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Great work!
So based on what you are stating to be true, tell me how you believe there are young people succeeding? I am dying to know your theory on this, honest question, I am not trying to be smart.
The ongoing mantra of "it used to be so much easier to make a living" is irrelevant, even if it is true. It will never be the 1990s again, the reality of life is now ongoing. Thinking your lack of prosperity is due to being born in less prosperous times is diverting blame and clouding the issue. You can't get ahead, that's on you nobody else, plenty of people are. And what happened 30 years ago has no bearing on the current. I guess saying people used to have it easier years ago makes not being able to achieve an easier pill to swallow perhaps.
HUD (FHA/VA) and Fannie Mae and Freddie Mac aren’t legit lenders in your opinion?
With no other deb at $40/hour and 40 hours a week any of them would approve someone with good credit up to a payment of about $3200. (47% DTI))
The Shop
Luxon 4-Post Bar Mounts
$189.95 - $239.95
DeCal Works Huge Plastic Inventory of UFO and Polisport kits.
Well, even my rough neck coal miner/oil field working brothers/cousins/friends (none of whom have college educations some of whom didn’t even graduate high school), who all own homes, drive nice trucks and buy new dirt bikes every other year or so, disageee with you…not to mention the hundreds of people I work with every day professionally who are buying homes in their 20’s who are figuring out a way to make things work financially for themselves….IF you don’t believe in a bright future for yourself and believe you can’t accomplish all your financial goals, I feel bad for you. It may not be as easy as it once was, but it’s incredibly possible. Most will make excuses…some will figure it out and do what it takes.
That’s a pretty high dti ratio. There is always other debt and bills too. Barney Frank did a real number on Fannie & Freddie if you remember correctly.
FHA will go to 57% max back end DTI with a 47% front end (housing) ratio. so you could get that mortgage payment and still have other debt…and do it with DPA programs to have no money out of pocket, or with as little as 3.5% down…
One of the higher cost is entry to the ride parks, I'm not saying we're being ripped off. Insurances and running costs have sky rocketed.
Thank you. The many people I know in their 20s who are doing well work hard no doubt, but nobody ever said anything worthwhile needs to be easy. And none of them give a fuck about what the economy was like 30 years ago, they are too busy looking forward.
Yeah people complain about the high interest rates now…my first house was at 8% and it was an adjustable rate with a 3 year ballon to get that…was crazy and when rates dropped to 6% you had to refinance as they would never be getting that low again! Crazy that the current administration is dead set on lowering rates, just going to juice up prices…
2 words: Family Money.
I'm 33 and I make decent money.
I have friends who live on Golf courses, own 100,000$ plus boats, drive expensive trucks, they all have one thing in common. They got put on by their parents or in-laws.
"It may not be as easy as it once was"
Fuck man, that's all we were trying to say. It's not one person's fault, it's just how it is
So, if you have a hard time now, it's your parents fault?
How did you come to that conclusion after reading my reply?
I was just answering you're question.
Just so we are clear:
Shit is good in my household.
Nice family, count your blessings. But you did state young people making it now are able to do so because of "family money". I think you would be surprised how many very successful people, Presidents even came from single parent households. Didn't Bezos's mother give birth to him out of wedlock when she was a teenager for example? Not sure.
Noone's saying it's impossible to attain a comfortable financial situation, but looking at my younger collegues I see that window of opportunity getting smaller.
That magic box on the wall or in your hand has the purpose of deflecting blame from the slow rolling govt plan to extract wealth and tighten control by telling us how the home market isn't manipulated by Blackrock (CIA company), it's actually the "other" people in society that cause the problems.
Laws and regulations aren't creating an advantage to national chains over local independently owned businesses, it's actually the fault of the "others".
Taxes on income, goods and services, and property, aren't extracting your wealth, it's actually the fault of those freeloading "others."
https://www.youtube.com/watch?v=w8FJRaBRTKA
The RV Market is in the same place
Pit Row
All valid points friend. Our government certainly is a drain on us all. And I certainly understand housing costs.
wife and I were looking to buy our 1st house together around 1999/2000 in San Diego County. After lots of research we decided manufactured home was best solution. Bought a piece of bare land 1st and lived in a used trailer on it while the contractor prepped the land for home install. He also owned a small manufactured sales division and did everything to install and ready for move in. Also had a finance guy on his team that got us a short term "bridge" construction loan at 12%.! After home was signed off we refinanced the construction loan down to 8.something and didn't stress it.
Then the 2006 housing market bust happened and we were under water on it- owed more on mortgage than we could sell for. Obama had pushed a rescue plan through Congress and we were able to re-fi to low 7% and rode it out. Sold that house in 2017 for a decent profit and relocated to CO in a little beater with no mortgage. Eventually moved to current "forever" house in 2019 and got good conventional 30 yr mortgage (no FHA) using 20% downpayment and rate was in 4+% range and dropping. Next 2 years refinanced and ended up at 3.375% We played the long game and took 20 years to get where we are now in retirement. Take away here is today's 6% is actually pretty decent historically and people need to avoid the media negativity on this and research a little and take advantage of any help they can get and keep an eye out for refi chances later. There's no instant gratification to getting to where you are wanting to be for most of us.
Every person under 30 I know that has a pot to pee in had a family hookup. Whether it was down payments, free cars, “hand me down” assets like homes and vehicles, or just family land. Oh well though dude we’re just complainers, lazy, victims, blames, etc etc etc
Edit to add I’m not over here hard up either. We’re 100-% debt free and live on 40% of my income. This isn’t what it should take to save for a small house either. I’m not anywhere near the majority though and that’s my problem. I’m fine but the huge majority of the current young generation is honestly not.
No lie right, And middle class at that. I'm surprised I'm still seeing plenty of young dudes with new bikes and trucks at the local tracks.
It's more than difficult to adapt to the ever devolving economy without any connections simply has little to do with recent decades. But hey, No Choice, it's in the contract. Even Matty B is getting a job...thanks to a Blair hook-up.
Strange times when there are companies actually advertising jobs they do not intend to fill. Claiming that lay-off jobs are going to AI, when in reality jobs are still being off-shored.
Props on the good choices you're making. Best of luck.
Something that’s very very common is debt. Most people propagate their lives through perpetual debt-payment systems. That’s not success though. You don’t actually have anything.
Another circumstance among my peers is debt leverage. They use debt to get stuff and then make 2500 mortgage payments but only $115 is principle. Try as they may, nobody can ever convince me this is “success”. The numbers and stats indicate a decent majority of people live their lives about 2 pay cycles away from foreclosures and repossessions.
I’m not sure what exactly the best approach is but what I do know is what not to do and it’s going alright lol.
Sounds like you need to hang out with a different group of people. Nobody you know?
There was a point where middle class watched "Lifestyles of the Rich and Famous" and decided they could get some of that with 2nd mortgages. Yeah, vacations, remodels. It was at a time when banks eased credit, bc they knew two household incomes wadn't going to allow enough consumer market growth.
Imagine, our president is floating the creation of a 50 year mortgage, brilliant! Saves buyers like $130 monthly. That brings a deeper meaning to the literal translation to mort/death in mortgage. Imagine Japan system where home value goes down over time. A different incentive being on new construction. Family will either build a new home if near work or let it rot. You can go there and buy fixers for 5k to 30k USD all day long.
Yeah go ahead then. List off all the 20 something’s that are completely self made homeowners in your circle. What world do you live in bro. How old are you?
That 1st paragraph explains the creation of all the Wannabe Whales that RUINED Vegas! 🤣
I enjoy all the back and forth and seeing everyone's opinions. Here's some additional thoughts I have on its harder to make it now than in the past.
My grandparents on my father's side had a nice house when I came into the picture, and by the time I was in 6th grade had move onto a small farm with multiple out buildings. My grandpa was 71 when he bought that place and got to live there until he was 87. If I looked at that and said that's what I want to live on for my first house I would probably not be able to afford anything like it. His first house was 2 WWII barracks that he purchased from the airport, got a sketchy flatbed trailer and moved them into town, and attached together. He worked his way up to his dream and didn't get it until he was 71.
On my mom's side my grandfather was an immigrant baby from Germany, in 1917! (my mom was #12 out of 13) In the 1940's he was in his 30's and got 80 acres on the homestead act. Eventually he bought additional land and was able to retire in his 60's. He didn't travel and didn't really spend money so when him and my grandma passed away within 2 months of each other they left the 12 surviving children $100,000ish each. When my mom was 20 he bought her a house and when my dad married her he got to move into that house. When my grandparents died my parents used that money to build their dream house, my dad, Uncle, and grandfather and great grandfather did everything except pouring the foundation. This was in 1992. My dad didn't get to build his first shop until he was 40, and it wasn't insulated/heated until he was 47.
My first house I bought at 30, it's older but is solid. I had to rebuild 2 walls and replace some floor joists because of termites, but it's 2400 sqft with a 26x32ft shop. The shop wasn't insulated and only had 30amp service to it. I insulated it, put up OSB, upped the service to 100amp, and installed an old HVAC unit I got from a school remodel. AC is great in the summer here. Sometimes I wish I could have a bigger yard or shop but remind myself my parents didn't get it until my mom's parents died. I'd rather live here and have them be in my kids lives. Since it needed a little work we also got it for a steal.
So long story short, it's always been hard, and some people always got extra help. Look for deals and try to maximize your hard earned money.
Interesting reading. I have 5 kids from 19 to 39. Firefighter, Mom, nurse, waitress, and the youngest leaves for basic training in a month. None live at home so I’d call that successful. None are “rich” except the youngest, which isn’t unusual as we are older parents and he grew up in our peak earning years. Most of the others are doing ok, with the waitress living paycheck to paycheck. I only help out on occasion, and less with some than others. This is because some have no financial impulse control and blow money on tattoos and vacations they can’t afford. I sure as hell ain’t subsidizing that lifestyle. The youngest got $$$$ from his grandma when he was born, which I invested for him and now, 18 years later has given him a very solid start. He watched some sibling blow thru every dime and learned from their mistakes, as well as learned from me how to invest for passive income and low risk. I still fear for all of them as this world is becoming too expensive for the vast majority of our young people. IMHO $100k gross is a bare minimum to live decently now, although geography impacts that. Here in the PNW housing, food, and ever-increasing taxes chew up $100k very quickly. Just one of many things that will make riding moto a luxury few can afford.
Trim guys that a really good are in high demand..
Try using a coping saw cut to blend in...
Tougher than appears
Props to you
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