How To Turn The Housing Odds In Your Favour

Dear Fellow Financial Freedom Seeker,

I went semi viral with a reel about how buying homes has become unaffordable. 

For the stats you need to respond to people who criticise your avocado on toast brunch addiction as the reason you can’t buy a home send them this 

The fundamental issue this reel highlights is that house prices have gone up disproportionately to median wages (206% vs 69%) since the new millenium

So how do I get onto the property ladder, Pernia? 

Well, friend there are lots of different ways but this weeks one Simple Step aims to address the disproportionate house price to salary ratio. 

Your one simple step this week is to

Increase your salary by working towards a promotion 

Why? Well, we discussed asking for a payrise in this edition of the newsletter. 

Also, the biggest payrises come from 

• promotions  

• moving jobs 

Unless you really want to move jobs, it’s worth starting to see what you can get where you are. 

In order to achieve this you need to start with a discussion with your manager about wanting a promotion 

Go into it with 

• Stats on how you have achieved your objectives 

• Stats on how you have already started doing parts of the role you want to do (soft skills count) 

• How valuable you are to the business (quantify this with numbers e.g. how much revenue have you generate or costs have you saved?)

Get out of it (ie ask these questions to your manager) 

• Whether the business is growing and what its needs are. This determines if there is a case for your promotion and what it might look like. 

• What specific KPIs you need to hit to get a promotion 

• Who you need to network with and show you’re amazing to to get a promotion 

• What the timeline might be 

This one conversation will tell you both explicitly but also by your bosses reaction how likely a promotion here is and therefore whether you have a future here or should consider looking for jobs elsewhere. 

Hit me up if you have any specific questions on this 

Til next week,

Pernia | Your Finance Travel Buddy 

P.S. I am running a series on how I bought my first home in sururban London on my own at 28. You can follow it here.