these poor guys, how much do they earned when they have a job? How much do they savedwhen the money are flowing in?
Also who is at fault when the property prices sky rocked during the mining boom?
it is the smart Australians who sold at over inflated prices not asiam.
Kids have to high of expection on what they will get in life. they want new, they want the trimmings now not later.
It took my parents about 2 years after buying their first house to fully furnished their "very old" new home. before that we were renting that includes furniture.
That same bed we bought, I slept in it for 8 years until I left the house and the same bed is still in the same spot and used.
We still have the TV that is in a box setting with it own legs and doors that we can close. It was our first tv and it stopped working long time ago but we kept it as a reminder how well made items were and it was the first item we bought after moving into the House.
In fact, we never had a couch. we sat on the floor and enjoyed free entertainment.
but now days, it kids didnt change their phone within 2 years, it a sin. they eat take out and enjoy the finer things in life. the buy more cloths and throw them out like there is no tomorrow.
about 10 years ago, a close family of mine when to wa for a job that lasted for 3 months and meet a very interesting person.
at the time, the miner was earning 75% of what my family member was earning. both was free of debt and no wife. unskilled V skilled. Dirty work V easy office work.
2 years pass, the miner got a pay rise because he was head hunted. now got a pay rise of 50%, then took a world trip to celebrate. while the other bought a unit.
another 2 years pass this guy got another huge pay rise and by now he is earning 150% of the other guy, still doing the same thing, no wife, no house but about 4 different racing cars of sort and a first class oversea trip every year. well earned and well deserved.
now last year, no longer able to work, barely able to afford his rent and food, where did all the money gone? if he was careful and made meaningful investment, he would have the whole world in his hand.
there is too much free money flowing around for kids now days and they need to learn how to use them wisely. start small, buy somewhere they can afford and built on it.
there is no point screaming for that they cant afford a pad ín the city when they can buy something reasonable for 300k.
