Nice post Nomadic, loved it.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Great stuff. Good on you for wheeling and dealing. That's not my thing but I respect people who can do it.Good stuff PG. Near enough can be good enough. It's good to get a broker...saves you doing the run around.
Having said that, I havent used a broker yet. I like doing the wheeling n dealing. When you're holding the aces the other party must bend or bust!
Just before the GFC I refinanced at 95% LVR variable. Apart from LMI and some govt costs I paid zilch and got a swag of loot via cash out. Come GFC rates dropped to below 5% Easy money. I just called the shots and the bank yielded. I know that a good broker can do the same but I like doing the grease work.
Another huge driver to housing prices has been the change to the two income family becoming the norm so that a more expensive house is affordable.
This shift is a one-off that won't be repeated.
Marg.
I wonder what freckles opinion is?
Too late, theyre already here.
The biggest debt fuel binge in history where greed overtook common sense. The day Nixon closed the gold windows the bankster took the gloves off and it was away to the races.
Some call this a success story but time will show it be what it really is... a disaster in the making.
Things started to break in 08 and have been declining ever since. The first signs of the impending correction.
Those that think there may be even a small chance of a repeat are deluding themselves.
We have so much debt now that we have to lower the cost to accumulate more debt. Zero interest rates are ground zero and globally we're beyond that with NIRP.
Asset deflation is the main concern at the moment. Tie that in with consumer inflation and you get a double whammy affect.
I've pulled out of the rat race for the moment to see how this plays out. I have my front row seat and plenty of popcorn. I watch with interest.
I agree we are fortunate to be living in these time, as were the generations who saw the invention of the steam engine, the internal combustion engine, iron, oil, creation of capital markets and many others, compared to all previous generations.We are indeed blessed to be part of the "Lucky Generation" and amazingly most of us don't even know it. We are the generation of investors in the property and sharemarkets who have ridden a 33-year credit boom, an engorgement of debt, an access to money previously unseen that created a golden wave of investment returns between about 1974 and 2007.
Who are they?
They will also look back in disbelief that we had to work for 40 hours a week, and were able to buy houses for less than $1M.
Those who worry about the future need to get some perspective, and see the exponential improvements as each generation builds on the previous ones.
To quote Winston Churchill
When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened.
The question is more about whether our levels of debt are sustainable, not how much we have.
As i and others have mentioned, there's been a range of factors that have increased our ability to both attain and service our debt over the past
30 years.
However, our generation won't be as fortunate as the future generations who will have access to cancer cures, living active lives til ages >150, space travel, almost free power and many other things that we will miss out on.
Check your meds
Those who worry about the future need to get some perspective, and see the exponential improvements as each generation builds on the previous ones.
Why? Did you sneak some when he wasnt looking?
This is a list of local businesses from 100 years ago.The challenge for the next generation(s) is will they even have a job. None of which are looking particularly good for the average Joe.
Could use some Prozac though
.... still full employment, just different jobs.