Punchy Bassett
Brownlow Medallist
Cause people suck. I'm in IT and I'm over dealing with people who think cause they can use google they know more than you.
For those 30+: What would you do differently?
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Cause people suck. I'm in IT and I'm over dealing with people who think cause they can use google they know more than you.
- Oct 7, 2002
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My experience exactly (including the six years). I worked for the same company for six years, I worked out after three that I didn't want to stay there but I was comfortable so I stuck around and became even more disillusioned. I'm now 29, finally up and left that job and have just moved to the UK with no particular job prospects and no idea how long I'll be gone. Should have done it earlier!
- Nov 24, 2008
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Well that's not what I wanted to hear (read)!
- Moderator
- #79
I think that is relevant during your life but probably not so much now when you look at salaries vs price of homes. If you get a house too early in life you sacrifice too much for very little gain, the catch up if you wait 5-10 years is minimal I would argue now. People have to ask themselves is forgoing having fun in my 20's worth the more expensive cruise ship in my 60's/70's and leaving a bigger inheritance to my kids. That said some people hardwire to be nesters from an early age while others have a greater sense of adventure.
I think proportion of salary people should attempt to be saving as much as they have in the past, however chasing that home dream too early will result in allot of missed opportunities.
evo
Let's hit the f*ken road!
If you buy in your twenties you can still have as much fun/ travel as your peers. With interest rates around 6% you can almost neutrally gear property at the moment. Property isn't 'hot' news right now but that has always been the best time to buy.
Anyway, just thought I'd mention it. People can take my suggestion, or not.
- Moderator
- #81
Without getting into too much of the finance side of things..
I'd argue the average 20 something yo salary does not afford a home and significant travelling, that's not taking into account the burden of being unable to stop working while in debt.
Possibility of neutrally gearing your first home? Please show me where. I find that hard to believe unless your planning on living with the parents rent free and only paying the interest expense. If you are that's a dangerous game to play especially when capital gains at the moment are essentially non-existent.
there are plenty of places that you can buy at a near neutral value, it just probably isn't where YOU want to live.
It depends which hole you find youself in, I mean which career path you choose.
evo
Let's hit the f*ken road!
As Cap says, they're not that hard to find. Bet I could find one easily with little effort in say Geelong. It doesn't really matter where the first one is IMO - we are just trying to get aboard the 'property ladder'.
But anyway, I live in Box Hill which is a perfectly decent middle class suburb, so I'll go with that as an accpetable place to live.
First rental I saw when googling Box Hill:
http://www.domain.com.au/Search/rent/State/VIC/Area/East/Region/Melbourne-Region/Suburb/Box-Hill/?ssubs=1&searchterm=box hill
$330/ week rent.
Almost identical unit for sale in the same street:
http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Box-Hill/?adid=2010095302
Market is flat as you note, so lets say we buy it for $380K.
10% deposit. Borrow $350K (includes paying stamp duty). Lets borrow the money on a 4 year fixed term loan interest only @ 5.64%
http://www.homeside.com.au/homeside-rates/
Quick back of the envelope:
$350k * 0.0564 / 52 = $379 / week
$1500 per year for rates and expenses/ 52 = $29.
= $408 outgoings
$408- $330 (rent) = $78 from your pocket.
How much extra "fun" does $78 / week get you? 1 night out on the piss, an OK Thai meal with your girlfriend... etc? It's not a lot to sacrifice, really.
BTW, that $78/week(plus a few extras on top) are tax deductible.
Meh.
'at the moment' doesn't mean anything with investing. It's the future that counts. Personally I think house are about to start rallying again - you may not agree, that's fair enough but I have history on my side. Sometimes it takes a while but property nearly always rallies as interest rates fal - particularly after a 2 year negatiuve period like we've just had.
Easy. Not subscribe to the standard order of things in life.
All those things that you got raised on as being important are largely just fillers in the scheme of life.
Having said that life itself isn't that important either, but that makes for another story.
All those things that you got raised on as being important are largely just fillers in the scheme of life.
Having said that life itself isn't that important either, but that makes for another story.
- Moderator
- #88
So is your plan here to retire early or accumlate wealth and work for as long as the average individual?
I'm going to presume your figures are correct, I don't know that market. However I did manage to find this:
http://www.rs.realestate.com.au/cgi-bin/rsearch?a=sp&s=vic&u=ballarat.
So if you brought a year ago you'd be going backwards. I also notice that you have had to purchase a place 100 km out of the city to make your point. I realise this is an investment so it's not your life that will be disrupted but you'd have to take that into account when resale comes along. $1500 for rates AND expenses is inaccurate, however your point stands that ultimately while rented it's probably going to cost 1 big night out a week plus meal. For someone in their mid 20's that's quite a sacrifice, for others not so much.
5k a year out of disposable income is allot of Saturday nights in or lad's trips missed out on in the hope your capital gains are worth (They arn't at the moment). This of course is a bare minimum in the perfect senario you have up there, significantly more if the 20 something dare to dream of living near the city.
Do you honestly think you will be that further ahead if you don't wait 5 years? Seriously in the scheme of a 80-90 year life span?
You have history on your side which is true, however house price to income ratio is at an all time high. We are entering unchartered territory. Also to afford the house you need to presume that you can afford it without tennants (Well the bank would need this as well), so in your 20's that would also point to a need to live with your parents while you speculate in the property market.
Living with your parents well into your 20's I'd argue is bad for personal development but that is a whole other thread..
This all brings us back to a point a few people have already made in this thread which was regretting their first job and being stuck in it. You get a mortgage fresh out of University and your well down this path.
Your 20's are something special , there is a freedom and sense of opportunity that is will only be around for a short period of time and is likely to be gone forever within a decade. This is not a time to burden yourself with debt and dramatically narrow the options available. Definitely save and invest but don't borrow to do this.
However if your natural instincts is to be a nester and get into that family stage asap, that's your call.
- Oct 7, 2002
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If I had a mortgage I would still be at my job.
Box Hill isn't 100km out of the city though.
Box Hill isn't 100km out of the city though.
- Sep 23, 2008
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I kinda like these sentiments
- Banned
- #93
I would love to get some more perspectives on this. I still have several years of my twenties left but already I feel I could have done so much more...
As I am only 21/22 I could give advice to my teen self but that's about it
- Jul 9, 2010
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I'd say don't get upset about high school, don't get ground down by the "uni is everything and you must study" charade.. which I didn't anyway but whatever.
Most people in this talking about saving money... I couldn't think of a shitter way to spend your 20s. Who wants to live their most self-centred, hedonistic, dumb decade in savings mode? Isn't it all about having a good time? No one ever had a fun night out worrying about money. No one ever felt good not buying the clothes they wanted. No one ever regretted buying a good dinner.
I haven't even been in my twenties for six months but I'm incredibly anxious already about them being over. I think how quickly 18/19 went. I get worried about not using my time well enough, not having enough fun, forgetting to do the things you want to and only can do now... I'm pretty chuffed with the life I have and where I'm going, but ticking clock and looking back with regret scares the s**t out of me. It's scary to see people going down a route that's just going to ruin them; it starts with taking a semester off, getting a job in something they don't like, spending more time with their ugly girlfriend, not leaving home and deferring that admission for another six months... not yes-saying to life is the worst thing you can do.
I think this is a natural way to feel - when younger there always seems to be endless opportunities and a whole life ahead to fill. Fact is, you just can't fit everything in. Focus on being in the moment and enjoying it rather than wondering about the opportunity cost and what 'else' you could be doing. There is a natural 'pruning' that happens I think as your life grows in a particular direction, so enjoy that direction it goes in and don't pine too much for the things that might have been.
Only other thing I recon is a good move is to think about a basic idea of the sort of person you want to be in the further future (family/career/wealth/achievment/experience/yada yada) and have a basic plan to nurture this. It is a bit boring but it also provides emotional stability to know you have at least a few basics under control. I wouldn't go nuts over it because like Lennon said life is what happens when you are busy making other plans. But having that base is reassuring as you go through the ups and downs. It also helps you stay focused on what is important and not get sucked into worrying about what other people/society try to tell you is important.
...and wear sunscreen ( ok def showing I'm in the 30+ bracket with that reference
)
Defs agree on the school thing. Teachers and all act like getting a good score is the be all and end all and it will define how successfull you are in a career and as well in life. Thus I tried my ass off in Y12 and probz missed out on some fun. I also would tell myself that between Y7 and 10 to do absolutely * all because its means less than nothing. I didn't do that much but once you're old you realize how meaningless it actually is.
Another thing I would have done is gotten a job earlier (like 17/18) coz it's hard as * now because unless it's a career type job they either want 15 yo's they can pay * all or shitkickers who have no prospects in the future.
One other thing I would have done is accept an invitation to train with the Oakleigh Chargers I got when I was 16/17. I think it was only a development program or something but it was during the holidays and I was too lazy to give it a go. I wouldn't have made it anywhere near AFL level but it would have been a cool experience I reckon
Think it might have been this
https://reg.sportingpulse.com/v6/regoform.cgi?formID=21837&aID=4138
Good call - I had a similar situation: offered a good opportunity, did not accept basically cos I couldn't be stuffed. Unless you are ******* amazing life doesn't come along and constantly hand out those sorts of opportunities.
Spot on with the school part too - by all means take it seriously but don't let it stress you out, plenty of time to sort out your life. The only real mistake you could make is to not give s**t at all.
- Jul 9, 2010
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The solace, or the scary thing, I find is the type of people from school I knew who became teachers... it's actually kind of scary but makes a lot of sense. People who are generally kind of close minded or something, unable to nurture kids in the right way. I remember our school lied to us about our predicted ATARs and lowered them all as an 'incentive' to study harder. Just manipulative s**t like that. Then again, my hatred for teachers is pretty well documented...
This is literally the best thing about being young; that freedom and excitement. Anything can happen and the repercussions of doing them is minimal – no family, no mortgage. It's all pretty liberating. I remember reading this quote from the singer from Vampire Weekend who said youth is like "an eternal springtime" and that always resonated... you feel s**t when you feel hopeless. When there's hope and possibility, what's there to get bogged down in? It's exciting and the coolest thing. I guess your arrogance and self-centredness probably adds to that world-beating mentality, but it's such a cool feeling... and it sucks to see people whittle it away or settle for something boring this early on.
NSWCROW
Make me an Admin!
WAAAAAY less acid
And not sulked/brooded over birds so long
And not sulked/brooded over birds so long
