no its not nice
no its not nice to be taken to the tribunal, just so they can get the home back, then let the same home out to someone else.why? dont ask me even the judge was shocked.
Try going before a tribunal to be removed, when you are paid up in rent, have done no damage, the judge asks why, and the real estate can only say, owner wants it back. What no damage? No, not behind in rent? No, never been? No.
Discrimination? sole parent, paying 215 a week rent, daughter just had emergency ceasarian, both nearly died and they kick you out of your home because they wouldnt renew the lease. Christmas is such a time of giving. BAH humbug!
Yep tell me about it, been there done that.
Then tell me they do it over xmas, when there is no rentals to be had.Hope I am never like that landlord
G’day….
To get ahead with your finances you only have to do two things.
(1) Buy and read/study …”The Richest Man in Babylon”.
(2) Pay yourself first. If, for example your take home pay is just $600 pw then Bank in a special account 10-15%..$60/$90 each week. My kids have a “Don’t touch account”. It Works!
No excuses …. arrange it automatically through your paymaster. It is not money for a rainy day or emergency
Continue until you have $5,000… Only 1 to 1.5 years.Then consider a safe investment…. longterm shares or
a partner in a Real Estate venture with like minded people.If you don’t “pay yourself first” you are working for everyone but yourself. Keep a daily record of your expenditure for a lousy 3 months… forget budgeting until you have completed 3 months of record keeping.
Now you know where you are spending/wasting your money.
Adjust your lifestyle accordingly if you are serious.
Two years ago I sat down with my Son…. he recorded his expenditure… and discovered he was spending $1,700 pa on Coke. That is the equivelant of paying off about $24,000 on part of a mortgage or the best part of $10,000 savings over 5 years.Make your descision… that is all you need to do.
Billfromoz
Bill O’Mara
>>Yep tell me about it, been there done that.
Then tell me they do it over xmas, when there is no rentals to be had.<<It may have been your lucky day that this happened as this very happening may have awakened your interest in real estate !!! [
]PIsces
Originally posted by Billfromoz:G’day….
To get ahead with your finances you only have to do two things.
(1) Buy and read/study …”The Richest Man in Babylon”.
I found this book was very hard. I read it twice, but still not completely understand. Maybe, I have to read it again!
Warm Regards
ChanDollars
[Keep going, you’re on your way to Frolic Freedom!]Originally posted by Billfromoz:
(2) Pay yourself first.Hi Bill,
this comment really depends on the individual, for me personally, i have always paid myself last, though when it comes to bills, its dependant, on what benefits there are on paying it early, but with wages you earn, i disagree with pay yourself first, every time i get my wage each week, i proportion it and then what is left over, is then up to me to spend, doing it this way, i can get rid of, all my expenses and such due costs out the way and then have what is left over to play with.
if i was to pay myself first, i would have to wait accordingly to your plan 1-1.5 years before i can actually touch or spend that money, your idea is great, but if it takes you 5 years or 1 year to save that $5000 you mention, by that time, due to CPI increases your money is worth less.
“todays money, is worth less tomorrow”
Cheers,
sisG’day Hedrek,
Perhaps after reading this forum you will be inspired to put your $2840.00 surplus pm to work,
BoysieSIS, the ‘paying yourself first’ way to go is the way every wealth teacher suggest – especially the richest man in babylon.
It’s your investing money. You may pay it into your loans, etc. etc., but you have to do that first. As you said, you apportion everything, and spend what’s left.
I think you are doing what Bill has said, but you see the ‘pay yourself first’ deal as the money you can blow.
Cheers
MelPisces I was alwasy interested in property before I was 9 years old. I tried to start a bank account, by age 19 I think I bought my first property, not cash, but on the way. Of course my future to be was helping, made him sell his BMW bike for some deposit. That was his 6k bike mind you, when the property was 28k…my how things have changed!
oh that was Leura too!
Cheers
Elves
I agree with Bill
Most books I have read say pay yourself, Margaret Lomas for one.
I pay myself in a fashion, I add extra to my super (late starter)
I pay for additional leave each year, so that I have an extra four weeks up for holidays if I need them. Paid of course.
I just spent 70k on my home renovations for a dream kitchen, bathroom and walls moved for built ins. Nice linen sheets and pillows, new glorious carpet. You kow, my money I work hard for it, time to spend something on me.
Ok so for some you might think waste. I could have paid half a mortgage, or bought a cheap home somewhere, but thats the trade off. I wanted something now for me, my pat on my back in a way.
Back to earning, wheeling and dealing!
As for Richest Man, – good book. Easy to read.
Elves
Guys/Gals,
I just wondering if you pay yourself first like buy nice stuff or whatever you want, but then there are also bill that need to be pay. So how are you going to handle that? you already spend the money and now there are no money for bill, so what are you going to do?
Warm Regards
ChanDollars
[Keep going, you’re on your way to Frolic Freedom!]my take on the “pay yourself first” from richest man in
babylon is that it means dedicating a set portion of
your paycheque to investments ( make your money work for
you ) and then the rest gets divvied up amongst your
bills and debts … wohay then I can get that new toy
with anything that is left over … if anything
is left over … the goal is to get to the point where
there is something left over …that is just my take on it
…Cheers,
Brian.
Dont people budget for bills and expenses?
The good thing for me, no one tells me what to do with my money, or what to or what not to buy…….[
] and I dont mean that aimed at anyone, I earn my money, if I cant pay my debts, only me to blame, but I make sure I generally have the funds to do both…even if i juggle it around.cheers
Elves
Paying yourself first is most definitely ‘investment’ money.
Buying a tv or video etc. is not paying yourself first, cos this money is then gone. You need to reinvest the money you have, so that it can pay you again and again.
I like John Burley’s words on spending the interest, or what your investments have earned. He calls spending that money ‘killing the babies’. If you spend them, they cannot grow up and earn you more income.
Cheers
MelHow’s this – we pay $320 a week for a 40-year-old two-bedroom apartment on Sydney’s north shore (nowhere near the beaches). If we were to buy a property, the repayments would be double that and we wouldn’t even be able to afford a place like the one we’re in (guessing it’s worth close to $500,000).
We could possibly just manage such repayments but only if we both worked and never had kids. It used to depress me horribly, but then I read Steve’s book. What a relief! Now, before we start a family we’re saving up that extra money we would have spent on a mortgage and plan to buy an IP back home in NZ by the end of the year. At last we feel we have a chance of getting ahead.Good on you, landlordtobe! Most of my friends (and me) rent, and I think the going rate per room in sydney is $160 per room, and about $200 per room in a decent house inner west (and probably north shore too!)
Whilst we can know that rent money is “dead money”, for some of us, there isn’t a way around it right now. Great for you that you’re looking into a market where you can raise some capital- perhaps you’ll have your own PPOR one day!
kay henry
Thanks Kay! It’s true that rent money may be dead money, but massive interest repayments that leave you with nothing are pretty stone cold dead anyway! (particularly if the market is about to plateau or drop)
Sometimes renting is unavoidable due to personal reasons. I have to live in this area so my children are close to their father (we share custody week on/week off) and they have a secure school life because of it as well. It means I pay $340 a week for a house that I would not be able to buy (I’s say minimum $450,000 value). Sure it means that a large % of my take home pay goes in rent but sometimes you have to live with what you have and make the best of it I guess.
Now if only I could get someone to suggest what would be the best thing to do with the $500 a month I can contribute to getting IPs having only 2k savings! [:p]
]
if anything
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