyg]

Owning businesses has nothing to do with knowing the cyclical nature of money. It's a macro economic concept, rather than a micro one that would be relevant to business owners.

(I realise you were just getting defensive there )

I understand that their is a finite amount of money in the world and as the rich get richer then that therefore means the poorer get poorer as the same amount of money is distributed differently.

However if the poor spend the money then all they are doing is making the rich richer.

 

[cheesyboy]

I understand that their is a finite amount of money in the world and as the rich get richer then that therefore means the poorer get poorer as the same amount of money is distributed differently.

However if the poor spend the money then all they are doing is making the rich richer.

In which case, why don't we just give more to the poor: they get a better standard of living (more in line with their more fortunate contemporaries), whilst the rich actually benefit.

Who loses?

(you're about to have an epiphany here...)

 

[krooton]

Depends on the interest rate of the mortgage over the life of the repayments. Also depends on the earning history. They bring home £3k now, but may have earned more, or had bonuses/overtime which they invested into their mortgage.

I think if some people in their 30s worked out how much money they have spent on holidays, booze and restaurants over their adult life, and what that would have translated to if they had funneled it in to a mortgage instead, they would be quite shocked.

Some people value their annual holiday more than residential security, life is subjective like that.

 

[Jono8]

In which case, why don't we just give more to the poor: they get a better standard of living (more in line with their more fortunate contemporaries), whilst the rich actually benefit.

Who loses?

(you're about to have an epiphany here...)

ay?

So the man who owns a brewery will want to give money to the poor...so they can give it back to him but in exchange for a product that has cost him money to make...

How is that going to work? An economy will not work if you just start dealing out money to people for nothing, poor or otherwise.

 

[Deleted User 234324]

1% of the population have more money than the remaining 99% and we wonder why there is poverty in the world.

 

[robgmun]

1% of the population have more money than the remaining 99% and we wonder why there is poverty in the world.

What a generic and 1-dimensional statement, almost as if you didn't read a single post here and just threw up on the thread the first thought in your head