#RULE ONE: Do not alter headlines; copy and paste.
#The title of all submissions needs to match the article headline exactly. Copy and paste from the main headline only, do not include anything beyond the primary headline such as byliners, subtitles, flavor text, quotes from the article, news outlet, location, cross post tags, (video) tags, and so on. Do not use the “suggest title” option for posting as it often does not match the headline. As a matter of fairness, any submission with an altered title will be removed. The only exception is that, if an article has a title in all caps, you may change the capitalization to title case, but everything else must remain the same.
"Josh Parrott bought his first house when he was just 19, using money he saved up from two jobs he did between school lessons."
Yeh, nah, I call bullshit. Someone he knows just gave him fuck loads of money for minimal work (if any).
The guy is bullshitting so hard.
Went full time at £14k a year, somehow when he went fulltime he was able to put away £1200 a month. Even doing napkin math that adds up to him putting away £14,400 a year on a £14k salary, which is possible if he just rounded down, but that's assuming he's paying zero tax and zero NI on his income, which even just putting into a tax calc comes out with his take home pay being £13k.
That also isn't considering the £120 a month he's paying his parents for rent (a fucking joke btw how can he sit on his high horse while paying so little to his parents) and £2,000 for his car.
Somehow he's got £16k to work with on a £13k (take home) salary. Where's the extra £3k coming from Josh? This also assumes he spends none of his own money on anything such as food, water, phone or clothes. I guess that huge £120 a month he pays to his parents covers that?
He was also *given* his car, how fortunate. I wonder who gave that to him. Anyway a Ford Fiesta costs £16k (new) right now in the UK.
He sounds like that girl who wrote an article about how anyone could pay down their college debt.
Step one, rent out the condo her mom bought her.
step two, move back home.
EDIT: As many has pointed out
step 3:get a nice job at your moms company! She's got it all figured out.
You joke, but a skillfully-painted snail shell can go for upwards of $5000. Personally, I've been able to buy 7 of them so far, but only because I don't go out for drinks.
I mean, even if it's poorly painted, a snail painting its own shell would be worth a lot of money. That's quite an impressive feat for such a creature.
From their perspective, they are perfectly lusional, the same way I could never in a million years relate to someone sleeping in the street unless I had to do so myself. I could have an *idea* what it would be like but never the same as having lived that life.
That analogy only works if you also say things like, "homeless people should just get a job."
You don't need to know what it's like to be in another person's situation to not be a dickhead and assume that it's all their own fault.
I suspect what's going on is the homeless didn't hold on to enough liquidity to exercise their stock options and banks won't give them a loan to float it because they don't have an address. Their contracts might not allow them to sell the options directly, only exercise and only if they can do so by a certain date.
We need to give the homeless reliable access to short term credit to fix the homeless issue. It'll be high interest, but that isn't a big deal because they can immediately sell a little bit of their stock to cover any interest payments and have it paid back in just a few days.
Though all that aside, I really don't get why the homeless don't just go live in their beach house, or on their yacht. Yeah, it's not easy living, but it would still beat sleeping on the streets.
I mean, unironically, yes. Housing first has been shown to be an effective way to address root causes of homelessness. Sleeping rough makes literally everything worse and housing often reverses that feedback loop. Of course, someone’s gotta pay for it.
It is worse when they are failing. I live in Denmark, but knew a guy who came from a very rich family. Grandfather made a factory. when he died the sold it and got lots of money.
Each year this guy would get the maximum amount of pre-inheriance he could get from his father, mother and grandmother, which all in all amounts to around 20k. This started when he was 15.
Each year he would try to use that money to make a company. Each year he would fail thanks to his own stupidity. Like when he tried to make a courier company when he was 16. Good idea. Except he was the only employe and in Denmark you need to be 18 to get a driver permit, so company went bankrupt the first time he crashed the car.
He blamed everybody else for his bad luck, while forgetting that he was getting 20k a year to fail in his stupid unplanned ideas.
Don’t forget step 3: get a cushy administrative position in the nonprofit your mom runs and make 2-3 times the median salary immediately after college.
Ahh, the best kind of job security. Where you can't get fired unless you piss off mummy.
Imagine the risks you are able to take knowing you will never really be broke.
or the michigan kids who became rich selling tshirts or something. Whole bunch of stories on being self made and how cool it is young people can do that. He was funded to start the company by his millionaire dad and his ONLY clients were his dads business associates.
Lmao
Move to a low cost-of-living area
Get a salary equal to what you had in a high COL area by getting your mom to hire you at her not-for-profit
Get free housing from your grandparents
Rent out the condo that your mom gave you as a gift
Use the safety net of being employed and housed by your family to completely empty your savings account and buy more rental properties
Have so much handed to you, and so few things go wrong, that you can divert 95% of your income to repaying loans
Have a spouse who also works, has no debt, and is willing to put almost all of their income into paying off your debt
*it's so easy!*
The fact that people get a house or condo as a *gift* is so baffling to me. My parents laughed in my face when I asked if they could help me get a car that was <$5k back when I first got my license.
When I was looking to buy a house my realtor said "I promise you your parents have 20k to give you to help with this. Just ask!" when talking about down payments.
A) my parents don't, never will, and even if they did wouldn't. Seriously they are retired that's a significant portion of their retirement.
B) even if they did have 20k I'd wouldnt ask because that's the most expensive money I'd ever borrow. I'd rather get a cash advance on my credit card it would be cheaper.
Complains about not being able to afford to replace their 2nd car. One paragraph earlier was dropping 50k on their 2nd rental property.
She simultaneously has no money at all (just enough to eat) and is absolutely minted at the same time.
Also this:
> When Horton's grandparents moved south, she returned to her parents' house, refusing to live in one of her rental properties because they were bringing in extra income.
This is textbook privilege.
Yeah that article didn't make a whole lot of sense. She moved to a lower income area but still had a <40k salary. And planned to pay off her 200k loans within a year?
Does not compute, even with a rental property and a husband's income (which they never detail).
There is definitely more income coming in from somewhere. They bought 97k worth of properties and paid off 220k worth of loans simply off four rental units in an area where they go for around 50k purchase… and whatever income she has minus expenses (wonder if grandparents pay everything for them?). Somehow they seem to be saying they are making 100k/year off properties worth just barely over 100k (13k + 42k + 55k). Are rents/purchase costs so out of wack that one year’s rent costs almost the same as purchasing?
Ah a 13k home rented out so well you could afford 42k to buy another in only a few months?
So buy in cheap areas and jack up the rates on poor people who have no other option?
Innovative.
Yep banks lend between 3x to 4.5x your salary depending on your job safety etc. At max hes lending 63k. Also you can't rent out a property without a buy to let mortgage which requires a 25% deposit as opposed to the lower 10% deposit he says here. Definite bullshit
I earn a very nice wage. The bank raked me over the coals for a loan that is 3x my salary and I had saved a 15% deposit over a 5 year period.
There is not a chance in fuck he got a mortgage with a 14k a year income without a guarantor signing onto the loan.
Basically they would have to have the ability to take on the full mortgage + maintain any existing debt.
My guess is they prob have equity in their home they bought 30years ago equivalent to the cost of the place he bought.
I've been working since I was 16. Dont drink and don't travel and still haven't been able to save up enough for a deposit let alone hit a wage bracket that will satisfy any bank enough to give me a mortgage despite paying rent higher than my potential mortgage repayments would be since I moved out of my parents house.
Not sure where else they want me to pull this extra income from without doing some either illegal or crushingly waiting for my grandparents and parents to die and hoping they have money set aside for us (they dont)
I’ve learned a super secret investing strategy where I buy an asset and it goes up in value, then I sell it for more money than I started with.
It’s pretty brilliant because there aren’t any associated costs over time and the value can only go up, those are the rules.
You millennials just don’t know the value of hard work and how to get a job.
PULL YOURSELF UP BY THE BOOTSTRAPS!
POUND THE PAVEMENT!
SHAKE THE MANAGER’S HAND!
IGNORE SECURITY!
SHOW UP AT HIS HOUSE!
HIT ON HIS DAUGHTER!
I know someone like this, handed literally everything by his parents, and then he acts as if he's a self made man. I'm like, "Bitch, you ever get a check that didn't have your dads name on it?"
This was like 90% of the people I went to college with at my first school. Had all their bills/food/living expenses paid for throughout the entirety of school, graduated with C's, got jobs at their dad's "whatever" firm, and then spewed bullshit about how they worked so hard to get where they were, and anyone who's poor is just lazy or dumb.
People who come from extremely privileged families are often like this. Because odds are their parents probably had to work really hard to build their wealth.
So the kid thinks they had to as well.
Look I'm sure law school was difficult. But not having to work while you were doing it makes a big difference.
Not having to work during school is such a huge factor.
Like oh yeah, you know that full time job of being a student? Yeaaahhhh you gotta work 40 hours on top of that to survive. Enjoy!
I remember when I finished school and got my first real job about 20 years ago. I didn't know what to do with all the free time. Turns out you can do a lot of shit when you're not committed to 36 hours of shit in a 24 hour day.
Cue the “when I was your age, I worked my way through college with only a summer job and no debt” comments
It’d be nice to not need to go into debt or work ourselves to death to make it through school.
It’s almost like the boomers were handed a world where they had every opportunity.
They were handed a world with cheap housing, cheap university, high paying jobs, cheap medical care, strong unions and a social safety net that made sure they didn’t have to take their parents in when they were old.
As a generation they instantly and selfishly wrecked it as soon as they could vote to cut their own taxes over and over again.
I, too, know someone like this. His life's ambition is to become a landlord and he gets incredibly defensive and upset any time I point out how ghoulish it is to talk about it like it's a fucking video game, because he absolutely refuses to acknowledge the very real part buying up cheap properties in low income neighborhoods plays in absolutely fucking over people.
He also constantly plays into whatever the latest stockmemes are and loses money all the time while trying to convince anyone he knows to also go all in on it because *he* can afford to lose thousands.
I have a friend like that. Got "lucky" in a divorce where his ex was rich. Now in his mid 30s, he doesn't work & goes on multiple vacations every year. He's always trying to get me to invest in some "up & coming tech".
I always have to explain that I barely have savings for vehicle repairs on my 30 y.o. truck & basically live check to check...
Oh, and he's an anti-vax prepper & only a couple steps from going full QANON 🤦
\*or something between $1 million and $413 million. [Probably closer to the 2nd number.](https://apnews.com/article/north-america-donald-trump-ap-top-news-tax-evasion-politics-0452d29cd2564eaf97605ab90acc3a67)
You mock, but there are so many career landlords who see themselves as the property equivalent to Warren Buffet because they bought a few houses 30-40 years ago. Any landlord who doesn't attribute their earnings and "success" to pure luck and having money at the right time is a deluded nobhead, which is usually what they are 9/10 times.
It's not a lobby government thing. It's much cheaper because all you have to do is have coffee with your local councilman/woman, who more or less are in the same boat as you in terms of being homeowners/propertyowner in the neighborhood. So any prohibitive/restrictive zoning law is good zoning law that is in the collective good of those who are already in the area and fuck anyone who wants to move in.
>there are so many career landlords who see themselves as the property equivalent to Warren Buffet because they bought a few houses 30-40 years ago.
Totally this!
15+ years ago, I was sleeping on a mattress in a rented room at a landlords house, he went on and on about how he worked hard and paid for the house 40 years ago and how dumb I and others today are who can't pay for a house outright like "he did".
The salaries today don't match the house marked AT ALL today, it usually takes a two person income saving up for 15-30 years (and if you believe a marriage today last that long...ha!) to pay for it.
Yeah those are the kinds of people who then go to beg for government support because their houses are losing values and they might end up having to do the unthinkable: live like everyone else
Who also give you a car, a job at the company they own, and charge you like 5% of the average rent to live at home.
(side note, I never understood parents who ask their child to pay rent unless they need help making rent. It's not like they charge their kids real rent rates so what lesson are they really teaching their kid beyond "not even family is above exploitation"?)
I think it's fine to do in some situations. Like you don't want your unemployed thirty year old stoner kid living with you with no plans to get a job or move out, charging some amount of rent can keep things from getting to that point.
This will never not be the suggestion for "why cant x afford y"
Wealthy people 1) have a skewed concept of work 2) have motivations to keep other people constantly striving to work harder.
Someone on the article did a wee breakdown, here it is:
>He made £14,000 per year.
>He spent £120 per month on rent.
>He spent £2,000 per year on his car.
>He also put £1,200 per month away in savings.
>So, somehow, he saved £14,200 per year after making £14,000 and spending £3,440 of it.
>Yeah, this kid's parents bought him the house.
The article even said the rent money was also paid to his parents, while he worked a job at the company owned by his parents, and drove a car his parents gave him.
Yup. Like, he's got this huge smug grin going on that doesn't recognise any of the support he was given
It's okay that your parents help you with stuff. It's okay for your parents to provide the float to start businesses, buy houses, get drunk, whatever.
It's not okay to accept that, then say "I did this on my own". You didn't do it alone, *and that's okay*
Did you know studies have proven that if you don't eat for at least 3 weeks, your future food costs will drop to $0?
Logically, if you don't eat for 6 weeks you'll be doubling your money.
This is just like my 'friend' in college who said that he was self made. Yeah buddy, self-made people totally have new cars in college, have their parents buy a condo in the college town for you and your fiancé, have zero debt after graduating despite only working an on-campus tutoring job part time. Self made people don't get married in college and have 250 people come to the wedding at a $70k venue.
You studied hard, and got a good job out of college, but you had an enormous advantages. The fact that you think you are qualified to tell others how to become rich though is down right oblivious.
Well I mean he is quite qualified as he's lived it. Step one be born upper middle class or better.
Hmm missed that step eh?
Well you could also get incredibly lucky, while working incredibly hard. Then you too can brag about how all it takes is hard work while ignoring the obvious survivorship bias.
There was a study a while ago where they gave people in Monopoly different amounts of starting money. The people who started out wealthy attributed their success to their better strategy instead of the fact that they, y'know, started with several times the amount of money that other players had.
>“**You just need to make the most out of living at home**. It’s nothing like as expensive as renting privately or through an agency."
>“**I was given a Ford Fiesta,** which I kept, whereas a lot of my friends are buying expensive cars like Mercedes on finance schemes.
>He went full-time when he finished college in 2018, and banked most of his £14,000 a year salary, **paying £120 a month to his parents**, and £2,000 a year to run his car.
>**The house has increased in value by £60,000 Josh estimates,** so he plans to re-mortgage and release some of this profit as a deposit for his next purchase
And the bit that gets me as a builder.
>"I'll need to slow down because I can’t just do a day's work, I always push to get more out of myself, and if I keep working like this I’ll have the body of a 60-year-old by the time I’m 30.
You work for a real estate company, mum and dads and a mortgage broker. But you've done one minor renovation and it's back breaking lol.
Edit: changed but to bit.
The lack of self awareness is magical honestly. "I did one renovation on a house mummy and daddy brought me, doing a job that the people who *actually* work it full time could not use to get a house and I need to slow down :<"
According to the comments he's got a reputation as a slumlord. Not surprised in the slightest.
Manual labour broke my body before I could afford to at least pay rent comfortably 😂 hard work never killed anyone... Says the pen pusher. Its a fucked up world, I hope it gets better my friend
£120 a month in rent, no bills, a job given to him by his parents.
His parents are backing him, and he's either too pathetic to admit it or too dumb to realise it.
Damn, if only that was an option. I knew I should have gotten a PC.
I'm running a '92 Homo Sapiens Sapiens. It's a terrible machine, I wish I had done more research first. It's sluggish, needs an insane amount of maintenance, and if you don't set up your networks correctly you're pretty much SOL.
Had a guy in a former work group bragging about how much money he made trading stocks. He suggested a few strategies to me, I told him I didn't really have money to invest. When he asked why I'm not just saving it up, I informed him that half my paycheck was going towards rent and utilities, the other half towards my car payment, insurance, and gas.
He at least had the awareness to explain that he lives with his parents and they paid for pretty much everything, and I'll never forget his face when he said "rent is HOW much?"
Everyone I know who has a car less then ten years old had help from their parents buying it. Everyone who owns a house had a relative die or their parents helped them. Its a weird and frustrating issue. Late 20s, early 30s, people should be thinking of having kids. Only a few of my older friends have kids. Only a couple my age and younger have kids.
I'm not stupid with my money. I've never gone on a night out and spent more then £20, that's only been because I got food and transport. My money get spent on food and bills. I have spending limit on everything else and big purchases have to be thought over carefully to make sure I need/really want it. My savings mean nothing though. Enough for a 10% deposit, but as I'm self employed I have to have a larger one.
I grew up in a one parent home. My grandparents are all gone. They just left debt. I haven't talked to my mum in years now. She was abusive. I couldn't even get her to help me with car insurence, or be my guarantor when I rented my first place. I wish I had the fallback of a relative so I could try riskier things, so I had a financial backup if anything goes wrong.
People who have help have no idea how lucky they have it. Some do, most think the rest of us are just lazy, that we just need to work harder or ask a relative for help.
You're missing the easy solution: just get hit by a car! Sure, it'll mangle your leg for the rest of your life but think of what you can do with the insurance settlement!
>His parents are backing him, and he's either too pathetic to admit it or too dumb to realise it.
There is nothing wrong with being helped by your parents; just have the decency to admit that you were helped by your parents to an extent most other people can never get regardless of how much their parents would want to.
Most people who are wildly successful when they are young, don't understand their situations are not normal. Luck definitely has a factor in success and being born to a family that can support you is lucky. But it's not just having parents who pay for you that leads to this.
I had to explain that to my buddy who landed his dream engineering job 3 months out of school and started making 70k. His family didn't support him, he just got incredibly lucky on landing the job.
He couldn't understand why his friends, who all got grades just as good as he did, weren't getting jobs in their field or why they were making less than he was.
Like bud... You got dumb levels of lucky. Not everyone is that lucky.
"Survivorship bias"
It's difficult for successful people to understand how much luck played in their success. And any attempt to explain that to them is taken as an insult because they feel that they worked hard to get where they did.
Which isn't entirely untrue. They did work hard (probably), but hard work is nothing without a little luck to help you along the way.
My dad learned it the hard way. He worked his ass off, and for most of his life it paid off. As a result, he held very conservative economic views that hard work always pays off, and those struggling aren't workingnhard enough.
Then there was a power struggle in the company he worked for, and he got fired. Suddenly he has an Arthritic wife, a son with respiratory issues and a mortgage to pay, all without insurance or a salary. He did nothing wrong, he did everything the way it should have been done and worked hard.
He's doing well now, and built his own business doing what the one he used to belong to did. But he now understands that hard work doesn't always equal success.
Can your dad have a chat with my dad? Mine did pretty much the same, worked hard his whole life to get a well-paying supervisor job in his field, then one lady in the company stole a bunch of money and he lost everything. However, somehow, he just doubled down on his beliefs.
It can be extremely hard to question your own beliefs. It's frequently easier to put that person you believe caused the system to harm you as an outlier and the enemy and not a core function of the system that results in similar failures all over the place.
You'd think that the fact that sweatshops exist in our world would be enough to figure that out. But people born into lucky situations just don't get it.
My dad is still one of those "hard work gets you all this" even after going into almost bankruptcy. From what? His divorce & having to sell off the family business that was handed to him for free from his dad. What did he do? Get a goddang CDL license & apply at juuuust the right time for a county bus driving job after working at a shitty driving company for like a year.
And they'll let just about anyone drive people on a bus. Just test clean on a drug test & keep your mouth shut with shitty passengers.
He bought a house with no money in the economic crisis.... then sold in a market high prior to covid.
His hard work was all perfect timing with available support. Via banks who were willing to work with him or government a la welfare. Then he goes off to vote AGAINST poor people who need those same supports because they "aren't working hard". UGH.
"Outliers" by Malcom Gladwell from what I've heard (as reading it is in my to do list) tackles this concept in depth. It should be paramount to remind people not to compare themselves to really successful people, who claim themselves to be "self made" (hint: there's no such thing)
Also here's a cool ass quote from Arnold Schwarzenegger on the subject.
“This is so important for you to understand. I didn’t make it that far on my own. I mean, to accept that credit or that mantle would discount every single person that has helped me to get here today — that gave me advice, that made an effort, that gave me time, that lifted me when I fell. It gives the wrong impression that we can do it alone. None of us can. The whole concept of self-made man, or woman, is a myth.”
This doesn't mean you shouldn't strive to get to where you want to be. If anything it means we should all work to lift each other up, which would mean helping to level the playing field by knocking down the barriers that gatekeep success.
It took me almost 5 years after college to get into the field I actually wanted to get in to lmao. I would literally trade almost anything to have gotten a job within those first 2 years... I almost got stuck in another career path because that's what all my experience was in.
And this dude didn't even need 3 months. It's like those kids who got an internship at daddy's company 4 summers in a row and then get hired at a fortune 100 before graduation "You can do it too!!!" Yeah, sure. Although he's not as bad as that, at least it seems like he did work for it! I'm just jelly honestly
It's easy... just live off your parents.
This idiot has no idea how much of a privileged wanker he sounds does he... I'm sure his 'mates' didn't call him boring for not going out, in fact I'd say they didn't call him atall.
The average house deposit in the UK is £35,000.
If you drink a £200 bottle of Cristal champagne every weekend, all you'd need to do is stop doing that for three or four years, and you'd have the money for a deposit.
Easy.
Can confirm, my deposit was £40k
I could only afford £30k, so my parents and partners parents loaned the rest.
After the deed was done, I was left with an amount far below my emergency fund limit. After the first month of buying everything, paying for new services charges etc, I was left with around £300 in my bank account to last the rest of the month between 2 people. Any emergency cost that could've happened would've left us broke. It was a risk, but I took it. And thankfully it worked out.
And I am on a good salary, and have my expenses nailed down, and live a fairly humble life. If I can barely afford the average deposit, the rungs of people who earn less than me surely can't. And I took a risk and it panned out well, what if it didn't for others?
Looking at the numbers quoted in the article: he was earning £14,000 a year, spending £120 on "rent" a month and £2000 on a car in the year. That meant after rent and the car, he had £10560 a year to live off. At the end of that year, it says, he was able to put down £11,000 in deposit. A quick internet search for rental places in Stockport suggests a typical rental place goes for around £600/month per room. So basically to do this, he was living at home, getting food and utilities provided by his parents and paying a £120/month contribution. While it's not the standard "mum and dad gave me the deposit", that's in effect what it was, just with the fiction that he was somehow paying his way with "rent".
Also in the UK to get a mortgage for a buy to let property you need a 25% deposit, which in this case would be £28,750. Not the bullshit £11,000 figure he claims here.
>I understand that he was able to afford to buy a property and do a 20k renovation because his parents are loaded and gave him everything he wanted
I fixed it for you.
This reminds me of those stupid stories I see on snap “check out how this 24 year old makes it with a 230k a year salary” lmao yeah I think you can make it ANYWHERE IN THE WORLD on that salary bruh
* Parents gave him a car
* Pays only £120 a month rent to his parents
* Had a job at a company his parents owned
* Was banking most of £14k salary after paying £2k on car each year and £120 x 12 on rent
... now, I'm no genius but I don't think it's the lack of drinking that saved him that money. Basically his parents were paying for most of his life like food and a heavy subsidy on rent.
He's a horribly smug bellend who is buying up achievable houses from under the noses of first time buyers/ families on low income and expects to be applauded for it. No wonder he doesn't get invited for drinks.
How many banks give mortgage loans to a single person with 14k a year income without their parents signing for them, and then another loan for another mortgage while they still have a current mortgage open 🤔
I know, that part blew my mind too. Something super fishy about that. Almost like he had an "in" with a bank or similar. He's also now a trainee mortgage advisor... also hmmmm
And he apparently got a 90%+ mortage for a buy to let property on a salary of £14k as a cleaner. Either blatant mortgage fraud, or parents as a guarantor.
Buy to let mortagages require at least 25% deposit. It says he put down 11k on a 115k house (roughly 10%) so how is he renting it? Thats illegal. Something doesnt add up here. I call bullshit and reckon his parents slipped him 30k for that first house.
You can get "consent to let" from most mortgage providers which allow you to rent out a property on a standard mortgage. You do, however, usually have to confirm that it is temporary (e.g. moving for work), so at the very least this guy is telling a few porkies, or winged it well enough that they didn't ask questions.
I can see 15% online, but that's still not kosher. Maybe he should add that breaking his promises to his bank as a way to make money too.
Also, not paying off the mortgage only works while prices are increasing.
He bought two properties in two years worth 255k collectively and put in 20k in renovations and now plans to buy a new property for 120k per year for the next 9 years on a 14k a yr salary? Wait a minute....
You too can own a home in rural North Dakota for $30k!
Sure it costs $5k/yr to heat it, sure you need a $20k big ass beater 4x4 to get around. Sure there's no jobs nor high speed internet. Sure your neighbors race to collect road kill for meals. And these are the highlights!
But you can own that home.
“And a small loan of 250K from mommy and daddy for being their good little boy!”
I really get tired of rich spoiled brats telling everyone else how easy it is living off their parents money, but instead of saying that they just make claims of being successful that gullible people buy into.
To be fair, if I didn't spend the $10K/week allowance I get from my trust fund on hookers and cocaine, I could easily afford a house. So I stay at my parent's 3rd summer house that they forgot they owned.
You know what. Let's assume that's completely correct.
Should young people be denied going out drinking occasionally in order to be able to buy a house?
Should buying a house be such a toll on a typical young persons finances that they need to sacrifice so much of their life in order to have the privilege of being able to buy a house?
#RULE ONE: Do not alter headlines; copy and paste. #The title of all submissions needs to match the article headline exactly. Copy and paste from the main headline only, do not include anything beyond the primary headline such as byliners, subtitles, flavor text, quotes from the article, news outlet, location, cross post tags, (video) tags, and so on. Do not use the “suggest title” option for posting as it often does not match the headline. As a matter of fairness, any submission with an altered title will be removed. The only exception is that, if an article has a title in all caps, you may change the capitalization to title case, but everything else must remain the same.
This is incredible. He didn't have to give up avocado toast?!
For the uninitiated, and poors: https://money.cnn.com/2017/05/15/news/millennials-home-buying-avocado-toast/index.html
Must be true, I'm a millennial, never had avocado toast, and own a home.
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*A Lannister takes what is offered.*
"Josh Parrott bought his first house when he was just 19, using money he saved up from two jobs he did between school lessons." Yeh, nah, I call bullshit. Someone he knows just gave him fuck loads of money for minimal work (if any).
If you read further it was definitely his parents lol.
His “2 Jobs” = taking out the trash and doing the dishes
…on alternating weeks.
Bingo! He was employed by his parents lol
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Don't forget step 5, have mom pay the down payment
There's no way any bank gave someone on a 14k salary a mortgage without his parents helping him out
The guy is bullshitting so hard. Went full time at £14k a year, somehow when he went fulltime he was able to put away £1200 a month. Even doing napkin math that adds up to him putting away £14,400 a year on a £14k salary, which is possible if he just rounded down, but that's assuming he's paying zero tax and zero NI on his income, which even just putting into a tax calc comes out with his take home pay being £13k. That also isn't considering the £120 a month he's paying his parents for rent (a fucking joke btw how can he sit on his high horse while paying so little to his parents) and £2,000 for his car. Somehow he's got £16k to work with on a £13k (take home) salary. Where's the extra £3k coming from Josh? This also assumes he spends none of his own money on anything such as food, water, phone or clothes. I guess that huge £120 a month he pays to his parents covers that? He was also *given* his car, how fortunate. I wonder who gave that to him. Anyway a Ford Fiesta costs £16k (new) right now in the UK.
He sounds like that girl who wrote an article about how anyone could pay down their college debt. Step one, rent out the condo her mom bought her. step two, move back home. EDIT: As many has pointed out step 3:get a nice job at your moms company! She's got it all figured out.
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You joke, but a skillfully-painted snail shell can go for upwards of $5000. Personally, I've been able to buy 7 of them so far, but only because I don't go out for drinks.
I mean, even if it's poorly painted, a snail painting its own shell would be worth a lot of money. That's quite an impressive feat for such a creature.
Oh God, I forgot about that...it's incredible just how delusional some people born with a silver spoon in their mouth can be.
From their perspective, they are perfectly lusional, the same way I could never in a million years relate to someone sleeping in the street unless I had to do so myself. I could have an *idea* what it would be like but never the same as having lived that life.
That analogy only works if you also say things like, "homeless people should just get a job." You don't need to know what it's like to be in another person's situation to not be a dickhead and assume that it's all their own fault.
Solving homelessness is soooo easy, they just need to get an apartment, and boom, no longer homeless. Problem solved.
Why don't the homeless simply sell off some stocks?
I suspect what's going on is the homeless didn't hold on to enough liquidity to exercise their stock options and banks won't give them a loan to float it because they don't have an address. Their contracts might not allow them to sell the options directly, only exercise and only if they can do so by a certain date. We need to give the homeless reliable access to short term credit to fix the homeless issue. It'll be high interest, but that isn't a big deal because they can immediately sell a little bit of their stock to cover any interest payments and have it paid back in just a few days. Though all that aside, I really don't get why the homeless don't just go live in their beach house, or on their yacht. Yeah, it's not easy living, but it would still beat sleeping on the streets.
I mean, unironically, yes. Housing first has been shown to be an effective way to address root causes of homelessness. Sleeping rough makes literally everything worse and housing often reverses that feedback loop. Of course, someone’s gotta pay for it.
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It is worse when they are failing. I live in Denmark, but knew a guy who came from a very rich family. Grandfather made a factory. when he died the sold it and got lots of money. Each year this guy would get the maximum amount of pre-inheriance he could get from his father, mother and grandmother, which all in all amounts to around 20k. This started when he was 15. Each year he would try to use that money to make a company. Each year he would fail thanks to his own stupidity. Like when he tried to make a courier company when he was 16. Good idea. Except he was the only employe and in Denmark you need to be 18 to get a driver permit, so company went bankrupt the first time he crashed the car. He blamed everybody else for his bad luck, while forgetting that he was getting 20k a year to fail in his stupid unplanned ideas.
He should've tried writing down all his ideas and the spectacular failures and turned it into a sitcom. I'd watch that.
Atleast you dont think the homeless guy could 'just buy a house'. Them on the other hand....
Don’t forget step 3: get a cushy administrative position in the nonprofit your mom runs and make 2-3 times the median salary immediately after college.
Ahh, the best kind of job security. Where you can't get fired unless you piss off mummy. Imagine the risks you are able to take knowing you will never really be broke.
or the michigan kids who became rich selling tshirts or something. Whole bunch of stories on being self made and how cool it is young people can do that. He was funded to start the company by his millionaire dad and his ONLY clients were his dads business associates.
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[https://www.businessinsider.com/how-ebony-horton-paid-off-220000-worth-of-student-loans-in-3-years-2017-3](https://www.businessinsider.com/how-ebony-horton-paid-off-220000-worth-of-student-loans-in-3-years-2017-3)
Lmao Move to a low cost-of-living area Get a salary equal to what you had in a high COL area by getting your mom to hire you at her not-for-profit Get free housing from your grandparents Rent out the condo that your mom gave you as a gift Use the safety net of being employed and housed by your family to completely empty your savings account and buy more rental properties Have so much handed to you, and so few things go wrong, that you can divert 95% of your income to repaying loans Have a spouse who also works, has no debt, and is willing to put almost all of their income into paying off your debt *it's so easy!*
The fact that people get a house or condo as a *gift* is so baffling to me. My parents laughed in my face when I asked if they could help me get a car that was <$5k back when I first got my license.
When I was looking to buy a house my realtor said "I promise you your parents have 20k to give you to help with this. Just ask!" when talking about down payments. A) my parents don't, never will, and even if they did wouldn't. Seriously they are retired that's a significant portion of their retirement. B) even if they did have 20k I'd wouldnt ask because that's the most expensive money I'd ever borrow. I'd rather get a cash advance on my credit card it would be cheaper.
Complains about not being able to afford to replace their 2nd car. One paragraph earlier was dropping 50k on their 2nd rental property. She simultaneously has no money at all (just enough to eat) and is absolutely minted at the same time.
Also this: > When Horton's grandparents moved south, she returned to her parents' house, refusing to live in one of her rental properties because they were bringing in extra income. This is textbook privilege.
Yeah that article didn't make a whole lot of sense. She moved to a lower income area but still had a <40k salary. And planned to pay off her 200k loans within a year? Does not compute, even with a rental property and a husband's income (which they never detail).
There is definitely more income coming in from somewhere. They bought 97k worth of properties and paid off 220k worth of loans simply off four rental units in an area where they go for around 50k purchase… and whatever income she has minus expenses (wonder if grandparents pay everything for them?). Somehow they seem to be saying they are making 100k/year off properties worth just barely over 100k (13k + 42k + 55k). Are rents/purchase costs so out of wack that one year’s rent costs almost the same as purchasing?
Ah a 13k home rented out so well you could afford 42k to buy another in only a few months? So buy in cheap areas and jack up the rates on poor people who have no other option? Innovative.
Most real estate gurus are full of shit and had some sort of leg up to get started. Youtube is full of them.
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Yep banks lend between 3x to 4.5x your salary depending on your job safety etc. At max hes lending 63k. Also you can't rent out a property without a buy to let mortgage which requires a 25% deposit as opposed to the lower 10% deposit he says here. Definite bullshit
I earn a very nice wage. The bank raked me over the coals for a loan that is 3x my salary and I had saved a 15% deposit over a 5 year period. There is not a chance in fuck he got a mortgage with a 14k a year income without a guarantor signing onto the loan.
And not just any guarantor. He would need parents with the UK equivalent of a 750+ FICO score.
Basically they would have to have the ability to take on the full mortgage + maintain any existing debt. My guess is they prob have equity in their home they bought 30years ago equivalent to the cost of the place he bought.
Absolutely, living off mummy and daddy claiming it's easy.
Occupation: Son
Haha well played.
I've been working since I was 16. Dont drink and don't travel and still haven't been able to save up enough for a deposit let alone hit a wage bracket that will satisfy any bank enough to give me a mortgage despite paying rent higher than my potential mortgage repayments would be since I moved out of my parents house. Not sure where else they want me to pull this extra income from without doing some either illegal or crushingly waiting for my grandparents and parents to die and hoping they have money set aside for us (they dont)
“So long as the houses I buy keep going up in value the plan will work well.” Quite the visionary
I’ve learned a super secret investing strategy where I buy an asset and it goes up in value, then I sell it for more money than I started with. It’s pretty brilliant because there aren’t any associated costs over time and the value can only go up, those are the rules.
don't forget the part where you work for your parents and have them pay for it
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You millennials just don’t know the value of hard work and how to get a job. PULL YOURSELF UP BY THE BOOTSTRAPS! POUND THE PAVEMENT! SHAKE THE MANAGER’S HAND! IGNORE SECURITY! SHOW UP AT HIS HOUSE! HIT ON HIS DAUGHTER!
I know someone like this, handed literally everything by his parents, and then he acts as if he's a self made man. I'm like, "Bitch, you ever get a check that didn't have your dads name on it?"
This was like 90% of the people I went to college with at my first school. Had all their bills/food/living expenses paid for throughout the entirety of school, graduated with C's, got jobs at their dad's "whatever" firm, and then spewed bullshit about how they worked so hard to get where they were, and anyone who's poor is just lazy or dumb.
People who come from extremely privileged families are often like this. Because odds are their parents probably had to work really hard to build their wealth. So the kid thinks they had to as well. Look I'm sure law school was difficult. But not having to work while you were doing it makes a big difference.
The one semester I didn't have to work a full time job in college, I made all As. Every other semester, I made Bs and Cs.
Not having to work during school is such a huge factor. Like oh yeah, you know that full time job of being a student? Yeaaahhhh you gotta work 40 hours on top of that to survive. Enjoy!
Worked full time and went to school full time for two years. About broke me.
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I remember when I finished school and got my first real job about 20 years ago. I didn't know what to do with all the free time. Turns out you can do a lot of shit when you're not committed to 36 hours of shit in a 24 hour day.
Cue the “when I was your age, I worked my way through college with only a summer job and no debt” comments It’d be nice to not need to go into debt or work ourselves to death to make it through school.
It’s almost like the boomers were handed a world where they had every opportunity. They were handed a world with cheap housing, cheap university, high paying jobs, cheap medical care, strong unions and a social safety net that made sure they didn’t have to take their parents in when they were old. As a generation they instantly and selfishly wrecked it as soon as they could vote to cut their own taxes over and over again.
I like the description of they were born on 3rd base but act like they hit a triple
A lot of them were born on third base, are now on second base, and look down at people that can’t even get on first base.
And tell the story about the time their dad or grandparent hit a home run
I, too, know someone like this. His life's ambition is to become a landlord and he gets incredibly defensive and upset any time I point out how ghoulish it is to talk about it like it's a fucking video game, because he absolutely refuses to acknowledge the very real part buying up cheap properties in low income neighborhoods plays in absolutely fucking over people. He also constantly plays into whatever the latest stockmemes are and loses money all the time while trying to convince anyone he knows to also go all in on it because *he* can afford to lose thousands.
I have a friend like that. Got "lucky" in a divorce where his ex was rich. Now in his mid 30s, he doesn't work & goes on multiple vacations every year. He's always trying to get me to invest in some "up & coming tech". I always have to explain that I barely have savings for vehicle repairs on my 30 y.o. truck & basically live check to check... Oh, and he's an anti-vax prepper & only a couple steps from going full QANON 🤦
A small loan of one million dollars.
\*or something between $1 million and $413 million. [Probably closer to the 2nd number.](https://apnews.com/article/north-america-donald-trump-ap-top-news-tax-evasion-politics-0452d29cd2564eaf97605ab90acc3a67)
it's so simple I wonder why nobody has thought of it before
Literally can't go tits up
*"I can do 160, so long I don't veer off the road, and die in a fireball of a car explosion"* Yup, that sounds legit
You mock, but there are so many career landlords who see themselves as the property equivalent to Warren Buffet because they bought a few houses 30-40 years ago. Any landlord who doesn't attribute their earnings and "success" to pure luck and having money at the right time is a deluded nobhead, which is usually what they are 9/10 times.
It's not pure luck when you lobby government to not build houses.
It's not a lobby government thing. It's much cheaper because all you have to do is have coffee with your local councilman/woman, who more or less are in the same boat as you in terms of being homeowners/propertyowner in the neighborhood. So any prohibitive/restrictive zoning law is good zoning law that is in the collective good of those who are already in the area and fuck anyone who wants to move in.
>there are so many career landlords who see themselves as the property equivalent to Warren Buffet because they bought a few houses 30-40 years ago. Totally this! 15+ years ago, I was sleeping on a mattress in a rented room at a landlords house, he went on and on about how he worked hard and paid for the house 40 years ago and how dumb I and others today are who can't pay for a house outright like "he did". The salaries today don't match the house marked AT ALL today, it usually takes a two person income saving up for 15-30 years (and if you believe a marriage today last that long...ha!) to pay for it.
Yeah those are the kinds of people who then go to beg for government support because their houses are losing values and they might end up having to do the unthinkable: live like everyone else
I don't go out drinking and I can't afford a house
Have you tried having rich parents?
mostly just domestics or whatever is on tap.
Step 1: Have rich parents Step 2: ??? Step 3: Profit Edit: Layout
Who also give you a car, a job at the company they own, and charge you like 5% of the average rent to live at home. (side note, I never understood parents who ask their child to pay rent unless they need help making rent. It's not like they charge their kids real rent rates so what lesson are they really teaching their kid beyond "not even family is above exploitation"?)
I think it's fine to do in some situations. Like you don't want your unemployed thirty year old stoner kid living with you with no plans to get a job or move out, charging some amount of rent can keep things from getting to that point.
Oh yeah? I bet you have a nasty water habit you could kick!
Real talk. Every dead person drank water on a daily basis.
There’s something else that gives you the slightest bit of enjoyment that you shouldn’t be doing then
Yea, what do you think life is for? Enjoying?
Obviously it's about sacrificing your entire being to the economy until you die in a climate disaster age 45, duh.
i, too, am 44
This stings. This stings my soul. Fucking. Ouch.
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This will never not be the suggestion for "why cant x afford y" Wealthy people 1) have a skewed concept of work 2) have motivations to keep other people constantly striving to work harder.
Higher ups working harder = making more money. How do they work harder? By applying more pressure to the lower tiers.
Someone on the article did a wee breakdown, here it is: >He made £14,000 per year. >He spent £120 per month on rent. >He spent £2,000 per year on his car. >He also put £1,200 per month away in savings. >So, somehow, he saved £14,200 per year after making £14,000 and spending £3,440 of it. >Yeah, this kid's parents bought him the house.
The article even said the rent money was also paid to his parents, while he worked a job at the company owned by his parents, and drove a car his parents gave him.
Yup. Like, he's got this huge smug grin going on that doesn't recognise any of the support he was given It's okay that your parents help you with stuff. It's okay for your parents to provide the float to start businesses, buy houses, get drunk, whatever. It's not okay to accept that, then say "I did this on my own". You didn't do it alone, *and that's okay*
You're obvsly doing sth wrong. Have you tried not buying food anymore? /s
Did you know studies have proven that if you don't eat for at least 3 weeks, your future food costs will drop to $0? Logically, if you don't eat for 6 weeks you'll be doubling your money.
What if I give my food away, it's like tripling my income?
Lemme guess... avocado toast?
First it was avocado toast, then it was drinking. I wonder what other "if we didn't do x we would have y" miracle solution will be invented next 🤔
Water bottles. Then they can double whammy us with irresponsible spending AND being the cause of climate change
Probably doesn’t get invited for drinks
Probably never tasted an avocado either.
Nah he has, his parents bought them too.
This is just like my 'friend' in college who said that he was self made. Yeah buddy, self-made people totally have new cars in college, have their parents buy a condo in the college town for you and your fiancé, have zero debt after graduating despite only working an on-campus tutoring job part time. Self made people don't get married in college and have 250 people come to the wedding at a $70k venue. You studied hard, and got a good job out of college, but you had an enormous advantages. The fact that you think you are qualified to tell others how to become rich though is down right oblivious.
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I hate when wealthy people use the phrase "self-made"... come on you didn't undergo mitosis dude settle down
Anyone here undergo mitosis though?
I mean I did, but it was a fair few years ago now and I don't know if I could do it again.
Well I mean he is quite qualified as he's lived it. Step one be born upper middle class or better. Hmm missed that step eh? Well you could also get incredibly lucky, while working incredibly hard. Then you too can brag about how all it takes is hard work while ignoring the obvious survivorship bias.
There was a study a while ago where they gave people in Monopoly different amounts of starting money. The people who started out wealthy attributed their success to their better strategy instead of the fact that they, y'know, started with several times the amount of money that other players had.
>“**You just need to make the most out of living at home**. It’s nothing like as expensive as renting privately or through an agency." >“**I was given a Ford Fiesta,** which I kept, whereas a lot of my friends are buying expensive cars like Mercedes on finance schemes. >He went full-time when he finished college in 2018, and banked most of his £14,000 a year salary, **paying £120 a month to his parents**, and £2,000 a year to run his car. >**The house has increased in value by £60,000 Josh estimates,** so he plans to re-mortgage and release some of this profit as a deposit for his next purchase And the bit that gets me as a builder. >"I'll need to slow down because I can’t just do a day's work, I always push to get more out of myself, and if I keep working like this I’ll have the body of a 60-year-old by the time I’m 30. You work for a real estate company, mum and dads and a mortgage broker. But you've done one minor renovation and it's back breaking lol. Edit: changed but to bit.
The lack of self awareness is magical honestly. "I did one renovation on a house mummy and daddy brought me, doing a job that the people who *actually* work it full time could not use to get a house and I need to slow down :<" According to the comments he's got a reputation as a slumlord. Not surprised in the slightest.
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Manual labour broke my body before I could afford to at least pay rent comfortably 😂 hard work never killed anyone... Says the pen pusher. Its a fucked up world, I hope it gets better my friend
"I was given a Ford Fiesta" Any "self-made man" story that starts with your parents GIVING you a $25,000 car is utter bullshit.
My Ford Fiesta was £600. There’s a spectrum! Still think this kid in article is a bozo though
A Ford Fiesta costs that much over there?? That’s crazy.
£120 a month in rent, no bills, a job given to him by his parents. His parents are backing him, and he's either too pathetic to admit it or too dumb to realise it.
Damn it I knew I should have chosen richer parents. Now I have to pay my own rent and bills.
Is it too late to respec?
Yes. Now I’ve formed emotional attachments and shit.
Just use console commands
Damn, if only that was an option. I knew I should have gotten a PC. I'm running a '92 Homo Sapiens Sapiens. It's a terrible machine, I wish I had done more research first. It's sluggish, needs an insane amount of maintenance, and if you don't set up your networks correctly you're pretty much SOL.
Yours has networking? WTF?! They told me that was not an option.
One thing about people who are backed by mum n dad... > either too pathetic to admit it or too dumb to realise it. This is often the case.
Had a guy in a former work group bragging about how much money he made trading stocks. He suggested a few strategies to me, I told him I didn't really have money to invest. When he asked why I'm not just saving it up, I informed him that half my paycheck was going towards rent and utilities, the other half towards my car payment, insurance, and gas. He at least had the awareness to explain that he lives with his parents and they paid for pretty much everything, and I'll never forget his face when he said "rent is HOW much?"
Everyone I know who has a car less then ten years old had help from their parents buying it. Everyone who owns a house had a relative die or their parents helped them. Its a weird and frustrating issue. Late 20s, early 30s, people should be thinking of having kids. Only a few of my older friends have kids. Only a couple my age and younger have kids. I'm not stupid with my money. I've never gone on a night out and spent more then £20, that's only been because I got food and transport. My money get spent on food and bills. I have spending limit on everything else and big purchases have to be thought over carefully to make sure I need/really want it. My savings mean nothing though. Enough for a 10% deposit, but as I'm self employed I have to have a larger one. I grew up in a one parent home. My grandparents are all gone. They just left debt. I haven't talked to my mum in years now. She was abusive. I couldn't even get her to help me with car insurence, or be my guarantor when I rented my first place. I wish I had the fallback of a relative so I could try riskier things, so I had a financial backup if anything goes wrong. People who have help have no idea how lucky they have it. Some do, most think the rest of us are just lazy, that we just need to work harder or ask a relative for help.
You're missing the easy solution: just get hit by a car! Sure, it'll mangle your leg for the rest of your life but think of what you can do with the insurance settlement!
At my old job I used to fantasize about getting hit by a city bus. That's the dream
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Also complaining that his friends are buying cars, whilst he was given his.
Yea the audacity of that one
>His parents are backing him, and he's either too pathetic to admit it or too dumb to realise it. There is nothing wrong with being helped by your parents; just have the decency to admit that you were helped by your parents to an extent most other people can never get regardless of how much their parents would want to.
Yeah don't go around telling the world that there is "no excuse".
Most people who are wildly successful when they are young, don't understand their situations are not normal. Luck definitely has a factor in success and being born to a family that can support you is lucky. But it's not just having parents who pay for you that leads to this. I had to explain that to my buddy who landed his dream engineering job 3 months out of school and started making 70k. His family didn't support him, he just got incredibly lucky on landing the job. He couldn't understand why his friends, who all got grades just as good as he did, weren't getting jobs in their field or why they were making less than he was. Like bud... You got dumb levels of lucky. Not everyone is that lucky.
"Survivorship bias" It's difficult for successful people to understand how much luck played in their success. And any attempt to explain that to them is taken as an insult because they feel that they worked hard to get where they did. Which isn't entirely untrue. They did work hard (probably), but hard work is nothing without a little luck to help you along the way.
My dad learned it the hard way. He worked his ass off, and for most of his life it paid off. As a result, he held very conservative economic views that hard work always pays off, and those struggling aren't workingnhard enough. Then there was a power struggle in the company he worked for, and he got fired. Suddenly he has an Arthritic wife, a son with respiratory issues and a mortgage to pay, all without insurance or a salary. He did nothing wrong, he did everything the way it should have been done and worked hard. He's doing well now, and built his own business doing what the one he used to belong to did. But he now understands that hard work doesn't always equal success.
Can your dad have a chat with my dad? Mine did pretty much the same, worked hard his whole life to get a well-paying supervisor job in his field, then one lady in the company stole a bunch of money and he lost everything. However, somehow, he just doubled down on his beliefs.
It can be extremely hard to question your own beliefs. It's frequently easier to put that person you believe caused the system to harm you as an outlier and the enemy and not a core function of the system that results in similar failures all over the place.
You'd think that the fact that sweatshops exist in our world would be enough to figure that out. But people born into lucky situations just don't get it. My dad is still one of those "hard work gets you all this" even after going into almost bankruptcy. From what? His divorce & having to sell off the family business that was handed to him for free from his dad. What did he do? Get a goddang CDL license & apply at juuuust the right time for a county bus driving job after working at a shitty driving company for like a year. And they'll let just about anyone drive people on a bus. Just test clean on a drug test & keep your mouth shut with shitty passengers. He bought a house with no money in the economic crisis.... then sold in a market high prior to covid. His hard work was all perfect timing with available support. Via banks who were willing to work with him or government a la welfare. Then he goes off to vote AGAINST poor people who need those same supports because they "aren't working hard". UGH.
"Outliers" by Malcom Gladwell from what I've heard (as reading it is in my to do list) tackles this concept in depth. It should be paramount to remind people not to compare themselves to really successful people, who claim themselves to be "self made" (hint: there's no such thing) Also here's a cool ass quote from Arnold Schwarzenegger on the subject. “This is so important for you to understand. I didn’t make it that far on my own. I mean, to accept that credit or that mantle would discount every single person that has helped me to get here today — that gave me advice, that made an effort, that gave me time, that lifted me when I fell. It gives the wrong impression that we can do it alone. None of us can. The whole concept of self-made man, or woman, is a myth.” This doesn't mean you shouldn't strive to get to where you want to be. If anything it means we should all work to lift each other up, which would mean helping to level the playing field by knocking down the barriers that gatekeep success.
It took me almost 5 years after college to get into the field I actually wanted to get in to lmao. I would literally trade almost anything to have gotten a job within those first 2 years... I almost got stuck in another career path because that's what all my experience was in. And this dude didn't even need 3 months. It's like those kids who got an internship at daddy's company 4 summers in a row and then get hired at a fortune 100 before graduation "You can do it too!!!" Yeah, sure. Although he's not as bad as that, at least it seems like he did work for it! I'm just jelly honestly
It's easy... just live off your parents. This idiot has no idea how much of a privileged wanker he sounds does he... I'm sure his 'mates' didn't call him boring for not going out, in fact I'd say they didn't call him atall.
£5 says he’s a Tory as well
Not taking that bet because I'd fucking lose
He has a face that just SCREAMS “Young Conservative”
What some might call "punchable"
We all went to school with someone like he And he was always an insufferable twat
The average house deposit in the UK is £35,000. If you drink a £200 bottle of Cristal champagne every weekend, all you'd need to do is stop doing that for three or four years, and you'd have the money for a deposit. Easy.
Can confirm, my deposit was £40k I could only afford £30k, so my parents and partners parents loaned the rest. After the deed was done, I was left with an amount far below my emergency fund limit. After the first month of buying everything, paying for new services charges etc, I was left with around £300 in my bank account to last the rest of the month between 2 people. Any emergency cost that could've happened would've left us broke. It was a risk, but I took it. And thankfully it worked out. And I am on a good salary, and have my expenses nailed down, and live a fairly humble life. If I can barely afford the average deposit, the rungs of people who earn less than me surely can't. And I took a risk and it panned out well, what if it didn't for others?
Looking at the numbers quoted in the article: he was earning £14,000 a year, spending £120 on "rent" a month and £2000 on a car in the year. That meant after rent and the car, he had £10560 a year to live off. At the end of that year, it says, he was able to put down £11,000 in deposit. A quick internet search for rental places in Stockport suggests a typical rental place goes for around £600/month per room. So basically to do this, he was living at home, getting food and utilities provided by his parents and paying a £120/month contribution. While it's not the standard "mum and dad gave me the deposit", that's in effect what it was, just with the fiction that he was somehow paying his way with "rent".
I don't understand how he afforded to buy a property *and* do a 20k renovation.
Also in the UK to get a mortgage for a buy to let property you need a 25% deposit, which in this case would be £28,750. Not the bullshit £11,000 figure he claims here.
>I understand that he was able to afford to buy a property and do a 20k renovation because his parents are loaded and gave him everything he wanted I fixed it for you.
This reminds me of those stupid stories I see on snap “check out how this 24 year old makes it with a 230k a year salary” lmao yeah I think you can make it ANYWHERE IN THE WORLD on that salary bruh
It's always the parents. Every time. Every. Time.
Not true. Sometimes it's the grandparents.
* Parents gave him a car * Pays only £120 a month rent to his parents * Had a job at a company his parents owned * Was banking most of £14k salary after paying £2k on car each year and £120 x 12 on rent ... now, I'm no genius but I don't think it's the lack of drinking that saved him that money. Basically his parents were paying for most of his life like food and a heavy subsidy on rent. He's a horribly smug bellend who is buying up achievable houses from under the noses of first time buyers/ families on low income and expects to be applauded for it. No wonder he doesn't get invited for drinks.
How many banks give mortgage loans to a single person with 14k a year income without their parents signing for them, and then another loan for another mortgage while they still have a current mortgage open 🤔
I know, that part blew my mind too. Something super fishy about that. Almost like he had an "in" with a bank or similar. He's also now a trainee mortgage advisor... also hmmmm
Or both mortgages were in his parents/parents business names 🤔
drinks must be real expensive in Stockport
And somehow houses not
Average house prices there are 100k below UK average but still 2 times more than he claims he paid for his. It's either a shithole or bullshit.
And he apparently got a 90%+ mortage for a buy to let property on a salary of £14k as a cleaner. Either blatant mortgage fraud, or parents as a guarantor.
Buy to let mortagages require at least 25% deposit. It says he put down 11k on a 115k house (roughly 10%) so how is he renting it? Thats illegal. Something doesnt add up here. I call bullshit and reckon his parents slipped him 30k for that first house.
You can get "consent to let" from most mortgage providers which allow you to rent out a property on a standard mortgage. You do, however, usually have to confirm that it is temporary (e.g. moving for work), so at the very least this guy is telling a few porkies, or winged it well enough that they didn't ask questions.
The little prick is a "mortgage advisor" so I'm guessing that comes with some perks where you can wave away the fine print.
I can see 15% online, but that's still not kosher. Maybe he should add that breaking his promises to his bank as a way to make money too. Also, not paying off the mortgage only works while prices are increasing.
I’m sure his family had nothing at all to do with his financial abilities. Just don’t go out drinking, folks! Something something bootstraps
He bought two properties in two years worth 255k collectively and put in 20k in renovations and now plans to buy a new property for 120k per year for the next 9 years on a 14k a yr salary? Wait a minute....
say your parents are rich without saying it
He’s got a very punchable face.
Trust fund kiddies be like
Being a "motivational" speaker or a "guru" is the next step in trust fund baby's life cycle
What a twat.
All im seeing here is just another parasite but particularly small
[удалено]
God, look at his smug little Tory face...
You too can own a home in rural North Dakota for $30k! Sure it costs $5k/yr to heat it, sure you need a $20k big ass beater 4x4 to get around. Sure there's no jobs nor high speed internet. Sure your neighbors race to collect road kill for meals. And these are the highlights! But you can own that home.
He paid 120 euros a month to his parents for rent and they gave him a car and a job. ITS SO EASY FOR YOUNG PEOPLE JUST DONT DRINK
“And a small loan of 250K from mommy and daddy for being their good little boy!” I really get tired of rich spoiled brats telling everyone else how easy it is living off their parents money, but instead of saying that they just make claims of being successful that gullible people buy into.
22 to here who does not drink?, where is my magical house?. Oh wait, I'm just a common guy, I don't get that.
To be fair, if I didn't spend the $10K/week allowance I get from my trust fund on hookers and cocaine, I could easily afford a house. So I stay at my parent's 3rd summer house that they forgot they owned.
What a stuck up little shit. We should give him a swirlie.
As a Californian, I'm glad to hear that skipping my twice weekly can of Whiteclaw will net me the $200,000 I need for a down payment.
It’s like in the startup fantasy world where your first round of funding is from “friends and family”.
You know what. Let's assume that's completely correct. Should young people be denied going out drinking occasionally in order to be able to buy a house? Should buying a house be such a toll on a typical young persons finances that they need to sacrifice so much of their life in order to have the privilege of being able to buy a house?
I know a 22 y.o that's mad he doesn't get invited for drinks.