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Did you benefit from the boom?


Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
As the argument continues to rage over whether or not many (as against a few) people “partied” during the boom years and as we pick up the pieces and are faced with continuing to bear the cost of the boom years, I thought I would pose the following questions


(a) In the last 10 years did any of the following apply to you;

And if so

(b)Do you accept that you should bear some share of the cost (granted the current mechanism of sharing the burden is not proportional)


- Get a pay rise greater than the annual inflation rate

- Get bonuses where there were none/small previously

- Sell your home and generate a significant capital gain

- Switch your children’s school from state to private

- Work in the construction or related industries

- Work in the professional services industries (e.g. legal, accounting etc)

- Benefit directly from benchmarking

- Benefit indirectly from benchmarking (e.g. partner benefitted)

- Buy a holiday home/mobile in Ireland or elsewhere using a loan secured on your principal residence

- Purchase a buy-to-let apartment/house in Ireland or elsewhere using leverage greater than 60%

- Take a greater number of holidays than usual (an extra weekend away; week away; skiing etc etc)

- Obtain an equity release loan secured against your home

- Change cars more frequently than usual

feel free to add further examples



Edit: Maybe one of the mods will create a poll so that we can track the responses.
 
Last edited:

mickterry

Well-known member
Joined
May 8, 2009
Messages
1,310
As the argument continues to rage over whether or not many (as against a few) people “partied” during the boom years and as we pick up the pieces and are faced with continuing to bear the cost of the boom years, I thought I would pose the following questions


(a) In the last 10 years did any of the following apply to you;

And if so

(b)Do you accept that you should bear some share of the cost (granted the current mechanism of sharing the burden is not proportional)


- Get a pay rise greater than the annual inflation rate

- Get bonuses where there were none/small previously

- Sell your home and generate a significant capital gain

- Switch your children’s school from state to private

- Work in the construction or related industries

- Work in the professional services industries (e.g. legal, accounting etc)

- Benefit directly from benchmarking

- Benefit indirectly from benchmarking (e.g. partner benefitted)

- Buy a holiday home/mobile in Ireland or elsewhere using a loan secured on your principal residence

- Purchase a buy-to-let apartment/house in Ireland or elsewhere using leverage greater than 60%

- Take a greater number of holidays than usual (an extra weekend away; week away; skiing etc etc)

- Obtain an equity release loan secured against your home

- Change cars more frequently than usual

feel free to add further examples
Went to university as a mature student. Full grant, no registration fees, worked on my time off, got unemployment benefit at the same time, had medical card. Then got a job, 3-4 holidays a year, changed car every two years, both my wife and I. We both work full time and have no kids.
 

Tough Paddy

Well-known member
Joined
Aug 3, 2010
Messages
11,505
I avoided jumping on the property bandwagon and buying a house at the time, if you want to call that benefiting!
 

Happytolearn

Well-known member
Joined
Aug 23, 2011
Messages
3,520
I gained valuable experience in learning lessons
 

True Republican

Well-known member
Joined
Apr 3, 2008
Messages
4,067
I decided not to buy property during the property bubble, that was a lucky break even though plenty of my friends were imploring me to go out and buy a house. I consider not buying a house to be a benefit.
 
D

Dylan2010

I mostly benefited from the tech bubble in the 90's and was mortgage free from 2003. I didnt partake in the Oirish bubble as it was a no brainer it was going to go tits up.
 

Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
I avoided getting on the property bandwagon and buying a house at the time, if you want to call that benefiting!
I think hindsight would call that "smart"!
 

EoinMag

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Joined
Aug 4, 2010
Messages
4,950
I moved back from Germany after 6 years working there as Ireland had opportunities and speaking German I was well positioned to service that need. That said I am still in employment so I'd not say that my position is boom related.

I don't feel that I should be paying for others mistakes.
 

gatsbygirl20

Well-known member
Joined
Dec 1, 2008
Messages
22,790
Haven't you heard, Howya?

Not one single poster on P.ie benefited from the boom

They all struggled in low-paying jobs, watching in awe as some of their irritating so-called "friends" down the pub boasted of their bonuses, their buy-to-lets, their shopping trips to New York, their big kitchen extensions

These posters tried--over a pint, and reeling off lists of figures, can't have been easy--to warn these "friends" that the cyclical nature of late Capitalism, and the blah blah blah of contracts for difference meant that there was bound to be a crash...the banks would fail....the Troika would end up running the country....Seanie Fitz was a charlatan...Bertie a monster...

Would the so-called friends listen?

Would they hell.

Now the posters here are glad that they stuck with their rusty bicycle and log cabin in the woods...

Nope. They ignored the "boom". They foresaw it all...
 

EoinMag

Well-known member
Joined
Aug 4, 2010
Messages
4,950
How wise , you are indeed a man of great foresight we are so privileged that you share it with us .

At a guess I'd say you're bitter at having to repay a mortgage you can't afford?

I'd suspect you thought you were the dogs bollos when the tiger was roaring.
 

Rural

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Joined
Apr 28, 2007
Messages
27,927
None of the above, went on hols 6 years ago to West Cork for a week and we went totally mad 6 years before that and stayed in a relation's place in Spain for two weeks. We did run two cars, but then I was working, when the job folded we got rid of the 1989 car but kept the 1996 car.

We did not party and we struggled all through (what Bertie called) boomier times. Recently was the first time in my married life that we got nasty letters from banks and insurance companies. They have squeezed us dry and to be perfectly honest, I am paralysed entirely. Never had the urge to speculate in the boomier times, but, we still suffer.
 

True Republican

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Joined
Apr 3, 2008
Messages
4,067
At a guess I'd say you're bitter at having to repay a mortgage you can't afford?

I'd suspect you thought you were the dogs bollos when the tiger was roaring.
I came across plenty of spoofers in the last 15 years who thought the knew everything about property and thet property prices would continue rising indefinitely.
 

Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
Haven't you heard, Howya?

Not one single poster on P.ie benefited from the boom

They all struggled in low-paying jobs, watching in awe as some of their irritating so-called "friends" down the pub boasted of their bonuses, their buy-to-lets, their shopping trips to New York, their big kitchen extensions

These posters tried--over a pint, and reeling off lists of figures, can't have been easy--to warn these "friends" that the cyclical nature of late Capitalism, and the blah blah blah of contracts for difference meant that there was bound to be a crash...the banks would fail....the Troika would end up running the country....Seanie Fitz was a charlatan...Bertie a monster...

Would the so-called friends listen?

Would they hell.

Now the posters here are glad that they stuck with their rusty bicycle and log cabin in the woods...

Nope. They ignored the "boom". They foresaw it all...
JP Morgan is quoted as saying
Nothing so undermines your financial judgement, as the sight of your neighbour getting rich’
 

Happytolearn

Well-known member
Joined
Aug 23, 2011
Messages
3,520
None of the above, went on hols 6 years ago to West Cork for a week and we went totally mad 6 years before that and stayed in a relation's place in Spain for two weeks. We did run two cars, but then I was working, when the job folded we got rid of the 1989 car but kept the 1996 car.

We did not party and we struggled all through (what Bertie called) boomier times. Recently was the first time in my married life that we got nasty letters from banks and insurance companies. They have squeezed us dry and to be perfectly honest, I am paralysed entirely. Never had the urge to speculate in the boomier times, but, we still suffer.
I'm sorry to hear that Rural - I hope it gets better.
 

Tough Paddy

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Joined
Aug 3, 2010
Messages
11,505
I think hindsight would call that "smart"!
It definitely was but I take zero pleasure from it. In fairness, I also wasn't under the same pressures to buy a property as some other people were at the time. Couples with very young kids etc.
 

The Preacher

Well-known member
Joined
May 5, 2010
Messages
686
I'm a middle management civil servant so I did benefit from benchmarking. Despite this I still couldn't afford to buy a house until the crash came. I was, at various stages, qualified for the Share Ownership Scheme but with each promotion would be disqualified again.

I'm single and have no kids so I could afford to live reasonably well most of the time. I cerntainly didn't go mental though or develop a cocaine habit. I feel no guilt whatsoever about the crash - and despite what a lot of people on this site think, all Civil Servants, including myself, have taken significant pay cuts as things have gotten worse.
 

Howya

Well-known member
Joined
Feb 29, 2012
Messages
1,690
None of the above, went on hols 6 years ago to West Cork for a week and we went totally mad 6 years before that and stayed in a relation's place in Spain for two weeks. We did run two cars, but then I was working, when the job folded we got rid of the 1989 car but kept the 1996 car.

We did not party and we struggled all through (what Bertie called) boomier times. Recently was the first time in my married life that we got nasty letters from banks and insurance companies. They have squeezed us dry and to be perfectly honest, I am paralysed entirely. Never had the urge to speculate in the boomier times, but, we still suffer.

You must be one of the few.
 

SEAMAI

Well-known member
Joined
Oct 5, 2011
Messages
2,697
I avoided jumping on the property bandwagon and buying a house at the time, if you want to call that benefiting!
So did I, kept saving those bonuses and at the risk of sounding a bit smug, I'm building my own place now and haven't had to resort to a huge mortgage.
 

Andy4571

Well-known member
Joined
Sep 9, 2009
Messages
5,229
I moved back from Germany after 6 years working there as Ireland had opportunities and speaking German I was well positioned to service that need. That said I am still in employment so I'd not say that my position is boom related.

I don't feel that I should be paying for others mistakes.
Likewise, but from England. I benefited from the housing price crash though :lol:
 
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