Mortgages

[IDVortex]

Just read a piece published by Morgan Stanley’s wealth group. They made an interesting point that the lower 2/3 of the U.S. population is being stressed financially having run out of COVID stimulus money and have been spending heavily on credit and now credit cards and auto loans are increasingly going past due. Unemployment/job cuts are also increasingly stressing this sub-set of the population.

I feel the next "crash" like folks talk of the 08/10 crash will be more to do with CC and auto loans. But, I'm just a retard who doesn't own a home take what I say as a grain of salt.

 

[maxx075]

I'm just sitting here hoping the entire system comes crashing to the ground.

 

[IDVortex]

I'm just sitting here hoping the entire system comes crashing to the ground.

Same, but I also want the world to catch on fire, so I can sit back and watch it burn.

 

[maxx075]

Same, but I also want the world to catch on fire, so I can sit back and watch it burn.

I'll bring some beer

 

[ddd-shooter]

I'm just sitting here hoping the entire system comes crashing to the ground.

I’ve said for years, if you don’t give young people hope, this is what will eventually be the prevailing thought.
And a terrible thought it is. What do you suggest we replace it with?
But, young people just don’t feel like they can get ahead. And I get it. And if you don’t feel like you will ever make it, why not burn it down? For the first time in American history, we have a generation that might not do better than the ones before it. Their parents certainly believe for the first time ever that their children won’t have it as good as they did.

I hope that’s not the case.

 

[IDVortex]

I’ve said for years, if you don’t give young people hope, this is what will eventually be the prevailing thought.
And a terrible thought it is. What do you suggest we replace it with?
But, young people just don’t feel like they can get ahead. And I get it. And if you don’t feel like you will ever make it, why not burn it down? For the first time in American history, we have a generation that might not do better than the ones before it. Their parents certainly believe for the first time ever that their children won’t have it as good as they did.

I hope that’s not the case.

If I'm ever blessed to have children, I actually still have hope they can go far in life, I just hope society isn't going to corrupt them and wreck them. I'm not terribly worried on the market, it's society I'm scared of. And in some ways, if I don't have kids, I'll be happy so they don't have to live in it.

 

[Jon Boy]

Haven’t read all the posts on this thread so forgive me if it’s mentioned. If you can’t do 20% down do the absolute minimum. I’ve never owned a piece of real estate that I haven’t sold or refinanced within 5 years. I’m always wheeling and dealing. There’s no point to ditch cash that you don’t have to. You can take your extra cash and do a diy remodel and get some equity to ditch the PMI. Cash is king. I’ll gladly pay $100/month for PMI if it keeps 10 or 20k in my pocket

 

[Jon Boy]

Haven’t read all the posts on this thread so forgive me if it’s mentioned. If you can’t do 20% down do the absolute minimum. I’ve never owned a piece of real estate that I haven’t sold or refinanced within 5 years. I’m always wheeling and dealing. There’s no point to ditch cash that you don’t have to. You can take your extra cash and do a diy remodel and get some equity to ditch the PMI. Cash is king. I’ll gladly pay $100/month for PMI if it keeps 10 or 20k in my pocket

 

[MattB]

I’ve said for years, if you don’t give young people hope, this is what will eventually be the prevailing thought.
And a terrible thought it is. What do you suggest we replace it with?
But, young people just don’t feel like they can get ahead. And I get it. And if you don’t feel like you will ever make it, why not burn it down? For the first time in American history, we have a generation that might not do better than the ones before it. Their parents certainly believe for the first time ever that their children won’t have it as good as they did.

I hope that’s not the case.

I feel like the current young generation is the first in American history whose quality of living won’t exceeds their parent’s. And I hate to sound like a boomer, but I think a decent % have been raise in a way that they won’t take it well.

Just looking at the comments on this thread by some who want to buy a house but have demonstrated they don’t have the financial discipline to put themselves in a situation to do so (e.g. carrying car loans an credit card debt), I think there is going to be a high degree of frustration.

 

[maxx075]

I have been priveleged to obtain a (fairly) well paying job, get some inheritance from my grandfather that paid off my student loans and left enough for a decent amount in savings, have over 100k in my 401, and still feel like purchasing a house in any area that has jobs is out of reach. Or at least a stretch.

 

[MattB]

If I'm ever blessed to have children, I actually still have hope they can go far in life, I just hope society isn't going to corrupt them and wreck them. I'm not terribly worried on the market, it's society I'm scared of. And in some ways, if I don't have kids, I'll be happy so they don't have to live in it.

I live in an area with a ton of first generation immigrants (Silicon Valley) who come here and realize the sky is the limit for those work smart and hard. I think that is referred to as the American Dream.

The opportunity is there equally, but honestly I feel like many multi-generational Americans teach their kids that they should expect it, rather than that it is available to them if they work for it. As a result they get out-competed by those who came from poverty and are willing to work harder to aspire for the American dream.

Or those kids were liberal arts majors. One or the other.

 

[IDVortex]

I live in an area with a ton of first generation immigrants (Silicon Valley) who come here and realize the sky is the limit for those work smart and hard. I think that is referred to as the American Dream.

The opportunity is there equally, but honestly I feel like many multi-generational Americans teach their kids that they should expect it, rather than that it is available to them if they work for it. As a result they get out-competed by those who came from poverty and are willing to work harder to aspire for the American dream.

Or those kids were liberal arts majors. One or the other.

I don't disagree with you on that at all. The American dream is still there. It is harder to get now imo though, but still there. My generation and the newer ones just don't have the drive most of the time to get it. Getting our wealth by being a influencer is more of a exciting and easy career vs going and being a plow driver, plumber, electrician, business owner, etc.

 

[SDHNTR]

There is too much horseshit fatalistic attitude on this thread. This is still the US of freakin A! Enough with the victim mindset. Good things don’t just happen, they are made to happen!

 

[IDVortex]

There is too much horseshit fatalistic attitude on this thread. This is still the US of freakin A! Enough with the victim mindset. Good things don’t just happen, they are made to happen!

That's why our politics are shit, because bad things happen.

 

[Fowl Play]

There is too much horseshit fatalistic attitude on this thread. This is still the US of freakin A! Enough with the victim mindset. Good things don’t just happen, they are made to happen!

Hey, at least we’ve book ended the extremes during the offseason. One thread where they hope the world burns so they can finally afford a house and another thread where they want to take equity out of the house to go on a sheep hunt.

Just a joke, I am understanding of those frustrated with what the housing situation is now.

 

[Marble]

I have been priveleged to obtain a (fairly) well paying job, get some inheritance from my grandfather that paid off my student loans and left enough for a decent amount in savings, have over 100k in my 401, and still feel like purchasing a house in any area that has jobs is out of reach. Or at least a stretch.

Don't sell yourself short. The only thing I would consider being privileged is the inheritance. That generally is a sign of good decision-making by older people in your family that generally is passed down. And it sounds like it was. You made the decisions to get a good job, save money for retirement, and pay off debt, only to desire to have a home. You've done well! Be proud and know you are where you are in life because of the decisions you have made.

Sent from my SM-S918U using Tapatalk

 

[Ucsdryder]

I live in an area with a ton of first generation immigrants (Silicon Valley) who come here and realize the sky is the limit for those work smart and hard. I think that is referred to as the American Dream.

The opportunity is there equally, but honestly I feel like many multi-generational Americans teach their kids that they should expect it, rather than that it is available to them if they work for it. As a result they get out-competed by those who came from poverty and are willing to work harder to aspire for the American dream.

Or those kids were liberal arts majors. One or the other.

Hey! I resemble that remark. I got a sociology degree from a california UC. I don’t think I’m a **** up… new poll.

 

[HuntHarder]

It's never too late to look in the mirror and realize you need to make big changes to achieve your desired outcome. I see guys in their mid 40's, starting over with a new career that is known as a "young man's game" and succeeding often.

 

[MattB]

Hey! I resemble that remark. I got a sociology degree from a california UC. I don’t think I’m a **** up… new poll.

About skinny jeans?

 

[IDVortex]

It's never too late to look in the mirror and. Realize you need to make big changes to achieve your desired outcome. I see guys in their mid 40's, starting over with a new career that is known as a "young man's game" and suceeding often.

Truth, I'm looking at and trying out LE, my SIL has encouraged me to look into nursing which I'm looking at, or to stay more in my field is go get my construction management degree and try for construction management jobs. Would hate that work I presume, but it would help with the money side of life to try and really set us up long term.