Are Young People Just Greedy?

[becboo]

No I don't think young people are greedy. They want what we wanted at their age which was excessive to our parents.

I had my first child at 19. Best thing I ever did. Yes we struggled  we had 3 more kids. Still struggled hard. Never promised anything to the kids we couldn't pay cash for.  You ask them and they reckon their childhood was better than their friends.

My kids are 24, 22, 20 and 10. My oldest 2 are currently in Europe have been for 4 weeks now, which they have paid cash for prior to going. And saved spending money. So I passed on good cash flow ideas. Pretty proud of myself.

I also know they have friends whose parents have given them a credit card or control their money / banking so it depends on the parents IMHO.  My kids are horrified that parents do this

[Kit_e_kat9]

It's only an inheritance once your dead and I don't intend to stop living until then I've done my best to give my kids a good start in life, but ultimately the rest is up to them. Once I'm gone they're more than welcome to what is left.

--
Richard.

I'm with you Richard!  I don't expect my parents to leave me anything.  I want them to live their lives to the fullest extent and then leave me with great memories of them doing so.  They've always been there to help me when I required it ... what more should parents do?

Kit_e

[Sicilianmama]

Yeah I think we are just so used to having it all. Like its been said above, it's so easy to get money from the banks. Although it still blows me away that some people don't realize they have to pay it back 
 What I think is a lot of the problem is that people don't alter their expensive lifestyle when taking on a mortgage, so still eat out, buy takeaway, expensive clothes, entertainment etc rather than toning it down and saving a bit of money for a rainy day.
I know a lot people who have put off having kids and also some that will definitely have to go back to work after having kids to upkeep their lavish lifestyle.

[cruisindub]

My wife nd I, 36 and 34.
Quite happy in our basic, buyvery old3 bed house.
all our friends have 4 x2s. Seems its the status, to have a 4x2.
along with the big screen TV,all new furniture, 2 new cars, landscaped gardens etc etc

2 close friends, both renting, both just a couple, no kids, rent 4 x2 houses.
another close friend, rents a 3 bed house. Also no kids, just a couple.
Latest is that they are looking to move, looking to rent a 4x2, they are just a couple
.

We are quite happy with our humble abode of an old house I slowly am renovating myself.
I know how much my mortgage is each week, I would dread to pay what some of our friends must pay tor their all new homes.
Either that, or they are earning dramatically more than my wife and I. Of which we know they don't. How scary it must be each week
 Or is it just credit card to credit card.?

[Bird]

When we have a US style housing bust we'll see who cries the most.

or like this
http://theage.domain.com.au/real-estate-news/home-owners-facing-loan-repayment-disaster-20120708-21pkl.html

[schmik]

Me... 36. So i wouldn't call myself "young and dumb" but I still a fair way off joining the nomads.

I don't understand some young people... everything must be NEW. Holidays must be over seas. There has to be 4 TVs etc etc.

Look at the ring of McMansions around sydney. Brand new houses with 4 bedrooms + study + media room etc etc....on 400m of land.   Brand new cars in the driveway.

I think that there is certainly a culture of instant gratification amongst the young.  Maybe we all just don't learn patient until we are older. Dunno.

mike

[Bird]

Image is all important to some people.

I have a mate who is trying to live a Shipwrecked 1907 Heidsieck Champagne lifestyle on a coles brand lemonade budget... He has all the toys, but no money to use them. New TV comes out, he has to have it yesterday... new phone... 2x Ipads... you name it.. And nothing is your average either, its all top shelf.... and on HP.

[Hairs]

Fake people have an image to maintain, fairdinkum people don't give a rats.
 

[rescue1]

Local Real Estate agent tells me the home I bough 27 years ago for $69,000 is now worth over $400,000. So I asked him how much the house across the road would cost me (its the one we were originally going to buy but were too slow with the deposit). He tells me its worth the same as mine, so the reality is, unless I want to move out of the area I love I've made nothing!

[Bird]

Fake people have an image to maintain, fairdinkum people don't give a rats. 

Sad thing for him is nobody gives a Shit!

[Ricklanga]

Image is all important to some people.

I have a mate who is trying to live a Shipwrecked 1907 Heidsieck Champagne lifestyle on a coles brand lemonade budget... He has all the toys, but no money to use them. New TV comes out, he has to have it yesterday... new phone... 2x Ipads... you name it.. And nothing is your average either, its all top shelf.... and on HP.

Yes, what about whenever a new game console or iPhone comes out people camp out the night before so they can get their hands on one. If they only waited patiently for a few months, they could buy it for way less & hopefully all the bugs will have been sorted by then.

--
Richard.

[austastar]

Hi,
  our first house in 1971 cost 4 years' wage, our second in 1986 cost about the same, but needed some extras like carpet and white goods, curtains etc because we built it.


It scares me when I hear of mortgages that are way more expensive than 4 years' wage, and then more money is spent on expensive toys.


cheers

[GeoffA]

My parents can spend what they want, but if they leave me a bill there will be trouble!!!

....with who?

[Estelle]

The old people who jack up house prices are the ones who are greedy.

I guess you are joking Symon.

Anyone remember the housing loan interest rates of over 12% (early seventies)?  Not easy to pay off the loan!

Our kids are not interested in how much we leave them when we depart. We are told to just enjoy our life while we can. They do 

[dazzler]

anyway why shouldn't baby boomers spend there kids inheritance

Its the attitude -  do what you like with your money - but dont shove it in their faces is all.

I would just about do anything to make my kids life better.  Plus, I actually enjoy spending time with them.  I have quite a few friends who parents dont give their grandkids the time of day and carry on with this tripe. 

I am only in my 40's and all our kids grandparents are dead.  Would have been nice for them to have had them but thats life. 

Give you an example.  Friends have two sets of grandparents.  Both lots have winnebago size campers.  Both have the stickers on the back.  Friends wanted to travel around oz with their three kids.  Any offer to borrow them - not on your life.  Now for me, and I think a lot of my generation, would have offered them straight up.  Just have her clean and filled up when you hand it back.  Thats love IMO. 

I just hope when these selfish b's are old, and sitting in the old peoples home, they wonder why the grandkids dont bother coming around.

Very different generation to the last.

Just annoys me for some reason - dunno why really. 

[dazzler]

I guess you are joking Symon.

Anyone remember the housing loan interest rates of over 12% (early seventies)?  Not easy to pay off the loan!

Our kids are not interested in how much we leave them when we depart. We are told to just enjoy our life while we can. They do 

Just 12?  I thought ours hit 17?

[toeball]

....with who?

Hmm probably didn't think that through.....

You know what I mean though!!

[Estelle]

Just 12?  I thought ours hit 17?

I couldn't remember the maximum of the time.

There was talk that if it hit a certain figure (17.??), the loan could not be paid off, just keep going backwards. I think it went close otherwise it wouldn't have been newsworthy.

If you didn't have a loan at the time you didn't even consider buying, just rent, if you could find it.

[GeoffA]

When we applied for our loan in 1982, rates were 11.5%.
When the loan was approved, they were 12.5%.
Our first payment was at 13.5%.

They grizzle now if rates LEAP 0.25%............

[becboo]

Ok too many oldies coming on here!!
LMAO
No diff in your time than our time than now really. Just the people.
And the dollar which is relevant to the time

Hey no offence intended but each generation complains about the next.

[Symon]

I guess you are joking Symon.

Anyone remember the housing loan interest rates of over 12% (early seventies)?  Not easy to pay off the loan!

No I wasn't joking.  Just looking at interest rate is hardly an apples to apples comparison.  Back then was no more difficult than it is today, one of the many reasons the rate is as low as it is at the moment is the RBA is trying to get house prices back under control, as for the last 30 years prices have increased at a rate higher than CPI and GDP - and that is not good.

[Estelle]

No I wasn't joking.  Just looking at interest rate is hardly an apples to apples comparison.  Back then was no more difficult than it is today, one of the many reasons the rate is as low as it is at the moment is the RBA is trying to get house prices back under control, as for the last 30 years prices have increased at a rate higher than CPI and GDP - and that is not good.

There was not meant to be any relation between the interest rates of years gone by and baby boomers causing the price of houses to rise.

I just thought you were joking as I cannot understand or see any correlation between oldies (baby boomers) and the cost of housing today.

I have heard that 'opinion/idea' mentioned in the past, but never understood it.

I assume you are suggesting baby boomers are buying houses etc as investments and pushing up prices. That would be a rather dubious line of thought and subject to many variables (aren't they all?).

Cheers,
John (baby boomer).

[Paul (SA)]

Most young people today are just after instant gratification. I don't believe they are more or less greedy than any other generation.

I shudder at the amount of credit being thrown to young people these days who may not understand the value of a dollar?

Also think negative gearing should be addressed too. Houses are a basic necessity and to inflate prices through advantageous laws leaves some people out in the cold.

[Bird]

When we applied for our loan in 1982, rates were 11.5%.
When the loan was approved, they were 12.5%.
Our first payment was at 13.5%.

They grizzle now if rates LEAP 0.25%............

I'd love to see todays 'must have it now' people go through this ... I'd piss my pants...

[Aussiecris]

Most young people today
Spend money they don't have, To buy things they don't need, To impress people they don't really like.