this post was submitted on 01 Oct 2023
749 points (98.6% liked)
Personal Finance
3802 readers
1 users here now
Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!
Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
The problem is there is inflation, high interest rates, house prices increasing rapidly, skyrocketing rent and wages staying stagnant. If you try to save money for 30 years in hopes of buying a home, it would be a difficult prospect currently. In my area, most of the friends that are renting are paying 2000+ in rent. I pay 1300 for my mortgage. If I had started saving when I bought my house, I still wouldn’t have enough and my house is now worth 3X what I paid for it. I don’t know where you are from but you clearly don’t understand the current situation in the US.
Tell your friends to move in as roommates and instead of paying 2000 on rent, they pay 1000 each. Invest the difference.
I didn’t have to do that 15 years ago. By your logic, 45 years from now people just have to accept living with 7 other people to be able to afford to someday buy a home. You’re are just moving the goal posts so you can continue blaming the people for a situation caused by corporations and the rich.
Ah but we did have to split rent 5 ways in the late 80s, just to barely get by. Nice that you didn't have to but we did. The difference is that we knew it was possible to do better - used that time to go to school and get a degree that got me a different job and more money.
And technically even now, splitting the mortgage with husband. One income would not get close to covering the bills.
Arguing for social change should not keep one from offering advice on surviving the current situation and getting ahead. Roommates are a time honored way of getting by.
Which do you think will improve your life more, blaming the rich and staying broke, or making a temporary sacrifice to save money?
Last time I checked, you could try to make changes to society and save money at the same time. How much has posting on the internet blaming average people for their problems improved your life? Which do you think will improve your life more, arguing with someone over the internet or getting a second job with your extra time?
I agree, you can and should both save money and try to fix society. I offered you a suggestion to save money and you got mad because I forgot to add the obligatory "eat the rich" clause.
No you offered the old “kids these days could afford a house if they stopped going to Starbucks and eating avocado toast.” You aren’t addressing all the other problems. Saving money by itself won’t get you to a house anymore. That is the problem.
Saving money is literally the only way to get a house. Let's say you got a roommate and saved $800 a month. That's almost $10k a year. You will get even more if you invest that money, too. Do that for a few years and you'll have a down payment for a house.
Shhh ... people don't want to hear common sense on the Internet. They just want a place to complain that "life isn't fair" because you have to give up one thing to get something else.