Non Footy Chat Thread II

[Eelogical]

Yes, but they have previously had their money invested in the markets, through shares, property, superannuation or equivalents, etc. and now they're going to pull it out and spend it. So apparently the rest of the world doesn't have access to that capital being in the markets any more,

Boomers will still leave a nice chunk to their descendants. What will they do with that money, invest it? Maybe the government will get their paws on some of it with an inheritance/death tax.

 

[Eelogical]

What do you think made you wealthy?
GEN X working for boomers and paying overs for stuff you own and sell the them.
It's actually very funny

I'm not wealthy, but I'm comfortable. To get where I am I worked damn hard for my entire working career, paid our house off, grew my super and earned a nice little nest egg by selling up in Sydney and buying cheaper in QLD. I also supported our entire family while the Mrs stayed home with them. She went back to work after 10 years of home life. I don't understand your second sentence.

 

[Eelogical]

If you haven't wealth in family nowdays there is not a whole lot of chance you can achieve what people could in the 60s. I can't imagine someone raising a family on a single income working in a factory could afford an acreage in Western Sydney and a holiday home on the Sth coast. It wouldn't matter how hard you worked it ain't happening.
So that's the situation we have currently.

So they reckon a significant amount of boomers will croak it over the next 10 years, obviously. They money they leave as inheritance to the people you just described will be used how, in your opinion? We're just generalising here.

 

[hindy111]

So they reckon a significant amount of boomers will croak it over the next 10 years, obviously. They money they leave as inheritance to the people you just described will be used how, in your opinion? We're just generalising here.

Yes agree. Plenty of boomers didn't get an inheritance yet their offspring will. Like myself I will benefit. At the sametime I was able to purchase my own home many years ago. I'd get little satisfaction having it just given to me via parents. The goal of earning it myself gives me a feeling like I earned it with hard work. A goal/achievement for the sacrifice of my time.
But what you have now is a generation of kids who are possibly floating meaninglessy throught the workforce and immigrants or people with nothing who are working like animals to survive and no matter how hard work will only have very little. Yet get to work with people who don't work as hard yet will have so so much more based on families. This is a problem.

It's very different to lets say even the mid 2000s where the playing field was more even and plenty of people could work towards a family home

 

[hineyrulz]

There are lazy shitbags and hard workers across all generations.

I’d argue the % of lazy shitbags has risen the last 20 years.

 

[Eelogical]

Yes agree. Plenty of boomers didn't get an inheritance yet their offspring will. Like myself I will benefit. At the sametime I was able to purchase my own home many years ago. I'd get little satisfaction having it just given to me via parents. The goal of earning it myself gives me a feeling like I earned it with hard work. A goal/achievement for the sacrifice of my time.
But what you have now is a generation of kids who are possibly floating meaninglessy throught the workforce and immigrants or people with nothing who are working like animals to survive and no matter how hard work will only have very little. Yet get to work with people who don't work as hard yet will have so so much more based on families. This is a problem.

It's very different to lets say even the mid 2000s where the playing field was more even and plenty of people could work towards a family home

I got inheritance, I used it to pay the house off. That being about 20 years into a 30 year housing loan. My share was split between several siblings - they didn't call us baby boomers for no reason. Boomer descendants will most likely have to share their inheritance with a lesser number of siblings. One, maybe two others on average. That means they'll get a bigger slice of the pie. I have one married son who's paying a house off in Brisbane and doing quite well for himself. I also have one single son in the Blacktown area who is renting and struggling to make ends meet on occasions. He'll never be able to break into the Sydney market but he might be able to make a go of things up here if he's smart enough with his inheritance.

 

[Eelogical]

I’d argue the % of last shitbags has risen the last 20 years.

Values and standards change, mate. Whether they are dictated by family or by generational and environmental changes we will never know.

 

[Gary Gutful]

Boomers will still leave a nice chunk to their descendants. What will they do with that money, invest it? Maybe the government will get their paws on some of it with an inheritance/death tax.

That's very different to my situation. My Parents were born in the late 1940s. We were poor growing up and my Mum still doesn't have a lot (but is comfortable thanks to an inheritance).

I was the first person in my family history to graduate from university and am lucky enough have had good professional jobs for nearly 25 years.

I reckon my situation is not that unusual. Plenty of Gen X folk have done well for themselves and are now earning way more than their parents could ever had. They also likely benefitted from entering into the housing market before it became f**king mental over the last 15 years and aren't as impacted by cost of living pressures as younger generations.

 

[Gary Gutful]

That sounded like a passive brag so to balance it out I have an unfortunately small penis.

 

[the phantom menace]

As opposed to a fortunately small penis... one that can easily hide from detection inside small crevices?

 

[the phantom menace]

But what you have now is a generation of kids who are possibly floating meaninglessy throught the workforce and immigrants or people with nothing who are working like animals to survive and no matter how hard work will only have very little. Yet get to work with people who don't work as hard yet will have so so much more based on families. This is a problem.

Sounds like what the Sydney North Shore always has been...

 

[Eelogical]

That's very different to my situation. My Parents were born in the late 1940s. We were poor growing up and my Mum still doesn't have a lot (but is comfortable thanks to an inheritance).

I was the first person in my family history to graduate from university and am lucky enough have had good professional jobs for nearly 25 years.

I reckon my situation is not that unusual. Plenty of Gen X folk have done well for themselves and are now earning way more than their parents could ever had. They also likely benefitted from entering into the housing market before it became f**king mental over the last 15 years and aren't as impacted by cost of living pressures as younger generations.

My original posts on this subject were intended as generalisations of the transfer of wealth. But I went down the personal side of the rabbit hole along the way, so that's on me. I'm sure you're a fine example of what hard work and doing your best can achieve being from a different generation regardless of circumstances.

 

[hindy111]

That's very different to my situation. My Parents were born in the late 1940s. We were poor growing up and my Mum still doesn't have a lot (but is comfortable thanks to an inheritance).

I was the first person in my family history to graduate from university and am lucky enough have had good professional jobs for nearly 25 years.

I reckon my situation is not that unusual. Plenty of Gen X folk have done well for themselves and are now earning way more than their parents could ever had. They also likely benefitted from entering into the housing market before it became f**king mental over the last 15 years and aren't as impacted by cost of living pressures as younger generations.

I bought my house 4yrs ago you ashol.
But I also sold one so it wasn't so bad. But it was just luck. Now it is mental your right.

 

[Gary Gutful]

My original posts on this subject were intended as generalisations of the transfer of wealth. But I went down the personal side of the rabbit hole along the way, so that's on me. I'm sure you're a fine example of what hard work and doing your best can achieve being from a different generation regardless of circumstances.

People try to p-p-put us down
...Talking bout wealth generalisation...

 

[Eelogical]

People try to p-p-put us down
...Talking bout wealth generalisation...

I'm sure you liked to watch.

 

[Suitman]

People try to p-p-put us down
...Talking bout wealth generalisation...

Roger Daltry and Pete Townsend agree.
I actually feel sorry for my kids.
They have been born into a generation where the great Australian dream is generally out of their reach.
Property ownership for kids these days is all but impossible.

So, on the most part, they better get used to apartment living.
Either renting or purchasing. It's all they'll be able to afford if they want to live in the big smoke of most capital cities.

 

[hindy111]

Roger Daltry and Pete Townsend agree.
I actually feel sorry for my kids.
They have been born into a generation where the great Australian dream is generally out of their reach.
Property ownership for kids these days is all but impossible.

So, on the most part, they better get used to apartment living.
Either renting or purchasing. It's all they'll be able to afford if they want to live in the big smoke of most capital cities.

Yes it is sad when a house in the suburbs is a million dollars plus. May as well just have a good time,travel etc.

 

[Eelogical]

Roger Daltry and Pete Townsend agree.
I actually feel sorry for my kids.
They have been born into a generation where the great Australian dream is generally out of their reach.
Property ownership for kids these days is all but impossible.

So, on the most part, they better get used to apartment living.
Either renting or purchasing. It's all they'll be able to afford if they want to live in the big smoke of most capital cities.

My concern is where does my son in Sydney live once he gets to retirement age? I would assume his lifetime super will be syphoned off just to exist and not much more. He’s doing his best but is treading water just to make ends meet. He has goals but the mountain continues to get steeper for him. He’ll do OK when we croak it but it certainly won’t be enough on its own.

 

[Eelogical]

Yes it is sad when a house in the suburbs is a million dollars plus. May as well just have a good time,travel etc.

Do you think that this is what the young merkins consider with no long term vision for the future?

 

[hindy111]

Do you think that this is what the young merkins consider with no long term vision for the future?

No idea. I've not thought about it. I just know when we where younger buying a house was something all my friends where able to do except MIK.