generational housing problem

[jingo]

Now they're 30 and struggling financially. Personally, I wasn't very popular in my teens. Now many of my friends are worried sick about money and living very uncool lives because they have to save money. I'm starting to reap the benefits of my saving and investing: travel, having a much less stressful life, being able to buy a much better house, being more confident about the future..... (if I hear one more lament from my friends about how they're going to afford private school, when their kids are still crawling around.....)

Maybe not being part of the 'cool' crowd is just one of the sacrifices you have to make to be wealthy. Whether that's a price you are willing to pay is up to you, but you pay another price later.
Alex

Hi Alex,

I agree with what you have said above. My wife and I definetely have a better quality of life now thanks to the investments we made while we were in our 20's.

At work I find that many of my colleagues are struggling financially. They are often talking about how difficult it is to pay the kid's school fees and the cost of clothing etc. Today I put my foot in my mouth as we were talking about the cost of children's birthday parties. I stupidly mentioned that we spent $1000 on our 3 year old's party! I really wish I hadn't said anything. The silence was deafening!

 

[asdf]

Sell your houses and flats to us....at a normal price, put the money in the bank like you are supposed to and live off the interest, just like my parents do. That'll then give us young guys a slim chance at getting just one house.

How bloody true! Prices in select Syd suburbs have risen over 25% in the last 18months because these old farts just won't move out. They are all retired with no mortgage so they don't actually need to be near the cities but still hang on to their prime location homes, ever since the days Edmund Barton took office. The govt released plenty of cheap land in great sea and tree change locations for a reason. Just pis* off already!

 

[Norwester]

Jingo,


Haha.........funny how it slips out and then you look around trying to find the cracks in the floor........

ciao

Nor

( I can only wonder how people will interpret this now that you've deleted your post....... )

 

[GoAnna!]

I stupidly mentioned that we spent $1000 on our 3 year old's party! I really wish I hadn't said anything. The silence was deafening!

So what kind of cool party do you get for 1K ?

 

[jingo]

So what kind of cool party do you get for 1K ?

Well, not that much really!! We hired a marquee, tables and chairs, jumping castle, and hired someone to do the entertainment. Plus food and alcohol! It all added up I guess!!! lol!!

 

[jingo]

Jingo,


Haha.........funny how it slips out and then you look around trying to find the cracks in the floor........

ciao

Nor

( I can only wonder how people will interpret this now that you've deleted your post....... )

Hi Nor,

Yes, there weren't many cracks in the floor. Although my mobile rang and it was my property manager, so I really had to leave the room if you know what I mean!!!!

As for the the deleted post - yes, my mother used to say "if you can't say anything nice, don't say anything at all". So that's exactly what I decided to do!! lol!

Regards Jason.

 

[Norwester]

Jingo,

Similar thing happened to me today as I was trying to sort a boundary fence issue at an IP.

The old dear that owns the property behind wanted the fence replaced - no dramas in that - and after several cups of tea she comes out with:

Her...

"So you're the brother of the gent that owns the property on the corner (old PPOR)

Me...

"Actually I'm the owner of that as well"

Her...

"Glad you're not one of those nasty investor types - (no need to type rest of rant)

Me...

*Stunned* - bite tongue, bite tongue.


ciao

Nor

 

[Ausprop]

That was Charlie Sheen, talking to Michael Douglas

might need to consult the bible but I am sure that was Darryl Hannah.

 

[timmyboy]

"Fly in/fly out" miners are are making nearly 2 grand a week. "Sadies" nearly as much and sparkies and diesel fitters more. It's a bit rough and you (same general "you") need to very careful about booze and drugs. These guys can't even stay at a party where someone else is smoking whacky weed and can't eat sesame seed buns. That's the price they pay. But it doesn't take long to get the house.

Not to mention the sacrifice of being away from those most important to you for a week, 2 weeks, 3 weeks at a time.......
But you do what you have to to get ahead don't you...?
If you want it, you have to go out and earn it to get it.
And be prepared to scarifice - whether it be by buying/living somewhere "below" you or working a job you don't like (for varying reason) to get you where you want to be.

Tim

 

[timmyboy]

I know a lot of people who were very popular in their teens and early 20s because they had all the cool stuff. Now they're 30 and struggling financially.

But Alex, at least they'll be able to throw back to the "old days" when they were once top of the heap.........

Maybe not being part of the 'cool' crowd is just one of the sacrifices you have to make to be wealthy. Whether that's a price you are willing to pay is up to you, but you pay another price later.
Alex[/QUOTE]

I was never one of the "popular" crowd - but I'd take being well set up and comfortable now and popular with my wife and baby for doing so - any day of the millenium.

Tim

 

[timmyboy]

Well, not that much really!! We hired a marquee, tables and chairs, jumping castle, and hired someone to do the entertainment. Plus food and alcohol! It all added up I guess!!! lol!!

I hope all the 3 yr olds drank responsibly Jason

 

[alexlee]

But Alex, at least they'll be able to throw back to the "old days" when they were once top of the heap.........

Indeed. Unfortunately for them, that period has ended. My era is just beginning.
Alex

 

[Dean1337]

Jingo,

Similar thing happened to me today as I was trying to sort a boundary fence issue at an IP.

The old dear that owns the property behind wanted the fence replaced - no dramas in that - and after several cups of tea she comes out with:

Her...

"So you're the brother of the gent that owns the property on the corner (old PPOR)

Me...

"Actually I'm the owner of that as well"

Her...

"Glad you're not one of those nasty investor types - (no need to type rest of rant)

Me...

*Stunned* - bite tongue, bite tongue.


ciao

Nor

Are there many people like this?

 

[steveadl]

might need to consult the bible but I am sure that was Darryl Hannah.

hmmm now you've got me thinking? I'm pretty sure it was Charlie Sheen saying it when he angrily confronted Gordon Gekko in his office about him deciding to break up BlueStar Airlines....

Sheen: Why are you wrecking this airline?
Douglas: Because it's wreckable!
Sheen: Well where does it end! How many beds can you sleep in, how many yachts can you ski behind?....

But this is only from my memory, so don't quote me

 

[alexlee]

Are there many people like this?

Read the comments to some of the articles in the Daily Telegraph or the Australian. Plenty of people out there. Uninformed and just want to blame everyone and anyone.
Alex

 

[lizzie]

i really hope that some replies to this thread were "tongue in cheek". i know dazzlings was

but - in regards to a long commute - well, yes it is a long commute but you have to start somewhere. that doesn't mean in five years time you'll still be living in the same property. invest wisely and trade up to something closer in to the cbd, or look for a job or start a business closer to home. the first ppor you buy is just that - the first - a starting point. hubby's commute used to be 45minutes (but we're not in a big city), but with our new ppor it is only 8 minutes - we traded up.

as for those who complain about school fees ... i couldn't justify in my mind paying $10k per year to send a 5 yr old to kindergarten (and that was just basic fees, not excursions or anything included). she is enrolled for next in the very good local government primary school. we had 3 kids (two now in uni, 3rd in yr11) go thru the public system very successfully and believe a lot of their ability comes from continuing the "life" education at home.

i never forget seeing photos of the "good old days" of a mum (not my mum) pushing the unwieldy cane pram down the boggy clay driveway for her long trek to the shops and back, with toddler in tow, to buy food for dinner - she lived out in the sticks at that time, no car, one income, 2 bedroom house with only barren lawn for a yard ... now it is a prime location and the younger generation have the gall to whinge about "how dare the boomers stay there".

well, when you've done it tough in your youth - you can do what you darn well like when you're older. and in years to come, the properties the current generation are snobbing will turn out to be prime real estate too.

 

[Dean1337]

Read the comments to some of the articles in the Daily Telegraph or the Australian. Plenty of people out there. Uninformed and just want to blame everyone and anyone.
Alex

Would you say that a lot of this attitude is brought on by the media?

 

[VYBerlinaV8]

They will always have something to complain about. Me, I'm just going to continue what I do and get rich.
Alex

Mate, we ought have a beer some time - this is exactly how I feel.

As to the popularity thing, I was considered the 'boring' and 'cheap' guy in our friendship group when I was in my 20's (I'm now 31), and I know the others (girls especially) would 'wonder aloud' what went wrong with me. Now I'm suddenly perceived as the rich guy, and they aren't sure what happened. As my wealth has grown, I have slowly (and cautiously) increased my standard of living, although I still live massively below my means. Added to this is that I put a lot of effort into developing career during my 20's (as did my wife), and we now have a combined working income of almost 300k per year. When you apply that sort of income to a regular investment strategy over a number of years, the results are substantial.

It's interesting, because there was once a time that I would have cared what they thought, but now I don't, even though they think I'm some sort of financial genius (which I'm not). We are still reasonably good friends, although they treat me differently now that my wife and I are substantially wealthier than them. Nowadays I don't tell many people I invest successfully, it seems to make them feel uncomfortable.

I think in order to be a successful investor you need to be willing to be different to the mainstream, and resilient to the comments and opinions of others. Ultimately, most of those comments come from feelings of jealousy. Another interesting point is that I have found I no longer get jealous or envious of other successful investors, but rather desire to talk to such people to swap information about investment strategies and ideas. Perhaps becoming an investor changes us a bit?

 

[alexlee]

An interesting (or ironic) thing is that in my 20s people didn't understand why I saved money instead of spending it. Now, they STILL wonder why I don't spend it..... on a PPOR. They assume that the objective of all my investing was to buy a nice PPOR with as little debt as possible.

I don't have the patience to explain, yes, if I sold everything I could buy a nice PPOR without debt. But how that would be a step back blah blah blah. They assume I took all these 'risks' just so that I could have a comfortable PPOR. Like that's even a 10% of my ambitions.
Alex

 

[alexlee]

Would you say that a lot of this attitude is brought on by the media?

I think a little of each. Many people are prone to complain anyway. The media, in their drive to sell papers, pander to that, as do politicians.

Who knows what made them this way? Bad parenting by the boomers? Unrealistic expectations based on having lived through one of the longest booms in history? Who knows. But reality is reality. The complainers can bleat all they want. In the end, whether prices go higher or fall (and then go up again), it's the disciplined investors who will do better than the complainers.

I read those articles just to affirm that I don't want to be like those people, and to get a 'reality check'. i.e. find out just how weird (to me) some people's thoughts are.
Alex