westan- you calling me Mel? hehe [hair2]

Yes, he is referring to what occurs around us- kiyosaki, that is. I was saying that, yes, i agree, that occurs. But he is using those tactics that all the gurus use: “did you know that 96% of australians will be dead or dead broke by the time they are blah age…?” what I was siggesting is that we all continue to realise what it is that will keep us financially *viable* until retirement age- and some of that viability will be about education and skills- because who knows what will be required of the workforce in 2010?

Spending 5k on a seminar will hot necessarily enable me to continue working until 65 (I want to do this). Ensuring I am trained in a variety of areas and have flexible skills will ensure i am able to keep up with an increasingly demandinf workforce.

westan – I guess what I am thinking is… I wish there was more emphasis about what is needed to do if we wish to work towards retirement. Most of the gurus tell us how we can all just leave work and make money from RE and shares. But where do we get the money from in the first place? So there needs to be some attention paid from the gurus on how to ensure we can love our jobs and be secure in the work that we can do- not merely motivating us to *leave* our jobs (the gurus assume we are unhappy in our work), but how can we sustain our creativity at work, be happy in our jobs, and invest our wages well? Instead they say work or a job is “Just Over Broke”… it is such an anti-work perspective.

Some of these gurus make out that people are crazy to work- that we are wasting our lives. I think work can be amazingly satisfying, enjoyable, creative, and rewarding. I just finished a project and feel so good about it. How come the gurus tell us work is so bad, when it makes me feel so good?

kay henry

sis,

there are many in the Australian workforce like this too. Bugger off Kiyosaki’s attempt to scare people, but it’s good to look at the reality of one’s life. We all need to reskill and reeducate. When i was going back to University, my mum was saying to me, “you don’t need to do that- you already have an education and a job.” But my mum comes from a different era- one which didn’t require constant reskilling, and updating of skills- one which was not dictated by “credentialism”.

All of us are in the same boat really. I don’t need Kiyosaki to scare me into knowing I have to keep updated with the skills required of a worker in 2004. And that if for some reason, my job becomes redundant, I can shift into other work due to developing generalist skills.

The point is not to know the four quarters of the football game. The point is to know how to negotiate the football game, so that we have more choices to make. And that ain’t gonna magically occur because we own all these IP’s. Reality is, unless we continue education and training, we are not even gonna be able to get those IP’s.

kay henry

george,

In that case, leave your credit card behind- it’s just impulse spending. Best to think about it for a few days instead of getting caught up in the hype.

kay henry

Del [smiling]

I wrote this elsewhere, but my acceptability rate would be:

6% in city
8% in regional
10% in country

Of course, I’d like to say I only accept a 40% yield- hehe- but that would be lying

So if it’s regional, my level is 8%.

Hope that helps. As you might know, I’m pretty conservative investment-wise, and don’t expect the sun and the moon when I buy an IP.

Hope you sell well, Del )

kay henry

Mel? You’ve been thinking about investing in wraps??

kay henry

Thanks Simpon- what a sweetheart you are :o))

Tinker- check this one out- seems likea MUCH better deal- 47 sq metres, 170k, and it’s a loft- so it will maintain it’s fashionability (I have NO association with the following apartment, and caveat emptor to all who behold! hehe)

http://domain.com.au/listing.aspx?mode=buy&id=2004409918

kay henry

Tinkerbell,

5% after all outgoings isn’t too bad, I think. Places such as you’ve described might have horrendous Body Corporate fees (if they have a pool, gym etc) so if the company pays for this, then that’s something.

If the company has a deal with a University in Sydney, then your rental guarantee would probably be safe.

25sq metres is very small, Tinker- have you seen how big that is? I know of a place in the city fringes that is virtually NEW, for 200k, and it is about that size, and it yields $240 a week rent, so it’s about equivalent. Of course, you’d have to pay for all your outgoings in the one I am speaking of. (It ain’t mine, by the way, so don’t moderate me- just leting Tinker know they are around :+P )

Tinker, you should have no problem getting finance for this- it might just be you have to pay a 30% deposit. It’s not “hard” to get finance if places are under 50sq metres, it’s just that the LVR changes. It would be the same if you were buying a greater than 50sq metres apartment in the city area- a lot of banks still make you pay a 30% deposit. Banks also have some issues with student accomodation which is serviced. No big deal- you just need more money to get into the deals.

Check out domain.com.au and check out Broadway. There are places there- probably similar to what you might be looking at- small in sq metres, and basically student apartments- for 125k. You just need to check out everything that’s around- and there is quite a bit. The Broadway apartments I am referring to are old though- but right next to Broadway shopping centre. I think those are also managed and rented to students. You should have no problem getting at least 5% for them- I imagine they would rent for around $170 a week? (just a guess)

You would also want to check that the apartment you are looking at has its own bathroom- awful to share bathrooms- gross.

How old is the building you are looking at?

Another PS… I have no interest in the Broadway complex- I just know it exists and always has apartments around the 125k mark- probably something to think about for those who want a cheap entry deal in sydney.

kay henry

Iambored :o)

I would be completely happy if the properties that I want to buy yielded 10% Absolutely happy! I am just probably not, at this stage, going to buy rural properties. It’s just something I think is too risky for me. I am in property for the long term, and there are just certain things I am looking at- post-1987 properties, in places that have decent populations, no to low maintenance IP’s etc etc.

kay henry

I think we buy what we can afford. And you can still continue to buy neg geared places if you are employed and have income (or income from another source). If your income only comes from rents, well, of course you can only afford to buy certain places, and you need the yield for them to be able to pay for themselves. I don’t see neg gearing as completely limited. If you buy places that need virtually no maintenance, and you pump other money into it, then you can continue to buy.

A 500k place might double in 15 years. So might a 25k place. Also, the more expensive place that doubles, allows you to buy more and more property, and allows you more choices. I know what I’d prefer.

kay henry

Nat, you said:

“Some of the absolute BS on this forum is just too funny for words.”

If you have information that others might not be aware of, then it’s great if you share it. But you are not always “right” because sometimes it is a matter of perspective, and not *fact*. There’s ways to correct people’s misinformation without being attacking or derisive.

kay henry