How much Board do your kids pay?

[BayView]

Thats great, if you will help pay for the painting and whatever else needs to be done.

That's a pretty typical "human of today" mindset. Don't do it yourself; pay someone else to do it.
On a casual wage this would be interesting to see; or will Daddy pay for it?

Where abouts in Australia do you live? There aren't many homes in that value (well it all depends how much your daughter has in her savings) with 3-4bdr in Sydney.

Another one.
A FHB can easily afford a house in the price range mentioned earlier - just not a 3 or 4 bedder in the inner-city areas. Life's tough.

 

[wylie]

Wow Wylie, have you seriously never came across anything resembling "don't leave home till you get married" before ?

Not since the 1950's, and because I wasn't born then, it is only anecdotal .

Last time I looked, I was living in modern Australia.

 

[lizzie]

Anyways I am glad that I have the abilty to think of being in some your shoes and can understand your point of veiws. [/B]

ummm - no you don't.

you seem to have an entitlement mentality and you seem to have a belief that you require money to buy everything, including love, respect and friends (shown by your disrespect of people in your circle who don't hand out as much money) - which is what comes across again and again very loudly in your posts ... or if you want something done then your immediate reaction is that you write a cheque ... instead of actually investing your sweat equity into a project.

you may not see it this way, but if you are hoping to advise people on the verge of bankruptcy, who are struggling with a mortgage and 3 kids and an average single income of $40,000 (gross) per year - then you will have to seriously change your attitude.

my large family inheritence is being held in trust to pay for future generations for advanced study (uni and beyond) and health for all. so, if there is a great grandchild that need serious medical care than they are covered, or if a great grandchild has the ability to cure motor neurone disease, then their expenses are covered. we did get a wee help to buy the first home, but were advised at the time "that was it."

more than fair enough - and i think wonderful.

personally, i'm leaving a slab to charities such as rspca and doctors without borders.

and - $130k in ff over 18mths equates to at least around $1700/wk spent on cc. that's a lot considering your father pays for all your expenses, so it's really just boyfriend. does his work reimburse him?

back to the topic. yes, once junior was working full time, if she was still living at home i would charge board double how much it costs to keep her (water, electricity, food etc) so that she gets and idea of costs. that money would then be kept in a separate account.

while at uni i wouldn't charge board, but she wouldn't get any other money from us either - she would be expected to work part time to cover her personal expenses and uni requirements.

she is already taught to save half of what she earns (out of her pocket money) - so that path is laid.

 

[Lil Skater]

I love the idea of having kids. Just gotta find a chick silly enough to agree to it. I mean, what kind of girl wants a young, fit, attractive and successful partner...?

Sooo James, Just how old are you??

Haha..

But seriously, I'm even thinking it's a stir up.
Mandy, You have told us where your BF lives, and funnily enough, that's were i live too..Small world. But what I would REALLY like to know is what area you live in??

And it was a pretty good budget wasn't it, if I don't say so myself, But yes in order to be precise you would need exact figures, but we're not talking exact, we're simply trying to see of YOU could make up a legitimate budget for a single on $700 p/w, as this IS going to be your life long job, so if you're not liking it now i suggest you call Daddy, and change your Major.

What needs to be realised here is that people DO come from different backgrounds blah blah, and yes different beliefs, but i never knew that when those lines crossed we can find someone as smart as yourself, being so so silly with what you're saying as well.

If you expect to help people out in situations such as bankruptcy (as someone said before, but I can't remember who, Sorry), but yes if you are expectanty to have that job, you need to also know that not everyone will have your upbrining, and it IS a VERY DELICATE subject, if your going to say to a mother with 3 kids on a single income of $700, that you can't believe what's happened, or what ever you're going to say, (which on these posts sounds like it's going to be "well you should've given your kids $11k for a birthday, and not charge them board") then frankly i think you're kiddy yourself, and the only clientelle your ever going to have is people with the exact same mindset as you.
NOT a good mix in my opinion.

But that's the thing, you can't go slamming people (who are going to be YOUR family soon, and even your Dad), that they aren't generous enough or whatever, doesn't paint a good picture of you.

Think about it seriously, Someone as young as yourself throwing their "wealth" in other peoples faces, ESPECIALLY when you haven't worked for it is not a "good" personality to me, and if the roles were reversed i guarentee you that you would have the same opinion as everyone else that is "slamming" you, but they aren't really, they are just speaking the truth.

Money can buy friends, family, and expensive things also make life a hell of a lot easier, BUT it won't buy TRUE happiness and that's something you have to learn by yourself, and for your sake i hope you learn it the hard way like the 9/10 people in many other countries including this one will.

But unfortunatly, you know, and we know that's never going to be the case because of your Dad, Mum and all your other supports.

Just don't try to put yourself above everyone else, because you have a bit of money behind you, because then you ARE going to find yourself stuck in a rut if you continue, people won't want to be around you, and what you've gotta learn is that, EVERYONE IS THE SAME!

Treat them well and they will treat you well in return.

 

[Big Tone]

Would you mind sharing with us how your dad came to amass "millions and millions" of dollars worth of IPs

Thanks
Lily/Caroline

Why dont you ask some of the commercial gurus on here (who love hearing their own voice) who preach about "......sheds on dirt....." and the like?

They dont mind tell everyone what to do.


Big Tone

 

[skater]

LOL! There is a post about it in another thread. Maybe I have mixed her up with another poster, but from memory, there is a block of units, a farm and a house, all held with no debt. Not a huge amount considering the father had help from the grandfather. Must be some shares in there too, perhaps.

 

[Big Tone]

To be honest.....I actually thought it was my younger brothers girlfriend geeing me up..............she is exactly the same.................her name is mandy, daddy pays for everything, she expects a 25k rock for her engagement, daddy paid for her uni (interiordesign) forced my bro to change jobs etc etc.

This is how they do it in Point piper!

Big Tone

 

[weg]

No doubt there are people that think and live like this and they're not all super wealthy but it struck me that there were a lot of discrepencies in her story.

One for eg. not pointed out was that she was still a young schoolgirl when she made her new boyfriend leave his job - a naive school kid with no idea about the real world was instrumental in securing him a great job .

And the warehouse worker boyfriend who couldn't even manage to find another job himself rose to great heights because all of a sudden he became a gogetter (obviously because of the girlfriend).

If it's her true account then this girl is not ready for adult life or the real world.

 

[josko]

I do give. I gave $150 to my bf sisters for her bday at her house. just 2 of us went and it was BYO and I gave $150. She came to my 21st where it was $75 a head and $35 for kids and they gave a total of $50. I give.

That is just so funny and scarey at the same time.

I have just read through this thread with lots of "OMG's" and "she can't be serious" and Skater: Thank-Goodness your lovely daughter can set the record straight and give us all faith that there are responsible young people out there being raised by thoughtful, responsible parents!


I wish i could comment on everyone's post! - So many of you seem to have such lovely children.

Wylie, my husband's parents are very old fashioned and we could not sleep under the same roof until we were married. (Didn't stop us though!) However, I have to join you in also saying that I did not realise there were Australian born girls who could still not leave home until they were married. I am aware though, that other religions/cultures impose this rule on their children.

Amelia- you opened my eyes when you write how you have raised your sons. Your children sound just as loving and respectful as those of us that choose to bring them up differently in regards to chores/board etc.

I think that ideally, the parents that value the person they are, the house that they live in, the money they have, the family they love, are the parents that will inherantly pass their attributes onto their offspring.

I happen to believe that teaching my children to clean up after themselves and contribute to a happy, healthy household is part of the process for doing so.

Without respect for all of the above......we could end up with someone like Mandystoj for a child.

Regards JO

 

[Lil Skater]

I think that ideally, the parents that value the person they are, the house that they live in, the money they have, the family they love, are the parents that will inherantly pass their attributes onto their offspring.

Without respect for all of the above......we could end up with someone like Mandystoj for a child.

Haha..
Well said!

 

[skater]

it struck me that there were a lot of discrepencies in her story.

One for eg. not pointed out was that she was still a young schoolgirl when she made her new boyfriend leave his job - a naive school kid with no idea about the real world was instrumental in securing him a great job .

And the warehouse worker boyfriend who couldn't even manage to find another job himself rose to great heights because all of a sudden he became a gogetter (obviously because of the girlfriend).

If it's her true account then this girl is not ready for adult life or the real world.

Well, I've had some time on my hands today, and here are some of the quotes taken from Mandy.

Just to clarify, I have been with him for 4 years, i go to his house every day or he to mine, but then we go back home.

Our family doesnt beleive in any type of pre-nup. BUT my dad is not putting his name on it till we pay 200k. Then its his and mine and hope we dont break up which we wont!

LOL I shall explain. He got retrenched from his job, looked for a job and settled for a warehouse type of job. only 30k!! After 4 months I said to him to look for another job coz this place is full of deadbeats! he stayed at that job for 2 weeks while he looked for a job. I wrote his cover letter and did his CV. Every job he applied for he got a reply....months before when I wasnt involved it took him ages to get a job and not many rang him back.

He got this job now at the very bottom of the so called 'pyramid', his old job offered him straight out an 18k pay rise to stay!!

Anyways after 1 month they promoted him! Then after 6 months he was in the office in suit and tie (never had office job). He has been there now for nearly 3 years and he is second to the regional manager of NSW, he has been to other branches in Aus to train them and he is responsible for a business worth 25mill now, plus he is responsible but not directly for the other states businesses.

I helped pay off his debt and also having him in a job where he has a work car, mob, laptop, travels sometimes, more $$ and he loves it. I think I did well and understand money and the real world!

He hated it before me, he had no money, he had credit cards maxed out, he had no money!

He is 6 yrs older than me and when we met 4 years ago he had 20k debt. He had to buy his own car, pay for his internet, and foxtel and pay for his mobile but didnt haveto pay board. When I went to his house and realised I nearly died and anyways 1 yr with me he had no debt, doesnt pay for foxtel coz I made him shut it off

My dad is helping us build a duplex ( he bought property for 670k, building duplex for max 600k, but he is making us pay him 200k so he isnt just giving it to us).

That is how I found his site, to see if aound 270m2 is big enough for a couple and maybe 1kid in the future??????

OK, she is 21 and has been with the boyfriend for 4 years, making her 17 when they first started dating. He is 6 years older. So, when she was 17 and him 23, she was instrumental in assisting him to pay off his debt and securing a better job. She even wrote his CV, which was so good, it had all the employers rushing to employ him. She even helped him pay the debt (but Daddy pays everything???) despite her still being in high school, which is possible if she had a job, but unlikely that Daddy would allow her to work while still in school, because he pays for everything. They are getting engaged soon and the relationship is so strong, there is no need for a pre-nup, because they will never break up.

Just my opinion here. This sounds to me like the ramblings of a very niave, young teenager, giving credit to themself for things that have transpired. I am not saying that the two of them didn't speak about finding a new job, or paying down the debt, but I do think it unlikely that she was the one who deserves all the credit in this department.

Similar, when speaking of her families wealth.

Her father earns $19k per month. He was given a head start, the same as Mandy will, from his father. His income comes from a block of 10 units, a house and a farm, as well as a 1/20th share in another house. This seems to be a large income from so few holdings, but obviously it depends on where they are located and the condition of them. He has no debt on his portfolio. She obviously does not understand the details, as she says "he trys to tell me that once we start building our duplex his income will be lower" and only counts the cost of the lost rent from the existing home to be demolished and totally discounts the fact that much money is going into the deal, thus there will either be a mortgage to be paid, or the money has to be drawn from somewhere, thus losing income from there, whether it be shares, term deposits, whatever, I am sure the father would have it tied up in some income earning capacity.

She also believes that you have done well, by doubling what the generation before you has given you. She believes that in 10 years, if she works hard, she can have 1 IP and the duplex completely paid for (remember, her contribution is only $200k). This is with 2 wages coming in. Again, this is showing that she is not mature and does not understand a lot in the investment world.

Sheesh! That is a LOT of disposable spending, because remember, the boyfriend is on a high income.

Let it be said, that my dad also got alot from his father. And he had a head start like i will. And if you dont already know what i am getting at.....he doubled what my grandfather gave him. He worked hard and my mother, to have what they have now, but they had a head start....

I would have a choice of selling his properties for millions and millions and millions, or living in one of them and renting the others or a combination of both.

You should keep going for your kids so they have more!! ATM from investments he gets 19k per month (not sure after tax and expenses) and he try's to tell me that once we start building our duplex his income will be lower, coz we knocking down one hous (therefore no rent from it, till duplex is built where it will increase 3 times the rent from the house anyways).


My parents have had alot of investment properties, but at the moment
they own a block of 10 units(is that 1 ip or 10, I always thought 10), house (but
knocking it down and building duplex), 100hectare farm, another house which he is a share partner (20 men put cash in and bought a multi million $ house hopeing to sell and buy bigger and sell bigger ect etc).

He owns them all outright and no loans.

 

[jaycee]

Not since the 1950's, and because I wasn't born then, it is only anecdotal .

Last time I looked, I was living in modern Australia.

So am I, what is that supposed to mean ?

I'm just actually surprised that you have never heard of such a thing in your "modern Australia"

 

[Dazz]

Why dont you ask some of the commercial gurus on here (who love hearing their own voice) who preach about "......sheds on dirt....." and the like?

They dont mind tell everyone what to do.


Big Tone

Lil' Anthony.....aka cold nuts


Anytime you wish to tell me about your practical in the trenches pearls of wisdom on how to make a quid from property, I'm all ears.

 

[Gee Cee]

Back in 80's

Back in the 80's when I lived with my parents I was paying $50 p/w board.
Plus a amount towards phone bill and electricity. i also mowed the lawn and did jobs around the house.

$80 is cheap.

In fact Sparkey have you got a spare room.???

Food, cleaning, laundry, electricity, phone

And I will even give ELL a wash every week


Gee Cee

Greg

P.S. You do have a wide screen TV of course.
Otherwise we will have to negotiate the board down a few $$.

 

[sparky23]

He He thats funny Gee Cee!

Sadly we are packed to the rafters with my 2 boys and my 'adopted' boy but you are welcome to give 'Ell' a wash any time you are passing at work, although after 30th June I will be gone and away to the next job!

 

[Learnings]

urgggggggggh there be a noise under ye bridge

the troll

it grows stronger

 

[lizzie]

She also believes that you have done well, by doubling what the generation before you has given you. She believes that in 10 years, if she works hard, she can have 1 IP and the duplex completely paid for (remember, her contribution is only $200k). This is with 2 wages coming in. Again, this is showing that she is not mature and does not understand a lot in the investment world.

i agree - in ten years on one income, starting with next to nothing, and raising a family, we have amassed a total net worth calculated in the "low" millions. and that is with no help from daddy and no one to teach us along the way so we made plenty of mistakes.

one half of a duplex and one rental house - pfsssst - knock that over in the first year if you know how to play this investing game properly.

 

[our obsession]

Learnings:

urgggggggggh there be a noise under ye bridge

the troll

it grows stronger

Learnings, what do you reckon trolls did for kicks prior to internet?

 

[jaycee]

And Mandy never suggested that one couldn't do better, but as we know.. .95% of people DON'T !

She was repsonding to "board" - she said, admitting she was a young adult at home, her view was that it's better for parents to not charge board, or if they choose to use it as savings for the kid. so that the kids could save their money to have a hed start once they move out. She obviously saw it a parent's tyring to make kids pay their share and took that as a bit of a negativ, remember though, she is not a parent yet, so we let that slide yeah..

You guys pointed out that it's teaching the kids, about money and how to be responsible etc..

She said, dad does that, by letting me save my money - so dad encourages her saving.
Being young, sure she likes "stuff".. and spends money, but she has amassed $80k avings, not blown all of it, like I did with whatever amounts I got, sure maybe she could have saved more,.. so could have I, who paid board...

Now, maybe... she could have saved more if mum & dad were a bit difffertn, she may have learened to save more of her own money as well as gift money (which I dont think there's anythign wrong with receiving, give the parents a bit of credit for knowing what they are doing , we don;t know much about them after all)... Maybe that would have taught her a bit more and she would "really" be a step ahead as she woudl be a bit more financially educated as well.

Or, maybe she is more "there" already than not.. I mean at her age, I was spending all my pay and cramming at bill time, no future mindset at all.

I think what she meant by she will have a head start is financial head start - dad suggested, don't pay nothing SAVE, I betcha.. The rest of the posts caught up over how much she gave for a bithday present were all besides the point, got too confused and sidetracke dint eh detail which ws the type of thing that cased so much angst and people getting hooked on askign her to prove she can write a budget... relax guys !

The other way of teaching kids to pay board etc works too, (my mum made us pay board, we never thought about investing till last boom..) but different strokes for different folks in these different situations (some rich kids who get given stuff still become succesful investors in their own right) ? Possibly ?

Many pple dont invest cause they dont have the intial means, especially nwhen young, so she was syaing you want to hep them, help t them up so that they CAN invest... perhaps all everyone else was trying to say was "it take smore than just $$ handed to you, you have to learn what it takes to really get it

 

[jaycee]

Learnings:
Is it a beef with property investor forums in general, or young women that have wealthy parents?

Almost seemeed dlike a few posters here also ahd issue with that !