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BEHOLD: MY CAPE posted:I dunno if you ask me this thread is more entertaining when it's full of derails rather than just being a Reddit r/pf reposting station Absolutely agreed.
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Sep 18, 2015 22:19
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I posted this opinion last time it came up, but I feel strongly about it: There are lots of things that are not available to a person in their 30s that are available in their 20s. If you travel in your 20s solo or with friends and jump around hostels and countries, your stories will be much different than someone traveling in their 30s staying in hotels with someone they're dating (or still jumping around hostels). It's not some tragedy that a person's youth is gone as each stage in life has its pros and cons, but I am very happy with the money and time I spent in my early and mid 20s.
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Sep 18, 2015 22:22
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SiGmA_X posted:MORE BAD WITH MONEY, LESS DERAIL! Not sure why you believe this is a derail. We are LITERALLY talking about people who are bad with money.
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Sep 18, 2015 23:16
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Blinkman987 posted:I posted this opinion last time it came up, but I feel strongly about it: There are lots of things that are not available to a person in their 30s that are available in their 20s. If you travel in your 20s solo or with friends and jump around hostels and countries, your stories will be much different than someone traveling in their 30s staying in hotels with someone they're dating (or still jumping around hostels). It's not some tragedy that a person's youth is gone as each stage in life has its pros and cons, but I am very happy with the money and time I spent in my early and mid 20s. I'm not sure 'different' stories really matters. Having to give handjobs for bus fare would also be 'different', but not very appealing. I always find it odd when people equate comfort/luxury as being boring. Quick bad with money story from when I was an executive at a large company. We had a conference to go to in Germany, and the assistant booking the trip was leaving the company so didn't really give a poo poo. She booked all 12 people going in business or first class both ways without checking the pricing. Turned out it was about $10k PER PERSON and the bill was over $100k. EDIT: We also had dinner in a 2 Michelin star restaurant and the bill ended up being about $1k per person. Company cards were a lot of fun! enraged_camel posted:Not sure why you believe this is a derail. We are LITERALLY talking about people who are bad with money. He's REALLY excited about posting a really uninteresting story from reddit because he follows the rules, guys! Comrade Flynn fucked around with this message at 23:28 on Sep 18, 2015 |
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Sep 18, 2015 23:24
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Inverse Icarus posted:Similarly, people who tell children that childhood is the best part of their lives must have had really soulcrushing 20s themselves, and set their kids up to continue being children well into their 30s. gently caress that, being a DINK is the best part of life. It's like playing life with cheatcodes.
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Sep 18, 2015 23:57
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TLG James posted:gently caress that, being a DINK is the best part of life. It's like playing life with cheatcodes. It's good to be a DINK.
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Sep 19, 2015 00:00
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Radbot posted:It's good to be a DINK. loving truth.
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Sep 19, 2015 00:04
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Comrade Flynn posted:I'm not sure 'different' stories really matters. Having to give handjobs for bus fare would also be 'different', but not very appealing. I always find it odd when people equate comfort/luxury as being boring. I don't know anybody who has needed to do that, but I wish whomever in your life was forced into such a predicament well. The experiences a person has in their 20s when they're at their peak in physique, looks, topical interests, and lack of being held responsible is definitely going to be different than the 30s when more is expected of a person. That appeals to a lot of people. If you like luxury or w/e that is, I guess that's cool.
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Sep 19, 2015 03:13
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Blinkman987 posted:I posted this opinion last time it came up, but I feel strongly about it: There are lots of things that are not available to a person in their 30s that are available in their 20s. If you travel in your 20s solo or with friends and jump around hostels and countries, your stories will be much different than someone traveling in their 30s staying in hotels with someone they're dating (or still jumping around hostels). It's not some tragedy that a person's youth is gone as each stage in life has its pros and cons, but I am very happy with the money and time I spent in my early and mid 20s. Pretty sure you can travel however you want, with whomever you want, at whatever age. Experiences like what you are talking about are not restricted to people in their 20s. Blinkman987 posted:I don't know anybody who has needed to do that, but I wish whomever in your life was forced into such a predicament well. I'm in better shape now in my mid 30s than I was in my mid 20s. I don't know what a 'topical interest' really is but I'm sure people at any age can cultivate whatever that is. -- The long and the short of it is that people that make poor financial decisions in their 20s will probably continue to do so into their 30s and beyond. The habits you cultivate at a young age become no easier to change as you get older. Just look at the many threads in BFC where people have been unable to break their bad spending habits.
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Sep 19, 2015 07:25
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Blinkman987 posted:I don't know anybody who has needed to do that, but I wish whomever in your life was forced into such a predicament well. Most of the people I know / know of who live the kind of 20's you describe (i.e no responsibility, travel loads, etc) are people who are spoilt, irresposible, bad with money or that type of person who is happy to take a one way ticket to some place and just not care about how to get home until it's time to. In other words, people who will show up in this thread sooner or later. MrOnBicycle fucked around with this message at 07:57 on Sep 19, 2015 |
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Sep 19, 2015 07:43
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quote:
http://www.couriermail.com.au/reale...q-1227533445956
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Sep 19, 2015 07:46
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Ah yes, the secret to success is to be able to divine the future of a property's value, get it for below cost, and only hire good tenants. Jeez why didn't I think of that earlier? I can't believe what a rube I've been
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Sep 19, 2015 08:02
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The first reply in that article from the poster Campbell is so hilariously spot on.
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Sep 19, 2015 08:02
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There was a guy doing this in 2008 (well, a lot of guys - but this one was profiled in the media). He had like 6 houses in different states, all bought using equity from previous homes. The moment home values went south the whole scheme fell apart. Since he lied on several of the mortgage applications, he couldn't even discharge them in bankruptcy. 22 homes might actually be better than 6 homes. If the market moves in the other direction, you might still make enough in rentals to compensate for the empty properties. I guess it depends on how much profit you're making on each rental and just how much you bribed the appraiser to inflate your home values.
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Sep 19, 2015 15:31
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I wonder how many repairs they've had to do in the past year and whether their income is before or after those. If they make about 5k/month (just pulling this out of my rear end) that could easily get completely eaten each year by maintenance and repair costs for 22 houses. Plus they are either paying someone to handle the renting and management, or doing it themselves, so they may even be working for no actual pay. Not enough detail to say. The fact they have two third party advisors doesn't bode well for them though, imo.
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Sep 19, 2015 18:00
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Not a Children posted:Ah yes, the secret to success is to be able to divine the future of a property's value, get it for below cost, and only hire good tenants. Jeez why didn't I think of that earlier? I can't believe what a rube I've been You're missing the secret sauce: 100:1 leverage in a bubble.
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Sep 19, 2015 18:23
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I'm sure the bubble has plenty of room to inflate and they will get out before it pops so some other rubes can  .Or quote:There was a guy doing this in 2008 (well, a lot of guys - but this one was profiled in the media). He had like 6 houses in different states, all bought using equity from previous homes. The moment home values went south the whole scheme fell apart. Since he lied on several of the mortgage applications, he couldn't even discharge them in bankruptcy.
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Sep 19, 2015 18:31
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Krispy Kareem posted:There was a guy doing this in 2008 (well, a lot of guys - but this one was profiled in the media). He had like 6 houses in different states, all bought using equity from previous homes. The moment home values went south the whole scheme fell apart. Since he lied on several of the mortgage applications, he couldn't even discharge them in bankruptcy. That would be Casey Serin (https://en.wikipedia.org/wiki/Casey_Serin) of IAmFacingForeclosure.com fame. These Aussies are literally Casey x3.
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Sep 19, 2015 19:25
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SlapActionJackson posted:That would be Casey Serin (https://en.wikipedia.org/wiki/Casey_Serin) of IAmFacingForeclosure.com fame. These Aussies are literally Casey x3. Or course the guy became a blogger. Speaking of terrible house flipping, that guy who runs the hoodwinked house blog is still trying to repair his money pit. I think at last update he had something like 20k more in interior repairs to do and he never did get any money from the realtor.
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Sep 19, 2015 20:14
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MrOnBicycle posted:Most of the people I know / know of who live the kind of 20's you describe (i.e no responsibility, travel loads, etc) are people who are spoilt, irresposible, bad with money or that type of person who is happy to take a one way ticket to some place and just not care about how to get home until it's time to. When I was 18 I spent a summer working as a guide, making $250/week living in a barn converted to barracks style housing. It was a great deal of fun, and I was spending practically every day in a harness and hiking. I spent all my earnings on gear, ammo, and fuel to take me around to interesting places. A number of my peers were living the adventure lifestyle, taking 2 week climbing trips to Yosemite or backpacking around Nepal for a month. I couldn't keep up with them, because I couldn't afford those trips. Many of the people in the ski/climbing bum lifestyle are funded by inherited wealth, unless they are able to compete at a high enough level to be sponsored/paid for it.
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Sep 19, 2015 21:42
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I love traveling, but more than anything else I love traveling where I actually meet the people that live there. My group of friends wants to go on a cruise next year and I'm making no progress whatsoever on killing this idea. Only $800 for buffet food and being guaranteed "safe from gangs and criminals"!
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Sep 19, 2015 21:51
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That's Australia for you. Many of my friends in their 20s are paying more than 50% of their income on mortgage repayments. No one bats an eye at this. "Gotta get on the property ladder somehow!" Don't have a 20% deposit? No problem. "Just get your parents to Co sign" is repeated so often here people believe it is common sense.
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Sep 19, 2015 22:04
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Krispy Kareem posted:Or course the guy became a blogger. Just had a look through his more recent updates. Has maxed out his credit on repairs so things are at a bit of a standstill, and seems to have given up on going after the seller after everyone tells him he doesn't have enough for a case. 
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Sep 19, 2015 22:33
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Aliquid posted:I love traveling, but more than anything else I love traveling where I actually meet the people that live there. My group of friends wants to go on a cruise next year and I'm making no progress whatsoever on killing this idea. Only $800 for buffet food and being guaranteed "safe from gangs and criminals"! This summer my wife and I flew into Rome, then rented a car and spent the next 10 days driving up to Northern Germany. It was awesome seeing out of the way places and stopping into little local restaurants for lunch rather than the tourist traps. Bad with money was the $1000 one-way car rental fee they charged.
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Sep 19, 2015 23:51
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Nothing wrong with a cruise, but it's all about balance. I've spent the last three vacations with my wife jam packed with travel and seeking out little great things to see. I could do with a week on a deck chair and a book.
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Sep 20, 2015 01:38
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CelestialScribe posted:Don't have a 20% deposit? No problem. "Just get your parents to Co sign" is repeated so often here people believe it is common sense. Can you blame them for saying this? Some prick I used to work with took out a $16k loan to buy necessities such as a plasma television and a Holden Commodole (sic), had a temper tantrum at work and walked out, secure in the knowledge that as his parents co-signed on the loan, that they would continue to pay it, regardless of his conduct. GWM: Have submissive and subservient parents.
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Sep 20, 2015 02:00
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I saw a respected financial planner in this area and he legitimately told me to borrow money from my parents for a deposit, as such an amount around here would be at minimum 20%. I cut the meeting short. Because property is so expensive here there are a multitude of articles providing suggestions - these regularly include "stay at home and live with your parents" until you're 30, "avoid paying rent" and get parents to loam you money. No one I speak to grasps the fact that if you need to borrow money from your parents for a deposit, something is wrong. Unfortunately, prices in Melbourne and Sydney will continue to remain high because both cities have about 40 percent of the country's population.
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Sep 20, 2015 02:06
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CelestialScribe posted:That's Australia for you. Many of my friends in their 20s are paying more than 50% of their income on mortgage repayments. No one bats an eye at this. "Gotta get on the property ladder somehow!" Ugh. I'm in a substantially better position than that - I'm looking at buying in Australia which is BWM, but I will have about a 66% deposit ($240,000 in personal cash savings, looking for a 2-3 bedroom apartment/townhouse that is new enough not to likely require significant renovations/repairs for the next 5-10 years in Adelaide which generally ranges ~$320,000) - but I'm still moderately terrified of taking the plunge because I respect the fact that a six-figure loan such as I'll need to cover the remainder of the house price + stamp duty is a Big loving Deal. I can't fathom the people who have taken the gamble that their house price will not only increase, but increase significantly, in order to allow them to stay out of complete financial ruin. Why not just go to Vegas and put it all on loving black just so you know immediately whether you're hosed rather than agonizing about it for the next 10-15 years?
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Sep 20, 2015 02:27
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How the gently caress do you have that much in cash 
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Sep 20, 2015 02:57
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Comrade Flynn posted:This summer my wife and I flew into Rome, then rented a car and spent the next 10 days driving up to Northern Germany. It was awesome seeing out of the way places and stopping into little local restaurants for lunch rather than the tourist traps. Was the $1000 an extra fee or the total cost? If the latter, that's not too bad, though I suspect it was the former. CelestialScribe posted:How the gently caress do you have that much in cash By reading this thread and doing the exact opposite of everyone featured in a post?
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Sep 20, 2015 03:00
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I have like $30,000 in savings. Even if I save as much as I can I'll get to that point by the time I'm like, 60, maybe? (I'm 28).
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Sep 20, 2015 03:05
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Ornamented Death posted:Was the $1000 an extra fee or the total cost? If the latter, that's not too bad, though I suspect it was the former. Extra fee. Although the total wasn't too bad. I think it came out to $1500.
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Sep 20, 2015 03:09
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CelestialScribe posted:How the gently caress do you have that much in cash Boomeranging after being made redundant due to a reorg, realising that buying a house in Australia on a single salary is generally beyond the reach of sanity, and deciding to swallow my pride and staying put after I quickly found a better job and putting 80% of every single paycheck directly into a bank account and completely forgetting it exists for 5 solid years. My car is literally old enough to vote (1995 Nissan Pulsar Q Hatchback - I swear the fucker's indestructible even though I take the bus to work every day and only really use it on weekends), I only got a smart phone 2 years ago after I accidentally left my Nokia brick in my jeans in the wash (Sony Xperia Sola for $cheap) and only got mobile internet data 2 months ago after a recent raise could justify me increasing my discretionary spending so that I pay $30/mo on mobile rather than $15/mo, and the only real holiday I've been on in this period was a long weekend trip up to visit my best friend after she moved up to Melbourne (paid for by sticking any cash I had of the 20% I allow myself to access every week into a piggy bank until I had enough for tickets and spending money), but on the bright side I've enough money to comfortably buy a house by the end of the year and not only maintain it, but live on something other than ramen noodles for the next 30+ years of my life.
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Sep 20, 2015 03:49
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I'd love to do that, but realistically supporting myself, my stay-at-home-mum wife and son on 20% of my single salary isn't really doable. As you say, buying a house in Australia on a single income in a major metropolitan city simply isn't achievable unless you put yourself in mortgage stress.
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Sep 20, 2015 04:19
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CelestialScribe posted:I have like $30,000 in savings. Even if I save as much as I can I'll get to that point by the time I'm like, 60, maybe? (I'm 28). I always thought, from vague recollection, that Breetai had some corporate yuppie job (management of the management of the management?). Anyway, as I can't see the house prices dropping anytime soon, I'll just sulkily resign myself to renting for life. CONTENT: Yet another co-worker decided that it might be a good idea to a: Take up smoking that good old ice. b: Borrow money from every source stupid enough to lend to him. b2: "Buy" a new Ford Falcon-esque ute with no money down. c: Gamble with said funds that he didn't spend on ice. c2: Get fired from my workplace for nicking from the till. c3: Get fired from his next job, for nicking from the till. c4: Have ute repo'ed. d: Flee Victoria to his native South Australia, leaving us to answer calls from debt collectors at work. e: (Presumably) End up with a bullet in his head, and buried in the Outback. This is about average for workers in my profession. EDIT: Some stuff I just remembered. Sic Semper Goon fucked around with this message at 05:38 on Sep 20, 2015 |
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Sep 20, 2015 05:21
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Sic Semper Goon posted:This is about average for workers in my profession. which is...
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Sep 20, 2015 05:28
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Sic Semper Goon posted:I always thought, from vague recollection, that Breetai had some corporate yuppie job (management of the management of the management?). Nope. Used to be in organisational development consulting (which is all very technical and yuppie but pays for poo poo for crappy hours unless you start your own business and then the GFC hit and everything went to poo poo), but after a brief sojourn into worker's compensation work in a quango now I'm APS 3 in the public service. Never managed anyone in my life.
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Sep 20, 2015 05:43
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pig slut lisa posted:
Professional serial killer. No, baker. Populated by crims, tweakers, deadbeats of all descriptions and I (the goon stereotype incarnate). ^^^ Ah, consultant. That was it. Sic Semper Goon fucked around with this message at 05:49 on Sep 20, 2015 |
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Sep 20, 2015 05:46
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Sic Semper Goon posted:Professional serial killer. Would you go so far as to say bakers tend to be... unsavoury? 
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Sep 20, 2015 06:19
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Aliquid posted:I love traveling, but more than anything else I love traveling where I actually meet the people that live there. My group of friends wants to go on a cruise next year and I'm making no progress whatsoever on killing this idea. Only $800 for buffet food and being guaranteed "safe from gangs and criminals"! Bit of a derail, but you are not subjected to American law while on-board the cruise ship if the ship isn't flagged in America. From my understanding, which may be wrong, it is also a bit of a hassle if it is not the case that both the victim and the criminal is American. The captain has broad discretion in how to handle crimes on-board his ship, and generally prefer less trouble.
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Sep 20, 2015 07:16
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