OT: Average age?

[travisaus]

And to add to my post above:
Whilst cars and bikes etc are enjoyable and will impress your friends, there are much more satisfying ways of spending money.
To fund sending me and my sister to private schools and then plan for retirement, my parents haven't had an overseas holiday for 30 years.
On Sunday I booked them a 2 month trip to the UK and EU and while it doesn't even come close to the money they have invested in me, I can honestly say I have never been happier or more satisfied spending money in my life.
The memories they will have will last much longer than the enjoyment of a new toy that I'd probably be over in a few months.
As Dr Stig said on the previous page, "Hard work should always be rewarded".. So if you are able to.. try and pay your parents back a bit for all they have sacrificed for you. Doesn't matter if it is 5, or 15 years down the track.

[pavo335]

you are a true gentleman

[woosh]

Originally Posted by pavo335

you are a true gentleman

+2

[alik01]

Originally Posted by travisaus

And to add to my post above:
Whilst cars and bikes etc are enjoyable and will impress your friends, there are much more satisfying ways of spending money.
To fund sending me and my sister to private schools and then plan for retirement, my parents haven't had an overseas holiday for 30 years.
On Sunday I booked them a 2 month trip to the UK and EU and while it doesn't even come close to the money they have invested in me, I can honestly say I have never been happier or more satisfied spending money in my life.
The memories they will have will last much longer than the enjoyment of a new toy that I'd probably be over in a few months.
As Dr Stig said on the previous page, "Hard work should always be rewarded".. So if you are able to.. try and pay your parents back a bit for all they have sacrificed for you. Doesn't matter if it is 5, or 15 years down the track.

Totally agree mate and much respect.

It always feels like a raindrop in the ocean, but the happiness it brings them (my mother anyway!), is such a good feeling.

[bfi2906]

Originally Posted by travisaus

And to add to my post above:
Whilst cars and bikes etc are enjoyable and will impress your friends, there are much more satisfying ways of spending money.
To fund sending me and my sister to private schools and then plan for retirement, my parents haven't had an overseas holiday for 30 years.
On Sunday I booked them a 2 month trip to the UK and EU and while it doesn't even come close to the money they have invested in me, I can honestly say I have never been happier or more satisfied spending money in my life.
The memories they will have will last much longer than the enjoyment of a new toy that I'd probably be over in a few months.
As Dr Stig said on the previous page, "Hard work should always be rewarded".. So if you are able to.. try and pay your parents back a bit for all they have sacrificed for you. Doesn't matter if it is 5, or 15 years down the track.

Very decent of you - Well done that man

You're folks must be very proud - not so much for what you've achieved (althougth I'm sure they're very proud of that), but of the person you've become.

I bet if you asked them what they'd change, if they had their time again, they'd say "nothing".

I know I wouldn't.

[sparoz]

Originally Posted by travisaus

There are some very inspiring stories of hard work, smart investment, and good luck on here!
For me, I am 28. My parents (father especially) are extremely hard workers and my sister and I were fortunate to go some of the best (and most expensive) private schools in Brisbane. They are by no means rich but have made some smart investments in their time.
I have had a job since I was 15.. starting out in Hungry Jacks and onto different things. Once I finished school I worked full time selling shirts and went to uni at night, and bought my first place (halves with my sister) at 19.
At the time I thought it was a huge amount of money, and was thinking what else I could buy, however I have been able to leverage off that into my later purchases. Still own my half of that outright .
Bought my second house with my (now wife) when I was 22 which I renovated and sold 3 years later for a good profit.
Following that sale, I did my first property development & bought a block of land, sub-divided it, sold off one half, built a house on the other side which I have just recently sold for what I consider a good profit (i.e. I could buy Tay's V12 Vantage, in cash, if I wanted).
This has shown me that if you work hard, arm yourself with the knowledge of how to go about a project you can make money whether it is a "tough" market, or boom times.
The project is only as good as the structure of the deal you do on the site.
I don't even know 1/10th of what it takes to be a property developer and I am sure there are 10000 things that I could have done better, and hopefully I can put some of those things into the next project starting in a few weeks.
I guess the ultimate goal is to have a house that I own outright in the next few years so that my wife can have some kids, and not have to go back to work until she wants to.. until then the expensive toys can be on hold and the $$'s diverted into things that will actually make money.

Good to see someone as young as you are who is so wise and sensible. I wish I was like that when I was 19. My biggest mistakes in life are my brand new cars (like all of them except for two demos) and especially my first BMW.

I had been very lucky throughout my life and not until about four years ago I learnt how not to be wasteful and able to manage cash when shits nearly hit the fan when my main supplier taken away my terms. We have used our cash to buy a number of investment properties at 95% LVR, and real-estate just hit its peak. Luckily my wife grew up in a household who wasn't very well off and frugality is just part of her. We have managed to cut 250k from our expenses. Took my wife and me 12 months to turn things around working 100hrs/week each.

I am not that old, 34, and still have plenty to learn. However, for the younger ones, here's what I have learnt so far:

1. Cash is King
2. Don't buy a nice/new car until you have a passive income stream that will cover the repayment. Put that cash into an investment that will generate a passive income.
3. Don't be wasteful - those little bits count. Why get something if it doesn't give you utility? (The Millionaire Next Door by Thomas Stanley is a must read). Look after the cents and the dollars will look after themselves.

For the people who felt that they are stuck with their properties and have a range of properties ranging from fringe to inner suburbs and they are all returning at least 5% with zero holding cost. I don't think I am doing too badly especially they are all bought at the peak.

[amk2912]

I have lived by the simple mantra of living below a 60% LVR. In recent years this has come under threat in the business area (Sparoz knows what I'm on about) but on the house front I've kept it at or below 50%. I believe in wiping out non-deductible debt as fast as possible and God willing, will wipe out a 25yr mortgage 12 yrs ahead of time.

I've never believed in taking excessive risks and even less so in recent years with three kids at expensive private schools. $50k a year in school fees would buy some nice wheels!

There will come a time when you start a family and no-one can or will prepare you for the financial impact that will have on you. Most members here don't sound like the people who will get Gillard's Schoolkid hand out or Family Tax Benefit A so you'd better be prepared for it.

I cannot over-emphasize the value of life insurance. I nearly crossed over on Australia Day 2011 when I was knocked off my wife's Vespa, had multiple rib fractures, a fractured left clavicle, spent 3 days in hospital and still have residual vertical diplopia (double vision) from burying my head in the road. At 48 life insurance costs me $12k a year but the knowledge that my family will be left debt free with a significant asset base is a great feeling.

However..... I have lost friends well before their time who wished they bought that Porsche etc. They certainly had the means when they were alive but never did it. If you can afford it without risking the house, do it and enjoy it.

[bfi2906]

Originally Posted by amk2912

Most members here don't sound like the people who will get Gillard's Schoolkid hand out or Family Tax Benefit A so you'd better be prepared for it.

That'd be us.

In fact, my wife and I occasionally have a chuckle that, being in our mid 50's, and having put 2 kids throught private schools and uni. We've carefully and strategically managed our finances and our profile with such finess to have avoided ever benefiting from a single govt hand-out (from either side of politics). That was until Kevie just sent out cheques to anyone with a pulse (and a quite a few without one).

Even when we bought our first property, 12 months before we were married, still nothing for us.

Far from being a complaint - it's indicative that our income and asset base has always precluded us - Which makes us very fortunate. But it is amusing to us that over 33 years of marriage, we've always managed to be inelligable, for one reason or another.

And it doesn't look like changing any time soon. As we approach retirement, the plan is to maintain our self-reliance. The sense of predictability and control is very reassuring.

[Zuzu]

Originally Posted by amk2912

I've never believed in taking excessive risks and even less so in recent years with three kids at expensive private schools. $50k a year in school fees would buy some nice wheels!

There will come a time when you start a family and no-one can or will prepare you for the financial impact that will have on you. Most members here don't sound like the people who will get Gillard's Schoolkid hand out or Family Tax Benefit A so you'd better be prepared for it.

Agree with you mate 100%..

Been there and done exactly what you are going through at the moment.
The only difference is, in my case, I started my family quite early and the financial burden is waning.. ( weddings excluded.. 2 down and 1 to go.)

Put all 3 of my kids through private schooling then university in Sydney..

My youngest is now 22 and my oldest 30..

I am 51 and enjoying life with 2 kids married and just the youngest at home, who works in the family business after completing his uni degree and unable to obtain work in his industry ( 3D animator )..

[_Ryan_]

Originally Posted by Zuzu

Agree with you mate 100%..

Been there and done exactly what you are going through at the moment.
The only difference is, in my case, I started my family quite early and the financial burden is waning.. ( weddings excluded.. 2 down and 1 to go.)

Put all 3 of my kids through private schooling then university in Sydney..

My youngest is now 22 and my oldest 30..

I am 51 and enjoying life with 2 kids married and just the youngest at home, who works in the family business after completing his uni degree and unable to obtain work in his industry ( 3D animator )..

Re: your kid who can't find work- 3D drafties are in high demand and money is decent(50-150ph). Not sure if it would interest them or how much additional study they would need but just a thought.


A question for all of you(as some of you could be my parents[age ])- has your discipline evolved from up bringing or from " life lessons"?

[TimMc]

Originally Posted by _Ryan_

A question for all of you(as some of you could be my parents[age ])- has your discipline evolved from up bringing or from " life lessons"?

I'd say maybe 50/50, but I don't think I'd have taken as much notice of the "life lessons" if I didn't have the upbringing I had. Like some others, my parents were middle class who gave up much to put four of us through private schools & uni. It was their 50th wedding anniversary last week & they're still best friends & in love.

[amk2912]

This "& uni" suffix that follows "private schools" is starting to worry me. It has been stated in a number of posts here.

Oh well, so much for my 2021 M3

[david.orr]

Some heavy stuff here. Pity such maturity not displayed by some in some other threads

[Otaku]

Originally Posted by jaffa11

Some heavy stuff here. Pity such maturity not displayed by some in some other threads

... and then... I turned off traction control

[sparoz]

Originally Posted by _Ryan_

A question for all of you(as some of you could be my parents[age ])- has your discipline evolved from up bringing or from " life lessons"?

Mine's life lessons. However, my daughter will be from her bringing up . My parents are typical middle class earners who doesn't know how to invest. Brought up from very poor family, and only know giving their children the best (what they didn't have).

Unfortunately, that taught us to spend money on the best and not what's needed or investment or other basic money skills because they don't know better.

My wife parents on the other hand built their wealth from working hard, being frugal and investing. She never know what luxury is until she met me. I am the bad influence .

[Jeef Beef]

This thread is the very definition of tl;dr