This week our Treasurer Joe Hockey told us that one of the best ways for young people to enter the housing market was to “Get a good job that pays good money”.
I stumbled across a letter written by a very upset mother of two named Mel Wilson. She ripped into Joe Hockey with a very detailed letter about how wrong his statement was for the “average Australian”. If you want to read the whole article please use this link.
It doesn’t take much investigation to realise Joe Hockey married into the “good job”. His wife Melissa Babbage is an investment banker and a self made millionaire. That’s very convenient for Mr.Hockey. Apparently, Melissa is so good at her job she telephoned David Koch before the GFC and told him they were selling everything, except the house.
The Hockeys have a $10 million property portfolio between them including their harbour side house in Sydney’s exclusive Hunters Hill.
I’m not upset that the Hockey’s have done very well financially. I’m just upset that our Treasurer is so stupid. There is no other word for it. He is stupid and has put his foot in his mouth time and time again recently. With Joe saying silly things that are not well researched and Tony Abbott constantly denying responsibility for bad Government decisions, we as voters are in trouble. We seem to have politicians in charge that have no idea how “average Joe Australia” lives.
The GFC may have been ok for Joe Hockey as his very intelligent wife told him in advance that all things financial were becoming a problem. We all unfortunately don’t have Melissa Babbage to whisper into our ear.
I wonder sometimes myself how my children will be able to afford to buy their first property. They will probably have to share house, then buy a small unit before moving up to a larger property, as their percents both did. I sometimes become a little annoyed by people saying that the “baby boomers” have it all. Yes we have done well and lived through a time of prosperity but we also struggled when we were starting out. One thing is certain. I do not drive a luxury car as many people do these days when they are half my age. Do they have their priorities right? The “spend it now generation” that wants to move into an expensive property for their first house will quickly learn about rash decisions. They have not lived through mortgage rates of 18% in the late 1990’s and would quickly be ruined financially without very good planning.
My answer to you is to save as much as you possibly can and plan carefully for the future. Forget the “get a good job that pays good money”. That is a plan for the privileged few.