That is properly ****ed up This whole piece is a bit unsettling if you're about to shove young folk into the world http://www.bbc.co.uk/news/magazine-21302065 Your peak earning decade has definitely moved back. Are we heading towards a time where you have the greatest income in your late 50s and 60s but have ****-all while you're bringing up your kids? Is this just a period of settling in to a new average timeline of affluence?
I got on the housing ladder early compared to most of my mates even though I was on ****ty wages at the time. I'd had enough of paying dodgy landlords most of my dosh so went back home until I'd saved enough for a deposit and got a flat in a poorer area than I might have liked but as prices shot up I was able to move on to a bigger place. At the time I needed about £5000 for the deposit and fees but in a recent report it reckoned by 2020 you would need £100,000 as a down payment for a house in London!! Got 2 kids and they both have ISAs and savings accounts so every Christmas and birthday any money they get goes straight into the pot. The hope is that when they get to leaving the nest in 15-20 (30?!!) years or so they will have a decent amout to put towards their first place. It may not be enough for a full deposit but should go some way towards helping. My idea was to be retired by 55 with the mortgage paid off but I'm now looking at at least 65 and would have to use a big chunk of my pension to pay off the remainder of the mortgage and may even have to do a bit of part time down B&Q packing bags to help with the cash flow. What on earth you are meant to do on the minimum or even average wage is beyond me. At present the average wage in the UK is £26,500 and with mortgage companies only allowing 3 times your wage where the hell are you meant to go if you want your own place? It's no good saying you can buy a three bedroom house in Preston for £15,000 when you work in London! If that whore Thatcher hadn't sold off all the Council houses we'd all have affordable places to live. See, it is always her fault!
I'm trying to get something together for the eldest two but I'm prepared for it all to be used going on Uni fees and paying for a halls of residence or something.
Load ay pish. I've been earning £60k + since I was 22. It's only the disenfranchised and the stupid who can't get a decent job.
