Are these the most challenging times?
- Thread starter simbi99
- Start date
hmmm, and what sort of strategy/resource are you hinting at??
resi, comm, shares, gold, futures, currency trading?
I don't accept this at all. I am looking to build in Melbourne but I don't understand their system at all. So I have assembled a team of experts to assist: a Town Planning consultant, mortgage broker, tax accountant and builder. It was actually pretty easy to find all of those people.
IMO, this is a great time to build wealth. For me at least, land values are rising, building is still relatively affordable, consultants are easy to find and interest rates are low. If things go to plan, I should be making some significant wealth in the next 2 years.
okay to clarify, obviously I'm not speaking from experience but for a 20 year old I think it is far harder to break I to the market than it was 20 years ago partly due to thefactthat if you wanted to takeout a lob on a house they are far larger and more daunting than they once were, combined with the fact that most jobs a 20year has are uncertain and volatile (part time) but then I guess it all comes down to personal circumstance
My house cost me 5 years wage at the time (last year).
After purchasing I started working weekends to help with the mortgage and ensuring I had a good cash reserve (offset).
This scenario is identical to my father who purchased in 1979. 5 years wage for a house, took a second job to help pay it off. Difference being he needed 30% deposit...
I paid no stamp duty, no LMI, got $3k from the government just because...
Technically speaking I had it easier, and the property has gone up 15% in 12 months.
So there you have it simbi99, it much easier than before, so stop thinking it is harder, pull the finger out and have a crack.
Stop listening to all the reasons as to why its all too hard from your hopeless mates and stand out from them.
Keep one or two of them though to remind you to do the opposite of what they are doing.
Stop listening to all the reasons as to why its all too hard from your hopeless mates and stand out from them.
Keep one or two of them though to remind you to do the opposite of what they are doing.
So there you have it simbi99, it much easier than before, so stop thinking it is harder, pull the finger out and have a crack.
Stop listening to all the reasons as to why its all too hard from your hopeless mates and stand out from them.
Keep one or two of them though to remind you to do the opposite of what they are doing.
How is it "much easier than before"? To me that's as inaccurate as saying that this is the hardest it's ever been
Simbi- personally I do think it is a bit harder getting into housing now vs say 20 pe 30 years ago but many other areas are easier.
It's easier to start a business, do property developments, move jobs/change careers, travel, cars are the cheapest vs incomes they've been etc.
No one here is important to affect macro factors, what we have to do is react and adapt like kathryn suggested
Before the 4 minute mile was broken, almost everybody didn't think it was possible, except few true believers.
After it was broken, many believed they could also break the 4 minute barrier, and they did.
Doesn't matter how hard you train and how good your diet is, excluding crazy good genetics, if you don't believe, you won't succeed.
After it was broken, many believed they could also break the 4 minute barrier, and they did.
Doesn't matter how hard you train and how good your diet is, excluding crazy good genetics, if you don't believe, you won't succeed.
I believe it is the same.
Yes you cannot afford to buy as a first home buyer a house within 5km of Melbourne for example but 50 years ago you could. However you can still buy in locations and new housing estates further out.
The idea from Gen Y of getting the perfect house in a great location as a first home buyer is what people need to change, either that or take on a huge amount of risk.
Person at work recently spent 900k for their first home o.0 found a nice place in Port Melbourne. However not everyone could afford this if you are employed full time and have a good credit rating I am sure you can get a loan for 300k-400k pretty easily. This is enough to buy you a nice size house in Doreen.
50 years ago Watsonia (where I live) was farm land, a 3brm 1 bath house sells for about 500k. People would laugh at how far out you were 50 years ago but now it is considered Melbourne.
TLDR
Start saving, it is the same as it has always been. It is a mindset you need to overcome. Yes it is hard when you are in the early 20s but save and keep the mindset and you will achieve what you want. I was in your situation when I first started and now nearly 10 years later I am glad I made my choices as I am seeing friends of mine just starting to think about property which I have already had the gains and well ahead of them.
Yes you cannot afford to buy as a first home buyer a house within 5km of Melbourne for example but 50 years ago you could. However you can still buy in locations and new housing estates further out.
The idea from Gen Y of getting the perfect house in a great location as a first home buyer is what people need to change, either that or take on a huge amount of risk.
Person at work recently spent 900k for their first home o.0 found a nice place in Port Melbourne. However not everyone could afford this if you are employed full time and have a good credit rating I am sure you can get a loan for 300k-400k pretty easily. This is enough to buy you a nice size house in Doreen.
50 years ago Watsonia (where I live) was farm land, a 3brm 1 bath house sells for about 500k. People would laugh at how far out you were 50 years ago but now it is considered Melbourne.
TLDR
Start saving, it is the same as it has always been. It is a mindset you need to overcome. Yes it is hard when you are in the early 20s but save and keep the mindset and you will achieve what you want. I was in your situation when I first started and now nearly 10 years later I am glad I made my choices as I am seeing friends of mine just starting to think about property which I have already had the gains and well ahead of them.
So there you have it simbi99, it much easier than before, so stop thinking it is harder, pull the finger out and have a crack.
Stop listening to all the reasons as to why its all too hard from your hopeless mates and stand out from them.
Keep one or two of them though to remind you to do the opposite of what they are doing.
Haha my finger is well and truly out, I work six days a week, go to uni on the 7th and have got the first IP under the belt at the start of this year and now have a pre aproval of around 370k for the next one next year.
I'm not making us look bad haha
I really was just billing this to some older guys who were in my spot maybe 20 years ago and wanted to see if it was easier back then, Devils advocate.
Well good for you!
So what was the purp[ose of this thread again?
Oh Devils advocate, I see. In tandem with sanj I guess too?
I agree, adapt, find your niche and go full throttle, you already are and at such a young age you have a great head start on the moaners and groaners.
Keep up the good work.
I started my first job after high school as an apprentice exactly 20 years ago.
Was getting paid $175/week.
There is no way I could get into property back then.
Obviously I did not have the skills and experience then that I have now, but I believe it's just as easy to make it in current day than it was back then.
What's important is to build your skills and experience, while building a bit of bankroll, money can come fast after that.
Was getting paid $175/week.
There is no way I could get into property back then.
Obviously I did not have the skills and experience then that I have now, but I believe it's just as easy to make it in current day than it was back then.
What's important is to build your skills and experience, while building a bit of bankroll, money can come fast after that.
Well good for you!
So what was the purp[ose of this thread again?
Oh Devils advocate, I see. In tandem with sanj I guess too?
I agree, adapt, find your niche and go full throttle, you already are and at such a young age you have a great head start on the moaners and groaners.
Keep up the good work.
I just asked a simple question, I honestly don't see how it is much easier now.
Apart from that you'll see that I happen to agree with most posters in this thread so far, I think now is an amazing time to make money in this country
Exactly !
So you agree it's amazingly easy.
Come on sanj, we all know its easier now than when we were all starting out.
The younger ones just need the confidence,
That's what Im trying to impress. As much as you'd like to argue.
Exactly !
So you agree it's amazingly easy.
Come on sanj, we all know its easier now than when we were all starting out.
The younger ones just need the confidence,
That's what Im trying to impress. As much as you'd like to argue.
stop putting words in my mouth.
i didnt say its amazingly easy.
"we" dont all know its easier than when "we" (whoever we is) were all starting out. there are plenty of valid arguments for and against the claim of it being easier back in the day but you must be the first person ive heard say it is much easier now. perhaps ive missed something so id be happy to hear how you feel it is much easier now vs in the past because not a single stat ive come across supports that claim.
why must everything be black and white with you? are there no shades of grey in your world?
Picked me perfectly on many things mate but not all.
I like to be decisive at times and call things for the truth, not BS cover-up touchy feely good rubbish.
I think things are just as easy if not easier than before because of many opinions formed already stating that access to information, lower rates, FHG etc etc.
I never had any of that 20 years ago.
FMD, are you the SS copper?
