+1. I lived at home until I was 27. From when I started work after uni I gave my mum housekeeping calculated on my take-home, 25% rounded, until this dropped to 20% after pay rises. So if I was taking home (long time ago!) GBP210 a month, I gave my mum 50; when my pay reached GBP240 I made it 60. I don't know what young people earn these days, but if you're taking home $1000 a fortnight, is giving your parents $250 of this - $18 a day - anything other than fair?
The next 10 years: Prediction of the market
- Thread starter TMNT
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+1. I lived at home until I was 27. From when I started work after uni I gave my mum housekeeping calculated on my take-home, 25% rounded, until this dropped to 20% after pay rises. So if I was taking home (long time ago!) GBP210 a month, I gave my mum 50; when my pay reached GBP240 I made it 60. I don't know what young people earn these days, but if you're taking home $1000 a fortnight, is giving your parents $250 of this - $18 a day - anything other than fair?
When im at home i will give mum a 100 dollars for the week. yes i have no problem getting groceries as well.
See, different opinion here.
I was pretty tough on my kids growing up, especially where finance was concerned. Don't get me wrong, we spent a fortune on them, especially their sport, but my aim was to produce two people that could (should they need to) be totally self sufficient when they reached the age of 18 (legally an adult).
I wanted them to know what the costs of basic essentials of living were and how to manage their money so they could maintain a reasonable standard of living within their means.
As soon as they started full time work, they were expected to pay board, but it was only a token amount. 10% of their take home pay. They both worked part time prior to this & they both received pocket money. They could increase their 'income' by doing household chores.
I still have one at home now. She's around Trey's age. She increased the amount to above 10% by herself, and she also buys some small groceries without being asked. This works both ways, as she will tag along with us at times (movies etc) and we will pay. Her income is substantially smaller than Trey's.
I will say though, that she did move out of home for a while, & the reality of how much everything cost, did hit hard, so when she moved back, she was the one that set the board, not us, and she (now) appreciates that she gets subsidised living in order to kick start her own future.
could not agree more except for the mid twenties part.
as long as your parents can see what your trying to achieve and arent wasting money on stupid ****. theres no problem.
Okay, with two Italians, it's time to throw a Greco in the mix.
As with ok180 and MTR, I also never paid board (? Mediterranean trait) however, whilst never asked, from the day I finished Uni and started working, I paid all the outgoings for the family home. Council rates, water rates, insurance, utilities, etc., although I didn't buy groceries or other food. It was a great way to live in the family home until I married, knowing that I contributed whilst also aggressively building a significant property portfolio through my twenties.
As skater has also mentioned we don't even know whether or not Trey contributes in any way (food or utilities). It isn't conducive to the reality of the real world when some living expenses, except a mobile phone, are not thrown into the mix. Being cash flow rich by way of decent income and cash rich with deposits doesn't in and of itself necessarily mean that Trey will achieve any investment success without even a little leverage (and responsibility for that outgoing also). It doesn't mean going all out with 95 % loans, however even a 50-60 % LVR will see Trey enter the market a little sooner than waiting for the cash reserves to accumulate. Inflation will kick in at some point and your dollar$ will deflate away.
BTW Trey, well done for having the discipline to save. It is a great quality to have. Perhaps read a little more and scour the forum here. Many ways to skin a cat.
good post thats why im here. i dont like making mistakes at all. im trying to figure out what i want to do. APF is all doom and gloom. Whereas here everything is positive because obvs everyone is an "investor". Id be happy just to have one house and work 6 months of the year and have 6 months of surfing and go anywhere at the drop of a hat. know guys who do that and a loving life. Also no guys who have 5 houses but there trapped working and arent happiest but they will probably be very well off. There is no need to rush into all this.
you sound exactly the same as my mum. yeah ill do it.
Iwatched the market in melbourne.
We just sold a house.20% more than we wanted!!!
My predictions are that we reaching peak now.with manufacturers closing down here, and many other companies closing and not many new jobs
To me.less jobs, income will go down, we cant compete with rest of the world.china is having massive problems, etc.
Properties have to come down in melbourne.cairns looks much better.
Lets face it.we buy property to make money.
Ato discussed negative gearing again this wk.who knows if negative gearing ll be here 4 ever.
I bought properties in usa as well.
I am making money regardless if prices go up or down.
Good luck to all and good nite
We just sold a house.20% more than we wanted!!!
My predictions are that we reaching peak now.with manufacturers closing down here, and many other companies closing and not many new jobs
To me.less jobs, income will go down, we cant compete with rest of the world.china is having massive problems, etc.
Properties have to come down in melbourne.cairns looks much better.
Lets face it.we buy property to make money.
Ato discussed negative gearing again this wk.who knows if negative gearing ll be here 4 ever.
I bought properties in usa as well.
I am making money regardless if prices go up or down.
Good luck to all and good nite
1Iwatched the market in melbourne.We just sold a house.20% more than we wanted!!!My predictions are that we reaching peak now.with manufacturers closing down here, and many other companies closing and not many new jobsTo me.less jobs, income will go down, we cant compete with rest of the world.china is having massive problems, etc.Properties have to come down in melbourne.cairns looks much better.Lets face it.we buy property to make money.Ato discussed negative gearing again this wk.who knows if negative gearing ll be here 4 ever.I bought properties in usa as well.I am making money regardless if prices go up or down.Good luck to all and good nite
Thanks Trey, the weather should be good for lawn mowing tomorrow.
U r very right.
I predict that wages ll come down or more businesses ll close down and move overseas.
Young generation wont be able to have deposit.already now my clients pay for their children to buy a house.
Still banks ask them to take out life insurance2get a mortgage etc.
Can't see that happening, it's just an alarmist view.
If your clients help their kids buy homes that's nice of them, but not necessary.
Banks have never asked for life insurance other than for upsell purposes.
Not a chance wages will come down
The worst is a CPI increase
Mining is slowing down, thank god
Other industries aren't booming but are slowly recovering
I always wonder how young kids on 200k in the mines without any or little qualifications actually adjust to a 65k salary once their gig is up
Putting entitlement aside, must be hard to work for 1/3 your hourly rate, psychologically
The worst is a CPI increase
Mining is slowing down, thank god
Other industries aren't booming but are slowly recovering
I always wonder how young kids on 200k in the mines without any or little qualifications actually adjust to a 65k salary once their gig is up
Putting entitlement aside, must be hard to work for 1/3 your hourly rate, psychologically
The next generation can just take out 50 year mortgages like they do in Eastern Europe.
Oil & gas is the new mining
the way i see it is Perth is 100% fuelled of the mining boom but not only that mainly the fifo construction industry. At the moment there is three big oil and gas construction projects in WA. Gorgon, wheastone and Inpex at Darwin. The thing is these 1000s of jobs which have been created because of these projects arent going to last forever. Gorgon atm has 6 -7000 on site and thousands of jobs in Perth but once its finished within the next 3 years it will only need 300 people to maintain and run the plant.
I think there would be a lot of guys families out there who's mortgage costs and living exspensives are suited to there fifo job and once that is over. things could slide down hill very quickly which will affect the whole of the economy.
im not sure where you pulled this from "I always wonder how young kids on 200k in the mines without any or little qualifications" that is extremely rare.
Be hard pressed to find too many in Mining anywhere near $200,000 unless they are working 11 months on, 1 month off. It's not that well paid nor are the rosters all that appealing.
Oil And Gas definitely those figures are palpable and good rosters but more for those with trades or specific skills working directly for the Energy Company itself or the agency that has the maintenance contract.
Inpex supposedly paying the best money.
Not too much in WA to worry about, we can rely on the construction workers to milk these contracts for years longer than is necessary in order to feed into the next project somebody thinks of.
Oil And Gas definitely those figures are palpable and good rosters but more for those with trades or specific skills working directly for the Energy Company itself or the agency that has the maintenance contract.
Inpex supposedly paying the best money.
Not too much in WA to worry about, we can rely on the construction workers to milk these contracts for years longer than is necessary in order to feed into the next project somebody thinks of.
You're underestimating Melbourne, because the transition to other high end service industries (the future of Victoria) is happening much quicker than I anticipated. But yes, USA is also a good investment, in parts, although the best boat has sailed.
