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Will you ever be as rich as your parents? watch

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    A major theme going through the mainstream media at the moment is around how hard the current generation of graduates are being hit by increased competition in the job market, a lowering of pension plans and huge increases in house prices.All to often we hear about how we're being called "generation rent" as many will struggle to get a house deposit.

    However, with the internet we have access to resources our parents would have never had. We can search the entire country for jobs at the click of a button, shop online to find the absolute best deals and invest in company shares without ever needing to step into Wall Street.

    Do you think young people these days will never be as rich as their parents? Or do you think the increased opportunities will mean those who work for it can easily generate more wealth now?
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    Oh wow, It had never ever come across my mind to google for job openings. I'm sure this will give me an advantage over all the other job seekers who did not think of that.I expect to be getting a job tomorrow.


    I'm not sure why anything of what you have said can justify housing bubbles like that what exists. One could still get rich off the internet (which isn't at all famous for bubbles or at all part of the computing revolution) and then have even more disposable cash and flexibility that brings, that would help the economy even more. More spare money people have means they spend more as apposed to a large chunk of their cash being given to renters to horde.
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    Yes i will i hope
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    (Original post by Bill_Gates)
    Yes i will i hope
    Do you think it will be more difficult or easier than they had it?
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    my parents always say they had it hard in their days and exams were harder

    however i just finshed my gcses and have come out with average grades
    i feel the government are changing the education system so much that its affecting our potential
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    I don't know; it's a very high bar to go above.
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    (Original post by Reue)
    Do you think it will be more difficult or easier than they had it?
    Much more difficult even my dad says it is. But i'm willing to work for it. I kind of like the challenge. But i don't think my generation will see the level of economic prosperity as the boomers did. Record property price rises, incredible interest rates, emergence of the stock market and life long careers.

    But NOW we have technology, mobility and awareness. Alongside a whole host of resources available online, it's really level'd the playing field to some extent. But as i've highlighted before inequality in our generation will be worse as majority do not want to work for it, they can see the world's against them.
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    I will, i fully intend to win the lottery
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    (Original post by Reue)
    A major theme going through the mainstream media at the moment is around how hard the current generation of graduates are being hit by increased competition in the job market, a lowering of pension plans and huge increases in house prices.All to often we hear about how we're being called "generation rent" as many will struggle to get a house deposit.

    However, with the internet we have access to resources our parents would have never had. We can search the entire country for jobs at the click of a button, shop online to find the absolute best deals and invest in company shares without ever needing to step into Wall Street.

    Do you think young people these days will never be as rich as their parents? Or do you think the increased opportunities will mean those who work for it can easily generate more wealth now?
    The simple answer for myself is Yes (they are the lowest 20% decile without property ownership) so simply by taking advantage of their right to buy and working full time, i beat them.

    I think the mood is more negative than the reality. People have confused things being harder than before with being so difficult than no social mobility occurs. Papers like the Guardian don't help this by painting the UK as a country where everybody has a zero hours job and visits a food bank.

    As a single person i want property ownership and a wage after tax above £1500 per month. If i avoid London then that will constitute a success although i obviously have goals beyond that which are secondary and the icing on the cake.
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    I don't think so.
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    (Original post by Rakas21)
    As a single person i want property ownership and a wage after tax above £1500 per month. If i avoid London then that will constitute a success although i obviously have goals beyond that which are secondary and the icing on the cake.
    Bit low don't you think? I earn a fair amount more than that and I don't see how i'll ever be able to afford a housing deposit unless I move to somewhere far up North. I don't see how it's physically possible to buy a house on your own, especially when paying above average rent for below average property sucks out so much of my income.

    When my Mum and Dad were my age they were married and about to buy their first home. There's no chance of me doing either of those things before i'm 40.
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    Yes. My parents aren't really that well off.
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    (Original post by sr90)
    I earn a fair amount more than that and I don't see how i'll ever be able to afford a housing deposit unless I move to somewhere far up North. I don't see how it's physically possible to buy a house on your own, especially when paying above average rent for below average property sucks out so much of my income.

    When my Mum and Dad were my age they were married and about to buy their first home. There's no chance of me doing either of those things before i'm 40.
    Outside London it's possible. Nottingham, Leeds and Manchester all have good property for sub-£200k and controlling your spending you could save a £50k deposit within a decade on that post-tax salary.
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    I already am. However it was all down to my mum getting me into a good school and dealing with me whilst I was at uni. Without that I would never have have got to where I am.
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    (Original post by sr90)
    Bit low don't you think? I earn a fair amount more than that and I don't see how i'll ever be able to afford a housing deposit unless I move to somewhere far up North. I don't see how it's physically possible to buy a house on your own, especially when paying above average rent for below average property sucks out so much of my income.

    When my Mum and Dad were my age they were married and about to buy their first home. There's no chance of me doing either of those things before i'm 40.

    You've sort of contradicted yourself there; Talking about how you'd never be able to buy a place on your own and then go on to comparing it to your parents buying a place together. Not really a fair comparison?
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    (Original post by Rakas21)
    Outside London it's possible. Nottingham, Leeds and Manchester all have good property for sub-£200k and controlling your spending you could save a £50k deposit within a decade on that post-tax salary.
    That's the dilemma I have tbh. It's much cheaper to rent up north too.

    I live in the home counties atm and the chance of getting a decent house on that income is next to nil.
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    Yes but only because my parents are in job sectors that are being really negatively targeted by the government at the moment
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    (Original post by Poprah)
    Yes but only because my parents are in job sectors that are being really negatively targeted by the government at the moment
    unlucky brah xx
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    I really hope so :lol: My mom is a cleaner and my dad is a "manual worker". I want to become a teacher and progress on to become an educational psychologist. But who knows!
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    House price to earnings ratio outside London isn't that much higher now than it was in the past. Nor is the deposit required to earnings ratio. It probably seemed easier to save for a deposit in the past when you didn't have to pay for an iPhone, internet, gym contract, nights out every week, fancy food, fancy clothes, foreign holidays, flat screen tvs, ps4, macbook, etc etc
 
 
 
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