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30-40 year-old buyers

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  • 31-10-2014 11:40pm
    #1
    CartHorse
    Banned (with Prison Access) Posts: 51 ✭✭


    It's tough out there.

    - You're on the tip of a demographic bulge: irelandafternama.files.wordpress.com/2012/06/age-profile.jpg
    - You're competing against more professional landlords and speculators than ever before
    - You're competing against more rent allowance recipients than ever before
    - You're competing against double-income couples. Single-income mortgage holders are a tiny minority.
    - You're competing against double-income couples with wealthy parents who have pensions and lump sums and want to see Jonny and Mary "getting on"
    - More of you spend your money on servicing hire purchase car agreements and expensive weekends
    - You are earning a lot less
    - You are working longer hours
    - Your job is less secure
    - Your pension is worth diddly squat
    - You are stuck renting for decades, not just for your bachelor years

    But instead of going on an internet forum and moaning about it, work harder, smarter and change it.


Comments

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    #2
    CartHorse
    Banned (with Prison Access) Posts: 51 ✭✭CartHorse


    I forgot...

    You live in a flat, not a house
    Your square footage has halved
    Your distance from the closest cultural centre has doubled
    You are facing large fertility clinic bills very soon

    On the plus side:
    - you have degrees coming out every orifice
    - your accent has improved
    - you are well travelled
    - you have great Facebook photos


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    #3
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,953 Mod ✭✭✭✭Moonbeam


    What point are you trying to make?


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    #4
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    Moonbeam wrote: »
    What point are you trying to make?
    Don't ask.


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    #5
    DainBramage
    Closed Accounts Posts: 212 ✭✭DainBramage


    OP most estate agents give free Xanax


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    #6
    CartHorse
    Banned (with Prison Access) Posts: 51 ✭✭CartHorse


    Moonbeam wrote: »
    What point are you trying to make?

    That the penny still hasn't dropped with the Pope's Children that they won't be progressing economically like their parents did.

    Some continue in drunken stupor pretending everything will "one day" work out OK. Others will emigrate to "pastures greener", others will end up bitter and disillusioned that they were sold a pup after investing all those years on "training" contracts, when the smart folks were earning proper salaries, saving and investing. Clawing back a lost decade of savings is extremely difficult.

    It's grand living in a shared flat at 40 while dressing like a 20 year-old, but who's going to look after you when you're sick, have nothing saved for retirement, and there are far fewer working young people underneath you to pay your State pension? If your long term strategy is to trust the "state" and sure it will be grand, you are a deluded lemming.


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    #7
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,953 Mod ✭✭✭✭Moonbeam


    I think if anyones long term strategy is this country is to trust the state then they have bigger issues .


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    #8
    lima
    Registered Users Posts: 1,239 ✭✭✭lima


    CartHorse wrote: »
    That the penny still hasn't dropped with the Pope's Children that they won't be progressing economically like their parents did.

    Some continue in drunken stupor pretending everything will "one day" work out OK. Others will emigrate to "pastures greener", others will end up bitter and disillusioned that they were sold a pup after investing all those years on "training" contracts, when the smart folks were earning proper salaries, saving and investing. Clawing back a lost decade of savings is extremely difficult.

    It's grand living in a shared flat at 40 while dressing like a 20 year-old, but who's going to look after you when you're sick, have nothing saved for retirement, and there are far fewer working young people underneath you to pay your State pension? If your long term strategy is to trust the "state" and sure it will be grand, you are a deluded lemming.

    Stop ranting and get on with it then..!


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    #9
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    CartHorse wrote: »
    That the penny still hasn't dropped with the Pope's Children that they won't be progressing economically like their parents did.

    Some continue in drunken stupor pretending everything will "ooapsay" work out OK. Others will emigrate to "pastures greener", others will end up bitter and disillusioned that they were sold a pup after investing all those years on "training" contracts, when the smart folks were earning proper salaries, saving and investing. Clawing back a lost decade of savings is extremely difficult.

    It's grand living in a shared flat at 40 while dressing like a 20 year-old, but who's going to look after you when you're sick, have nothing saved for retirement, and there are far fewer working young people underneath you to pay your State pension? If your long term strategy is to trust the "state" and sure it will be grand, you are a deluded lemming.

    Every point you made has been mirrored in the US. Where most economists agree( which rarely happens) that for the first time ever. That Americans today will have a lower quality of live to that of their parents. But at some stage the rapid increase in quality of live has to slow. Like Ireland the amount of people contributing to social insurance is decreasing per generation.

    Politicians need to stop buying elections in Ireland with give aways to oaps. Its not sustainable for younger generations to keep paying for new tax breaks for oaps. Or new benefits like free water for oaps. It has to stop as its unsustainable


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    #10
    Idioteque
    Registered Users Posts: 627 ✭✭✭Idioteque


    It's tough out there.

    - You have a massive chip on your shoulder

    But instead of going on an internet forum and posting nonsense from your lofty horse, read more, broaden your horizons, don't generalise as much and don't forget to drink more milk...


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    #11
    bidiots
    Registered Users Posts: 1,491 ✭✭✭bidiots


    Idioteque wrote: »
    It's tough out there.

    - You have a massive chip on your shoulder

    But instead of going on an internet forum and posting nonsense from your lofty horse, read more, broaden your horizons, don't generalise as much and don't forget to drink more milk...

    Don't drink milk.


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    #12
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    no point to this thread


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    #13
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    hfallada wrote: »

    Politicians need to stop buying elections in Ireland with give aways to oaps. Its not sustainable for younger generations to keep paying for new tax breaks for oaps. Or new benefits like free water for oaps. It has to stop as its unsustainable

    Ageist trolling or what ? OAP's were the "younger generations" once too you know, and paid their share in taxes and effort appropriate to their time. You need to cast your objectivity net a lot wider if you're going to round up all those who enjoy and advocate what you term "free benefits" at the expense of the taxpayer.- there's loads of them about!
    I agree with you about the "auction politics" but it appears we're in a minority when you look at the rise of the leftist "free everything" proponents in Irish politics. We get the politicians and politics we vote for and it's not only OAPs who support "give away" politics here !


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    #14
    Murt10
    Registered Users Posts: 1,194 ✭✭✭Murt10


    Woodville56 wrote: »
    Ageist trolling or what ? OAP's were the "younger generations" once too you know, and paid their share in taxes and effort appropriate to their time. !



    There is a huge bundle of them that didn't and they are doing an awful lot better from SW than many of those who did. Old age pensioners are coining it compared to the younger generation.

    The single rate for the Old Age Non contributory pension at the moment is E219. If they are a couple they can both claim that amount. So ignoring the freebies -Travel etc. they are getting E438 pw,

    The younger couple living next door may be unemployed. All they will receive is E188 for one person, plus E124.80 for the spouse (plus €29.80 for each child). So if they have no children their income from Socail welfare for a man and wife is E312.80.

    Its totally wrong, but after the beating they took over the medical cards, the Government is afraid to bring more equity to the situation.


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    #15
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    CartHorse wrote: »
    That the penny still hasn't dropped with the Pope's Children that they won't be progressing economically like their parents did.

    Some continue in drunken stupor pretending everything will "one day" work out OK. Others will emigrate to "pastures greener", others will end up bitter and disillusioned that they were sold a pup after investing all those years on "training" contracts, when the smart folks were earning proper salaries, saving and investing. Clawing back a lost decade of savings is extremely difficult.

    It's grand living in a shared flat at 40 while dressing like a 20 year-old, but who's going to look after you when you're sick, have nothing saved for retirement, and there are far fewer working young people underneath you to pay your State pension? If your long term strategy is to trust the "state" and sure it will be grand, you are a deluded lemming.
    I fit right into the demographic as do my friends. All have houses. Many have a few. I bought in 2012 on a single income with a wife and 2 kids. House price is over double what I paid. Many friends are in the same position. A few who were in negative equity having boght earlier have sold in the past few months and turned a profit and are now in larger home in South Dublin.
    Most have good pension plans in place. We all love our foreign holidays which we frequent aswell as holiday homes in wexford.
    In summary your talking rubbish


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    #16
    Victor
    Registered Users Posts: 78,423 ✭✭✭✭Victor


    CartHorse wrote: »
    It's tough out there.

    - You're on the tip of a demographic bulge: irelandafternama.files.wordpress.com/2012/06/age-profile.jpg
    - You're competing against more professional landlords and speculators than ever before
    - You're competing against more rent allowance recipients than ever before
    - You're competing against double-income couples. Single-income mortgage holders are a tiny minority.
    - You're competing against double-income couples with wealthy parents who have pensions and lump sums and want to see Jonny and Mary "getting on"
    - More of you spend your money on servicing hire purchase car agreements and expensive weekends
    - You are earning a lot less
    - You are working longer hours
    - Your job is less secure
    - Your pension is worth diddly squat
    - You are stuck renting for decades, not just for your bachelor years

    But instead of going on an internet forum and moaning about it, work harder, smarter and change it.
    This is a **discussion** forum. Please improve the quality of your posts.

    Moderator


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    #17
    CartHorse
    Banned (with Prison Access) Posts: 51 ✭✭CartHorse


    ted1 wrote: »
    I fit right into the demographic as do my friends. All have houses. Many have a few. I bought in 2012 on a single income with a wife and 2 kids. House price is over double what I paid. Many friends are in the same position. A few who were in negative equity having boght earlier have sold in the past few months and turned a profit and are now in larger home in South Dublin.
    Most have good pension plans in place. We all love our foreign holidays which we frequent aswell as holiday homes in wexford.
    In summary your talking rubbish

    I'm not talking about you specifically. There are winners and losers in every economy. If house price increases earn you more than your salary in 2 years, then best of luck with that. The point I'm making is that today's Pope's children will end up renting for longer (if not forever), end up buying downgraded flats/duplexes and pay more money for the privilege.

    My nephew bought a house around the same time as you and it's gone up about 200k or 300k. My niece is trumpeting that she saves a grand a month, but house price increases are nullifying her modest savings rate.

    Anyway, one thing for sure is that the proportion of the population who are home owners is decreasing. As is the proportion of private house owners (that is, those who don't have to live in communal complexes).


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    #18
    Crumbs868
    Closed Accounts Posts: 438 ✭✭Crumbs868


    ted1 wrote: »
    I fit right into the demographic as do my friends. All have houses. Many have a few. I bought in 2012 on a single income with a wife and 2 kids. House price is over double what I paid. Many friends are in the same position. A few who were in negative equity having boght earlier have sold in the past few months and turned a profit and are now in larger home in South Dublin.
    Most have good pension plans in place. We all love our foreign holidays which we frequent aswell as holiday homes in wexford.
    In summary your talking rubbish

    Whatever about the rest of your post you are deluded if you think you are going to have a 'good' pension when you retire unless you are a civil servant. Those days are long long gone.

    If you are on a company defined benefit expect it to be reformed before you retire (a la Aer lingus / DAA / independent etc etc).

    Being in your mid 30s you would have lost a nice chunk in the crash.

    State pension will probably be 70 when you retire and benefits will be less as the country will be unable to pay current benefits with a smaller workforce funding a larger pool of retirees.


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    #19
    CartHorse
    Banned (with Prison Access) Posts: 51 ✭✭CartHorse


    Crumbs868 wrote: »
    Whatever about the rest of your post you are deluded if you think you are going to have a good pension when you retire unless you are a civil servant.

    Even if he is a civil servant, he's certainly on the "post 1995" scale and probably on the "new entrant" salary scale.


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    #20
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    Crumbs868 wrote: »
    Whatever about the rest of your post you are deluded if you think you are going to have a 'good' pension when you retire unless you are a civil servant. Those days are long long gone.

    If you are on a company contributory expect it to be reformed before you retire (a la Aer lingus / DAA / independent etc etc).

    Being in your mid 30s you would have lost a nice chunk in the crash.

    State pension will probably be 70 when you retire and benefits will be less as the country will be unable to pay current benefits with a smaller workforce funding a larger pool of retirees.

    I pay 3% the company pays 15% I have three rental properties which are on about year 12 of a 20 year mortgage. I think my pension is very good excluding my fall back.


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    #21
    CartHorse
    Banned (with Prison Access) Posts: 51 ✭✭CartHorse


    ted1 wrote: »
    I pay 3% the company pays 15% I have three rental properties which are on about year 12 of a 20 year mortgage. I think my pension is very good excluding my fall back.

    To retire on 50k with a 150k lump sum; which requires a pension pot of about €1.150 million.

    In your case (3%/15% levels), you would need a contributions value of 191k. You should be OK.


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    #22
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    CartHorse wrote: »
    To retire on 50k with a 150k lump sum; which requires a pension pot of about €1.150 million.

    In your case (3%/15% levels), you would need a contributions value of 191k. You should be OK.

    I'lol have no mortgage or rent to pay and have an icons if about 60k I think I'll do just fine


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    #23
    CartHorse
    Banned (with Prison Access) Posts: 51 ✭✭CartHorse


    ted1 wrote: »
    I'lol have no mortgage or rent to pay and have an icons if about 60k I think I'll do just fine

    Aren't you great. Best of luck with the plans.


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    #24
    Crumbs868
    Closed Accounts Posts: 438 ✭✭Crumbs868


    ted1 wrote: »
    I pay 3% the company pays 15% I have three rental properties which are on about year 12 of a 20 year mortgage. I think my pension is very good excluding my fall back.

    using recent pension projections presented to a large multinational, assuming average income for a mid 30s professional chap in dublin earning 85k and assuming 18% contribution for ALL your career you are probable talking about a €30k pension in today's money at 65. Not anything wild to support a couple, especially as health insurance could eat up 10% of that, property taxes etc another grand. Not long going

    3 properties purchased while in your mid 20s....


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    #25
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    Crumbs868 wrote: »
    3 properties purchased while in your mid 20s....

    Structure it right and you once you have one deposit to buy a new build, claim the VAT back and that's the deposit for the second place and do on.


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    #26
    Crumbs868
    Closed Accounts Posts: 438 ✭✭Crumbs868


    ted1 wrote: »
    Structure it right and you once you have one deposit to buy a new build, claim the VAT back and that's the deposit for the second place and do on.

    This is getting more farcical, claiming VAT back on a residential property! you do realise you would then have to charge VAT on your rental income, VAT which 99% of the population can't reclaim and as you can only let at the market value you would effectively have to pay the VAT from your own pocket out of the rent (ie you would only keep 77% of your rent as you would have to pay VAT)

    Now I know know your claims are porkies


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