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Boomers at it again; The most selfish generation can't help but take, take, take
Topic Started: 1 Jul 2017, 09:17 PM (14,012 Views)
Rufus
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Chris
5 Jul 2017, 08:03 PM
Should I not be entitled to have the same opportunities as you did?

By your own admission you purchased in Sydney in or around 1999, median house price were 5 times median house prices with interest rates at 6-6.5%.

Today Sydneys median house price sits around 12-13 times median incomes, that nearly three times greater than what you were afforded.

Only a narrow minded, greedy, selfish pig would be incapable of seeing the injustice of this. I feel I should be entitled to have the opportunities you were gifted, is that wrong?

Clearly you think so.
Opportunities come along all the time. Some see them and some don't. They don't last forever.
In the mid 19th century there was a gold boom in Australia. Some people who got in early picked up huge nuggets and they made their fortune. Others worked in the mines and some of them did well too. But the next generation had no chance once all the easy pickings had been worked over.

Did you ever hear about them whinging about intergenerational theft?

There has been an IT boom over the last couple of decades - did you profit from that? It won't come again in the same format, maybe it'll be an AI revolution - are you set up to take advantage of that?

A millennial I talk to has made well over $1M out of Bitcoin. That Bitcoin boom won't happen for the next generation, but some other opportunity will happen for them.
At least it will happen for those who get off their @rse and do something more productive than whinging.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Matthew
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Chris
5 Jul 2017, 08:03 PM
Should I not be entitled to have the same opportunities as you did?

By your own admission you purchased in Sydney in or around 1999, median house price were 5 times median house prices with interest rates at 6-6.5%.

Today Sydneys median house price sits around 12-13 times median incomes, that nearly three times greater than what you were afforded.

Only a narrow minded, greedy, selfish pig would be incapable of seeing the injustice of this. I feel I should be entitled to have the opportunities you were gifted, is that wrong?

Clearly you think so.
See if I can follow you kid.

Boomers manly purchased houses before 1990. Then Sydneyite purchased under similar conditions around 1999.

Then somehow all the boomers got together and decided to screw you over around 2010?

Shit you are a deluded shallow clown.
My only hope for my three boys is that they turn out nothing at all like Chris.
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Tyson
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Chris
5 Jul 2017, 08:03 PM
Should I not be entitled to have the same opportunities as you did?

By your own admission you purchased in Sydney in or around 1999, median house price were 5 times median house prices with interest rates at 6-6.5%.

Today Sydneys median house price sits around 12-13 times median incomes, that nearly three times greater than what you were afforded.

Only a narrow minded, greedy, selfish pig would be incapable of seeing the injustice of this. I feel I should be entitled to have the opportunities you were gifted, is that wrong?

Clearly you think so.
We've got the internet and modern technology, the most profitable opportunities to date.

Obviously not everyone will be able to make success from those, just like not all baby boomers are millionaires despite apparently having great opportunities.

We've also got so many damn fads that pop up overnight that you can make a quick buck on if you want to follow fads.

If you don't see opportunity in the present, then that's your fault, not other people's faults. You need to watch some Gary V videos, he calls out everyone for being lazy f*cks and you seem to fit every mould of people that he puts down.

A guy I know makes $500k a year as a travel blogger. Baby boomers didn't have that opportunity back then.

If you want to be successful you have to make that your focus, you can't sit here with your average job, your average family and average life and expect an above average outcome.
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Sydneyite
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Chris
5 Jul 2017, 08:03 PM
Should I not be entitled to have the same opportunities as you did?
Ok, so nothing was actually stolen by the boomers then, other than your sense of "entitlement"? As I surmised?

Quote:
 
By your own admission you purchased in Sydney in or around 1999, median house price were 5 times median house prices with interest rates at 6-6.5%.

Today Sydneys median house price sits around 12-13 times median incomes, that nearly three times greater than what you were afforded.
I bought my first house in 1992 (as stated in earlier posts on this very thread, and many others), when Sydney prices were about 5x average wages - but interest rates were 10%-12% until the late 90s. I bought my second house (upgrade - ie sold first house) in 1999 - by then the median multiple was close to 10 actually.

Quote:
 
Only a narrow minded, greedy, selfish pig would be incapable of seeing the injustice of this. I feel I should be entitled to have the opportunities you were gifted, is that wrong?
Yep - so you *do* feel entitled? Thought so.....

You know when Sydney was first established, they gave land away for nothing! Literally for nothing! Should I be angry that I was not afforded the same opportunity as my ancestors who got free land in central Sydney? (And I do have ancestors that were around in Sydney back then by the by).

When I bought things were different to now, yes - taxes were much higher, real wages and disposable incomes were lower, interest rates were higher, unemployment was much higher, there were less people in Sydney, there was less high density housing as a proportion of the housing stock, and house prices were lower (in gross wage multiple terms) for all these and other reasons (although the quality of housing was on average lower as well). But even then there were loads of people (peers of mine) just like you who whinged about how expensive and un-affordable it all was (as they jetted off to London for a working holiday for a year or 2, while I was saving for a deposit or paying down a mortgage of course :re: ).

We each have to deal with the circumstances that are presented to us in our lifetimes - the good and the bad. There is huge opportunity today that I was not "afforded" back in my younger days for all sorts of things - should that make me jealous? Angry? Rufus hits the nail on the head with his post as well.

Your problem Chris is really all about your own attitude - until you sort that out, you will continue to an angry and bitter man who wants for all and has naught.

Edited by Sydneyite, 5 Jul 2017, 09:46 PM.
For Aussie property bears, "denial", is not just a long river in North Africa.....
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Chris
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I'll note that all of you gave examples of disadvantage but none of them related to basic human shelter, you are all selfish putrid tunnel visioned dinosaurs.

Sydneyite you are a liar, in 1999 the ratio was 5 times, median House $180K median income $35k you may have purchased 10 times but that was a choice and luxury you had not the norm. It's fine we have grown accustom to your lies and deception.

I also like the poor intellect you display when asserting I am asking for something my 'ancestors' had, no. I clearly made a comparison to proceeding generariins, yours to mine. Was there a nearly three fold difference in the cost of housing for you compared to boomers?

You and the other sock crew log on to mock me every time raw data proves your spruiker rhetoric is just shite.

Btw IR's were never 12% in 1992, they were at 8% max and median was about 7 times not 5 times

http://www.loansense.com.au/historical-rates.html

You are either a compulsive liar or you just make shit up?!






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Rufus
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Chris
5 Jul 2017, 10:15 PM
Btw IR's were never 12% in 1992, they were at 8% max and median was about 7 times not 5 times

http://www.loansense.com.au/historical-rates.html

You are either a compulsive liar or you just make shit up?!






In 1992 the year started off with rates of 12% which fell to 10% by December, exactly as Sydneyite said, and that data is from the link you supplied.

You really are a piece of work Chris.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Matthew
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Sydneyite
5 Jul 2017, 09:43 PM
Ok, so nothing was actually stolen by the boomers then, other than your sense of "entitlement"? As I surmised?
The funny thing is that Chris and I were both raised by Boomers. My parents weren't particularly wealthy and sacrificed massively for their shelter and my siblings and I's upbringing and education. They still aren't particularly wealthy today. Sure they could sell their house for a mill or two and rent it all away, but not everyone is allergic to money and they still need shelter.

My parents taught me to work hard, sacrifice and achieve things. They encouraged me to achieve more than they did so that, like I received from them, my children would live a life of greater privilege than their parents (I) did. Same for my siblings.

Chris' parents bitched about "intergenerational theft" and "injustice".

Same world, same circumstances, different attitudes, different outcomes.

Funny.



Rufus
5 Jul 2017, 10:21 PM
You really are a piece of work Chris.
He really isn't, he is just poorly educated on the matter and biased.
Edited by Matthew, 5 Jul 2017, 10:44 PM.
My only hope for my three boys is that they turn out nothing at all like Chris.
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Sydneyite
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Chris
5 Jul 2017, 10:15 PM
Sydneyite you are a liar, in 1999 the ratio was 5 times, median House $180K median income $35k you may have purchased 10 times but that was a choice and luxury you had not the norm. It's fine we have grown accustom to your lies and deception.
More accusations of lying? Chris - you are an idiot to accuse me of lying and then to post information easily proven to be false.

Posted Image
As you can see the Sydney median house price in 1999 was around $330k.

And from the ABS http://www.ausstats.abs.gov.au/Ausstats/subscriber.nsf/0/CA2568A90021A807CA25688800275080/$File/63020_Feb%201999.pdf we can see that average full time earnings in 1999 were $745/week = $38740/year. So that gives a house price to income multiple for Sydney of 8.5. So my initial claim of 10 was a little high (I was working from memory), but far closer to the mark than your complete fantasy claim of a 5 times ratio and a median price of $180k! The Sydney median house price was $180k back in 1992 by the way. The ratio was near or at 10 x within a year or 2 of 1999 for sure anyway, and then stayed around that level (even fell a few times) for nearly a decade. And that all of course ignores / excludes the cost of apartments and other non fully-detached housing types, which are a lot cheaper.

I could call you a liar in return, but I have learnt never to look for malice when incompetence and stupidity will suffice as an explanation for observed behavior. :re: So you owe me an apology there at a minimum I think - the facts are not what you thought.

Quote:
 
I also like the poor intellect you display when asserting I am asking for something my 'ancestors' had, no. I clearly made a comparison to proceeding generariins, yours to mine. Was there a nearly three fold difference in the cost of housing for you compared to boomers?

You and the other sock crew log on to mock me every time raw data proves your spruiker rhetoric is just shite.
What exactly is the difference between talking about ancestors and previous generations??? As usual you completely miss the points being made.

Quote:
 
Btw IR's were never 12% in 1992, they were at 8% max and median was about 7 times not 5 times

http://www.loansense.com.au/historical-rates.html

You are either a compulsive liar or you just make shit up?!
As just shown by Rufus - using your OWN FRIGGIN LINK, I have told no lies. Mortgage rates were between 10% and 12% for the bulk of the 1990s, and were 12% at the start of 1992 - it was not until 1997 that they fell below 8% - I'd paid my first mortgage off by then FYI. So you are COMPLETELY and TOTALLY wrong. Hoisted on your own petard..... I'll await your apology once again for falsely calling me a liar.
Edited by Sydneyite, 5 Jul 2017, 11:07 PM.
For Aussie property bears, "denial", is not just a long river in North Africa.....
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Rufus
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Sydneyite
5 Jul 2017, 10:46 PM
More accusations of lying? Chris - you are an idiot to accuse me of lying and then to post information easily proven to be false.

Posted Image
As you can see the Sydney median house price in 1999 was around $330k.

And from the ABS http://www.ausstats.abs.gov.au/Ausstats/subscriber.nsf/0/CA2568A90021A807CA25688800275080/$File/63020_Feb%201999.pdf we can see that average full time earnings in 1999 were $745/week = $38740/year. So that gives a house price to income multiple for Sydney of 8.5. So my initial claim of 10 was a little high (I was working from memory), but far closer to the mark than your complete fantasy claim of a 5 times ratio and a median price of $180k. It was 10 x within a year or 2 of 1999 for sure anyway, and then stayed around that level (even fell a few times) for nearly a decade. And that all of course ignores / excludes the cost of apartments and other non fullt-detached housing types, which are a lot cheaper.

I could call you a liar in return, but I have learnt never to look for malice when incompetence and stupidity will suffice as an explanation for observed behavior. :re: So you owe me an apology there at a minimum I think - the facts are not what you thought.





As just shown by Rufus - using your OWN FRIIGIN LINK, I have told no lies. Mortgage rates were between 10% and 12% for the bulk of the 1990s, and were 12% at the start of 1992 - it was not until 1997 that they fell below 7% - I'd paid my first mortgage off by then FYI. I'll await your apology once again for falsely calling me a liar.
Chris linked a bank SVR. Presumably an averaged SVR.

What he probably doesn't know is that it was very difficult to get bank loans then, so many people borrowed through Building Societies which were about 1% higher plus they forced the borrower to take out life insurance through them plus some other added costs which are not around today. Sydneyite may have been borrowing at higher rates than the Bank SVR quoted. I won't bother to mention the rates charged by Finance Companies who also lent for housing, but at much higher interest rates.

I'm constantly amazed by people who have no knowledge of history, but who quote it inaccurately to make an inaccurate point.
Edited by Rufus, 5 Jul 2017, 10:57 PM.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Matthew
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Sydneyite
5 Jul 2017, 10:46 PM
I'll await your apology once again for falsely calling me a liar.
Never happen. I am still waiting for him to apologise to me for stating he wished I would die of cancer and soon.

Kid is off his head. Needs anger counselling and to get away from the internet until he grows up.
Rufus
5 Jul 2017, 10:55 PM
What he probably doesn't know is....
absolutely anything to do with the topic
Edited by Matthew, 5 Jul 2017, 10:56 PM.
My only hope for my three boys is that they turn out nothing at all like Chris.
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