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You have to understand unlike in Europe. We have no safety net. Most peoples whole savings is their home. So owning your home is a big part of having something

by DonnyV 2y ago

You have to understand unlike in Europe. We have no safety net. Most peoples whole savings is their home. So owning your home is a big part of having something to retire on and pay bills.

BytesAndGears 2y ago
Actually, very common in some European countries as well. In the Netherlands, you aren’t taxed on your primary residence, but all other wealth has an approximately 2% annual wealth tax. This makes it challenging to accumulate wealth through any means other than a primary residence, which was many of my coworkers’ primary way of saving. Granted, they also have mandatory pensions, which can give you a good income in retirement, but that’s different than wealth accumulation
dukeyukey 2y ago
> We have no safety net Bullshit. American unemployment pays consdeirably more than UK unemployment. Throw on food stamps and housing assisitance on there, and the US might still be below the more generous European countries, but you definitely have a safety net. > unlike in Europe... So owning your home is a big part of having something to retire on and pay bills So what, like the UK? And Ireland? And argaubly all of Europe east of Germany and in Scandinaivia, all places where home ownership is comparable or greater than the US?
- DonnyV 2y ago
  Unemployment is different in every state and is pretty short. I know in NJ its only for 26 weeks. Plus this isn't used for retirement. Have you ever tried getting food stamps or housing. Lets just say its not very easy. Also its setup so that as soon as you start getting a little ahead its taken away. So you end up right back where you started.
  - dukeyukey 2y ago
    New Jersey unemployment is 60% of your weekly earnings to a max of $713. UK unemployment (called Jobseeker's Allowance) is up to £90.50/week. $115.30 in dollars.
NikolaNovak 2y ago
Oh I've lived in Canada for 25 years now and I see that around me... It just isn't something I've embraced though. There's a almost religious faith that houses can only go up, and I've lived through enough interesting times and places not to believe it for a moment (as has anybody over 60 on Canada as well).

by DonnyV 2y ago

You have to understand unlike in Europe. We have no safety net. Most peoples whole savings is their home. So owning your home is a big part of having something to retire on and pay bills.

BytesAndGears 2y ago

Actually, very common in some European countries as well. In the Netherlands, you aren’t taxed on your primary residence, but all other wealth has an approximately 2% annual wealth tax. This makes it challenging to accumulate wealth through any means other than a primary residence, which was many of my coworkers’ primary way of saving. Granted, they also have mandatory pensions, which can give you a good income in retirement, but that’s different than wealth accumulation

dukeyukey 2y ago

> We have no safety net Bullshit. American unemployment pays consdeirably more than UK unemployment. Throw on food stamps and housing assisitance on there, and the US might still be below the more generous European countries, but you definitely have a safety net. > unlike in Europe... So owning your home is a big part of having something to retire on and pay bills So what, like the UK? And Ireland? And argaubly all of Europe east of Germany and in Scandinaivia, all places where home ownership is comparable or greater than the US?

DonnyV 2y ago
Unemployment is different in every state and is pretty short. I know in NJ its only for 26 weeks. Plus this isn't used for retirement. Have you ever tried getting food stamps or housing. Lets just say its not very easy. Also its setup so that as soon as you start getting a little ahead its taken away. So you end up right back where you started.
- dukeyukey 2y ago
  New Jersey unemployment is 60% of your weekly earnings to a max of $713. UK unemployment (called Jobseeker's Allowance) is up to £90.50/week. $115.30 in dollars.

NikolaNovak 2y ago

Oh I've lived in Canada for 25 years now and I see that around me... It just isn't something I've embraced though. There's a almost religious faith that houses can only go up, and I've lived through enough interesting times and places not to believe it for a moment (as has anybody over 60 on Canada as well).