Increase in population renting... ticking time bomb?

Wanderer78

tom1ie wrote:

Lol! Good man. I couldn't be further from the left, I've just got a healthy dose of common sense. Plus I'm reading the money doctor. I highly recommend it for the likes of you.

What's the crack with the money doctor?

tom1ie

Wanderer78 wrote: »

What's the crack with the money doctor?

It's a book by john Lowe. He's an independent financial adviser. His main rule being get yourself out of debt first and foremost and stop paying banks a shot load of interest.
I highly recommend it.

Wanderer78

tom1ie wrote:

It's a book by john Lowe. He's an independent financial adviser. His main rule being get yourself out of debt first and foremost and stop paying banks a shot load of interest. I highly recommend it.

Ah shur, our modern monetary system is just a scam of debt loading society and pure wealth extraction. Thanks

tom1ie

Wanderer78 wrote: »

Ah shur, our modern monetary system is just a scam of debt loading society and pure wealth extraction. Thanks

A sustainable level of debt is what is required for capatilisim to work and work well. But the model we have in the country at the moment is asset stripping and imprisoning the working and middles classes via massive mortgage debt plus cc loans personal loans top up loans quick loans etc.

handlemaster

tom1ie wrote: »

Wanderer78 wrote: »

Ah shur, our modern monetary system is just a scam of debt loading society and pure wealth extraction. Thanks

A sustainable level of debt is what is required for capatilisim to work and work well. But the model we have in the country at the moment is asset stripping and imprisoning the working and middles classes via massive mortgage debt plus cc loans personal loans top up loans quick loans etc.

This is absolute rubbish. I dont know any other country where you can borrow hundreds of thousands of euro for a home not pay a cent and remain there for years. Adults need to be responsible for their loans. We dont have that here. Asset stripping ! ! Nonsence during the bust. . You remember the country was broke ? No one wanted to buy our property or debt. Those that did place their confidence in our broke ass economy took a hugh risk. I didnt here many complaining then. Accept it and move on. If your not happy with the country the way it is run step out from hind the keyboard and run for election.

tom1ie

handlemaster wrote: »

This is absolute rubbish. I dont know any other country where you can borrow hundreds of thousands of euro for a home not pay a cent and remain there for years. Adults need to be responsible for their loans. We dont have that here. Asset stripping ! ! Nonsence during the bust. . You remember the country was broke ? No one wanted to buy our property or debt. Those that did place their confidence in our broke ass economy took a hugh risk. I didnt here many complaining then. Accept it and move on. If your not happy with the country the way it is run step out from hind the keyboard and run for election.

This isn't just my opinion. It's a well known principle that if you want financial freedom then pay down your debts.
But how are people supposed to gain that if they have massive debts? They need to take on massive debt because houses are so expensive. Houses are so expensive because of a myriad of reasons not just supply and demand. Developers landowners and government are profiteering

Houses are expensive currently. They might well not be in a few years time. Who knows.

Folks who stick to the lending rules etc and don't go chasing exemptions will likely be ok longterm, if they are willing to put the shoulder to the wheel of course, it's not easy.

tom1ie

tom1ie wrote: »

This isn't just my opinion. It's a well known principle that if you want financial freedom then pay down your debts....

Indeed.
I'm currently overpaying my mortgage by 66% a month.

tom1ie

Augeo wrote: »

Indeed.
I'm currently overpaying my mortgage by 66% a month.

Yeah I'm currently doing the same. I'm in the lucky position that I bought at the bottom of the market and can afford to overpay, however many many others can just about afford to pay as is. What'll happen when interest rates rise. (rhetorical question 😀)

Well 5 & 10 year fixed rates are available now at not too bad rates so I won't be sympathetic to any moaners who don't fancy taking the fixing risk.

Graham

Mod Note

off-topic posts deleted.

tom1ie

Augeo wrote: »

Well 5 & 10 year fixed rates are available now at not too bad rates so I won't be sympathetic to any moaners who don't fancy taking the fixing risk.

Yeah Ulster banks 2 Ur fixed at 2.3% is very good. 1500 towards switching. Anyone who doesn't switch is a fool/ lazy bastard. I've switched twice now and probably will again.

ELM327

AndrewJRenko wrote: »

How about the people in the jobs where they would need to be working for about 300 years to repay a mortgage? You know, minimum wage work like childcare, elder care, retail and hospitality? You're going to suggest that they should work harder to earn more, right? The problem is that the minimum wage role doesn't go away. As long as we've decided that looking after our children and our parents has minimal value, those roles are still going to be there - so where would you suggest those people are going to live?

Retrain, reskill, upskill, educate, invest in future.
I'd love to not work or work a basic job but it's not viable.
I'm looking to pay down my mortgage, build up my investment portfolio and wait until more private LL exit the rental market before returning to property investment.

tom1ie wrote: »

Lol! Good man. I couldn't be further from the left, I've just got a healthy dose of common sense. Plus I'm reading the money doctor. I highly recommend it for the likes of you.

Your posts are very much left wing socialism.
Anti high earners, anti profit, anti large companies. You expect them to fund the lower earners and non earners through free/discounted housing.


If you do not identify as left wing right now then you have some thinking to do IMO.


I suggest this site as an interesting barometer.
https://www.politicalcompass.org/test


Here's my result
https://www.politicalcompass.org/yourpoliticalcompass?ec=7.13&soc=6.15

AndrewJRenko

ELM327 wrote: »

Retrain, reskill, upskill, educate, invest in future.
I'd love to not work or work a basic job but it's not viable.

You really wouldn't love it, but regardless, after the reskill, retrain, upskill, what happens to the people who then replace the people in the minimum wage roles. We're always going to have minimum wage work, so where do you expect them to live?

ELM327

AndrewJRenko wrote: »

You really wouldn't love it, but regardless, after the reskill, retrain, upskill, what happens to the people who then replace the people in the minimum wage roles. We're always going to have minimum wage work, so where do you expect them to live?

Cut your cloth according to your means.
Share a house (I did it in my late teens and early twenties).


Then those people who replace the initial ones who upskilled, can do the same themselves (upskill)


Minimum wage jobs for the most part should be cyclical, and a way of providing the basis for living while you better yourself.

This attitude of "if you don't work your b****x off to get to the top you deserve nothing" is frightening. Not everyone can be an executive on a six figure salary. I would argue that many of the low paid workers such as care assistants deserve high pay far more than any office worker.

The issue is that housing is a basic necessity and it has become completely unaffordable for the younger generation. Someone on an average wage should be able to afford an average property that's not a million miles away from their workplace. The current situation is a result of greed, plain and simple.

The_Conductor

Flying Fox wrote: »

The current situation is a result of greed, plain and simple.

The current situation is a result of a lack of joined up planning/thinking- alongside a regulatory environment in the construction industry that effectively means Ireland is the most expensive country in the EU to construct residential property in. Also- everyone wants to live in Dublin (and to a lesser extent Cork and Galway- and a few other cities)- but no-one wants to acknowledge that the plausible manner of giving in to this wish- is high density residential developments. Instead we have artificially low rise decreed as the law for Dublin- and good luck to anyone who wants to rock the boat.

Its not greed by any means- its complete and utter incompetence, period.

Wanderer78

The_Conductor wrote: »

The current situation is a result of a lack of joined up planning/thinking- alongside a regulatory environment in the construction industry that effectively means Ireland is the most expensive country in the EU to construct residential property in. Also- everyone wants to live in Dublin (and to a lesser extent Cork and Galway- and a few other cities)- but no-one wants to acknowledge that the plausible manner of giving in to this wish- is high density residential developments. Instead we have artificially low rise decreed as the law for Dublin- and good luck to anyone who wants to rock the boat.

Its not greed by any means- its complete and utter incompetence, period.

partly agree, but we still need to address the issues within our financial sector, which also plays a critical role in the price of housing

Wanderer78

Wanderer78 wrote: »

partly agree, but we still need to address the issues within our financial sector...........

What are they.

The current issue is supply is not meeting demand, nothing to do with the financial sector.

Wanderer78

Augeo wrote: »

What are they.

The current issue is supply is not meeting demand, nothing to do with the financial sector.

so all those economic commentators who explain in detail, how our interaction with our financial sector have lead us to this point, some of which hold positions of professorship, must be wrong then?

ELM327

Flying Fox wrote: »

This attitude of "if you don't work your b****x off to get to the top you deserve nothing" is frightening. Not everyone can be an executive on a six figure salary. I would argue that many of the low paid workers such as care assistants deserve high pay far more than any office worker.

The issue is that housing is a basic necessity and it has become completely unaffordable for the younger generation. Someone on an average wage should be able to afford an average property that's not a million miles away from their workplace. The current situation is a result of greed, plain and simple.

The rate of pay is set by the open market, or simply put how many people can do the job, and what they are willing to accept as remuneration.
I work in an office and would not take 3 times my salary to work in care. (I know the realities, my partner used to work in care). But obviously some people are happy to accept that wage for that work and meet the required level of care staffing,


Housing is a necessity, I abhor the idea of anyone becoming homeless that isnt a junkie or serious criminal etc, and give generously to the simon community and the SvP charities.
However, owning a house is most certainly not a necessity. Nor is providing a house for those who opt to work in low skilled low paid jobs without progressing themselves. And absolutely if you refuse a council house you should be permanently on the blacklist.


But this is getting somewhat off topic IMO.

ELM327

Wanderer78 wrote: »

so all those economic commentators who explain in detail, how our interaction with our financial sector have lead us to this point, some of which hold positions of professorship, must be wrong then?

Can you form your own fact based opinion on anything, or is "read this" your answer to everything?

Wanderer78

ELM327 wrote: »

Can you form your own fact based opinion on anything, or is "read this" your answer to everything?

well people are always asking for a link to this and a link to that, what do you base your own opinions on, its hardly others opinions would it?

Wanderer78

Wanderer78 wrote: »

so all those economic commentators who explain in detail, how our interaction with our financial sector have lead us to this point, some of which hold positions of professorship, must be wrong then?

They might well be.
They are quite likely captain hindsights throwing in some guessing. What are their credentials btw? Are their views even specific to the Irish economy or are they US commentators and you are drawing parallels.

I asked a question and you haven't answered it.

I have no idea what commentators you are referring to but I'm fairly sure I don't read or subscribe to their hogwash.

ELM327

Wanderer78 wrote: »

well people are always asking for a link to this and a link to that, what do you base your own opinions on, its hardly others opinions would it?

I base my opinions on facts. Not hearsay and bunkum.
Certainly most financial advisors have been wrong at some point in their career. If you're relying on them when they are wrong you're screwed.

AndrewJRenko

ELM327 wrote: »

Cut your cloth according to your means.
Share a house (I did it in my late teens and early twenties).


Then those people who replace the initial ones who upskilled, can do the same themselves (upskill)


Minimum wage jobs for the most part should be cyclical, and a way of providing the basis for living while you better yourself.

Have you tried this conversation with real people? Have a chat with the middle aged or indeed elderly cleaner in your office and explain to them how they should be 'bettering themself'. Please report back on the outcome of the conversation, ideally with photos of your bruises.

And try explaining to the 50-something grandparent who is caring for her parents and her grandchildren (since her child died from an OD) how she should be living in a house-share while she upskills.

Wanderer78

Wanderer78 wrote: »

well people are always asking for a link to this and a link to that, what do you base your own opinions on, its hardly others opinions would it?

I asked what are the issues within our financial sector contributing to the current situation, which I stated is supply not coming close to meeting demand.

AndrewJRenko

AndrewJRenko wrote: »

Have you tried this conversation with real people? Have a chat with the middle aged or indeed elderly cleaner in your office and explain to them how they should be 'bettering themself'. Please report back on the outcome of the conversation, ideally with photos of your bruises.

And try explaining to the 50-something grandparent who is caring for her parents and her grandchildren (since her child died from an OD) how she should be living in a house-share while she upskills.

Some folk no doubt miss the boat on upskilling.
Folk who have kids who die of an OD are quite likely already living in social housing to be fair .......... let's call a spade a spade.
The middle aged cleaners where I am at the moment both live in 3 bed terraced houses in D24 (forever homes, they got them in their 20s back in the late 80s). They reckon I'm mad to be paying a mortgage and that a grand or more a month on a mortgage is total lunacy.

Wheeliebin30

Look, building 100s of thousands of social housing by the government and paying the maintenance etc just isn’t sustainable anymore,

Yes the government did it in the past but it just can’t afford the burden anymore.

60 million euro is owed to the council in rent arrears.

Wheeliebin30

Wheeliebin30 wrote: »

Look, building 100s of thousands of social housing by the government and paying the maintenance etc just isn’t sustainable anymore,.......

Indeed.
It might take a few more decades for folk to realise that and for "behaviour" for want of a better word to change. But getting your name on the housing list isn't and shouldn't be a tactic of housing you and yours.