What did your Parents Teach you about Wealth?

[HandyAndy888]

I find it somewhat alarming, yet totally understandable, that a lot of us learned from our parents' mistakes.

Contemplate this however: How many people would have been property investors in the 50s, 60s, 70s, 80s???

Didn't all this "buy IP" only start in the 80s, early 90s??? We are all lucky that we have recognised, and can utilise property as an asset class. I don't think our parents were this fortunate. What could they invest their money in??? Shares if they were smart...

Let's not mistake our fortune with their "dumbness"

 

[battler]

Didn't all this "buy IP" only start in the 80s, early 90s??? We are all lucky that we have recognised, and can utilise property as an asset class. I don't think our parents were this fortunate. What could they invest their money in??? Shares if they were smart...

Yep, and they invented the wheel in 1970, there has always been rental properties, that line of thinking is the same as kids thinking they invented sex.

Do you really think every one was a home owner?

 

[craigb]

Battler My theory withe the wheel is , it originaly was square! and as they pulled the cart , it wore out the corners and become round

 

[Perp]

Contemplate this however: How many people would have been property investors in the 50s, 60s, 70s, 80s???

Didn't all this "buy IP" only start in the 80s, early 90s???

Yep, and they invented the wheel in 1970 ... that line of thinking is the same as kids thinking they invented sex.

I thought the same thing, battler!

HA888, there have always been property investors.

 

[BayView]

I find it somewhat alarming, yet totally understandable, that a lot of us learned from our parents' mistakes.

Contemplate this however: How many people would have been property investors in the 50s, 60s, 70s, 80s???

Didn't all this "buy IP" only start in the 80s, early 90s??? We are all lucky that we have recognised, and can utilise property as an asset class. I don't think our parents were this fortunate. What could they invest their money in??? Shares if they were smart...

Let's not mistake our fortune with their "dumbness"

Investing in property has been around since the year dot. Maybe it was a bit harder to do back then though.

It has become easier in the last 30 years due to the internet, improved other types of communication to pass on the knowledge, spruikers and more favourable lending practices.

I remember applying for my first PPoR loan for a princely $80k in 1985 with my then girlfriend, and was told we didn't get the loan because she was "of childbearing age".

Not long before that, one went to the Bank Manager in their Sunday best and cap in hand to ask for a loan, and hoped like hell to be told yes.

Now, the grunge set just flip the bird, walk out the door and into the next Bank, or call up the MB.

Lo Doc heaven.

 

[HandyAndy888]

I still stand by my statement. How many people here had an IP in the 70s????

See, back then, MOST people wouldn't have even contemplated "investing", though I don't know, I wasn't even born....

 

[BayView]

I still stand by my statement. How many people here had an IP in the 70s????

See, back then, MOST people wouldn't have even contemplated "investing", though I don't know, I wasn't even born....

Yeah, I agree, and I reckon not many would have had IP's back then due to the factors in my previous post.

I think the % of the population would have been much smaller becuase of this.

Mind you; even today, I still know very few people who actually invest.

They all talk about it, and say they will, say they should - but never buy anything.

 

[Rob Williams]

Mind you; even today, I still know very few people who actually invest.

They all talk about it, and say they will, say they should - but never buy anything.

And SO many talk about reasons NOT to invest at any given point in time.

 

[McBrain]

Now, the grunge set just flip the bird, walk out the door and into the next Bank, or call up the MB.

'Grunge set'?! You're so 1990's man!

 

[Perp]

I still stand by my statement. How many people here had an IP in the 70s????

Well, I didn't, because I was in primary school, but certainly my parents and several other relatives owned IPs at that time.

I don't know, I wasn't even born....

Then why are you so confident that you know how many people were investing in IPs at that time?

 

[our obsession]

My Great Aunty and Uncle had IP's (in regional cities at that), which was 50's, 60' 70's and 80's. They also had friends and acquaintances with blocks of units as well, being an ear flapping kid with them in the 70's and 80's..

They would take us for drive bys on the way to kids stuff, (eg animal farms/river) and point out their houses and units/flats...we would absorb all that, now that is a great thing, investing by diffusion and osmosis.

Plus I have read about past decade investors, also, an area where I did live for a while had a high Italian immigration, being friends with some of their children would mention their family owning properties/houses/blocks of units...I know all that got fixed in my mind, filed under "capitalist". Trouble was I just didn't know what it meant fully, took a few more years for that to apply to me.

It would be fun and interesting to know property investors per capita or ratio per country...I wonder how many in a 100 people in Oz compared to say USA or UK invest?

 

[HandyAndy888]

Then why are you so confident that you know how many people were investing in IPs at that time?

Because all of the previous posts on here indicate that...

 

[wylie]

I still stand by my statement. How many people here had an IP in the 70s????

See, back then, MOST people wouldn't have even contemplated "investing", though I don't know, I wasn't even born....

My parents bought their first IP in 1975 when they sold a small business my mother built up from nothing. They put the profit into their first IP.I bought my first IP (with dad) in about 1978 when I was 18, maybe 19.

They had nothing much when they married, but worked hard and mum always had a part time job. They were not wealthy by any stretch, and had to take in a boarder in their first house to make ends meet.

Our neighbours had flats (maybe a whole block) and other investments, including land they had horses on. Other neighbours had several IPs. None of these people looked or acted like they were wealthy, but in fact they were.

I think many would be surprised how many people actually did have rental houses or flats, but just kept very quiet about it.

 

[BayView]

'Grunge set'?! You're so 1990's man!

Nah; they're still kickin' around in ever-growing numbers in this centch.

The grunges - yeah; you know...

undies showing above the jeans which are hangin' down around the bottom of the ball sack and plumbers crack,

standard issue scungie hoodie windcheater,

long skanky hair looks like it hasn't been washed or brushed in months,

5 day pubescent lame facial growth, stooped shoulders AND

the standard issue "f*ck you" attitude towards all,

sayin' "dude" and "like" and "whatever" every second word,

callin' females "man".

And so on - watch any franchise fast food ad and you'll see it.

So enthralling and radical.

What happened to pride of appearance?

Now, it's just being a clone of all the other zillions of twenty-somethings who do the same. Cool.

Give me a bloke like Michael Voss any day. Now, there's an inspiration.

 

[luvvit]

My parents were among thousands of 10 pound poms in the 60's.

Just leaving their respective small villages in the Midlands of England was (in my opinion) a very good thing.
They came to Aus as they believed that Aus offered more to my brother and I in the way of lifestyle and opportunity.

I believe they were right.

In so far as wealth creation, I cant say I learned much. My dad was self employed and was very well respected, but we as a family struggled to make "middle class". Mum was/is a housewife.

They showed no real interest in wealth creation per se, but always wanted us to "get ahead". Their interperatation of get ahead, was the same as so many here on the forum, study hard, get a good job, raise through the ranks buy a home, pay it off, yada yada

The funny thing is that I was reluctant to speak of my path to my mum as I thought she would find it scary and risky, the funny thing is, that as I introduce her to each property and spell out why I bought it and what It will do for me in the future............ she tells me that I am doing the right thing, and the clincher came today when she told me that if she was younger, she'd like to do the same thing.....

I never thought I would hear that........... but its nice....

I've never been afraid of hard work, and I still do it, day in and day out, but I can see my future and am working hard towards it... I think thats what they taught me, work ethic....

luvvit.

 

[sports fan]

my parents have never invested in property,, i got my inspiration at a young age from my dads best mate who was been into buying industrial land and subdividing and building factory units.. he is a pretty rough around the edges bloke who wears footy shorts and thongs but drives a 911 turbo convertable so that was the attraction..


by the way my previous employer robert hamilton who co-founded mirvac was into property investing back in 72 when he kicked that company off

 

[ems]

Both my parents are not into Wealth creation....Both have rented all their lives. Mum has been a stay at home mum with some part time jobs in between us going to school. Dad was and still is a milkman. We never had much money but always had food on the table - and great food at that (thanks mum)

They divorced 15 years ago. Mum is living on a 90 pounds pension and struggling and dad has been promoted to manager. He is nearing on 60 and spends most of his money on cruises and clothes. He has told us all that there won't be much inheritance when he passes. There's 8 children so wouldn't be much to go around anyway.

Every time I speak to him about our IP's he always says how lucky we are and we must be earning bucket loads of money which we are not. He would earn more then us at present. Mum just tells me how proud she is of us and just to be careful.

Our Obsession - I believe Australia will win by miles for the property investors per capita or ratio per country...I have only been in Oz three years and feel that in England most people live just to survive. There's too many nice pubs to spend your money in. Only 2 people out of my whole family (and its a big family) own their own home. The rest rent. Of course this could just be our family but I don't know anyone else in England that invests. Whereas in Oz all you guys do! (I know its only a small minority)

Ems

 

[Perp]

I have only been in Oz three years and feel that in England most people live just to survive. There's too many nice pubs to spend your money in. Only 2 people out of my whole family (and its a big family) own their own home. The rest rent.

The expectation of "the Council" providing you with a home is probably a significant contributor, don't you think?

 

[our obsession]

Ems:

Our Obsession - I believe Australia will win by miles for the property investors per capita or ratio per country...I have only been in Oz three years and feel that in England most people live just to survive

Hey! We are apparently, just got my copy of Your Investment Property and somewhere in there, it says Oz does have a relatively high investing (property) population, compared to other countries, one of the highest I think it said, don't quote me. Tried to find it exactly but it's now hiding. I'll work on this. That is really interesting...why us?

 

[our obsession]

Here we go, great article by Margaret Lomas; "Retiring on Rental"
Your Investment Property, June 2009, page 62.

....we have a nation with one of the highest proportion of property investors in the world

I did not know that.