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11-02-2019, 09:17   #1
Zenify
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The Journal- house buying propaganda

The articles about "how I spend my money" seem to be all focused on people saving to buy a home. The latest one takes up the entire first paragraph about saving for a mortgage from the time they graduated college.

I understand The Journal has a sister business in the property world but could they be using this media to push an agenda?

The articles say : I'm smart and frugal so I can buy before 30 and "rent is dead money" etc etc. Not the normal view of people in their early 20s in my view. Obv these people exist but nearly every article has been one of these people.

Be conscious of this when you are next reading them and let me know what you think?
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11-02-2019, 09:31   #2
Ulysses Gaze
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Quote:
Originally Posted by Zenify View Post
The articles about "how I spend my money" seem to be all focused on people saving to buy a home. The latest one takes up the entire first paragraph about saving for a mortgage from the time they graduated college.

I understand The Journal has a sister business in the property world but could they be using this media to push an agenda?

The articles say : I'm smart and frugal so I can buy before 30 and "rent is dead money" etc etc. Not the normal view of people in their early 20s in my view. Obv these people exist but nearly every article has been one of these people.

Be conscious of this when you are next reading them and let me know what you think?
Not that Gob****ery again? I would have thought people would have learned from the boom/bust cycle.

Rent is dead money as is the whopping great interest you pay on a mortgage for the first 5/6 years. You don't even touch the capital.
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11-02-2019, 09:48   #3
dotsman
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Not that Gob****ery again? I would have thought people would have learned from the boom/bust cycle.

Rent is dead money as is the whopping great interest you pay on a mortgage for the first 5/6 years. You don't even touch the capital.
Rent, for the most part, is dead money.

That never changed.
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11-02-2019, 10:00   #4
andekwarhola
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It could be phrased better but it's essentially true. Even you're paying a lot of interest on the loan, you own the property when the mortgage is paid. You don't eventually own the rental property.
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11-02-2019, 10:13   #5
cruizer101
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Rent is dead money as is the whopping great interest you pay on a mortgage for the first 5/6 years. You don't even touch the capital.
Its not quite that bad these days with low interest rates. On my own at 2.6% will have payed 2.3% off by the end of the year. Sounds low but considering if you were paying purely capital over 30 years it would be only 3.3% per year its not bad. With some overpayments that can be brought up, hoping myself to pay about 3.5% of it, and thats not massive overpayments.

Back to the OP, I don't doubt much of the media has quite the interest in increasing property prices and a lot of their content reflects that.
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11-02-2019, 10:13   #6
Spleerbun
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Originally Posted by Zenify View Post
The articles about "how I spend my money" seem to be all focused on people saving to buy a home. The latest one takes up the entire first paragraph about saving for a mortgage from the time they graduated college.

I understand The Journal has a sister business in the property world but could they be using this media to push an agenda?

The articles say : I'm smart and frugal so I can buy before 30 and "rent is dead money" etc etc. Not the normal view of people in their early 20s in my view. Obv these people exist but nearly every article has been one of these people.

Be conscious of this when you are next reading them and let me know what you think?
I have indeed noticed that those articles are heavily geared towards promoting house ownership, but it could be more a case where it's only the people that way inclined in the first place would be bothered doing a "money diary" and sending it in to them in the first place.
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11-02-2019, 10:18   #7
GavMan
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Originally Posted by Ulysses Gaze View Post
Not that Gob****ery again? I would have thought people would have learned from the boom/bust cycle.

Rent is dead money as is the whopping great interest you pay on a mortgage for the first 5/6 years. You don't even touch the capital.
Well, someone has advanced you (typically) several hundred thousand quid in good faith. Not unreasonable that they would seek to make their profit back early.
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11-02-2019, 10:20   #8
piplip87
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Yes there has been no 20 something on 25,000 who enjoys going out and getting smashed at the weekend. Nobody with kids who spends time going to the cinema, nobody with any craic at all.

Would love to see Magerat Cashes week
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11-02-2019, 10:23   #9
riffmongous
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It's a sad read to see someone so obsessed about money and buying a house at such a young age. Life is for living

Last edited by riffmongous; 11-02-2019 at 10:32.
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11-02-2019, 10:45   #10
Zyron
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Quote:
Originally Posted by Zenify View Post
The articles about "how I spend my money" seem to be all focused on people saving to buy a home. The latest one takes up the entire first paragraph about saving for a mortgage from the time they graduated college.

I understand The Journal has a sister business in the property world but could they be using this media to push an agenda?

The articles say : I'm smart and frugal so I can buy before 30 and "rent is dead money" etc etc. Not the normal view of people in their early 20s in my view. Obv these people exist but nearly every article has been one of these people.

Be conscious of this when you are next reading them and let me know what you think?
Care to detail how would TheJournal and or Daft benefit from this "propaganda"?
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11-02-2019, 10:56   #11
gandalf
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Every media outlet has an agenda, the secret is to find out what it is and then to view their news through this lens. Given the Journal and Daft have the same owners it's not surprising that there is a focus on property sales, that's what pays the bills.

Once you realise this then you can make allowances for their bias.
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11-02-2019, 11:08   #12
meeeeh
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I'm not against long therm renting but not the way it's done in Ireland. There is infinitely bigger security in owning a home in Ireland, especially once you have a family. Also I wouldn't want to rent if the only income is state pension and you have to rely on housing benefits. Until long therm renting becomes more prevalent in Ireland and the legislation changes renting is risky. That doesn't mean that you have to buy a house straight away but it is prudent to start saving for a deposit in your twenties. It might be sad but in my opinion it's better to save a bit in 20ies than live on a breadline in your seventies.
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11-02-2019, 11:16   #13
Ush1
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Originally Posted by riffmongous View Post
It's a sad read to see someone so obsessed about money and buying a house at such a young age. Life is for living
Maybe they enjoy it?

I didn't consciously save from when I left college and started working but I was always frugal and was able to buy a house in my 20s in Dublin.
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11-02-2019, 11:17   #14
Ush1
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Originally Posted by Ulysses Gaze View Post
Not that Gob****ery again? I would have thought people would have learned from the boom/bust cycle.

Rent is dead money as is the whopping great interest you pay on a mortgage for the first 5/6 years. You don't even touch the capital.
It's still the cheapest credit you will ever get.
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11-02-2019, 11:20   #15
LirW
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Originally Posted by piplip87 View Post
Yes there has been no 20 something on 25,000 who enjoys going out and getting smashed at the weekend. Nobody with kids who spends time going to the cinema, nobody with any craic at all.

Would love to see Magerat Cashes week
There was a guy on a pretty high salary on recently enough who stated he enjoys renting for the moment and also splashed LOADS of money on pints and take-away.

But maybe this is the reality for many young people, they often live at home because rent is too expensive (honestly not every person is made for the houseshare situation either mentally or due to other circumstances).
Parents work long hours to make ends meet, young people don't see how they'll ever get out of renting, it's grim enough as it is.

I find it depressing how many people work crazy long hours when you add the commute, are permanently exhausted and have really crappy and unadventurous diets. For real, a lot of them live off coffee shops, take aways and a repertoire of 3 dishes that they cook in rotation.
All of it in order to save a bit aside to go on a holiday or maybe have a rainy day fund.
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