I keep hearing how difficult it is for first time home buyers to enter the housing market. The reason, high prices and high interest rates (4-5%). Many had the opportunity to enter the market in 2021 / 2022 when interest rates were practically zero (first world economies). A once in a lifetime gift horse for those intent on buying fixed property.
Technology advancements gets every generation financially better off than the previous generation (95/5). I don’t know of anyone that has a worse economic reality than their parents at the same age.
My personal journey in property ownership. I bought my first property as a student. Interest rates were double digit (South Africa). I bought the worst property in the best location. I spent weekends renovating and doing part time work, a kind of discipline where I subordinated short term desires for long term value. I did the stuff that other kids did not like to do.
Spend 10 minutes with wannabee first time homeowners. They want a property that is renovated, no work required. They are not prepared to sacrifice short term comforts for longer term values. There is a sense of entitlement. They see Bitcoin millionaires go from rags to riches without any hard work.
The problem is always on the inside. Many of us parents have brought children up like fairy princesses / princes. That is no preparation for life. Many kids lack the resilience to recalibrate when veering off course. They struggle with ambiguity, unable to deal with conflicting priorities. They struggle to step out of spaces where they feel safe.
I am forthright in the space of first-time home ownership aspirations. I want the young generation to take ownership and responsibility for self and to make choices that support it. To challenge their limiting beliefs and break free from self-imposed limitations. The path of least resistance never leads to the greatest successes.
I relish that today many of the younger generations appreciate that success is not a measurement primarily of material ownership. There should be work life balance. But we must guard against a trend to all play and no work, a sense of entitlement and a lack of patience. There are nations willing and rapidly eating our cake. We cannot have our cake and eat it😊
Think Bigg-r 