Non Footy Chat Thread II

[Avenger]

Because you were talking shit again.

I sourced it from the Parramatta River.

 

[Avenger]

What a f**kwit. Can we deport him?

 

[Gronk]

The bank of mum and dad.

This phrase gets thrown about these days so cynically. Of course there are some families that simply buy Gemima a $1.8m flat off the plan when she’s 21, but I can tell you what it really means; mums and Dads are down sizing or passing on generational inheritance to help the kids get a start. They are taking a hit on the quality of their retirement for the benefit of their kids.

Boomers want the best for their kids regardless of the bad press we receive. What happens to the so called boomer wealth once we're gone, more tattoos and hover cars?

Tick

 

[hindy111]

This phrase gets thrown about these days so cynically. Of course there are some families that simply buy Gemima a $1.8m flat off the plan when she’s 21, but I can tell you what it really means; mums and Dads are down sizing or passing on generational inheritance to help the kids get a start. They are taking a hit on the quality of their retirement for the benefit of their kids.

Tick

Yes I understand this and I come from a family that means I will get a substantial inheritance.. It's sad that it has come to this but isn't it? Not everyone can rely on the bank of mum and dad.

 

[Gronk]

Yes I understand this and I come from a family that means I will get a substantial inheritance.. It's sad that it has come to this but isn't it? Not everyone can rely on the bank of mum and dad.

I don't think you and I are on the same page.

 

[hindy111]

I don't think you and I are on the same page.

I'm talking about housing affordability without the help of bank.
It's great parents can help out. But it's hard for to many now to get in the market .

 

[Avenger]

Yes I understand this and I come from a family that means I will get a substantial inheritance.. It's sad that it has come to this but isn't it? Not everyone can rely on the bank of mum and dad.

Is then when you eventually move closer to the water or you happy with the inner city life? I like both to be honest.

 

[Avenger]

I don't think you and I are on the same page.

Is that because you inherited your wealth a while ago and now are in a perfect position for virtue signalling?

#greetingsfromtheshitlist

 

[Gronk]

Is that because you inherited your wealth a while ago and now are in a perfect position of virtue signalling?

#greetingsfromtheshitlist

No, I have never inherited anything more than my Dad's seiko quartz diver with a blue n gold plastic watch band that he used to wear to the footy.

 

[Avenger]

No, I have never inherited anything more than my Dad's seiko quartz diver with a blue n gold plastic watch band that he used to wear to the footy.

You did well to live in Woollahra. My apologies for assuming you inherited or married into it. Plenty of Serbs live in the East. My uncle is still there but he reckons the area has changed and he liked it more in the 80’s/90’s. He is a little bit racist though.

And keep the Seiko. Great brand.

 

[Gronk]

I'm talking about housing affordability without the help of bank.
It's great parents can help out. But it's hard for to many now to get in the market .

I'm not. The bank of mum and dad largely helps kids get into the housing market. The access to the generational inheritance I was talking about was that when Mum & Dad's parents pass, they give a chunk of that to the kids so they can have 20 or 30% deposit towards their first house. That's what is happening in the real world. Mum & Dad are allowing that cash to skip a generation. That's a sacrifice that they have agreed to make and I think it will become quite common.

 

[hindy111]

Is then when you eventually move closer to the water or you happy with the inner city life? I like both to be honest.

I think I'll go bush. The beach doesn't do it for me.

 

[hindy111]

I'm not. The bank of mum and dad largely helps kids get into the housing market. The access to the generational inheritance I was talking about was that when Mum & Dad's parents pass, they give a chunk of that to the kids so they can have 20 or 30% deposit towards their first house. That's what is happening in the real world. Mum & Dad are allowing that cash to skip a generation. That's a sacrifice that they have agreed to make and I think it will become quite common.

Yeah well this is true. We may have a tougher cost of living currently but most of pur parents never got an inheritance or a small one. Many of us will get a decent one I guess.

 

[hindy111]

I'm not. The bank of mum and dad largely helps kids get into the housing market. The access to the generational inheritance I was talking about was that when Mum & Dad's parents pass, they give a chunk of that to the kids so they can have 20 or 30% deposit towards their first house. That's what is happening in the real world. Mum & Dad are allowing that cash to skip a generation. That's a sacrifice that they have agreed to make and I think it will become quite common.

Yeah well this is true. We may have a tougher cost of living currently but most of our parents never got an inheritance or a small one. Many of us will get a decent one I guess.

 

[Gronk]

You can say that again.

 

[Poupou Escobar]

I'm not. The bank of mum and dad largely helps kids get into the housing market. The access to the generational inheritance I was talking about was that when Mum & Dad's parents pass, they give a chunk of that to the kids so they can have 20 or 30% deposit towards their first house. That's what is happening in the real world. Mum & Dad are allowing that cash to skip a generation. That's a sacrifice that they have agreed to make and I think it will become quite common.

This is no different to what hindyeleven was talking about. Whether mummendad buy the kid a house outright or just give them 30%, and wherever mummendad got the money (inheritance or elsewhere), it's still the bank of mummendad, and not everyone has access to it, and even then not equally.

 

[Poupou Escobar]

I think I'll go bush. The beach doesn't do it for me.

Climate change will wipe out coastal property. That's why prices are going down lol

 

[Gronk]

This is no different to what hindyeleven was talking about. Whether mummendad buy the kid a house outright or just give them 30%, and wherever mummendad got the money (inheritance or elsewhere), it's still the bank of mummendad, and not everyone has access to it, and even then not equally.

Actually there is 70-80% difference. It’s not always inheritance, I also said that mum and dads these days are often are prepared to go without to give the kids a start into the property market.

Unsure what you want me to say about not everyone having access to it. I agree, nobody gave me a leg up either. However the likelihood of mum n dad downsizing at retirement specifically to give their kids some cash would not have happened in my day either. Does that generosity make you feel uncomfortable?

 

[Bandwagon]

This is no different to what hindyeleven was talking about. Whether mummendad buy the kid a house outright or just give them 30%, and wherever mummendad got the money (inheritance or elsewhere), it's still the bank of mummendad, and not everyone has access to it, and even then not equally.

Yep, and if the the bank of mum and dad haven't really a pot to piss in, then those kids are becoming less and less likely to break that cycle.

The idea that regardless of where you've come from socio economically, if you have a go you can own your own little plot of dirt, is slowly becoming a pipe dream for a lot of folk. And that's a real shame.

 

[Bandwagon]

Actually there is 70-80% difference. It’s not always inheritance, I also said that mum and dads these days are often are prepared to go without to give the kids a start into the property market.

Unsure what you want me to say about not everyone having access to it. I agree, nobody gave me a leg up either. However the likelihood of mum n dad downsizing at retirement specifically to give their kids some cash would not have happened in my day either. Does that generosity make you feel uncomfortable?

You're missing the point, it doesn't matter how much of a home the bank of mum and dad give, what makes the difference ultimately is that whatever they gift or loan or whatever gets the kid/s into the market.

The inequality isn't in the level of help, it's in the ability to help or not.