First-home buyers need to stop playing victim

Gen Y wannabe property buyers need to stop complaining about being priced out of buying a home.

It seems it doesn't matter if I'm talking with friends, watching TV, at work or overhearing a conversation at a local coffee shop, the same words are being reiterated by Gen Y: "It's too hard to enter the property market because it's too expensive".

Do we think that by complaining we're going to be handed the property of our dreams? Unlikely.

As a youngster who migrated from Iran, my parents drummed in to me two points which led to me becoming a multiple homeowner at 31.

The first was that to achieve life dreams one must work hard and sacrifice. The second was to set goals and break down actions on a path towards your dreams.

These two points are crucial when it comes to property investment.

Interest rates are currently at an all-time low, there's a generous first home government grant scheme and Gen Y are predicted to earn more than Baby Boomers ever did. 

Aspiring Gen Y property buyers need to stop playing the victim when it comes to property prices and start being responsible about achieving their dreams. 

As good as a Greek getaway would be during their summer, Europe's not going anywhere anytime soon so you don't have to blow cash that could go towards a property.

Better still, if you don't even have the money saved to travel don't contribute to Australia's rising consumer debt levels by getting a loan to fund an overseas sojourn. Go nuts eating and drinking your way through Mykonos when you're financially stable. 

Instead of spending weekends walking out of nightclubs at daybreak with barely enough cash left in your pocket for a taxi home, realise it's OK to have a quiet weekend and save money.

Start looking at property prices and establish how much you can save per week before setting a goal about when you wish to make your first home purchase.

Gen Y cult figure and Wolf of Wall Street Jordan Belfort once famously said: "The only thing standing between you and your goal is the bulls--t story you keep telling yourself as to why you can't achieve it." 

Heed his advice, Gen Y buyers, and you'll find that property is affordable after all.

via Domain.com.au