Tough Week for Privileged Capitalist

[whag]

Millionaire CEO Wants Higher Unemployment to Remind Workers Who's in Charge (businessinsider.com)

"We need to see unemployment rise," he said. "Unemployment has to jump 40, 50% in my view. We need to see pain in the economy. We need to remind people that they work for the employer, not the other way around."

In recent years, a tight labor market empowered workers to ask for more at work, like better pay and working conditions. But some leaders, like Gurner, have been fighting back. Mandating workers return to office, for example, has become a favorite way for some to regain power.

Apology:

Millionaire CEO who called for high unemployment to remind workers who's in charge apologizes for 'deeply insensitive' remarks after viral backlash (businessinsider.nl)

"At the AFR Property Summit this week I made some remarks about unemployment and productivity in Australia that I deeply regret and were wrong," he wrote. "There are clearly important conversations to have in this environment of high inflation, pricing pressures on housing and rentals due to a lack of supply, and other cost of living issues. My comments were deeply insensitive to employees, tradies and families across Australia who are affected by these cost-of-living pressures and job losses."

This is the same guy who said millennials' avocado toast budget was preventing them from becoming homeowners:

"When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each," Gurner told "60 Minutes Australia" at the time. "We're at a point now where the expectations of younger people are very, very high."

5 X $19= $95
4 X $4 = $16

Yearly avocado toast budget: $4,940
Yearly coffee budget: $832

Median home price: $300,000
Down payment: $60,000

[rogue06]

Millionaire CEO Wants Higher Unemployment to Remind Workers Who's in Charge (businessinsider.com)

"We need to see unemployment rise," he said. "Unemployment has to jump 40, 50% in my view. We need to see pain in the economy. We need to remind people that they work for the employer, not the other way around."

In recent years, a tight labor market empowered workers to ask for more at work, like better pay and working conditions. But some leaders, like Gurner, have been fighting back. Mandating workers return to office, for example, has become a favorite way for some to regain power.

Apology:

Millionaire CEO who called for high unemployment to remind workers who's in charge apologizes for 'deeply insensitive' remarks after viral backlash (businessinsider.nl)

"At the AFR Property Summit this week I made some remarks about unemployment and productivity in Australia that I deeply regret and were wrong," he wrote. "There are clearly important conversations to have in this environment of high inflation, pricing pressures on housing and rentals due to a lack of supply, and other cost of living issues. My comments were deeply insensitive to employees, tradies and families across Australia who are affected by these cost-of-living pressures and job losses."

This is the same guy who said millennials' avocado toast budget was preventing them from becoming homeowners:

"When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each," Gurner told "60 Minutes Australia" at the time. "We're at a point now where the expectations of younger people are very, very high."

5 X $19= $95
4 X $4 = $16

Yearly avocado toast budget: $4,940
Yearly coffee budget: $832

Median home price: $300,000
Down payment: $60,000

He makes a good case for why you wouldn't want to work for him.

And I think your coffee budget calculation is low. If you buy four cups a day at $4 per cup, 5 days a week for 50 weeks, that's $4000/year not $832

Spending $8940 annually on avocado toast and coffee is not a good move if you want to save money. Will it be enough to buy a house? No. But it will be enough to make a few monthly payments each year.

And if this is your first house it probably will be below the median cost, and if it's a later house you should have a good bit to put down for a deposit.

[whag]

He makes a good case for why you wouldn't want to work for him.

And I think your coffee budget calculation is low. If you buy four cups a day at $4 per cup, 5 days a week for 50 weeks, that's $4000/year not $832

Spending $8940 annually on avocado toast and coffee is not a good move if you want to save money. Will it be enough to buy a house? No. But it will be enough to make a few monthly payments each year.

The exaggerated avocado toast budget balances the low coffee budget. You were supposed to include all other expenses I didn't list like healthcare, dental, school, kid, tithing *cough*.

And if this is your first house it probably will be below the median cost, and if it's a later house you should have a good bit to put down for a deposit.

Below median, add $20,000 or more for improvements, permitting. Factor in moving expenses, unexpected life events, insurance, property tax.

LOL "your first house".

[Sparko]

The exaggerated avocado toast budget balances the low coffee budget. You were supposed to include all other expenses I didn't list like healthcare, dental, school, kid, tithing *cough*.



Below median, add $20,000 or more for improvements, permitting. Factor in moving expenses, unexpected life events, insurance, property tax.

LOL "your first house".

When you are saving up to buy a large ticket item like a home, you need to pinch every penny. He made a good point: When you are starting out, If you spentd your money on frivolous items you will never be able to save enough to buy something important. You need to set priorities.

I learned that lesson the hard way, when I found myself in $20,000 in credit card debt and had nothing of value to show for it. I was spending half of my income just trying to pay the monthly balance on my cards. I had to save and scrimp to get that monkey off of my back so I could by a decent house.

[One Bad Pig]

He makes a good case for why you wouldn't want to work for him.

And I think your coffee budget calculation is low. If you buy four cups a day at $4 per cup, 5 days a week for 50 weeks, that's $4000/year not $832

Spending $8940 annually on avocado toast and coffee is not a good move if you want to save money. Will it be enough to buy a house? No. But it will be enough to make a few monthly payments each year.

And if this is your first house it probably will be below the median cost, and if it's a later house you should have a good bit to put down for a deposit.

For the financial-knowledge challenged, one's second house is typically bought directly after selling one's first house - not as a second property.

[rogue06]

The exaggerated avocado toast budget balances the low coffee budget. You were supposed to include all other expenses I didn't list like healthcare, dental, school, kid, tithing *cough*.

I have no idea what either avocado toast or coffee are going for as I don't consume either. But the point is you can save a lot of money by trimming unnecessary expenses. Ask anyone who's done it.

For instance, you're 32 years old and don't need that new $200 pair of shoes that are like what so-and-so wears out on the court. You don't play as much basketball and spending that much on shoes will not make you a better player. Might as well get the pair for $25-30.

Bring lunch to work rather than buying out every day. You'd be surprised how quick that money starts adding up.

Quit smoking if you smoke. Not only for health reasons but that cigarette money takes a significant bite out of your budget. The same thing can be said for those smoking other substances and drinking.

Basically, read The Millionaire Next Door by Thomas Stanley. You'll see that most folks who are well off aren't trust fund babies or won the lottery but are folks who worked 70-80 hours a week for years before taking a vacation. And not to some exotic location but rather to the same places that Middle Class people usually go to. And they don't get a new car every few years or buy a new bigger screen TV every few years either.

Learn to be smart with your money.

Below median, add $20,000 or more for improvements, permitting. Factor in moving expenses, unexpected life events, insurance, property tax.

LOL "your first house".

Not necessarily. It could simply have less square footage. A two-bedroom with a car port instead of a three bedroom with a garage.

My first house was smaller but in great shape as it was well maintained. Lived there three years without incurring a major expense (I think I replaced a screen door).

But do go on making the case for continuing to live in your parent's basement that you pretend is your "apartment."