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Comrade Hillary

Friday, November 27, 2009

I'm trying to be sympathetic but seriously 

In todays Herald.

The story of a couple who are barely making ends meet on a combined income of about $50 MORE than my household earns a week.

Their combined incomes of just $933 a week after tax, averaged over the year and excluding overtime, gives them just $33 a week for food, petrol and other living costs after meeting their automatic payments of $1800 a fortnight for the mortgage, rates, insurance, a car loan and hire purchases on a fridge and washing machine.

and it goes on...
Until 2006 they were renting, but the house was damp and Mrs Victory and her daughter Shontelle were constantly sick. When the landlord raised the rent, they applied for a state house.

"They asked, 'Are you on a benefit?' 'No, we both work,"' she said. "'Well, you don't qualify' they said.

"So then we thought about trying to buy our own house and were lucky enough to get a mortgage broker who secured it against my parents' house. We had no deposit. We had huge loans from our wedding. We consolidated the loans into the mortgage."

They bought a modest house in Papatoetoe for $279,000, paying off the mortgage at $1200 a fortnight. The interest rate dropped this year. But they used the difference to take a new loan for a car.

FFS, some free financial advice. Instead of spending $600 a week on your mortgage, sell the house and move into a $400 a week rental giving yourself an extra $850 a month to pay for the shit you are struggling to pay for and to clear some of your debts which are crippling you. Once that's done THEN look at saving a deposit and buying a house. YOU CANNOT AFFORD TO BE HOMEOWNERS IN YOUR CURRENT SITUATION. Join the tens of thousands of others who earn what you earn living in rental properties.

This is coming from someone who earns less than you two but lives in his own home with stay at home mum and child because I'm not carrying round an anchor of stupid debt.


Too fucking right.

It's worth noting that a $400/week rental will probably be in a bloody good place - and certainly a lot better than a house worth $279,000.

They could probably get away with $325/week in rent and still have better accommodations than what they're in now.

All the while saving another $1200/year in Rates, and $500/year in house insurance.

Then stop getting loans to buy vehicular luxury you neither require nor can afford. Save $3000 and grab something cheap-but-decent on TradeMe.

You'll save again with the lower insurance on a cheaper, older car.

It's called LIVING WITHIN YOUR MEANS, and it's something to be proud of.
Totally agree. Fucking muppets. An over-developed sense of entitlement coupled with idiocy is nothing deserving of sympathy... or an article in a fucking newspaper.

They were getting by on Working for Families but his overtime killed it? Are they thick? (A rhetorical question). So don't work overtime or don't BOTH work. Short term, WFF tops up income to get food back on the table and one can take the time to get into something what earns more. Since their shit is so obviously NOT together perhaps they could take the time to, y'know, get it together. Long term, they end up being in a better position. Else take other decisive action as per DC Red's comment.

I repeat... fucking muppets.

You said it KR.

These whiners are parroting the myth that there is a marginal tax rate of over 100% in NZ. i.e., that you can increase your net income through extra work or a pay increase, but somehow your gross income will decline.

This is not possible, as the highest tax rate is 38% and WFF abates at 20%, therefore in taking that overtime the guy is still better off: he keeps at least 42c of every $1 he earns.

There's a decent discussion of it here:
But I want the shiny bling!!!

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