Bloody hell mate, i’m 40 years old and havent worked a paying job in 10 years., but am lucky enough to have a lovely partner who looks after me who is on 60k/year.
We feel like tightarses for not buying xmas or birthday presents, even for us.
We drive a 1980 Valiant that cost $1500, but is on LPG , all our furniture and kitchenware was castoffs from our parents and our clothes are falling apart. My good clobber is the same stuff I wore to my old mans wedding 10 years ago. I have a pair of 6 year old deck shoes and I just broke my 3 year old pair of thongs. These are my only shoes. Even this ‘puter is a rehash of 2 throwaways and $200 in bits.Saying that , we have 6 IP’s val’ed at 1.6 mill, bringing in more than enough $$$ to pay for themselves and a bit. We only started doing this 2 years ago and all of the houses are regional and cost well under 200k each
All of our tenants have A/C, 3 have dishwashers all have nice kitchens,bathrooms etc. All seem to have flash cars , plasma screens, go on holidays and have nice furniture.
Our ppor is a peice of $hit thats falling down around our ears.
Our holidays are spent doing maintenance on our IP’s and sometimes a tenant vacates and we live there for a few days and pretend we’re somwhere nice.These are the sacrifices some of us have to make to get ahead. It’s called delayed Gratification.
AS Chopper Reid says, ” Peter, you need a big mugachino of harden the f#ck up”
I understand your frustration. TOTALLY. Husband and I spend out 2’s drinking and partying (never thoughtou about investing until 2 years ago). Now we are early 30’s and I am the main income earner. My husband is on a very average wage and we would like to have kids. I am havng anxiety issues with wanting to have achild and wondering how to do this on one wage and pay rent and pay IP. Our IP is an older house (newly renovated) cost us 270K and rents for 285p.w (value $320K) but because we used equity from parent we have a large amount to pay out of our own pocket after rent (about $130p.w). SO: $130 for IP, our own rent and bills = all of husbands wage… HOW CAN I AFFORD TO GO ON MATERNITY LEAVE… And I’m not getting younger… How do people manage???[inlove]
Snowflake
Peter & Paul,
I understand fully you’re frustration but I don’t sympathise. You are both in good positions with uni degrees and starting incomes of $40K. That’s more than a large percentage of the population will ever earn in any given year. Not sure what you do Paul, but Peter with your accounting qualifications you’re income will be up, up and up with each year. As an accountant myself, I know what I’m talking about. And you’ve both entered the workforce at a time of record low unemployment and a major skills shortage.
Paul you say it will take you a year and a half plus to save a deposit – is that all! For many people their first home or IP is probably the single biggest purchase they’ll ever make in they’re lives. Whoever said it was supposed to be easy? And don’t forget you’re talking about single incomes. Presumably you will find a partner one day and then you will have the power of combined incomes.
You’re probably sick to death of hearing “in my day” but as a gen X’er my own story is not all that long ago. I finished high school in 1986 entering the workforce on minimum wage ($130 pw for 5.5days). I worked 2 jobs just to make ends meet and staying home with the folks wasn’t an option. They rented and as the youngest kid, my coming of age spelt they’re independence. At 18, I was told I’d have to find somewhere else to live as they were giving up the house to do the grey nomad thing around Aust. (BTW, I’m not complaining, I have loving, caring parents). After I met my husband to be, we saved like crazy for a deposit. We were paying $130 pw rent (as cheap as we could find), not all that much less than you can still rent a unit or small house for today in Mandurah. It was about this time that the banking industry was deregulated but there was still very little competition to the big 4 banks who all demanded minimum 10% deposit plus legals/stamp duty etc. To top it off the country was in recession and interest rates were at 18%. Over the course of a year we saved a total of about $6K and feeling close to our goal I rang all the banks and was totally disheartened to learn that once we had saved another $10K or so (another 18 mths at least) we could possibly borrow about $60K on our income. With low end houses costing about $100K in our region we thought it was a lost cause and at the time it was.
Eventually we came to realise that if we really wanted our own home, we were going to have to 1) our income and 2) find cheaper housing. We did what Bernie Fraser was criticised by many for suggesting a few years ago – we left north Qld and all our family and freinds and headed for WA were housing was cheaper and employment opportunities greater. We then both enrolled in full-time uni (I was 26, hubby 32). Our deposit money quickly went on moving and uni costs and by 2nd semester we were both racking up HEC’s and FSS loans which we are still paying off. Three years later we graduated into jobs paying not much more than we’d been earning as minimum wage earners but we knew that this would change. Our incomes have risen steadily and now we earn more than we’d ever thought possible. It took us another 3.5 years after graduation to be able to buy our first home – a very modest 3×1 in need of a lot of TLC. At the time I was 31 and hubby 38. 6 years on we now have 3 properties worth $1.25M and a 70%LVR.
My point is home ownership is not easy to come by and never has been which is why some people never attain it whether they be baby boomers, Gen X or Y. It is also the reason that those people in their early to mid-20’s who do manage to buy a home are very rare. It takes time. I won’t say I wish you luck because I believe luck has very little to do with it. Instead I wish you both focus and determination.
Flatout
Originally posted by Bloss:Saying that , we have 6 IP’s val’ed at 1.6 mill, bringing in more than enough $$$ to pay for themselves and a bit. We only started doing this 2 years ago and all of the houses are regional and cost well under 200k each
AS Chopper Reid says, ” Peter, you need a big mugachino of harden the f#ck up”
Ok, that’s just rude.
I predict your ‘portfolio’ will be unsellable for $900,000 by late 2008 if you still hold all the properties. It will be interesting to see whether you’re still so ‘hard’ yourself then, or whether you’re screaming for charity handouts and government intervention.
Regardless, those who are currently more humble than yourself are unlikely to feel much pity.
F. [cowboy2]
Originally posted by as41:I understand your frustration. TOTALLY. Husband and I spend out 2’s drinking and partying (never thoughtou about investing until 2 years ago). Now we are early 30’s and I am the main income earner. My husband is on a very average wage and we would like to have kids. I am havng anxiety issues with wanting to have achild and wondering how to do this on one wage and pay rent and pay IP. Our IP is an older house (newly renovated) cost us 270K and rents for 285p.w (value $320K) but because we used equity from parent we have a large amount to pay out of our own pocket after rent (about $130p.w). SO: $130 for IP, our own rent and bills = all of husbands wage… HOW CAN I AFFORD TO GO ON MATERNITY LEAVE… And I’m not getting younger… How do people manage???[inlove]
Snowflake
I don’t think a lot of people do manage too well – they just pretend they do and surround themselves with doodads to give everyone the impression they are doing well and to make themselves feel better – for a while. It takes a lot of courage to go against the flow and not spend on crap, or to ‘downsize’ the car and/or house to free up a little extra cashflow.
here’s a few of my ‘anti-Keeping up with The Jones’ ” hard yards” tips;
1. sell both cars (I assume you have 2?)and buy a $5k ‘bomb’. After 5 years auction on ebay. repeat process. I do this now; it’s great fun! and you get back most of what you paid for it. True.
If you only have one car; repeat tip one.
Then you have only third party insurance instead of comprehensive, and half the fuel, insurance and rego.
Who cares what everyone else says/ thinks?
2. find the cheapest place to rent as close to your husband’s work (so he can walk) as you can that still gives you some space to live.
Who cares what everyone says/thinks?
3. give up smoking and drinking (another assumption). Your baby, your lungs, your liver and your wallet will thank you.
4. delay having child a few more years. if you are healthy it is not that big a risk. I have 2 friends that each gave birth to 1st child at 40.
5. have child and go back to work after 3 months. My wife did (otherwise she would have gone mad).
6. do not visit a shopping mall for a least a year or 5 (we don’t). If you do – don’t take your wallet. You will get bored after about 10 mins and you can go home and look for more I.P’s online.
7. spend about $10 on each person at xmas (we do). If they winge about that they weren’t even worth the ten. Even better – send a card.
8. only pay cash.
9. only pay cash.
I could go on forever.
If you find these tips too hard then you are sacrificing your future to please everyone else. If you have high self esteem you can do it.
All these are less than ideal choices, most of them tough, but how bad do you want it?
Cheers,
MarcHey Marc,
I notice you’re ‘L.A.’ Aussie… how about starting a new thread with an on-the-ground account of how the REI world is doing over there?“Between June and September, the median home price, or midpoint of all home sales, had dropped by $20,000.”
OC Register ArticleF. [cowboy2]
Originally posted by foundation:Hey Marc,
I notice you’re ‘L.A.’ Aussie… how about starting a new thread with an on-the-ground account of how the REI world is doing over there?“Between June and September, the median home price, or midpoint of all home sales, had dropped by $20,000.”
OC Register ArticleF. [cowboy2]
Hi F,
Some very interesting views regarding prices.
Still going through some of your posts but to make it quick, where are you seeing rents move with these massive price falls of 40%?
Originally posted by Tools:With an attitude like that, you are right, there probably isn’t much point. The world doesn’t owe you anything,and if you want something from life, you need to go out and make it happen, not just bitch and moan.
Tools
obviousy Tool u r not sympathic enough to understand the situation, probably becos u are 1) already very successful in property investing 2) born with some silver spoon in your mouth to start life with 3) heart turning coal
I predict your ‘portfolio’ will be unsellable for $900,000 by late 2008 if you still hold all the properties. It will be interesting to see whether you’re still so ‘hard’ yourself then, or whether you’re screaming for charity handouts and government intervention.
[/quote]
Don’t know how you can predict this Foundation ,as you don’t even know where these regionals are.
They happen to be regionals with 60,000 plus populations that have ran out of housing and have mining contracts in place in the area for up to the next 10 years in some instances.
But even if they do devalue, we won’t lose money unless we sell, and with those sort of population bases and rents increasing, they’ll still be in demand as rentals IMHO.
I won’t appoligize for what I said. This country seems to have brought up a new population of sooks and “Girlie Men”
Harden up
Bloss [evo]
I’m with the kid here and agree with Foundation.
Kid (sorry do not mean that in a condescending way just trying to separate my advice from my peers) you have the power in your hands.
My son is 25 qualified last year is now on $45,000 and has almost paid off his HECS. He is with us and saving and feeding his super.
He never expects or wants to “Own his own home” he is happy to be flexible in his housing will probably move a lot more (not get screwed by stamp duty and agents comm every few years) and will remain with a balanced investment portfolio, of shares and foreign investments.
ALL his friends are doing the same.
As they are in fewer numbers than we are who will buy our houses to fund our retirements ?????
He looks as MaxMansion land and thinks its hideous.
Who will be out there blindly investing / speculating with a copy of the best seller in one hand and dream of early retirement in the other.
As Dazz said if it is not your dream don’t buy it, make your own.
Sincerley wish you good luck.
Originally posted by foundation:Hey Marc,
I notice you’re ‘L.A.’ Aussie… how about starting a new thread with an on-the-ground account of how the REI world is doing over there?“Between June and September, the median home price, or midpoint of all home sales, had dropped by $20,000.”
OC Register ArticleF. [cowboy2]
No worries – go to new topic to see the thread.
o qualify my observations; I have been living in L.A for 14 months now. Will be here for 16 more then back to the best country in the world!!
I haven’t been buying property here, although I looked around a bit when I first arrived, but basically I don’t have a U.S.A credit rating ((will explain in the thread) and without that it is VERY difficult to get finance. I know there are the ‘non-traditional’ ways to get it, but that’s no interest to me.
Hence, I have only been keeping a half interested eye on things.
see you in the new topic. I’ll call it L.A Dreamin’.Cheers,
Marc.
[email protected]Originally posted by Bloss:Don’t know how you can predict this Foundation ,as you don’t even know where these regionals are.
I’m guessing mid-central QLD. Don’t know you? I’m guessing mid-40s to mid-50s, public service, maybe HR or similar?
They happen to be regionals with 60,000 plus populations that have ran out of housing and have mining contracts in place in the area for up to the next 10 years in some instances.A-ha.
But even if they do devalue, we won’t lose money unless we sell, and with those sort of population bases and rents increasing, they’ll still be in demand as rentals IMHO.3 big assumptions there. I’ll let history decide this one.
I won’t appoligize for what I said. This country seems to have brought up a new population of sooks and “Girlie Men”I thought the country brought us up tough? The city seems to have all the ‘girlie-men’…
Harden up[wink2]
Maybe not as big an assumption as suggesting we’ll do our ass, but hey at least we’re having a go.
“The men who try to do something and fail are infinetely better than those who try to do nothing and succeed”
Lloyd Jones[biggrin]For those who are not prepared to work hard / smarter the great Australian dream is well and truly dead!![cigar][cigar]
David
Originally posted by as41:I understand your frustration. TOTALLY. Husband and I spend out 2’s drinking and partying (never thoughtou about investing until 2 years ago). Now we are early 30’s and I am the main income earner. My husband is on a very average wage and we would like to have kids. I am havng anxiety issues with wanting to have achild and wondering how to do this on one wage and pay rent and pay IP. Our IP is an older house (newly renovated) cost us 270K and rents for 285p.w (value $320K) but because we used equity from parent we have a large amount to pay out of our own pocket after rent (about $130p.w). SO: $130 for IP, our own rent and bills = all of husbands wage… HOW CAN I AFFORD TO GO ON MATERNITY LEAVE… And I’m not getting younger… How do people manage???[inlove]
Snowflake
Snowflake,
As you’ve already figured out having kids is a huge financial drain pretty much from the time you are pregnant. I have a 5 & 2.5 yr old and we found the whole maternity leave thing extremely tough financially. Luckily both pregnancies were planned so we had the chance to save a bit of $ before the first child as well as not taking a/leave for about 18 mths so we had the benefit of about 6 weeks paid leave when I went on maternity leave. We downsized the car to a 2 door hatchback, made our own nursery furniture and the cot was bought from Vinnies for $40 – it was a well used timber cot that after lots of sanding and varnishing came up a treat. Pram, high chair etc was all purchased at Big W or KMart on layby plan. Everything was reused for our 2nd child.
At the end of the day it is hard to manage during maternity leave and even after you return to work daycare fees are a killer. With baby #1 I had 9 mths m/leave but only 4 mths with baby #2. It was all we could afford. And yes, the credit card balance went up both times. I don’t believe there is ever a perfect time to stop work and start a family – you just have to plan as much as possible, be frugal and bite the bullet. You will survive financially – just about everyone does. And don’t forget you get the maternity allowance from the govt. these days – $4 or $5K??? That can certainly be stretched out quite a bit with good budgeting. Unfortunately I missed out by 4 months with baby #2.
As hard and expensive as it is, I can recommend parenthood [inlove]
Flatout
Hello Snowflake
Had a girl friend who was in the same situation as you and your husband. She was the main income earner by a long shot. When they had a baby, he stayed home with the baby and she worked.
It was certainly a solution outside the box for those days as she is a baby boomer.
Just an added option ?
Cheers
ElkaOriginally posted by foundation:Howdy Peter,
Ignore the sarcastic knockers here. You’re kind of right. It is unfair on some people at the moment. And $300,000 being affordable? Christ, you’re on $40k (which is only very slightly below the national average of $43k) – on that wage/salary you shouldn’t be borrowing more than $120-$150k!
But here’s the secret – this boom is based entirely on debt. When all is said and done, we, collectively (on the national scale) will have not made a single damn cent out of it. Sure there will be winners, but each will be matched by a loser. Or at least every dollar gained will be matched by another dollar in debt. It will not last, and it will prove to have been nothing but an illusion.
Here’s one of my old posts from the cracker.com.au housing forum. Read it, then let me know if you feel less angry or more angry (others may skip over my rant if it is familiar ground):
Bubble? What bubble? The Foundation theory of monetary stupidity.Summary
Only a small proportion of houses are bought and sold each year. This small number, generally around 5%, set the new price levels accepted by banks, valuers and ultimately owners and borrowers for the entire stock of housing. This is an illusion and a folly.
Bubble? What bubble?
If we turn the clock back a few years to when the total value of all housing stock was $1 trillion dollars in the mid-1990s, total housing debt stood at $250 billion.
In 1997, the rate House Price Inflation (HPI) hit 10% for the year. Although only 5% of houses turned over, the banks told everybody their houses were worth 10% more, implying $100 billion in extra wealth/equity. But all that had really happened was $50b of houses had sold for $55b. Magically, $5b spent became a $100b gain in wealth, but worse still, much of this extra $5b was debt-funded.
In a rational lending system, the banks would say “Hey, house prices are 10% higher, so instead of lending against $50b of houses this year, we’ll lend against $55b of houses.†Or, if they believed house prices were in a sustained 10% pa up-trend, perhaps an EXTRA 10%, ie $60.5b. But no, they revalued not 5% of the houses per annum at the new price, but 100% and the public largely fell for it. They withdrew a large chunk of their newfound ‘equity’, spent a little and invested the rest… in houses.
This added to demand and drove up prices even further, year after year. By 2000, we’d gained around $650b in additional housing wealth for an outlay of just $120b in extra debt. It’s no wonder the ‘borrow your way to wealth’ / ‘Other People’s Money ™’ seminars were doing so well – clearly it worked!
2003, total housing value passed $2.5 trillion and total housing debt was a miserly $540b. We’d turned $290b into $1,500b.
Now certain Cracker Housing contributors, the government, banks, REIs, and recently (shock and shame) the RBA themselves have all told us this is good, fine and dandy: “the sharp run up in household debt has not been a source of concern, as household’s overall balance sheets have remained sound.†ANZ Economics told us. A senior politician who should know better said “While it’s true that Australian families now have more debt than ever before, compared to asset values they are very low geared†or something very like it. And did you ever see those rubbish surveys that came out and said “the average Australian is now worth $270,000, 30% more than just 2 years ago� Gack.
It sounds good, but it is in fact lunacy.
Why? Because for values to remain inflated, turnover must continue at reasonable levels at current prices. Current prices are only met with increased debt (witness household debt continuing to rise by an additional $240b in 3 years of relatively flat prices, increasing LVRs on new loans, booming LMIs…). At 5% turnover per annum, it takes 20 years for a change in price to fully feed through to a new debt-load. We’re 4-6 years into our new level of house prices, with 14 – 16 to go.
So today with the average national price at around $300k, 420-450k houses must be sold each year. With the average new loan at $235k, that’s $100b in turnover, and around $80 billion new debt each year __just to maintain current house valuations__.
Where we had $250b in debt secured against $1,000b of houses a decade ago, we now have $800b in debt secured against $2,800b of houses, BUT an implied / required future debt load of $2,000b secured against that same $2,8000. The net national gain is exactly ZERO! It staggers me that most people can’t see this. If you don’t put anything in, you can’t take anything out.
Now if we take gross national wages at $435b today, and compound them 3% pa until 2022 (no recession or aging population here then, huh?!), they’ll be around $700b pa, growing by $22b that year. Instead of housing debt at 184% of wages as it is today, it will be 286%. Instead of housing wealth at 644% of income, it will be just 386%. Assuming 8% interest rates, debt servicing will take 29% of gross income, rather than 15% today! In 30 short years we will have quadrupled the (relative) amount we spend on INTEREST PAYMENTS ALONE from 7% to all most 30%! And all for what? NO NET NATIONAL GAIN!!!
Meanwhile the Schmucks who buy (sorry Ff, Cobran
) those average $300k houses today with a $235k mortgage will fall into two groups:
– Those whose loan is IO will have spent $300k in interest and still owe $235k on a house STILL worth $300k– Those whose loan is PI will have spent $340k on repayments and still owe $170k on a house STILL worth $300k.
All best-case scenario, pie in the sky kind of wishful thinking, because earlier I lied when I said “NO NET NATIONAL GAIN!!!†In econo-speak there will be a national gain, it will just be a NEGATIVE one! Imagine if the current 15% DSR rose to 30% tomorrow. Many people would cope, although most highly leveraged investors would be shirtless, or at least wearing brown pants. But if this happened over a decade or two, people would adapt. What wouldn’t adapt is the economy. The extra interest costs will take the equivalent of 65 billion dollars in today’s money OUT of consumption and investment EVERY YEAR! Enough to cripple the economy and bring on the mother of all depressions. I think.
So, best case scenario, we’re screwed. Worst case scenario, house prices collapse. Or should that be the other way around? House prices need to fall to a point where housing debt is growing at less than wage growth. As I’ve said before, that will require a massive (50%++) average drop in house prices coupled with a massive drop in turnover.
The third scenario, and final remaining option for us collectively, is to fund another house price boom, thus delaying the inevitable and magnifying the consequences when the correction does eventually arrive. In fact I think we’ve been doing this for the last 20 years anyway…
So buck up son. We’ve got a tsunami coming – Don’t cry for a lost sandcastle, get building a fortress!!! (And by fortress, I mean a secure financial future, not an actual fortress!!! In fact, by late 07/early 08 you should be able to pick yourself up a nice fortress for easy 30-40% Below Market Value (BMV) in real terms…)
Cheerio, F. [cowboy2]
Foundation,
I am with you buddy. This is a housing ‘bubble’ (based on debt), there has been no production of ‘real’ wealth created. If you bought a house in 1994 and sold in 2004 the ‘price’ may have risen 300% but the ‘value’ is still the same. You will have to pay around the same price to get back in. If you are flipping houses, sure after tax you might make some profit, but soon building costs and prices will continue. Meanwhile your competition is building, everybody is a developer or renovator.
We had three IP’s for that period. Rents dropped. We renovated one and sold all three. We made $800K and now earn 6.24% on our money, no fuss. We were earning $600 a week in rent less expenses, now we clear $960 a week. I will make more on our capital by staying out of the market.
Peter,
If you want to protect your savings and buy assets start looking at precious metals (seek advice). You can buy silver and gold bullion from a bullion exchange in your CBD. Put it in a safety deposit box and watch as the house prices drop and you retain your wealth. Granted bullion does not pay income or fixed return, but it beats the risk of a wobbly property market at the top of the greatest hyper-inflated prices of all time and PAYING for the privledge by negative gearing.Next bonds may collapse so you could consider fixed returns ( as the price of bonds drop yield goes up)as you pick up houses cheap!!!!!!! WARNING: This is a 2-5 year plan.
The tipping point is when banks start to stop grabbing market share and focus back on profit margins (just NAB announced). Watch as the market contracts and the amount of sales drops. Volume always leads because to be a buyer a large portion of the market needs first to be sellers. That means the amount of houses advertised for sale will drop. Watch the trend of the page numbers in your largest newspapers (already droppping).
The second part is that banks will want the market to drop more than the house is worth so that the mortagee is in negative equity. Now they have them cornered, the only way they can sell will be to go bankrupt (less sellers again) or REFINANCE TO A 50 YEAR LOAN….(less sellers for the next generation).
Two more interest rate hikes should do it…or Crude Oil – Ouch!!!
Remember it is never a good time in the market, if you think so, and is always the right time, if you think so. Money is only an idea, it is created from nothing…watch for value…price is an illusion for the poor…money is an IOU debt discuised as value.
Invest for cashflow, but that means you need to buy value. Get your surfboard ready. I can see Foundation has the board waxed.
see you on shore,
Aaron[goatee]
“If you want to protect your savings and buy assets start looking at precious metals (seek advice). You can buy silver and gold bullion from a bullion exchange in your CBD. Put it in a safety deposit box and watch as the house prices drop and you retain your wealth. Granted bullion does not pay income or fixed return, but it beats the risk of a wobbly property market at the top of the greatest hyper-inflated prices of all time and PAYING for the privledge by negative gearing.”
Just a comment re this bit on gold as an example, i think if you look back at the ‘value’ of gold, early last century, and compare it to it’s ‘value; now, it is exactly the same as you feel the houses are/were. I remember clearly a detailed commentry from a couple of well known (conservative) types in the finance sector on the radio, dealing with ‘buying power’ of various asset classes a couple of years back, and this very point was made. Not quite as bad as putting money under your pillow, but about the same as interest in the bank. Just thought that should be clarified, unless there is any factual (not speculative) Info to the contrary. Definately agree about the highly inflated property prices though. [strum]I would like to thank everyone that contributed to this thread, both posative and negative.
It has certainly given me alot to think about.
Once again thanks to everyone[biggrin]
Peter,
I have just turned 30 and am very much a part of generation X.
I didn’t finish highschool, and didn’t waste my time doing university, or any other tertiary ed – I bummed around the country surfing and working hospitality.
I never had any money, only enough to scrape through each week.
When I hit 24, I was offered a middle management position in a hotel/resort – this was what woke me up out of my “I’m never going to get anywhere, might as well just cruise” attitude.
After working the position for two years, I realised that there are basic fundamentals to making forward steps, and increasing income.
I moved to QLD and the same day I got here, got myself a job as a real estate agent – I knew nothing about real estate except the income was the one of the best you can get.
Since then I have been in the property game for three years – and am also PS 146 compliant as a financial advisor – and have joined a company to help them run a property investment centre – I live and breathe property.
I will be in a position to retire at 35.
You need to do some serious work on daily affirmations and embedding the right language into your subconcious – if you keep telling yourself the crap that you are telling yourself – that is what you will live.
The world is only shaped how you percieve it to be shaped. You will notice that wealthy people usually have a pretty positive outlook on most things – and the not so wealthy are flat out whinging about everything they have no control over.
Be positive – don’t be a whinger – you are giving our generation a bad name!
Start rubbing shoulders with some people that have generated themselves considerable wealth – show them the respect they deserve – and you will find that people are willing to share how they did it, and give you some pointers.
Mate if you are uni educated, and someone of my educational ability has pulled it off, you certainly can. You now just have to educate yourself with the right stuff – read “Rich Dad, Poor Dad” by Robert Kyosaki (I’m not sure if that’s how you spell it) it will change your life – it changed mine.[withstupid]
) those average $300k houses today with a $235k mortgage will fall into two groups:
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