yep thats perth for you!

Its even a bit high for Perth Alex. shop around.
I reckon bite the bullet move home and in 12 months time you will be way ahead. And 2 mortages getting paid. Take advantage and continue to chip in a bit extra when you can

Now have you really lost 26 kgs:eek:
wow what an effort well done. Your mates must be in awe. Prolly cost you a fortune in new clothes this last year.
good luck
cheers
 
Its even a bit high for Perth Alex. shop around.
I reckon bite the bullet move home and in 12 months time you will be way ahead. And 2 mortages getting paid. Take advantage and continue to chip in a bit extra when you can

Now have you really lost 26 kgs:eek:
wow what an effort well done. Your mates must be in awe. Prolly cost you a fortune in new clothes this last year.
good luck
cheers

yep, thanks :) its taken around 15 months. haha and today i was lying on my back and i could feel my ribs and my indentation of diaprahm i was soooo excited lol. I'm just starting to notice the shape of my muscles that have been covered by the fat ;) its very exciting!

Hmmm well thats the thing, I haven't been able to new afford clothes! I have about 4 tops that i found in my wardrobe from around 5 years ago I've been wearing. A couple are nice, the others not bad. The only clothes in the last couple of years i bought were a couple of exercise shorts and a couple of t-shirts/singlets for the gym. Might have to visit op shop...nice and cheap
 
I have thought of another option:

See if mum and dad can help me out to see me through the next 6 months and help pay half of my shortfall for my ip. This would be a loan to me. Then when the rental income increases to $240 per week I'll find it a little easier plus I'll have a little money saved! I would also be able to handle expenses that pop up. What do you think??

It would save me the hassle and stress of moving out for just the 1 year and then having to move back in! When the property becomes more neutral I could start paying back the loan. I'll see what mum and dad think!

or

Option 2


Perhaps the $2000 loan mum says she can give me and my $3000 tax return that I'll be getting will be enough to see me through the next couple of years. (if i'm careful and keep being frugal) I worry what will happen though if IR happen to rise or i have a major expense such as having to replace the HWS and other expenses.
 
I have thought of another option:

See if mum and dad can help me out to see me through the next 6 months and help pay half of my shortfall for my ip. This would be a loan to me. Then when the rental income increases to $240 per week I'll find it a little easier plus I'll have a little money saved! I would also be able to handle expenses that pop up. What do you think??

It would save me the hassle and stress of moving out for just the 1 year and then having to move back in! When the property becomes more neutral I could start paying back the loan. I'll see what mum and dad think!

or

Option 2


Perhaps the $2000 loan mum says she can give me and my $3000 tax return that I'll be getting will be enough to see me through the next couple of years. (if i'm careful and keep being frugal) I worry what will happen though if IR happen to rise or i have a major expense such as having to replace the HWS and other expenses.

Haha! So you worried about clothes looking bad? Mate, you should see me! I'm a total fashion tragic-comic, and utterly proud of it. Kurt Cobain on his worst day wouldn't have grunged outdoors in my tatty clobber, and I couldn't give an utter walkway rats. You're fashion-irrelevant, even confronting? So tell your fashionable company your own game plan, and watch their idiotically-painted faces drop to the floor (and occasionally perhaps the prettier ones' clothes . . . :)).

Your mum sounds like good people. I bet she hates your cooking though!

You are evidently blessed to have her. Perhaps offer a rent schedule that rewards her the more you **** her off by staying? Say, $150 the first 2 months, $200 the next two, $250 for the next two, etc, or something like that. Show her you're not being dependent, but playing the numbers as needed to be independent. (One day, you'll be able to send her on the holiday - an ocean cruise? - of her lifetime. Maybe even to fall in love with an exotic stranger, and totally freak you seriously out. Cool idea, eh?)

Personally, I recently borrowed $30K from my sister and proposed I'd pay her back at $5,500 per month for 6 months. She resisted saying no profit return was required. I replied insisting business was business, and that I stood to make a lot more than her from her money, so she eventually conceded to the offered 10% investment return over 6 mnths. Never take advantage, but accept help, and repay it handsomely I say.

APK, just go for it. Put the pedal to the metal and break away. You're not like normal people. Accept it and get on with making your own rules.
 
Maybe mum and dad don't want her to move back in?
It is very stressful for parents to have adult children living back at home.
Yes they love them...but they may also enjoy their own space now.

We all know that most children who move back home to save money, usually end up buying other things, that really aren't necessary.

IMO moving back home, and having the parents bail her out are a bad move.
APK can't stand on her own 2 feet..the question is, does she want to.
 
To elaborate a little, (sorry, I'm busy at work) Around 85% of my wage goes toward investments, half of it straight toward a mortgage, and around a little over a 3rd or so towards investment properties. I have $100 left after this before tax.

I factor neg- gearing as part of my pay (extra $200p/w) and prefer it in a lump sum each year, and also have a LOE cash buffer that keeps me feeling quite well off.

My portfolio has been making around 3-4x my wage in growh each year and I'm a bit more 'eager' than most people when it come to my aggressive mindset because I am fully aware that size matters, big time and 'time' is the other factor. So size, and the shortest timespan possible= magnified gains/losses. I have gains on a much larger scale than any losses or stagnant growth, for what it's worth. .

Ifr I chose to play it safe, I would not have been making anywhere near as much profit as I have/am.

I don't see this as risky at all because I have a cash buffer, and I have plenty of time on my side to ride out any bumps along the way.

80%, that's nothing.....
We're putting about 97% of our income/profits towards IP's.
But no stress encountered so far.
Sorry to side track:
I don't understand how one can do this...
Do you both mean that you put all of your wages into a LOC and then pay for essentials out of that? o_O What could I read up on to get a better grasp?
 
Maybe mum and dad don't want her to move back in?
It is very stressful for parents to have adult children living back at home.
Yes they love them...but they may also enjoy their own space now.

We all know that most children who move back home to save money, usually end up buying other things, that really aren't necessary.

IMO moving back home, and having the parents bail her out are a bad move.
APK can't stand on her own 2 feet..the question is, does she want to.

it must be a cultural thing cos i find this so incredibly hard to understand.

what is family for if you cant rely on them at tough times? we spent 4 years of my childhood living with my grandparents, aunty and her family etc, 12 people in a 5 bed house simply because my folks were trying to start a business and couldnt afford our own place. it wasnt viewed as an inconvenience or encroaching on their own space, it just needed to be done

at the same time my grandparents are/were always welcome at ours. similarly even if i was married my parents or brother would be able to stay with me if things got tough

i will say though that admittedly my views are a bit different to some as ive always been completely against parents charging kids board either. i just think you need to look after your family, no matter what the age.

grandparents used to help us out, now dad i i look after them and help pay their bills. it all goes in cycles, similarly i will help look after my folks when theyre old and i would expect my kids to do the same.

incidentally i agree with belbo though re his example of offering to pay interest as that was obviously borrowed for the purpose of making money
 
I see this constantly bailing APK out, will only prolong things.

I see this all the time, where family members help...but it really doesn't.

It's no different than consolidating credit card debt into your mortgage, to reduce payment. It is true, that it does reduce interest charged, and the monthly payments are lower. Unless the person learns their lesson, they will continue to rack up the credit catrds again..and the cycle continues.
 
it must be a cultural thing cos i find this so incredibly hard to understand.
yes sanj, its a complete cultural and/or value thing,

I have friends of the same culture, one sees their family 4 times per week and calls their family 4 times a week, while the other person sees their family a few times per year, and hasn't seen/spoken to her brother for 5years+ ,

its all up to the individual,

if you dont mind me asking, are you indian? ive watched a documentary recently, and was a pleasantly surprised by how family orientated they were as a whole,
 
Quote:
Originally Posted by Ace in the Hole
80%, that's nothing.....
We're putting about 97% of our income/profits towards IP's.
But no stress encountered so far.



Sorry to side track:
I don't understand how one can do this...
Do you both mean that you put all of your wages into a LOC and then pay for essentials out of that? o_O What could I read up on to get a better grasp?


Just means that we spend about 3% of our income on cost of living expenses and the 97% left over is invested in property at the moment.
Would not know where else to put the unused money.
 
I liken my weight loss along the same lines as my financial affairs. With weight loss you have to be really ready to do it and it took me 3 attempts to lose the weight in the past 5 years. I didn't have the mindset to do it until this last attempt. I summoned the determination to lose the weight and I'll use the same principles to take action and manage my financial affairs. I know I have been all talk for the past 6 months and haven't taken the action. I'm ready now to tackle this head on. I've decided to stick around living at my place and take that loan from my parents.

This morning I have been getting all my paperwork for the accountant ready. I have been looking through my statements, looking at what I have spent my money on, where I can cut back! I've decided to track my expenses and budget on an iphone app. I'm googling now for a good one. I'm going to fill out a tax withholding form also which should help with cashflow.

I'll be reporting back here in 6 months time with a progress report. I think some people learn quicker than others. I have had a big scare and a *wake up call*. See you here in 6 months time.

Yeah yeah and I know what some of you are thinking. "oh yeah apk is all talk and no action, she'll probably be here in a few months time saying the same old thing" Well not anymore! Its pretty much life and death now. I know I cant continue the way i did in the past because I'll be in deep ****.


I haven't bought takeaway all week! I've been good!

haha, When I had to buy something the other day I was surprised to find the same $20 note in my purse. It had been sitting in there for around 3 or 4 days or something. Still hadn't used it lol.

With my weight loss discipline... I track all my calories and exercise every day on my iphone. It takes a hell of a lot of discipline to every single day ensure you have that calorie defecit. To eat less. I have done this for the past 16 months now. I know that I can do it weight wise. I can do it money wise! and I will do it. I'll track my expenses with iphone app. I need that constant daily money accountability too, so that I remember every day just like I'm accountable for my diet.
 
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Have you considered spreading that $3k tax return over the year via a PAYG variation? It will help with cashflow - but August won't be as exciting.

Cheers

Jamie

Yeah Im gonna do this. Is it too late to organise it?? I'm seeing my accountant mid july to lodge my tax return.
 
I see this constantly bailing APK out, will only prolong things.

I see this all the time, where family members help...but it really doesn't.

It's no different than consolidating credit card debt into your mortgage, to reduce payment. It is true, that it does reduce interest charged, and the monthly payments are lower. Unless the person learns their lesson, they will continue to rack up the credit catrds again..and the cycle continues.

I haven't racked up any cc debt btw. I only just signed up for one a few days ago.
 
Are you staying in your ppor?

imo, if you were to move out and rent it, then rent yourself in a share house (still common for mid 30s?).. claim all deductions for both ips in your tax variation, and the difference in cashflow would be huge :cool: penny pinching while staying in your ppor, I think is a false economy. Either way I guess it's a lifestyle choice?
 
Hi, I still reckon flogging the ppor to the market and living in the IP is the go.
PPoR and IP seem very similar from previous posts so there wouldn't be much tipping the balance selling one or the other. Other than CGT.

Sell both and buy a 3br house and rent out the spare rooms :D
 
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