Cost of Living Crisis, Gen Z vs Boomer Wealth Divide & The Impacts on Our Mental Health | Ep. 72
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- Опубликовано: 22 май 2024
- In this episode of the Level: Asian podcast, we unpack the housing and cost of living crisis.
We begin by sharing how recent increases in rent, interest rates and groceries have impacted us personally and how we’ve changed our spending habits to adjust. The crew also discusses the challenges different generations face when it comes to wealth building, the changing values towards money and outlooks towards work/life balance.
Davie then explains the dire state of housing affordability in Australia, using his favourite thing in the world (spreadsheets).
Enjoy the episode!
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00:00 - Intro
02:47 -Answering listener submissions about the Cost of Living Crisis Experience
07:42 - The Vicious Rental Cycle
11:40 - The Rise of Property Prices + Combating with Mortgages
23:47 - The Cost of Living From the Gen Z Perspective
27:59 - Why The Younger Gen CAN’T Take Any Risks
31:24 - Facing Different Economic Circumstances Between Generations
37:42 - Moving Out the City as a Cost of Living Solution
42:08 - The Gen Z Work-Life Balance Approach
45:44 - Navigating Generational Trauma On Top of Cost of Living
48:28 - Starting From Scratch as a New Generation
53:04 - Looking at the Stats: How Long Will It Take For a Single Adult to Buy a $1M House from Earning 100K?
01:00:49 - Looking at the Stats: How Long Will It Take For a Single Adult to Buy a $1M House from Earning 55K?
01:01:56 Looking at the Stats: How Long Will It Take For a Single Adult to Buy a $1M House from Earning 150K?
01:05:04 - Mental Health is the No.1 Concern of Gen Zs
01:06:28 - “The 996 Culture” in China
01:12:53 - Understand the Economic Circumstances
01:13:48 - Final Messages
01:15:43 - Outro
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I make 7x the money my mom made when she bought he first home at 22, i wont have a downpayment saved up till I am 34.... that is the disparity of canada at the moment. Having to explain that is soul crushing
But you have internet, car, social security, more freedom, and new technologies.
@@momofighter3211 not more freedom only thing i have extra is internet
@@momofighter3211 Cheaper TVs and Internet don't matter if the basics like food and housing are unaffordable, and if everyone is isolated and lonely.
Randomly got recommended this podcast from the US. Amazing discussion. Lets continue to put this out there and put pressure on this system that is failing young people
Thank you for bringing this topic which made me feel not alone. This is very similar with what happened in NZ. Imagine most of our population moved to Australia claimed they could live better there as couldnt afford NZ live, meanwhile you guys have explained how the situation out there even i know this calculation based on city lifestyle (not suburban).
Sad to know how the stats showing how difficult to own a JUST living space.
Damn production value is fire. First episode I watched of you guys, and I’m obsessed. Great topic by The way, thank you for covering Gen Z perspective on housing.
I definitely agree with your statement about our system being broken. I'm glad to hear that I am not the only one who is feeling the pressure
I old. I be dead soon. I work for long time for nothing. Thank God I not 25/35 years old. The next generation is fuck. Simple fuck.
the crystal ball says that big cities in australia will become like big cities in a third world country. the population is high. the population density is high. the average salary is low. married children have to live with parents (in laws). purchasing power is rapidly declining. if locals can't afford to have children, government will import more foreign "students" in.
Similar situation here in Canada
@@Donniewearstomford i'm not surprised. governments from the us, the uk, canada, australia and nz (the anglosphere), they normally copy each other policies. almost all policies. including economic and immigration.
@@Donniewearstomfordcanada immigrated more people than it can house in hopes that multiple families will pay for one house and live into one roof so they can keep their absurdly high property values, canada dosn't want to build more homes.
I went to a construction firm to see what I need to build on land that I would own assuming I bought land out right it was estimated 138k just to have permission from the government to build a home... they do not under any circumstances want to build more house they want to keep housing scarce and immigrate more people
@dylansmith6078 were doomed in Canada. Which part of Canada your from. I'm living here in ontario
@@Donniewearstomford im in ottawa brother.
I moved from rural to one of the big city's, studied hard and got a degree. Now I've got a 'good job' and living paycheck to paycheck wondering what was the point. No wonder everyone had burnout and are just giving up on the dream. Living paycheck to paycheck I'll never own a house or have kids so what am I working towards?
Great listen, new sub here! Was actually kinda depressing listening to the truths really, but very honest and real topic!
House price is determined by supply and demand, government don’t control it. It just because some Aussie are very wealth to buy property even experiencing high interest rate.
To solve the issue, I think is to build more apartment to boost the supply
There is no doubt about it, things are harder how than for our parents and grand parents. However, when they came (to wherever we are) things were different. This was not the country it is now. They had to content with ignorance (the the form of racism and unfamiliarity) and they did contribute to build the more affluent, more comfortable society we are living in now.
But it is a basic economic principle that the more people and less housing available, the more expensive things will be.
Be open to the idea of "domestic immigration". If you are in CA take a look at TN, UT, NV, CO or AZ. If you are in NY take a look at GA, WI, MN or IL (outside of Chicago). If you are in Toronto or Sydney or London, surely there are more affordable options outside of those "world cities".
Americans have been moving within the country all along, whether it was for college, marriage or job opportunities, we have people from everywhere living everywhere else.
The US, Canada, Australia, New Zealand, the UK, etc; they are all big countries with plenty of space. Surely we can find a place to buy a house and settle outside of the world cities.
Loved this episode. Really related to Noel’s experience mostly and how hard it is to be in the rental trap whilst trying to save for a deposit. It’s emotionally and mentally taxing. I’m glad I’m not alone. Hoping conversations like this causes uproar and shifts in the larger system. Thanks for sharing !
you guys should clip the "looking at the stats: single adult" part. if you havent thought of it already
Interesting discussion!
As mad as people are getting at boomers for their reletive wealth position currently it needs to be acknowledged that many gen x and millenials are receiving financial help via intergenerational wealth transfer from parents/grandparents. It does embed wealth inequality in the population as a whole. But for many it is allowing them to achieve outcomes such as having money to be able to have children and pay for education etc.
Are most people saving 20% deposits now given how long it takes to save, or are more opting for lower deposit amounts with LMI?
With the example of the person buying a 1 million property, even with a 200k deposit would a bank even approve them for servicinility of an 800k loan given they are currently assessing at 3% above current interest rates.
Good episode. The situation is not great
Genuine question: What are your views on Rentvesting in the absence of being able to buy in Sydney given the big divide between wages and house prices?
Also for some perspective RE Dave's $100k income breakdown, one would assume a lot of Gen Y and Z guys would have to trim corners via share housing arrangements, joint rentals etc? I can see Rent, Utilities and get trimmed back a fair bit. Health insurance too (until you're at the age where lifetime health cover loading starts to penalise you).
Look in West Ryde. Some good value in apartments.
I left the industry I was in and retrained for another profession. I missed out on the property ladder. That’s ok - my choice.
But I used to really hate on myself for screwing that up. After a while I realised the only way I could be happy is just accept I’d never own a house. So I did. And I did become much happier 😃!
Then, when all this crazy sh!t happened, I realised just how lucky I am to not have a mortgage.
Now I’m slowly building my company - my main asset - and not only am I ecstatic 🤩, I’m f@cking laughing.
Soooo how do we fix this?
You buy house. You are slave to the bank for very long time. Working poor. The future is No married no kids no house. Live with you parent for live. Work little to go to Thailand.
Honestly, that’s what I’ve been doing. I’m 23, living at home while working. Went to Thailand for 2 months.
Crazy to hear other people have the same idea
Agree, 25, living the sweet life 🔥
it's getting to the point where you aren't allowed any f-ck ups. you have to get everything right at all times all moves have to be correct and build up to the next thing. it's not like in the past where you could mess up maybe once or twice and bounce back in a decade. it's not like that anymore. you screw up your finances these days you're finished.
Im not convinced house prices will continue to go up that much in the future. Making buying now a really bad idea.
800,- a month for a two bedroom apartment is even considered a steal in the Netherlands… we pay 800,- a month for one room! Everything else (kitch, bathroom) is shared
I think it’s $800 per week.
This is $800 per week kiddi
800 would be a steal in canada just for a semi run down place near ottawa a 1 bedroom would be 1650 a month. A 1 bedroom in my building just got moved into for 2100 a month
If that guy is spending 90% on mortgage how can he even live or eat. That doesn’t add up
Do a trade. Don't waste your time doing a creative degree or an arts degree.
I wish i could find a 2 bedroom for 800 T.T
400% in 4 years, these are Shanghai numbers... But are you guys just flexing or what? One pays $8000, one pays $13500, a month, on mortgage.
What your dream car guys ? 2015 c63s in nz only $53000
Then just domt have kids 🤷🏽
The competition to be the biggest victim is fierce on social media. 23.3% if Gen Z own their home. So there's a wealth gap within Gen Z too.
I like your conversation, but t's pretty cringe your traditional custodians of the land acknowledgement. If you care so much maybe we should say the same in Taiwan and in tibet. Asians in Europe should have this statement too.
Humans have been fighting over territory since humans began. If you go back far enough, even those so called indigenous peoples ancestors wiped out some other hominid or human. This claim over territorial rights is so irrational and divisive. We are all humans living on a planet which is ours collectively. Unfortunately though some people don't allow people of other cultures to practice their culture (peacefully). This territorial aspect of humans create alot of problems.
Im thinking about buying investment properties in new york 70% cheaper . In mahattan studio $150000aud so cheap could buy with cash if i took money out of shares
Labor introduced haluge tax 10% on trucks ! Plus farming industry tax more why produce & dairy more expensive
100k not a high income these days ! You need 250k a household to keep a home forget buying one in sydney on lower than that
More than 125 taxes in australia
3 bed home cost $700000 to build under labor 33% more
Australia a high tax country there the problem . Singapore public housing not home ownership . Germany " netherlands " china " switzland " hong kong " denmark far worse home ownership rate than australia under 50%
Franchise owners have no wealth , they have million dollars debt
Fuel tax all up 75% to import
But regulations & taxes going up shtinks your wages , home ownership shrunk under bob hawke growing government in 1987 . Business ownership shrunk back then too . More taxes isnt the answer governmemt a crooks especially poltical class with many properties to there name
Havent added so many hiden taxes on a 100k salary
Luxury cars " alchoal " ciggretes " income " homes tax less in new zealand
I have freinds that left hong kong & china to own a home in australia because borderline communism sucks ! Very low home ownership
You should chat with Gary Stevenson from Gary's Economics
he a moron ??? his policy end up with communism . how many homes people in government own more than 6 or 9 who the crooks