The end game

[Brady]

Ouchh... here I thought I still have two cycles to go through before I retire

I tried to see how I'm different to China given both of us are 27 and have similar attitude towards 'risk'. I can even understand many of his views because deep down I also worry about those risks as I have 3 kids. To make things worse I spend a lot on necessary items! Then how is it possible for me to be in a slightly better position than him? I think the answer is ‘action’.

I think from Napoleon Hill’s book, you need ‘Desire’, ‘Faith’ and ‘Action’ to succuss anything in life . Probably we both have same amount of ‘Desire’. Even though I don’t want to accept we both have the same ‘Faith’. But I decided to take ‘Action’ which slowly improved my ‘Desire’ and especially ‘Faith’!

Here is another personal example. I joined an organisation 4 years ago just before having our first kid. My manager asked me what sort of training I would like to do. I told them that I’m not interested in any small courses but I want to do masters in this field as I’m new to this field. They laughed and said it is impossible with work and family commitments. There was 'Desire' but no 'faith'. I had to take 'Action' to bring that 'faith' back into the equation.

First I proved myself to the organisation that I'm a worthy employee. Then I managed to find a topic which my organisation is interested in so they are happy for me to do it during work time! To top it I managed to get a gov scholarship to pay for the research masters. I had the ‘Desire’. No one had the ‘faith’ but my ‘Actions’ took care of it!

Great to hear, very inspirational.

 

[Ideo]

There is a certain pleasure living in a 1.4 mil ppor versus a 450k home. Essentially, you get what you pay for. Sure you need to invest but at what cost in terms of sacrificing your quality of life and that of your children.

I used to think like you until I grew up and realised that having an inflated ego made one an unpleasant, materialistic and frankly pathetic person.

Moving from Mosman to Newcastle was the best thing I ever did in terms of quality of life. And enjoyment of life.

I now live my own life. I don't try and keep up with the neighbours in an ever increasing spiral of orgiastic spending and debt creation simply to keep up appearances.

Get over your ridiculous notions of status and success.

 

[MsAli]

I used to think like you until I grew up and realised that having an inflated ego made one an unpleasant, materialistic and frankly pathetic person.

I used to think like this till about 21 years of age. It's difficult to accept that you are wrong. But sometimes, you just have to say, I am wrong! Hit bottom with feeling flawed (and not "perfect") does wonders in terms of shifting your mindset.

Often the inflated ego is associated with fear of realising, we are all imperfect, can make mistakes and there is not one perfect way to live your life...Just how there is not one way to skin a cat.

 

[twobobsworth]

What started out as a good thread has gone off the rails. Please don't feed the seagulls.

 

[china]

I used to think like you until I grew up and realised that having an inflated ego made one an unpleasant, materialistic and frankly pathetic person.

Moving from Mosman to Newcastle was the best thing I ever did in terms of quality of life. And enjoyment of life.

I now live my own life. I don't try and keep up with the neighbours in an ever increasing spiral of orgiastic spending and debt creation simply to keep up appearances.

Get over your ridiculous notions of status and success.

Median price of mosman house 1.9mil. Median price of house in mt. druitt about 370k. Price in a free market reflects supply and demand. So simply put, there is much more demand for a house in mosman and the northern/eastern suburbs than for a place out west. And there are good reasons for this - people do not part with 1.9mil just to keep up with neighbours or maintain a facade - they are paying for quality of life. But dont feel you need to justify your descent into newcastle - we won't hold it against you.

 

[Trogdor]

Median price of mosman house 1.9mil. Median price of house in mt. druitt about 370k. Price in a free market reflects supply and demand. So simply put, there is much more demand for a house in mosman and the northern/eastern suburbs than for a place out west. And there are good reasons for this - people do not part with 1.9mil just to keep up with neighbours or maintain a facade - they are paying for quality of life. But dont feel you need to justify your descent into newcastle - we won't hold it against you.

Higher cost in many of these suburbs due to convenience. When I'm done in the city wouldn't live where i do now. Reason for highest cost is often people value their time highly, want convenience, these people earn more than those in nicer but more distant locales from melb or syd cbd

 

[china]

Higher cost in many of these suburbs due to convenience. When I'm done in the city wouldn't live where i do now. Reason for highest cost is often people value their time highly, want convenience, these people earn more than those in nicer but more distant locales from melb or syd cbd

Exactly right - time is a valuable, limited and non-renewable asset whereas money is unlimited and renewable

 

[OKFFW]

.....they are paying for quality of life.

Actually they are paying for a house plain and simple.

Quality of life involves a whole lot more than what house you live in.

 

[Trogdor]

Exactly right - time is a valuable, limited and non-renewable asset whereas money is unlimited and renewable

Sure but the point is if i had the same income but no time pressures I'd be living in a much cheaper location (less people, traffic, closer to beach, further away from trams etc.)

Expensive definitely doesnt mean better

It means either being in the rat race or lacking imagination . I'm the former for example.

 

[china]

Actually they are paying for a house plain and simple.

Quality of life involves a whole lot more than what house you live in.

It is a little bit more complex than that. A house that is a home will mean more to someone than a house that is just a house. A lot of us do not view our PPOR as an investment vehicle. If you accept that shelter is a basic human need then a good shelter - house in Vaucluse - will give far more joy, comfort than a tin shack in Rooty Hill. You want a place where your children will want to and be proud to invite their friends and where their friends' parents will be happy for them to visit. So a house does contribute to the quality of life of the adult owner and their children.

 

[china]

Sure but the point is if i had the same income but no time pressures I'd be living in a much cheaper location (less people, traffic, closer to beach, further away from trams etc.)

Expensive definitely doesnt mean better

It means either being in the rat race or lacking imagination . I'm the former for example.

Generally, desirable places with desirable features (less people, convenient traffic, close to beach and amenities) will command higher prices and returns. Simply due to supply and demand. Undesirable places wll be cheaper due to lack of demand - think dubbo, brewarrina.

 

[Trogdor]

Agree to disagree.

Don't know those places but in melb would rather live on morington peninsula or Philip island over hawthorn, fitzroy, brighton , whatever. Job and ease of access to cbd aside.

Obviously not talking dandenong or broadmeadows !!!

 

[china]

Agree to disagree.

Don't know those places but in melb would rather live on morington peninsula or Philip island over hawthorn, fitzroy, brighton , whatever. Job and ease of access to cbd aside.

Obviously not talking dandenong or broadmeadows !!!

Mornington is pretty expensive - many would like to live there if they had the choice and income.

 

[Ideo]

Median price of mosman house 1.9mil. Median price of house in mt. druitt about 370k. Price in a free market reflects supply and demand. So simply put, there is much more demand for a house in mosman and the northern/eastern suburbs than for a place out west. And there are good reasons for this - people do not part with 1.9mil just to keep up with neighbours or maintain a facade - they are paying for quality of life. But dont feel you need to justify your descent into newcastle - we won't hold it against you.

Have a look at prices in merewether, the hill and cooks hill. Not wallsend.

Mosman is boring as Hell anyway.

 

[redwing]

Hi all,

I'm thinking about what my end game is going to be. The time where you quit the daily job and spend your time how you wish. Hopefully 10 years from now.

In time, my properties are going to grow and there will be equity to use. I understand the LOE technique however, how does someone draw down equity on a portfolio if you don't have an income to pass the serviceability test?

Surely the bank isn't going allow you to access your equity without proving serviceability?


3M

Couple of thoughts..

1. Set it up before you retire?
2. Reverse Mortgage?

 

[The Fence]

What do people do on Rooty Hill ??

 

[OKFFW]

It is a little bit more complex than that. A house that is a home will mean more to someone than a house that is just a house. A lot of us do not view our PPOR as an investment vehicle.

No, it isn't. What they paid for when they bought the house is the house. What they do with it afterwards to make it a home is something entirely different.

If you accept that shelter is a basic human need then a good shelter - house in Vaucluse - will give far more joy, comfort than a tin shack in Rooty Hill.

Obviously it will give you more joy but it may not give another person any more joy.

You want a place where your children will want to and be proud to invite their friends and where their friends' parents will be happy for them to visit. So a house does contribute to the quality of life of the adult owner and their children.

I pity your children if you teach them the values you have shown through out this thread.

 

[BayView]

people do not part with 1.9mil just to keep up with neighbours or maintain a facade - they are paying for quality of life.

If you believe that, then I have some land in Sydney harbour I would like to sell you.

I have a terrific quality of life and live in scuzzville Drugmana. It's quite easy to find a decent spot in our neck of the woods and avoid all the dope-heads and welfare crowd (until I get to the workshop ). It is definitely not yer "postcode" suburb.

You don't need to live in a rizzy area to have a decent house either. Here's a progress of pic of our joint; not many houses similar close by, and don't care.

Mornington is pretty expensive - many would like to live there if they had the choice and income.

How would you know? Have you been there? It's a long way from Sydney.

I live 15 mins from it, and go there all the time.

I would not like to live there personally (far too busy) and there are both very ordinary sections and a few very exclusive bits that the above crowd flock to.

You want a place where your children will want to and be proud to invite their friends and where their friends' parents will be happy for them to visit. So a house does contribute to the quality of life of the adult owner and their children.

We know you're just trolling now, but I'll keep playing.

This statement is so inaccurate it's laughable. Kids could not care less about the surroundings they are in - as long as they are happy and have stimulating things to see and and do they are fine.

I grew up in only poorer areas, but my parents were always welcoming and allowed us to have our friends over. Consequently, our place was the local check-in place for our friends. There was always a kid/s coming or going from our houses.

 

[skater]

How would you know? Have you been there?

LOL! He's never even ventured West of Sydney, yet thinks he knows all about it, as well as what "westies" want out of life.

This statement is so inaccurate it's laughable. Kids could not care less about the surroundings they are in - as long as they are happy and have stimulating things to see and and do they are fine.

Again, the statement that prompted this reply from Bayview's is just rude, unfounded and offensive. There are many, many people who don't have a lot of worldly possessions. They may live in old homes with old or cheap furnishings. That does not make them any less of a person and they should not feel humiliation at inviting people into their homes. I am, and always have been, more than happy for my children, and myself, to be welcomed into another's home. It doesn't matter what they have, so long as they are clean, honest, respectable people. Shame on you China, for your baseless snobbery.

No, it isn't. What they paid for when they bought the house is the house. What they do with it afterwards to make it a home is something entirely different.

I pity your children if you teach them the values you have shown through out this thread.

Yep.

 

[Aaron_C]

You may not agree with china, and he may be trolling. However, Bayview and skater, it doesn't really matter what you think. You may be comfortable living in the West, but people like china (and myself included), would not. This has a significant impact on our purchasing decisions, including whether we would actually look in that area in the first place and how much we would pay if we were going to buy. Just like you think there is more than one view on the Western suburbs, the prevailing view of the purchasing/investing majority is what has greater sway than your own view. Calling people 'snobs' is no better than china calling people 'westies'.