There seems to be a bit of a discrepancy with these two quotes.
Btw, I have every right to give advice in this area. I am personally on a low income (2nd year grad).
Before anyone comments on my 'privilege', let me tell you guys that I work 7 days a week including public holidays (my normal full-time job and shift work at a cafe). I had 3 jobs during university (even overloaded and did 5 subjects per semester). I worked part-time at a property consulting firm, tutored over 20 hours per week and did shift work at the cafe.
I'd be interested to learn what this "low" income is, when there is more than one job involved and working 7 days a week.
Or, maybe he just didn't study hard enough or is lazy at work, so they don't pay him well.
Just because I live at home doesn’t mean I don’t know what real life living costs are. In fact, I would argue that I know MORE about them than someone that actually moved out. It is because I know and appreciate what the costs are (or roughly) that I know it is a better idea to stay at home and not waste money on unnecessary things like ‘rent’ just because you want to be ‘independent’.
Maybe we should let all those people who can't live at home (for whatever reason) that they shouldn't waste money on unnessary things like "rent" and petition the government to build more homeless shelters to cope with the influx, and they better be well equipped with soup kitchens and a big common area for social gatherings for all those budding investors, so they can save every cent.
I'm not sure if your comments are just niave or you are completely delusional. If you are on a low income and living in a large city away from parental support there are many things that make your journey difficult. Those difficulties can be overcome, but please, don't insult those who are struggling financially by saying they are on a low income because they are lazy or didn't study at school.
Telling people to have zero discretionary spending, to go to charities to feed themselves, catch public transport (not everyone CAN get to work by public transport) go to work when they are sick etc, and then in the next breath advise them to look into something that costs $300-$400k, which would put them in greater financial stress than they already are, which, BTW, with all your calculations not once have you factored in any problems. What happens if a water heater blows, or a vacancy for a couple of weeks, or a bad tenant (yes, you get these in good areas as well as bad ones)?
You really need to step back, admit that you really don't have a clue about the struggles these people encounter. You live at home with Mommy and Daddy, apparently contribute nothing towards family expenses, have little time to socialise (working 7 days) and when you do, sit around playing board games with your friends? On top of that you have a huge cash injection for your only IP courtesy of Mommy and Daddy who will also bail you out should you get in trouble. You are most definately in the minority.
As a parent of two adult children I personally feel that your parents have been irresponsible in providing such a large amount of money to someone so young. In life you learn a heck of a lot by going out and doing the hard work yourself. You appreciate what you accumulate much more than if it is given to you. The throw away comment made that if you get into trouble with your mortgage, your parents would step in and help out says this very clearly.
As a parent, I expect my adult children to be responsible for themselves. If they get into trouble, then they have to wear the consequences. I have provided for them for all their formative years. Spent simply oodles of $$ on their sport, for which both of them represented the Country. In fact, in one year alone we spent $36k (that is not a typo, by the way) on the costs for our family to compete.
Sure, I could have denied them this joy and funnelled all the money into my investments. We would sure be in a much better financial position by now, but life is not to be lived for investments alone. Money is there to be enjoyed as well as to provide a future. You need balance in life. I feel that all work and no play make DeeHwa a dull boy.