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Breetai posted:Yeah nah, mate, she'll be apples mate, you're buying the Aussie dream, cobber and your wage and your property value will only ever rise so why would you give the bank any more money early on, mate? You should also get a rental property as an investment mate, safe as houses, and set the rent real low so that you've got an even bigger impact from negative gearing, that's how that works, mate, it's free money, get (financially) rekt, oval office. No joke, I'm being told to move away from all my family, (support network for my toddler), friends, social commitments, in order to buy property that I can afford at $250,000, in a two bedroom, run-down apartment just so I can own a bit of property. I mean, I earn $100,000 a year, which is good money, but my wife is a stay at home mother, so it's not as if we're completely loaded. We do okay. And yet nothing in Melbourne is affordable. I dunno it just really bothers me sometimes. I feel like I'm trying so hard to save, and yet poo poo gets in the way. I had to spend $1400 on a new CPAP machine this year, $1500 on fixing a tooth, $1700 in car repairs, some for an accident, and roughly $1600 for other things that have come up. None of that came from my emergency fund and I was able to pay cash for everything. But I look at it and think, gently caress me, that really sucks. Then I see fuckwits like that guy talk about how he has three properties and a piece of land and tells me that I'm lazy and should be saving more. I start thinking that he's right. Edit: This dude says his repayments are 70% of his income :\ CelestialScribe fucked around with this message at 23:38 on Nov 5, 2015 |
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Nov 5, 2015 23:34
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CelestialScribe posted:Aussie friends telling me I can afford property by getting an interest-only loan. Interest-only mortgages used to be popular in the UK. The idea was that you could invest the money that you would otherwise have used to pay the principal, and your investment return would be higher than the interest rate. This worked out about as well as you'd expect, and so interest-only mortgages aren't popular any more.
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Nov 6, 2015 00:13
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canyoneer posted:Post your favorite nu-money tacky stories. CelestialScribe posted:Aussie friends telling me I can afford property by getting an interest-only loan.  moment.Shadowhand00 posted:I know wedding chat is a little taboo in this thread but it sounds like you guys have never been to Asian weddings. Most everyone I know gives and receives money. On occasion, someone will give a gift, but its implied that the wedding gift is money for the couple. CelestialScribe posted:I dunno it just really bothers me sometimes. I feel like I'm trying so hard to save, and yet poo poo gets in the way. I had to spend $1400 on a new CPAP machine this year, $1500 on fixing a tooth, $1700 in car repairs, some for an accident, and roughly $1600 for other things that have come up. None of that came from my emergency fund and I was able to pay cash for everything. But I look at it and think, gently caress me, that really sucks. What the gently caress are you doing with your money? Sounds like you're BWM because you can't budget. gently caress man $100k and you're doing "ok"?
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Nov 6, 2015 00:27
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CelestialScribe posted:Then I see fuckwits like that guy talk about how he has three properties and a piece of land and tells me that I'm lazy and should be saving more. I start thinking that he's right. Repayments at 70% are bad and a high risk. If there is a disaster that means he loses his income for whatever reason then he has a massive problem. Ultimately what he is doing is gambling on property values, it might pay off or he might lose everything. I have a lot of clients that are property developers and cash flow problems or forced sale of property are a thing. Not unusual to receive a letter from a liquidator saying that someone's company is being wound up. Should you be saving more, probably. Especially if you only have a toddler, kids don't get any cheaper as they get older. I've had no reason to cut back on expenses but I have anyway to massively increase my saving rate. Save more, diversify investments (don't put everything in property), and then watch some of these fuckwits lose everything in the next financial disaster. e: Saw the comment about interest only. That makes sense if you generate revenue in excess of all expenses (there are exceptions but you need a lot of properties to benefit fully from the tax structure). Basically gently caress interest only, you want to accumulate equity where ever possible. Devian666 fucked around with this message at 00:34 on Nov 6, 2015 |
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Nov 6, 2015 00:31
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Suspicious Lump posted:Dude, do you have extras insurance? Depending on your age it's cheaper to get hospital cover + extras then pay the surcharge. A tooth shouldnt cost $1500 to fix out of pocket. My dentist gave a rough estimate of $1200 WITHOUT insurance cover for a crown on one tooth. I'd get $70% paid by the insurance. I have extras insurance but it didn't cover the crown. It sucked big time and we changed our insurance as a result. I budget very well, thank you. I put an extra 6% pre-tax into superannuation, have a six month emergency fund and save 30% of my paycheck. My net worth is about $100,000. I'm doing very well. When I hear about people who own three properties who are 26 years old, it makes me think that I'm only just doing "okay". EDIT: Part of the reason I don't have as much money as I'd like is because my wife is American, and her family refuses to travel here. So we have to head over there. Plane tickets and travel is not cheap. We also give away 10% of our take-home pay, which is not something we will ever stop doing. CelestialScribe fucked around with this message at 01:23 on Nov 6, 2015 |
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Nov 6, 2015 01:14
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CelestialScribe posted:I budget very well, thank you. I put an extra 6% pre-tax into superannuation, have a six month emergency fund and save 30% of my paycheck. My net worth is about $100,000. You sound like you're doing fine. I have clients with 8 or 9 digit net worth for individuals or families and one fund that is worth well into 10 digits so those are my comparison. So I feel like I'm doing badly as well even though things are good.
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Nov 6, 2015 01:27
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Comparison is the thief of joy.
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Nov 6, 2015 02:27
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CelestialScribe posted:I'm doing very well. When I hear about people who own three properties who are 26 years old, it makes me think that I'm only just doing "okay". Usually these people had some level of help from parents/grandparents/weird aunts or uncles. One of my wife's cousins married a girl who's so stupidly rich her dad made him sign a prenup, then paid for like 75% of a 1 million dollar house for them. As a first home. You can't compare yourself to people like that.
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Nov 6, 2015 02:27
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Suspicious Lump posted:They don't demand money though, it's culturally accepted to give out money in those cultures. But western culture... a gift is person and should be whatever the guest decides is worthy and you take it with a smile and thank you. Maybe Western culture has a problem and people should get over that hangup then? Might be a beneficial thing to stop encouraging giving useless gifts just because money is "tacky".
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Nov 6, 2015 02:32
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Strangelet Wave posted:Comparison is the thief of joy. Was actually reading an interesting study the other other day that really demonstrates this. tl;dr - Random village households in Kenya were selected for a cash transfer of an average of $357, enough to double their wealth in most cases. People who got the transfer were happier. Those who didn't became less satisfied with their lives, and to to a greater extent than the people who got the transfer became more satisfied. After a year, both groups were back to more or less were they were before in terms of happiness, satisfaction, and stress.
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Nov 6, 2015 02:48
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I think you guys missed the point that she was telling people explicitly not invited to the wedding to giver her cash. "You acquaintances should help me pay down my debts because I'm getting married..." In Asian cultures you don't give envelopes of cash to random people you know who didn't invite you to their wedding.
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Nov 6, 2015 02:48
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Shipon posted:just because money is "tacky".
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Nov 6, 2015 02:55
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Shipon posted:Maybe Western culture has a problem and people should get over that hangup then? Might be a beneficial thing to stop encouraging giving useless gifts just because money is "tacky". Everyone is saying the idea of demanding money is tacky. The whole cultural thing going on here is being unappreciative and entitled with their gifts. You're not at toddler at loving Christmas. Act like an adult with some basic etiquette and grace.
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Nov 6, 2015 02:56
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There's a guy in the aviation megathread talking about selling his rental property so he can afford to buy an airplane (instead of renting). I think we've talked him out of it, though. I hope.
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Nov 6, 2015 02:56
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overdesigned posted:There's a guy in the aviation megathread talking about selling his rental property so he can afford to buy an airplane (instead of renting). We're cycling through all the modes of transport for bwm. Living on a plane sounds worse than a boat.
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Nov 6, 2015 03:06
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living on a helicopter is even worse but I'm not sure where hot air balloon falls on the spectrum I live on a blimp floating above NYC, AMA.
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Nov 6, 2015 03:12
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Devian666 posted:We're cycling through all the modes of transport for bwm. Living on a plane sounds worse than a boat. Why not do both at the same time?
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Nov 6, 2015 04:54
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CelestialScribe posted:I have extras insurance but it didn't cover the crown. It sucked big time and we changed our insurance as a result. P.S are you Tithing? If so, consider tithing to a good charity that will actually put your money to good use instead of your local church. This is not an argument against religion, but an argument for maximum benefit for your donation. Shipon posted:Maybe Western culture has a problem and people should get over that hangup then? Might be a beneficial thing to stop encouraging giving useless gifts just because money is "tacky".
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Nov 6, 2015 05:40
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Suspicious Lump posted:Agreed, you are doing very well. Stop comparing yourself to other fucks and try to be happy. I wonder how rickety the boat is for the 3 properties? Say if one of them losses a job, will things fall apart? Probably... Oh and how nice you go to American every year or 2 for holidays. Man you sure are loving LUCKY TO TRAVEL ACROSS THE loving SEE TO ANOTHER COUNTRY SEVERAL TIMES IN A DECADE. HOW loving UNLUCKY YOU ARE. poo poo you get my point. I consider it kind of lovely to use a facility's buildings and not pay for them, but I do get your point.
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Nov 6, 2015 06:09
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Consider giving at least a portion to the top charities on givewell.org (or another charity evaluator). On average one child's life is saved for every $3340 given to the Against Malaria Foundation and frankly I find that remarkably low.
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Nov 6, 2015 06:55
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I do give to other charities, but it would be an advantage to maximise my tax benefit.
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Nov 6, 2015 07:34
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Does your church pay for circumcisions? Do you have to tip the ... I dunno, what do you call the guy with the tin snips?
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Nov 6, 2015 10:36
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Qwertycoatl posted:Interest-only mortgages used to be popular in the UK. The idea was that you could invest the money that you would otherwise have used to pay the principal, and your investment return would be higher than the interest rate. In the Netherlands there was an option where you would only pay the interest but would simultaneously put money in a savings account at the same bank, so that at the end of a 30 year period you could pay off the mortgage at once with the money you saved. The interest rate you'd pay on the mortgage would be linked to the rate you would receive on your savings account. This was pretty much a trick to maximize mortgage interest rate deduction (somehow the capital gains tax would be low enough that you would come out ahead), so it's no longer allowed.
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Nov 6, 2015 12:33
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The "don't tell people what to give you" crew are going to be pretty upset when they discover wedding registries.
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Nov 6, 2015 12:52
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Messyass posted:In the Netherlands there was an option where you would only pay the interest but would simultaneously put money in a savings account at the same bank, so that at the end of a 30 year period you could pay off the mortgage at once with the money you saved. The interest rate you'd pay on the mortgage would be linked to the rate you would receive on your savings account. Still permissible in UK, if i've understood you correctly https://en.wikipedia.org/wiki/Flexible_mortgage#Offset_mortgages They also happen to be a massively bad idea if there's any chance you won't save enough (or spend those savings without replacing them) and with interest rates so low here, aren't quite so attractive.
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Nov 6, 2015 13:23
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Subjunctive posted:The "don't tell people what to give you" crew are going to be pretty upset when they discover wedding registries. Wedding registries expedite the process, and often have gifts of many different values, to accommodate people who have different levels of financial success, or who may be not as close to the family. They started as a list of things that a new couple would need to start their lives in a new house, or things for a baby, since couples got married a lot younger in the past. It still isn't saying "Give me cash so I can pay off my bad spending while I go broke on a wedding I can't afford either because DREAMS".
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Nov 6, 2015 13:35
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How do you feel about "in lieu of gifts, the couple would appreciate contributions to their honeymoon fund"? Scales with whatever guests want to give even better than a registry (as does simply "cash please"). I've seen it a number of times, especially from younger couples, and I admit that it doesn't move me to rage.
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Nov 6, 2015 13:41
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Weatherman posted:Does your church pay for circumcisions? Do you have to tip the ... I dunno, what do you call the guy with the tin snips? You're thinking of a mohel but tithing isn't a Jewish thing.
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Nov 6, 2015 14:04
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Isambard K. Brunel posted:Still permissible in UK, if i've understood you correctly https://en.wikipedia.org/wiki/Flexible_mortgage#Offset_mortgages I'm actually looking to get one, if only because I'm financially disciplined, will likely have a small mortgage only, and have a number of provisions in my budget for socking away money for emergency funds and the like (I'm planning to save 10% of my net income on top of things like building up an emergency home maintenance fund etc) and in Australia interest on savings is taxed as ordinary income meaning that not only do I benefit from the fact that mortgage interest is always greater than savings interest, I don't end up giving away about 33% of any long-term savings interest right back into tax.
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Nov 6, 2015 15:08
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Subjunctive posted:How do you feel about "in lieu of gifts, the couple would appreciate contributions to their honeymoon fund"? Scales with whatever guests want to give even better than a registry (as does simply "cash please"). I've seen it a number of times, especially from younger couples, and I admit that it doesn't move me to rage. We are doing something similar. We have been living together for several years and have zero desire to go on a registry and select a bunch of stuff we will likely never use (it's a cliche at this point for married couples to talk about how they have never used a large portion of their wedding gifts). No one has to provide a gift to me and my fiancee, but if they do, I would appreciate it if it was something useful like honeymoon money or something sentimental.
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Nov 6, 2015 16:59
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canyoneer posted:Post your favorite nu-money tacky stories. Update: She just sent out an email saying that the "birthday fairy came by" and now she's only charging $20 per person. What a bargain!
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Nov 6, 2015 17:42
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You have to report back later and tell us how many people actually showed up.
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Nov 6, 2015 17:52
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Are we doing wedding chat again? Line up the humblebrags and the incredulous judgements of personal experiences.
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Nov 6, 2015 17:58
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When I got married I got two goats and a cow and I was grateful.
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Nov 6, 2015 18:02
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canyoneer posted:Update: She just sent out an email saying that the "birthday fairy came by" and now she's only charging $20 per person. What a bargain! Pay in pennies. Unrolled.
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Nov 6, 2015 18:14
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cowofwar posted:Are we doing wedding chat again? Line up the humblebrags and the incredulous judgements of personal experiences. Let the humblebrags begin? Apparently you missed that fellow with the $100k net worth.
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Nov 6, 2015 18:43
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Weatherman posted:Does your church pay for circumcisions? Do you have to tip the ... I dunno, what do you call the guy with the tin snips? A church that doesn't pay for circumcisions is just a ripoff 
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Nov 6, 2015 18:54
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Subjunctive posted:How do you feel about "in lieu of gifts, the couple would appreciate contributions to their honeymoon fund"? Scales with whatever guests want to give even better than a registry (as does simply "cash please"). I've seen it a number of times, especially from younger couples, and I admit that it doesn't move me to rage. Do you send out mass emails to your friends and acquaintances before Christmas or your birthday to let them know what kind of gifts you find acceptable? No - if they ask, you can certainly let them know what you might be hoping for or point them to an amazon wish list, but if they don't ask, you accept whatever they have to offer and be grateful for it. It's a freaking gift, not overtime pay. You don't get to dictate terms for generosity.
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Nov 6, 2015 18:59
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moana posted:I mean, according to every etiquette rule, you're not allowed to mention that you expect any kind of gift, let alone express a preference. The way to do this is to let your close friends and parents know that you'd prefer cash (or gifts off a registry) and let them spread the word when people inevitably ask about it, but sending out gift instructions with an invitation is crass. Can we stop pretending that one culturally bound sense of etiquette is superior to others in the elaborate social ritual of hosting a wedding and receiving wedding gifts in turn
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Nov 6, 2015 19:16
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None of the Chinese weddings I've been to have included a demand for cash in the invitation, it's also been a quiet side conversation with a bridal party member or family member where they let me know the tradition. And those weddings also always accepted any gift. Talking about money/asking for money is crass is many cultures. It's also true that when in doubt, a gift of cash or something readily converted back to cash is always welcome. You don't need to request it. You can also strongly imply your preference simply by not having a registry.
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Nov 6, 2015 19:32
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