Forum Replies Created
Aussierogue, reverse mortgage, yes that is a concern it scares the hell out of me. In Japan they have 3 generation loans (100 years) is that progress or regress.
AusProp, delay the inevidable absolutely. My sole arguement has been that our thinking has changed and we are getting further in the shit.
Think about governments, their solution is to increase taxes, but who pays the most taxes?, “the little people” the sophisticated person miminises their taxes. We are going back wards just look at the increasing personal debt level per head of population?????????[ohno2]
Phil
Hi Guys and Gals,
Well I am shocked and dissapointed with the whole lot of you (just kidding) because two weeks ago Peter Costello our esteemed treasure clearly said to ever Australian.
Give love this year not presents ( in other words don’t spend we’re in the s..t!!)[upsidedown]
Now i’m avaible for some spare lovin, as long as you don’t tell my wife (italian!!) and if you can’t find me i’ll be in the closet[inlove]
Mike, sail over to Laguna and i’ll give you a game of golf[thumbsupanim]your wife can take care of my twins (that will sort her out, my wifes a mess, just kidding – not – ) he he
I just can’t believe that $1650.00 it must be me i’m wrong, any how whats a credit card? i’ve heard about them [weird][weird][weird]
Phil ( Mike 16 years married just past [withstupid])
I put off losing my virginity for a few years but made up for it later (not, just kidding)
I was a sparky so I worked week ends and some times for very little. One day my cousin said to me “how much did you make last Sunday” i said $60.00, he laughted. I asked him “how much he spent last Sunday”, He said they had a fantastic time and spent $220.00. So i then said, “that means that i really made $280.00 then … 20 years later the dumb s..t still hasn’t worked it out (loser)
Think and grow rich!!![cap]
Hi Zen, great name.
What many people fail to remember is that many BB’s went through 1990/1995 in a recession paying up to 17/19% and were wiped out. I would like to see gen.x go through this experience (not) and build some character.
BB’s were not encouraged into property gearing until 1994 onwards when it became more popular, more common place and acceptable. Compulsory super only came in 1991, so thats why so many baby boomers have left it too late and are panicking now because retirement is within reach and time is running out.
Most younger people have a misconception that all BB’s are rich, I can tell you that this is totally wrong, thats how I make my money, advising BB’s.
I keep going back to the basics here and the basics are that 95% of Australians will fail to maintain the same life style at retirement that they were enjoying when they were working because of bad PLANNING.
Yes even gen.x, gen.y, and so on – call it denile, stupidity, ignorence, what ever you want only 5% well succeed. Out of the 40,000 members of this site only 2000 will succeed, the other 38,000 will fail.
How many people on this site contribute in a positive manor (the successful ones)why don’t the others contribute well I had better not say (dreamers and experts with no money, fear)
I wasn’t born with a silver spoon in my mouth, and became a millionere at 28, its called hard work and risk with plenty of failures along the way (now experience).
IMHO the market will go up and down like the sun rising and falling, and governments will change and interest rates will rise and fall, but the one who fails to plan and save will regret what they could have done at a time when they had it all. (i’m a poet and i don’t know it)
Regards always Phil
Scremin, sorry for the gender mix up. I will get the dates for you re the generation groups and ages, I have these some where in my notes.
Steph, you also raise some interesting points and questions for the gen.x’s (the tide has turned, pressure) and I am hopeing my good buddy MichaelWhyte is going to respond to your points, Mike where are you??? the shoes on the other foot, he he.
Richmond, I too have this situation in my family/inlaws. My wife has made me promise i keep my mouth shut, they say that comon sence is not so common and I tend to agree … time well tell
Regards Phil[lmao]
I attended a private meeting with Peter Switzer who predicted that interest rates would be 10% by 2008.
He also said that all his economists mates could not see too much going wrong until that date.
The two worst property markets predicted were Sydney and Melbourne, except the top end of those markets (wealthy people, old money)
The best market for growth and investment was Brisbane, largley fueled by life style change. It is not only the baby boomers moving North but also the smart gen.x’s.
25% of Australias population starts to retire in 2010 and the next recession is set for 2011. gen.x’s will be about 30 then and at that age i was paying 19.33% interest on a loan of 5mill for 2 years (welcome to my world).
I have a mate of mine (35) who now lives at Laguna in the Whitsundays, still got his business in Melbourne, but wanted a life style change, its not just the BB’s that are opting out.
You don’t need to be worth millions to live a happy and content life, its a matter of knowing what you want and making your investments work for you, its a matter of choice.
There is still a high demand to produce stock for the imagration market into Aus. We are producing smaller lots now 400-500m2 which is putting demand on other areas such as services. I see a huge demand in the lower end of the market, retirement villages, van villages, retirement/rental.
We must remember that there is a medium band which is the largest portion of the market. Only 3% of Australia in wealthy (rich) and 85% average.
The average wage in Aus is about $45k including BB’s and our debt per head of population has blown out of control. This is where I see the major problem, teaching people to save rather than, spend today and don’t give a s..t about tomorrow.
All these so called stats (and so called experts) must reflect on this single issue, we are living beyond our means in the luckiest counry in the world … we are blowing our personal wealth … lack of financial fundermentals.
IMHO people need to stop comparing them selves to others and focus on their own life goals and their families.
Phil
LifeX
Now that I am off the floor thanks for a great response but the pain in my sides …[upsidedown]
Crashy, I truley wish you a very merry xmas and yes I am a little sick at times (my wife tells me all the time) but thats me, i’m really a nice bloke and i should know!!
Femaleage20, i’m putting 25 gift boxes under the tree of joy at Coles this year, food/books/toys/stuff makes me feel really good.
Mike, good work mate I knew you would.
This year i’m giving my brother inlaw a SL500 car cover, he drives a 4wd and I get the car cover back ha ha ha ha … sorry i just can’t change, he he [thumbsupanim]
Regards Phil[weird]
O.K i’m back (from the whitsundays)and here I go again.
This topic is a passion of mine, though i’m not a complete expert. Oh by the way Mike I know you don’t have anything against BB’s (the marfias on the way mate, he he)
I am a BB from a large family and I am the youngest of 6 (45) my father was a mechanic, my 2 oldest bros builders and I started out as a sparky. Being born into a trades family and not a well to do family then changing occupations (elect. engineer/finance analaysis) was an interesting experience.
I know lots of BB’s and they are not well off, contary to the belief of many gen.x’s. When I was 25 a 45 year old was an old man and well off, funny thing isn’t it, nothing has changed.
I think gen.y’s will say the same thing about gen.x’s in a few years, when they do remember resiwealth ha ha. I have 8 gen.x’s working for me and we have some great discussions believe me, I love it.
In essence I believe the major swing between the BB’s and gen.x is that the BB’s were encouraged to save where as gen.x’s are spenders eg; credit card, car leases, store accounts (my brother inlaw is far in debt u would not believe). As proof two weeks ago in the telegraph an article said our personal debt has increased in the last 5 years (gen.x) from 433 billion to 720 billion ????? why ????? gen.x ????
Now SCREMIN has made an interesting comment in that he believes that gen.y’s are going back to old fashioned values (isn’t that interesting) watch out gen.x these guys will be after you.
As for SPANKY (nursing homes) i think he has hit the nail on the head, you’ve got my money!!
AUSSIEROGUE, i’m as confused as you, but I can’t wait for Mike/Lifex/gmh454 to respond, cause this is getting better.
Question is how do we fix it, xmas is here and the news papers in Jan/Feb 2005 will be “credit card debt beaks new levels. But what does Howard/Costello say – give love not gifts, oh give me a break.
Regards Phil (love a good discussion)
Hi Guys and gals I have a question I would like to try and ask to get feed back as per some of the responses in this topic.
How the different generations, view other generations;
The current retirees believe that the young people (baby boomers) never had it so good, because they never went through the hard ships that they endured.
The baby boomers can’t work out why their parents didn’t buy more properties, shit I mean they were only 25 pounds in those days, they could have bought the whole street.
The baby boomers believe their kids are spoilt lazy brats not prepared to work and save, but rather spend today because its there to be had.
Generation x expect their parents (baby boomers)to give part of their wealth to them for nothing because they have too much and don’t deserve it any how.
So how does Gen y see gen x and the baby boomers.
Is it just a matter of how and what period we were born in, or do you think the whole market will crash and level everthing out to start again.
I can’t wait for these replys … regards Phil
Crashy! we all see/read things in different ways, you are obviously not a happy chappy.
I hope you have a pleasent xmas and dont crash!! lighten up this was intended to be a light hearted post, I should know I posted it, so go get a life and dont insult my friends by replying on other peoples behalf.
With humour … Phil[biggrin][biggrin][biggrin]
Timtam,
If u r working and others are playing u r twice as well off … Phil
Micasa,
Why do you have a home debt when you have plenty of equity in your investment properties to transfer this over.
I suggest you look at your financing structure to improve your cashflow.
Phil
Hi jspri … revenge is sweet.
I suggest you do the same to them this year (4 year old gift) but pleeeeease get a photo of them when they open it and send me a copy.[thumbsupanim]
regards Phil
Hi LifeX
May be they are on the river that used to flow past the pyramids
DeNile !!!
Hi Mike how r u … yes similar to other post, but this one is concentrating on (i hope) why Australians are getting further into the debt trap.
I’m not that old mate, i’m still in the top 8 in my golf club. It seems to me, and the warnings are proving it, that Aussies (the younger generation 18 – 35) have changed their SPENDING HABBITS.
We have a 27 billion dollar credit card problem,why??, 5 year interest free store accounts – 86% of people refinance paying over 40% interest,why??
We’re not saving we are spending – Robert Kiyosaki calls this finance FUNDERMENTALS.
How can a person create wealth if they lease an expensive car on a PAYG income, they could own 5 investment properties while driving a second hand Hyundai with the difference.
Am I wrong ????? i’m confused [confused2]
Regards Phil
Hi Mike,
What you think about and focus on will come to you in the perfect time.
Plant the seed and the tree will come.
Don’t be impatient, time is a funny thing.
Every thing you see and touch is the product of thought, and has value to some body.
Your non performing assets could be put to better profits else where.
If you think you can or you think you can’t, you’re probably right, never give up.
You’re on track mate … regards Phil
Hey Terry …
The deffination of an economist is some one who reads the past, not the future … PhilTerry, Michael does not need to get a line of credit on his house (principle place) to do a sub-division, think out side the square.
Regards Phil
Hi Michael,
Just saw your comment on the bottom of your post, thanks mate!!, you bad boy he! he!.
Mike, i would focus on developing your acerage in Bundy, is that possible?, 40 acres can be developed into ????? can you give me more info please eg:
8 x 5 acres or 20 park res blocks @ 2 acres each … what will the council allow. I own 130acres of hill range 270 degree water views, 600m to beach next to Laguna. If you get the DA you can flick it and move on, or sell 50%, or develop, i’m getting excited already mate!!
Regards Phil … PS, forget about you mortgage for the moment unless you have twins as i do, focus on making money, Bundy sounds good but! its vacant land, and i know how that can hurt, you MUST turn it into some thing that is valuable!!!.
What about getting an architect to design something, Bundy is happening at the moment so strike while the market is positive, LIFESTYLE sale, health resort, aged care living etc … your $100k investment may be valued up to $10million, welcome to my world.[biggrin]
Hi Michael,
Yes but where are the opportunities in this mate??. Don’t become a doom and gloom person like Neil Jenman, and others (80% of what he does i admire), i can promise/guarantee you and all those sceptics out there that money is made in all types of property deals wether the market is rising of falling.
In America they call this the Chicken Little Principle (find out 4 your self). Pick up a news paper written in 1950/1960/1970/1980/1990/2000 they make profits from bad news. I wish i bought more property in 1990!!!!!
A friend of mine owns 3 caravan sites, 100% occupancy and is killing it. We are investing in small strata storage and document investments. Queensland land is appreciating the fastest in Australia, do a development. Perth is growing at 9% and the prices are affordable.
In 1991 i was paying 19.33% interest, and today i can get a loan under 10%, yahoo!!!!!
I’m knocking my house over in Hunters Hill in Sydney and building a new one, because the time is right.
So Michael what are you doing to make money, look out side the square mate. Have you ever noticed that when the markets change the little people panic while the big people flourish.
Lang Walker is making record profits, Harry Trig. is upping his building rate, David Marriner is spending 1.3 billion at Laguna in the Whitsundays.
I believe that the market is going to fall a lot more and i can’t wait. It’s xmas and people are going to max out on credit cards then feel the pinch in feb 2005 (fools). we already have a 27 billion dollar credit card problem in Australia, why – because of the lack of financial fundermentals.
Read books on how to make money, not news papers, they are written by journos who don’t have two bob in their pockets.
Good luck Michael, lurn from this positive forum and prosper mate!!! … Phil oh and by the way i suggest you don’t wait till 2008 – it could cost you big time!! how old will you be then ???
