i give up....
- Thread starter Aaron Sice
- Start date
My friend, if that were true, you wouldn't be here.
ahahahaha, I actually had to think about that for a second
thanks BuddyBee - i might just try that - he is afraid the walk the talk.
i come from a very middle working class background - money's hard, you have to earn it etc. there's definitely fear lurking under there somewhere, and i'll try to find out what it is.
thanks for posting
i come from a very middle working class background - money's hard, you have to earn it etc. there's definitely fear lurking under there somewhere, and i'll try to find out what it is.
thanks for posting
Hi all,
Aaron, you don't see a problem here do you?? In 3 years time, if he decides to retire, then the property will be a cash drain for someone with limited income at the time. There are no guarantees that rents will go up, if the economy tanks they could go down. There are no guarantees that interest rates will not go up either, making it more of a cash drain.
bye
Aaron, you don't see a problem here do you?? In 3 years time, if he decides to retire, then the property will be a cash drain for someone with limited income at the time. There are no guarantees that rents will go up, if the economy tanks they could go down. There are no guarantees that interest rates will not go up either, making it more of a cash drain.
bye
i can understand the fear aspect - from an outsider's point of view. when i first started investing in property hubby's biggest fear was taking out deposit loans against the ppor.
took some big convincing and arguing to get him to sign docs as he was fearful that if things went pear shaped he would lose the house.
after him going thru a bitter divorce and losing everything from 20 years of working except his super, i can in hindsight, understand. it took around 3-4 big capital gains projects to get his faith restored that the house was safe.
still never really got my head around his fear until recently tho.
took some big convincing and arguing to get him to sign docs as he was fearful that if things went pear shaped he would lose the house.
after him going thru a bitter divorce and losing everything from 20 years of working except his super, i can in hindsight, understand. it took around 3-4 big capital gains projects to get his faith restored that the house was safe.
still never really got my head around his fear until recently tho.
I agree.
If I was near retirement I would see it as a big problem.
He could be stuck with a dud draining his finances till retirement and when he tries to get a pension they'll tell him he's not entitled to one because he's got assets and rental income.
People who have little or no super and who would normally be entitled to an age pension they should be checking out the asset test.
http://www.centrelink.gov.au/internet/internet.nsf/factors/assets.htm
preservation age of 55, not 65.
i think i'm just gonna step aside and tell him I haven't got the time to secure him something - especially at this rate of progress.
thanks all.
i think i'm just gonna step aside and tell him I haven't got the time to secure him something - especially at this rate of progress.
thanks all.
Aaron
I was in a similar situation to yourself except my old man already has a few properties fully paid off and a decent size bank account to boot.
I've been telling him to retire with his current savings but he wants to work a few more years because he still thinks he's fit and would be restless if he didn't work (even though his health contradicts this) and still earns pretty good coin up in Karratha. He's actually striving alot harder because he's very proud and wants to leave his kids and grandkids what he couldnt provide in his early adult life (due to failed businesses/periods of unemployment/and low wages).
So for the past 10 months, he's asked me to look into finding him another property to buy. EVERY time I have found him something with decent yields and decent expected capital growth, he'd always have a reason for knocking it back eg heard bad things about the area, opportunity cost of buying 5 hectares in some remote location vs the places I suggest, heard property prices were going to crash etc and the list goes on.
In those 10 months, all the properties I have suggested to him have been snapped up almost immediately and all the prices have gone up too.
It doesn't really bother me as he hasn't lost anything .. I just hate the fact that I've been on a 10 month wild goose chase looking at real estate ads, calling up agents, attending open homes/auctions etc. Those processes themselve have been quite a valuable learning experience but not something I wish to endure again unless for the sake of my own purchases.
Like you, I've thrown in the towel on that front and explored other more manageable avenues and the preservation of my sanity.
I was in a similar situation to yourself except my old man already has a few properties fully paid off and a decent size bank account to boot.
I've been telling him to retire with his current savings but he wants to work a few more years because he still thinks he's fit and would be restless if he didn't work (even though his health contradicts this) and still earns pretty good coin up in Karratha. He's actually striving alot harder because he's very proud and wants to leave his kids and grandkids what he couldnt provide in his early adult life (due to failed businesses/periods of unemployment/and low wages).
So for the past 10 months, he's asked me to look into finding him another property to buy. EVERY time I have found him something with decent yields and decent expected capital growth, he'd always have a reason for knocking it back eg heard bad things about the area, opportunity cost of buying 5 hectares in some remote location vs the places I suggest, heard property prices were going to crash etc and the list goes on.
In those 10 months, all the properties I have suggested to him have been snapped up almost immediately and all the prices have gone up too.
It doesn't really bother me as he hasn't lost anything .. I just hate the fact that I've been on a 10 month wild goose chase looking at real estate ads, calling up agents, attending open homes/auctions etc. Those processes themselve have been quite a valuable learning experience but not something I wish to endure again unless for the sake of my own purchases.
Like you, I've thrown in the towel on that front and explored other more manageable avenues and the preservation of my sanity.
i dont bother with my parents. If they ask me questions, i give answers, and help them work out numbers.... but im not going to do the work for them because i am a believer that the best education is walking the path yourself.
If you drag someone down the path, they dont learn anything and will mess it all up the moment you arent there to hold their hand.
My dad is working far too hard, and has done for the last 30 years. 60hour + weeks, over 4 months of the year overseas commissioning factories, and stressed beyond imagination. He has ample super and savings to be able to buy a few IPs in a SMSF and with normal cash, along with some salary sacrifice into his super... and within 5 years be self sufficient and able to retire.
Alternatively, he could take a lower paying job with no stress and work for the next 10 years happily.
But im not going to tell him what to do. It's his choice, and all i can do is recommend that he doesnt work so hard.
Hopefully when I start having kids in the next couple of years he might see the light
If you drag someone down the path, they dont learn anything and will mess it all up the moment you arent there to hold their hand.
My dad is working far too hard, and has done for the last 30 years. 60hour + weeks, over 4 months of the year overseas commissioning factories, and stressed beyond imagination. He has ample super and savings to be able to buy a few IPs in a SMSF and with normal cash, along with some salary sacrifice into his super... and within 5 years be self sufficient and able to retire.
Alternatively, he could take a lower paying job with no stress and work for the next 10 years happily.
But im not going to tell him what to do. It's his choice, and all i can do is recommend that he doesnt work so hard.
Hopefully when I start having kids in the next couple of years he might see the light
That might be the best thing you can do for your Dad.Hopefully when I start having kids in the next couple of years he might see the light
My SIL has just quit as Nursing Director for a large old-folks home where she was on call 24/7, because she wanted to see her grand son grow up.
