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What is most depressing to me, where do people get the money??? It would take me 30 years of saving to get 500k, that's like 70-80% of my working life. That's

What is most depressing to me, where do people get the money??? It would take me 30 years of saving to get 500k, that's like 70-80% of my working life. That's assuming you don't get sick or lose your job. This metric annoy me because only a fraction of your income can go toward rent or mortgage . You would pay over 100k in interest fees alone on a long term mortgage.

pydry 4y ago
Real incomes cant keep up with compounding, especially when the latter is basically tax free. It's driven by capital gains, not salaries. What's most depressing to me is that the only time a party promised to slow down this madness they were destroyed in an election. People voted for this. The majority voted for this.
- LadyCailin 4y ago
  Yes, why would I vote against my own interests? I am after all a temporarily embarrassed millionaire, rather than a poor person. I’ll get there one day, surely.
jvvw 4y ago
A friend of mine is selling his 1 bed terrace (about £200K) and the prospective buyers are older than they would have been twenty years ago - in their 30s not their 20s is the impression I get. I imagine there are large mortgages too. Possibly some help from parents or inheritances as well. And couples so two salaries.
maccard 4y ago
> What is most depressing to me, where do people get the money?? It would take me 30 years of saving to get 500k, that's like 70-80% of my working life. Mortgages. This is why they exist. > You would pay over 100k in interest fees alone on a long term mortgage. You pay 100k of today's money in interest and fees over the course of 30 years. 100k in 1992 was worth far far more than 100k is worth today.
- 5350-uiop-1130 4y ago
  Yes, because a bank will happily give someone on a 60k salary a 1 million dollar mortgage.
  - maccard 4y ago
    They won't, but they'll give two people on 100k salaries a 1 million dollar morthage

pydry 4y ago

Real incomes cant keep up with compounding, especially when the latter is basically tax free. It's driven by capital gains, not salaries. What's most depressing to me is that the only time a party promised to slow down this madness they were destroyed in an election. People voted for this. The majority voted for this.

LadyCailin 4y ago
Yes, why would I vote against my own interests? I am after all a temporarily embarrassed millionaire, rather than a poor person. I’ll get there one day, surely.

jvvw 4y ago

A friend of mine is selling his 1 bed terrace (about £200K) and the prospective buyers are older than they would have been twenty years ago - in their 30s not their 20s is the impression I get. I imagine there are large mortgages too. Possibly some help from parents or inheritances as well. And couples so two salaries.

maccard 4y ago

> What is most depressing to me, where do people get the money?? It would take me 30 years of saving to get 500k, that's like 70-80% of my working life. Mortgages. This is why they exist. > You would pay over 100k in interest fees alone on a long term mortgage. You pay 100k of today's money in interest and fees over the course of 30 years. 100k in 1992 was worth far far more than 100k is worth today.

5350-uiop-1130 4y ago
Yes, because a bank will happily give someone on a 60k salary a 1 million dollar mortgage.
- maccard 4y ago
  They won't, but they'll give two people on 100k salaries a 1 million dollar morthage