How to avoid paying $300,000 to $1 million dollars of mortgage interests to the bank:

Discussion in 'Coffee Lounge' started by FinanceGuy74, 9th Jul, 2014.

  1. FinanceGuy74

    FinanceGuy74 Member

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    PRINCIPLES:-
    1. The family money should not leave the family and go into financial institutions.
    2. Do not let the words of media/culture (controlled by the elites that want u to buy their properties) that take minutes to be spoken to sway you to slave at work for the rest of your life to pay the debt.
    3. Don't feel despair by thinking that you are uncool for not having your own place. What is uncool is putting up with bad bosses and back stabbing colleagues for the rest of your life to earn money and give it to the bank.
    4. Targeted for cultures that do not give monthly allowance to their parents and for cultures that gives allowance, but should also have a contract drawn up.

    BENEFITS OF IDEA:
    1. A roof over your head with your partner and kids.
    2. Shared resources with your parents to take care of each other.
    3. Lower food expenses as you buy groceries in bulk.
    4. Happiness and Family Time (Parents get to spend time with their kids).
    5. Sufficient money for your parents to retire.
    6. End the cycle of poverty especially for your future generations.
    7. $300,000+ mortgage interests savings exclude opportunity costs in that amount could be reinvested in other financial products to earn interests. ($1 million dollars in high interests savings account gives your $3,000 payout monthly. Is that enough for you to retire?)
    8. Ability to respond quickly to help your parents to the hospital in the event that they suffer a heart attack:- what is the cost of a few more years or decades of your parents' (who brought you up) life to you?
    9. Your parents could help you to the hospital if you are pregnant and need to deliver a baby.
    10. Your parents could help look after your pets if you need to go for work trip / holiday or you can help to look after theirs.
    11. A million dollars and house for your kids when you pass away.

    WHY IMPLEMENT THIS IDEA:
    1. You can put up **** at work for a monthly paycheck and you cannot negotiate this idea/contract that could give your parents retirement income, a house for you, free up your cash flow, and ending the poverty cycle for your future generations?
    2. Would you live with your parents for a few more decades for half a million dollars vs putting up with a shitty workplace for a few more decades?
    3. Why pay hundreds of thousands of dollars for two gardens and living room when most working adults spend the bulk of their time in one room doing computer work?
    4. Teach this idea to your kids when they are young and if they stay with you, they might just save your life when you are having a heart attack.
    5. Does anyone like to die alone? No.
    6. With half a million dollars generated from implementing this idea, you could buy luxury handbags and Lamborghini sports car that you always wanted by a thousand times over.
    7. If you need space, you can always use the mortgage interests savings for dining out for all meals, walking in beautiful Melbourne's garden and watch movies every single day.

    HOW?
    1. Stay with your parents even after marriage and having kids.
    2. Enter a legal contract to buy the property from your parents in terms of paying them a monthly annuity till their passing. (Your lawyer can work out possible unhappy scenarios and other fine details). When your parents pass, the property is yours to keep and the deed would be under your name.
    3. Business skills needed: Open communication, negotiation skills, sales skills, smiles, friendliness, eye for a good opportunity to bring up the topic.
    4. House rules required as with staying in a rented property with strangers.

    ALTERNATIVE SOLUTION FOR THOSE WITH A RISKY APPETITE:
    1. Stay with your parents and use your income to buy an investment property.
    2. Draw up contract with parents as above but use the rental income to pay the monthly annuity to your parents.

    POSSIBLE FLAWS TO THE IDEA:
    1. Noisy household that can be avoided by spending $50,000 out that $300,000 mortgage interests savings to build a state of the art sound proof room for sex noises with your partner and etc.
    2. Legal costs.
    3. Remember to diversify your earnings between three banks to safeguard against the bank that goes bankrupt.

    SHARE THIS IDEA:
    1. If you already paid your mortgage, share this idea with your circle of influence and teach your kids this idea especially when they are young and impressionable.

    What do u think of this idea? Any feedback is much appreciated.
     
  2. TMNT

    TMNT Member

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    I feel a self promotion coming up.....stay tuned folks
     
  3. D.T.

    D.T. Property Lookerafterer

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    Cool story bro, needs more unicorns.
     
  4. Terry_w

    Terry_w Member

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    What if you can't (stand to) live with your parents or they cannot (stand to) live with you?

    and if you have siblings?
     
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker/strategist

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    So how is living with your parents with a dedicated sex room working out for you at the age of 40?

    That was one of the reasons I moved out of home at 19.
     
  6. rugrat

    rugrat Member

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    Stay with parents? Lmao! :D
    Interesting strategy. Might be a tad squishy though. Seeing as my parents had six kids and my hubby and I have five. Couldn't stay with the inlaws, they were both on govt pensions and my MIL now lives with one of her daughters, oh and hubby was also one of six.
    What on earths the point of saving interest payments if it means you have to sacrifice lifestyle, independence and comfort.


    ETA I sure don't want my kids living with me forever either, I'll be encouraging them to get out into the real world when they finish school.
     
  7. Terry_w

    Terry_w Member

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    Funky Pete!;) Do you have a dedicated room now?:)
     
  8. Terry_w

    Terry_w Member

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    Just for the noises? What about the acts - do you do that elsewhere and record it and then go back to play it on your MP3 player in the "dedicated sex noise room".
     
  9. Peter_Tersteeg

    Peter_Tersteeg Finance broker/strategist

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    My house have 8 rooms and we're planning to rebuild. You really didn't want to know that did you? :p
     
  10. Hodge

    Hodge Member

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    I'd honestly rather be poor!
     
  11. Wirra436

    Wirra436 Member

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    Well Im sold !!

    Live with my parents for decades to buy a car for near a million that will be worth half its value in a few years.....

    Awesome, where do I sign ??
     
  12. Richard Feynman

    Richard Feynman Mortgage Broker

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    Trolling

    Most of me feels this is an elaborate troll, but then part of me questions who has the time.

    Either way, I am entertained and this topic will become a richer deposit of gold with each day it remains unlocked.
     
  13. pinkboy

    pinkboy SS Lookerafterer

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    FMD!

    First post, first word is 'Principles'.

    I didn't have to read any more.....

    2014-07-09-22-39-20--365912878.jpeg

    pinkboy
     
    Last edited: 9th Jul, 2014
  14. D.T.

    D.T. Property Lookerafterer

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    The word is 'read'. :D
     
  15. pinkboy

    pinkboy SS Lookerafterer

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    Samsung auto correct.

    pinkboy
     
  16. Corey Batt

    Corey Batt Finance Broker

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    OP specialises in building State of the Art sex rooms for 49.9k.
     
  17. westminster

    westminster P Plate Developer

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    Bit of a kooky first post.

    I did have a friend who had a family deal where they lived at home until around 30 and all the family (parent, siblings etc) all put their money in together and they bought the eldest their first home, then they did the next child.

    I think there were 5 kids and they managed to buy a small house for each of the kids every 2-3 years by doing this. Some of the kids where married so there was about 5-8 incomes being saved up to do this.
     
  18. D.T.

    D.T. Property Lookerafterer

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    That's pretty normal Westy in some cultures. There was a family in my street doing this when I was growing up.
     
  19. Fifth

    Fifth Fiscally imprudent

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    The price of my mortgage is well worth the independence it brings.
     
  20. TMNT

    TMNT Member

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    $5 he wont post or login again