Have a girlfriend who only ever had to rent in the best part of town, bought $200 shoes (unfortunately you cant buy anything decent under that - talking 2001) I bought my own house (in a really crappy neighbourbood) and she openly rubbished the suburb (one can only live on the East side of town). Finally, when she shifted to Perth I talked her into buying, which admittedly she went into huge debt because she had to live on the river (last $10,000 on credit card which made my blood run cold) but, 6 years on its now tripled and probably worth $700,000, so some finally listen.
What's the funniest/worst excuse you've heard for NOT investing from people?
- Thread starter Aceyducey
- Start date
i think my sig says it all for me.
it basically sums up everyone i've ever had the the pleaseure of growing up with, including my whole family bar my wife and her dad.
a lot of people think wealth is what you can flaunt - but then, the prob watch Today Tonight too...
i can't wait for them to eat their negative attitudes when i pay my PPOR off before they even have kids.
it basically sums up everyone i've ever had the the pleaseure of growing up with, including my whole family bar my wife and her dad.
a lot of people think wealth is what you can flaunt - but then, the prob watch Today Tonight too...
i can't wait for them to eat their negative attitudes when i pay my PPOR off before they even have kids.
ALL property?
Hi Blue Card
I agree rich people act differently.
Rich people read books and poor people watch movies.
lol..have heard this one a dozen times, goes hand in hand with the .."you were lucky" statements...
dido...I'm in a position, where I could theoretically pay off a house of mine as a PPOR...unfortunately we are going for a bigger fish...but still way ahead of teh average 28 year old I think...
I really like the thought behind that sig....
My Dad said this to me over the weekend,
He saw me checking out a house on rea.com,
He says "are you thinking of buying it?"
I said "yea"
He said, "I think youre much better off buying your own house, Ive heard that investment properties really tie people up".....
Now, my old man has done o.k for himself, hes old fashioned and believes in hard work,
he owns his own PPOR and buisness, owns that building outright too and is now 57, he plans to retire at 65 and live off a lifetime of hard work, day in, day out,
I see it much differently, I want to be retired, semi retired by age 40 and dont want to have to work after that if I dont want to, seems much easier t me and is certainly attainable without the stress of owning and running my own buisness.
He saw me checking out a house on rea.com,
He says "are you thinking of buying it?"
I said "yea"
He said, "I think youre much better off buying your own house, Ive heard that investment properties really tie people up".....
Now, my old man has done o.k for himself, hes old fashioned and believes in hard work,
he owns his own PPOR and buisness, owns that building outright too and is now 57, he plans to retire at 65 and live off a lifetime of hard work, day in, day out,
I see it much differently, I want to be retired, semi retired by age 40 and dont want to have to work after that if I dont want to, seems much easier t me and is certainly attainable without the stress of owning and running my own buisness.
excuses we have heard property is going to go back down to amounts like 20k in a cq coastal town with lots of miners lol everyones selling,nothings selling
rates are to high your crazy meanwhile they just bought a 50k car with 16% interest .
to hard,to expensive I believe all this is rubbish I have found properties
either way at good prices with good cg and good returns but most of my friends want a mansion but pay reno prices lol they forget we started with a measly 15k acreage in the sticks and now think it is unfair they slave for a wage just to pay bills and we sit on our ASSets
they all seem to be experts in re since we started in the game but none have ever bought.
as the old saying goes poor people spend money rich people invest and spend what's left
rates are to high your crazy meanwhile they just bought a 50k car with 16% interest .
to hard,to expensive I believe all this is rubbish I have found properties
either way at good prices with good cg and good returns but most of my friends want a mansion but pay reno prices lol they forget we started with a measly 15k acreage in the sticks and now think it is unfair they slave for a wage just to pay bills and we sit on our ASSets
they all seem to be experts in re since we started in the game but none have ever bought.
as the old saying goes poor people spend money rich people invest and spend what's left
It's great when people pull up these old threads.
I talked a relative into buying their mine supplied 4 bed house for $70,000 few years ago. Mostly because they owned nothing and spent everything (on junk) and were hopeless money managers. Thinking at least at the end of their working life they would have something.
The deal was instead of $20 a week rent they paid $70 a week out of their $700 wage. They managed till they got the first rates bill, then sold it back to the mine and pocketed about $2,500 with the buy back and promptly spent it. It was a once ONLY opportunity. Houses now in the area sell for $300,000+
They also ended up with $20,000 on the AMP float ...gone in less than a month!
They are now nearing retirement and still have nothing!!
Who cares? .... not me.
I talked a relative into buying their mine supplied 4 bed house for $70,000 few years ago. Mostly because they owned nothing and spent everything (on junk) and were hopeless money managers. Thinking at least at the end of their working life they would have something.
The deal was instead of $20 a week rent they paid $70 a week out of their $700 wage. They managed till they got the first rates bill, then sold it back to the mine and pocketed about $2,500 with the buy back and promptly spent it. It was a once ONLY opportunity. Houses now in the area sell for $300,000+
They also ended up with $20,000 on the AMP float ...gone in less than a month!
They are now nearing retirement and still have nothing!!
Who cares? .... not me.
whoa they must be kicking themselves now my mum has a house on 2.5 acres in a place like this and never intends to sell. my friends rellie also bought alot of the houses before there went up and mines boomed his got 3 bottles of wine from the bank
Best advice I got was "only listen to those people who have what you want". i.e not people from work who know nothing.
Lady at work asked about my new property which has good rent "but if the rent is too high you won't be able to claim tax". Oh no!!!!
A friends parents are entertainers. They are on the pension and work and hide their money (tens of thousands) in their house because they worry about losing the pension.
My mum bought her house in 1963 for $7,000. Neighbours said she was crazy as it cost a few dollars more than renting. They are still renting.
I also get the "it's easy for you, no kids etc". But there was a time when I was at Uni with 2 kids and had to borrow money to live. I experienced the lineups for rental properties seeing people in their 50s trying to find a place to live (in the 80s) like now and was determined to own at least a PPOR.
I was living on the north shore and was a single mother with the opportunity to get a low doc loan for a new house. Everyone said I was crazy moving "out there" Oakhurst. Well I did and paid $55,000. Sold 7 years later for $122,000 (with a $20,000 loan) and bought in Baulkham Hills. Never looked back.
It is difficult when all those around you are telling you that you are wrong. Get informed and follow advice from those like minded people.
The trouble is.... what if 50% of people who take their actions go bankrupt, and since you're only asking the ones that survived (this is called survivor bias) then you'll get an incorrect grasp of risk.
Also, if you ask about something in a speculative bubble - of course people that bought into that thing at the time did well - .com millionaires were the thing in the late 90s - bubbles work really well up until they burst.
You get a breath taking lack of appreciation for survivor bias from API magazine with all of the pat on the back... just have to get into the market and borrow as much as you can for as long as you can type advice..
However.. The real trouble as I see it is if your chosen alternative to taking this type of false view with property is listening to the aforementioned 30 year olds, then you have a 100% chance of not achieving much. The penalties for failure in regards to risk taking with money are very light compared to the alternatives in our society, but that will come back to what you define as a risk.
Lack of confidence in one's ability and fearing the worst are common reasons for not investing. (HG's example above is fairly common).
Not really funny as its my father but he told me last month, 'Once bitten twice shy'. My parents have 1 IP about 500m away from their place. They bought a 2b townhouse in 2005 and of course it hasnt appreciated much since then BUT!!!! He hasnt put the rent up since then either! They have had the same tennant since then who is regularly late with the rent makes up some sob story and she promises that she'll pay it all next month and low and behold she does.
The tennant pays $260pw market rent is somewhere closer to $340pw.
Dads excuse for not putting the rent up is that the tennant is having a hard time paying the rent now, she cant possibly afford to pay more.
Thing that gets under my skin is that he complains about buying IP's.....
This is coming from a guy that did the reno thing way way way before it was common place,
Sad really
The tennant pays $260pw market rent is somewhere closer to $340pw.
Dads excuse for not putting the rent up is that the tennant is having a hard time paying the rent now, she cant possibly afford to pay more.
Thing that gets under my skin is that he complains about buying IP's.....
This is coming from a guy that did the reno thing way way way before it was common place,
Sad really
Shady get him to complain about his health and free time, both of which are in short demand so subsequently he will have to employ a property manager from now on to manage the place and he wishes the tenant all the best and a happy and productive life but from now on all enquiries will be made through the agent. Sounds like he could be being taken for a ride by the tenant, we always find both sufficient time and money for our main priorities.
well, after my dad pi55ing in my pocket about property investing, i sent him to seminars with free tickets (he was late) and got him all kinds of research materials, made him get a laptop so he could check things out online and use excel for calculations.
well, now he has "some stuff" to sort out before he goes and gets organised to get an IP.
he listens to "experts" on Today Tonite and regurgitaes the crap they spill, like Nigel Satterley telling people to buy in places he has estates because they're "Set for growth"...
he doesn't want ANYTHING neg geared because it'll eat into their "holiday fund".
oh and that stuff he wants to sort out is test riding a few more motorbikes before he takes his loan out so he can combine the two.
well, now he has "some stuff" to sort out before he goes and gets organised to get an IP.
he listens to "experts" on Today Tonite and regurgitaes the crap they spill, like Nigel Satterley telling people to buy in places he has estates because they're "Set for growth"...
he doesn't want ANYTHING neg geared because it'll eat into their "holiday fund".
oh and that stuff he wants to sort out is test riding a few more motorbikes before he takes his loan out so he can combine the two.
