Reply to: Gen Z rebellion from the establishment using bitcoin

[GigiBronz]

new generation seem to have become snobs. Perhaps it's partly down to parents working so hard and compensating with material wealth rather than mental wealth.

I am fine with that, in time you realise what actually matters and you start re-focusing your energy on more spiritual things.
But let's be honest, once you spend 10h in an office you won't have the mental stamina to open up a book. But even if you do so, seldom be at the top of your ability.
And if it only provides you with shelter and food why dedicate your entire energy to it? It is definitely not what is bringing you joy?

hey get a job and want a sem-detatched in the 'burbs because that's what the folks have got. They don't remember the terraced house that their parents had first. Reality checks and expectation management are much needed.

University are giving out degrees for loans, no surprise there. Only a few probably still deliver students up to a good standard.
You'd be fortunate to be on a job on 30-40k after graduating.
The 65k is probably 3-4years into the job market and doing quite well. And owning a terraced with that anywhere near London is ONLY A DREAM. still a 600k-700k price tag.

Most of the decent jobs in finance nowadays require a phd. Some of them indeed compensate up to standard but you'd have to be a pretty high flyer to get in there.

Think people lack moral compass, lack structure in life because of how they have been raised.
It is true indeed that the divide between different social backgrounds is getting wider. Parents did not have the time to show the right values to their offspring.
British food culture is an example as well. I should not say this but working class food culture in here is poorer than some parts of eastern Europe.
Eating poorly and "on the go" is considered by some an example of how hard they work. Rubbish.
But also the society is promoting engaging in superficial pleasures like "tinder".
No wonder middle class parent no longer want to have the kids in the same school with those.

Question is, in the light of the BLM protests, which is focused around the same issue but what they are not aware is that we are all in the same boat.
How could we change the world to make it a fairer place.
There are probably 5% of people in this country that are essential to feed the population. We already have shelter because houses are build and are there. Why should people engage in endless activities only to be able to afford food and shelter?
The answer is because if people would be left to their own means society would probably destruct itself. And also there is a category that prides itself in controlling the masses and thrives in luxury and not having any of the offspring do a day of work.
Could there be a better balance there put in place? Or should we go through a deep depression, people starved to death so that the deceiving value of work is enshrined in their minds?
I guess we'll probably find out.

[GigiBronz]

1200 for a non shabby area in London ?? More like 1500

They are doing some amazing things nowadays with kevlar vests. Maybe not very complementing on the figure but pretty safe.

I guess with one of those on you could shave few hundred £ of rent and still feel safe.

It's a no brainier how millionaires recommending millennial to stop eating avocados didn't think of that...?

[LondonManc]

Not sure if the reality is quite there.
I use the "boomer" term only because people seem to react to it, there are a few memes on the subject so there must be something there...

I think that my generation and the following to come are at a disconnect with their motivation and values in life. Things have not turned up how they have been expecting.
And no, just growing a pair, sucking it up is not a solution. I do not want to throw my years away for a dangling carrot that might not be there.

On the "work hard stop complaining" above I would say:
Let's take a fortunate example:
- decent job in London, 65k, you do what you enjoy, that would be about £3850.
assuming you don't have student loans,
decent studio in non stabby area in London is about 1200, bills included £1450.
You have to add food, clothes, financing car, holidays. (some of the jobs would be pretty tulip, you'd need LOTS of holidays and expensive hobbies to get over it)
Your job would be pretty demanding and probably spend 10-12h/day at the desk. You'll eat out a lot more, go out with friends.
I would assume all this would be around 1k/month. Although in reality depending on standards and where you go out... about 2k.

You'll be left with £1400 (in a very fortunate situation.) That is 17k / year.

The average price of a two bed flat in a decent area, that is not a dump, should I say 700k ?
You'd be allowed to take a mortgage 4.5 X your income so about 292 k. for the rest of 407k you'd have to save about 24y years.
And after that commit your whole life to a mortgage, feeling insecure, tied down and ... broke.

Let's say that you have a partner, if you are fortunate she/he will make similarly as you. You'd be able to save 34k/year. (very fortunate case)
You'd still need to save for 12 y before affording to put down a deposit.

I am not considering kids in the equation, other personal circumstances and expenses. Costs associated with buying a property.
Life happens and we all see random events wiping out our savings. It is what it is.

So London is not for you... you definitely cannot afford to live there... you'll have to live in a dump like Basildon, in an expensive, poorly build home.
Surrounded by people that you dislike or even despise.
Spending a significant amount of time of your life commuting to a job that you'd start to despise just because you feel stuck into it.


Please tell me why this should be a reasonable path in life?
How does all this make sense?


Yes, as a contractor it is a different story, you have the option to say no, move on. You have the cash buffer and paid for the risks you are taking.
Permanent roles don't seem to offer anyway the security everyone is thinking they have... you might end up unemployed 3y into the role with 27y mortgage over your head...
But why get stuck in a tulipty permi job, feeling depressed, under-payed, over managed?

I'd rather have the entire day to myself, doing feck all than spin the corporate hamster wheel for peanuts, chasing bonuses that vanish into thin air.
Attending performance reviews that are demeaning and designed to put you in your place not to encourage you to grow?

Am I feeling that this entire system is there to oppress and control us? I did not think that I would say this in the past but I am more and more starting to think so...

You don't NEED lots of holidays. Your were fortunate enough that your parents used holidays as an escape.
You don't NEED a car in London (maybe this year that's changed!) - public transport and deliver services are cheap enough.

Re-prioritise. One two-week holiday and a couple of cheap long weekends should be enough for all but the lazy.

The disconnect is that the new generation seem to have become snobs. Perhaps it's partly down to parents working so hard and compensating with material wealth rather than mental wealth. Perhaps it's partly down to the celeb bling culture where kids of 12 suddenly NEED an iPhone. I wouldn't have trusted a 12-year old me with an iPhone, let alone my parents trusting me with one! Kids don't appreciate the value of money, everyone goes to uni and are told to spend, spend, spend because they'll not have to worry about paying it back unless they've got a decent job.

They graduate (a degree not being the differentiator that it was) and find the market flooded with other candidates in a similar situation. They get a job and want a sem-detatched in the 'burbs because that's what the folks have got. They don't remember the terraced house that their parents had first. Reality checks and expectation management are much needed.

[GhostofTarbera]

1200 for a non shabby area in London ?? More like 1500


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[GigiBronz]

Buy a ticket to Moscow and live there for a few years, or even better - try living 100 km away from Moscow.

Lived in Romania for 20 something years, fortunate that my parents had enough so that the every day life did not get to me in that way.
I was fairly happy there although my views changed in the past few years and no longer consider it home.

I get what you are about, but that is the reason you come here, you want to succeed in life, work hard and be rewarded.
What I find is quite the opposite, a modern feudal system where the rich get richer and poor get poorer. Is it only me?

[AtW]

Buy a ticket to Moscow and live there for a few years, or even better - try living 100 km away from Moscow.

[GigiBronz]

Seems 'boomer' has become the new insult by the younger generation of anyone they consider older and more successful/have more than them. This generation want it all now and think they shouldn't have to put the graft in to earn it.

And they say those of us who grew up in the 80's were bad!

Not sure if the reality is quite there.
I use the "boomer" term only because people seem to react to it, there are a few memes on the subject so there must be something there...

I think that my generation and the following to come are at a disconnect with their motivation and values in life. Things have not turned up how they have been expecting.
And no, just growing a pair, sucking it up is not a solution. I do not want to throw my years away for a dangling carrot that might not be there.

On the "work hard stop complaining" above I would say:
Let's take a fortunate example:
- decent job in London, 65k, you do what you enjoy, that would be about £3850.
assuming you don't have student loans,
decent studio in non stabby area in London is about 1200, bills included £1450.
You have to add food, clothes, financing car, holidays. (some of the jobs would be pretty tulip, you'd need LOTS of holidays and expensive hobbies to get over it)
Your job would be pretty demanding and probably spend 10-12h/day at the desk. You'll eat out a lot more, go out with friends.
I would assume all this would be around 1k/month. Although in reality depending on standards and where you go out... about 2k.

You'll be left with £1400 (in a very fortunate situation.) That is 17k / year.

The average price of a two bed flat in a decent area, that is not a dump, should I say 700k ?
You'd be allowed to take a mortgage 4.5 X your income so about 292 k. for the rest of 407k you'd have to save about 24y years.
And after that commit your whole life to a mortgage, feeling insecure, tied down and ... broke.

Let's say that you have a partner, if you are fortunate she/he will make similarly as you. You'd be able to save 34k/year. (very fortunate case)
You'd still need to save for 12 y before affording to put down a deposit.

I am not considering kids in the equation, other personal circumstances and expenses. Costs associated with buying a property.
Life happens and we all see random events wiping out our savings. It is what it is.

So London is not for you... you definitely cannot afford to live there... you'll have to live in a dump like Basildon, in an expensive, poorly build home.
Surrounded by people that you dislike or even despise.
Spending a significant amount of time of your life commuting to a job that you'd start to despise just because you feel stuck into it.


Please tell me why this should be a reasonable path in life?
How does all this make sense?


Yes, as a contractor it is a different story, you have the option to say no, move on. You have the cash buffer and paid for the risks you are taking.
Permanent roles don't seem to offer anyway the security everyone is thinking they have... you might end up unemployed 3y into the role with 27y mortgage over your head...
But why get stuck in a tulipty permi job, feeling depressed, under-payed, over managed?

I'd rather have the entire day to myself, doing feck all than spin the corporate hamster wheel for peanuts, chasing bonuses that vanish into thin air.
Attending performance reviews that are demeaning and designed to put you in your place not to encourage you to grow?

Am I feeling that this entire system is there to oppress and control us? I did not think that I would say this in the past but I am more and more starting to think so...

[Whorty]

Nah - I get to spend the cash and all their whining about how hard their life is because of the older generation is repaid.

note my kids are pretty good abut this but it does seem to be a common complaint.

Seems 'boomer' has become the new insult by the younger generation of anyone they consider older and more successful/have more than them. This generation want it all now and think they shouldn't have to put the graft in to earn it.

And they say those of us who grew up in the 80's were bad!

[Whorty]

Whose debt are you talking about? Gen -z and Millennials do not have any assets only liabilities. Apart from student loans and credit cards to be able to stay afloat.

There goes that chip on your shoulder again, and the "but I deserve more" attitude.

At your age, those boomers and gen-x you're complaining about were in the same position as you are today. The only asset I had was a second hand car (which was worth nothing). I was renting. I was working for a multi-national and doing the kind of work you think you're too good to do. When you grow up you'll realise that each generation feels like this about the previous generation and that it's not the previous generation's fault.

Grow up fella, get your head down, work hard and come back in 10 years time and tell us how you feel then

[DoctorStrangelove]

And Putin is paying for RT to save you from being brainwashed by evil BBC

It really is amazingly generous of him.

[AtW]

If the government forcibly removes wealth from the Baby-Boomers, Millenials will find themselves saddled with huge care home costs. It's a lose-lose situation.

Not with Covid it ain't...

[AtW]

It has some radical ideas but is a bit more realist. How about the rest of outlets that you pay TV license to be brain-washed?

And Putin is paying for RT to save you from being brainwashed by evil BBC

[vetran]

Either that or they use equity release and the next generation inherits feckall - a lose/lose/lose situation.

Nah - I get to spend the cash and all their whining about how hard their life is because of the older generation is repaid.

note my kids are pretty good abut this but it does seem to be a common complaint.

[LondonManc]

If the government forcibly removes wealth from the Baby-Boomers, Millenials will find themselves saddled with huge care home costs.

It's a lose-lose situation.

Either that or they use equity release and the next generation inherits feckall - a lose/lose/lose situation.

[BlasterBates]

Whose debt are you talking about? Gen -z and Millennials do not have any assets only liabilities. Apart from student loans and credit cards to be able to stay afloat.
They are in the equation just to prop-up the system for the previous generation so that they can retire.
Think it is only about time but unless there is a massive innervation from the gov(ideological) there will be a divergence at some point in time...

How about the pensions? The well advertised private pensions that are now vested in the indices and in the hands of the financial elites. When does will be significantly less, who will foot the bill for the older generation?

If the government forcibly removes wealth from the Baby-Boomers, Millenials will find themselves saddled with huge care home costs.

It's a lose-lose situation.