Boomers vs Kids these days

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1970crow

Hall of Famer
Jun 7, 2011
39,614
40,705
Port MacDonnell yay!!!
AFL Club
Adelaide
I'm not sure of your inference here - are you saying they were too stupid to have gotten jobs there, or that people who do get those jobs are bigger morons than them?

are there actually many McDonalds/HJ jobs in Alice Springs?
The inference is that people that work for those kind of organisations go on to do much better than apply for a courier driver gig. They've been drilled and that makes them more valuable than the idiots I was dealing with.
 

mistylake

Brownlow Medallist
Mar 21, 2014
12,589
9,835
AFL Club
Adelaide
Other Teams
Norwood, Canadiens, Maroons.
I think Misty's just trying to make himself feel better about reaping the benefits of negative gearing 🤣
Strangely you should say that but I’ve been a slack arse and have spent the last week doing my tax my rental properties were positively geared $31K in 18-19 and $19K in 19-20 years. I don’t think I’ve had a negativity geared property for the last 15 years. It is my focus only positive geared properties. As Robert Kiyosaki taught me cashflow is king.

1612583311471.png
 

feenix67

Norm Smith Medallist
Aug 17, 2004
9,780
16,247
Adelaide
AFL Club
Adelaide
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Sturt FC; Pittsburgh Steelers
Strangely you should say that but I’ve been a slack arse and have spent the last week doing my tax my rental properties were positively geared $31K in 18-19 and $19K in 19-20 years. I don’t think I’ve had a negativity geared property for the last 15 years. It is my focus only positive geared properties. As Robert Kiyosaki taught me cashflow is king.

View attachment 1052534
You need a better accountant...
 

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mistylake

Brownlow Medallist
Mar 21, 2014
12,589
9,835
AFL Club
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Norwood, Canadiens, Maroons.
truth be told, I kinda like Jake. Always have.

but he’s not exactly an enigma wrapped in a riddle either
Better clarify I’m not having a go at taxi drivers and not Jake either. I know he’s driving trams in Melbourne which is good honest work.
Just the tall Poppy syndrome thing. I went to a few wealth type seminars 20 odd years ago. I spent about $12K on them. From that I started to invest because not doing it was clearly insane. I tried options trading. Lost money. Property investing. Made money. I’m a builder so it just makes sense to do what I know, and can add value to. It’s a no brainer.
Before those seminars I did not know what I did not know and they paid for themselves in a few months. Educating yourself it the first and most important step.
First thing they taught was everyone will tell you your bad if you invest and every other negative thing I’ve read hear.
 

WetCrow1991

Norm Smith Medallist
Jun 23, 2016
9,447
8,661
AFL Club
Adelaide
Yes taking the risk so someone not as able or wanting to be tied down can have somewhere to live is a bad thing.
Same as every business owner is bad. For supplying employment to those, that don’t want to take on the burden.
Oh how altruistic. Truly landlords are humanitarians; Selflessly providing dwellings to their fellows.
 

WetCrow1991

Norm Smith Medallist
Jun 23, 2016
9,447
8,661
AFL Club
Adelaide
Better clarify I’m not having a go at taxi drivers and not Jake either. I know he’s driving trams in Melbourne which is good honest work.
Just the tall Poppy syndrome thing. I went to a few wealth type seminars 20 odd years ago. I spent about $12K on them. From that I started to invest because not doing it was clearly insane. I tried options trading. Lost money. Property investing. Made money. I’m a builder so it just makes sense to do what I know, and can add value to. It’s a no brainer.
Before those seminars I did not know what I did not know and they paid for themselves in a few months. Educating yourself it the first and most important step.
First thing they taught was everyone will tell you your bad if you invest and every other negative thing I’ve read hear.
It is good they are up front about it. Like a worker is able to take their skills to market to sell their labour. You're able to take your capital to market and engage in parasitic leaning.

This isn't an attack on you by the way. Just the mechanisms in place that create an investment market for residential housing. You certainly aren't alone. Also unlike many, based on your posts, you actually know what you're doing.
 

WetCrow1991

Norm Smith Medallist
Jun 23, 2016
9,447
8,661
AFL Club
Adelaide
I actually have a very good landlord, have had for a few years now. I have had some ordinary landlords over the journey, but I am lucky enough to be able to pick and choose where I rent and who I rent from. If I have a bad landlord, I simply break the lease and go somewhere else. I fully understand that this is not within the means of most people renting.

The above said, I don't think that landlords are fulfulling a necessary role in society for the provision of housing.
 

WetCrow1991

Norm Smith Medallist
Jun 23, 2016
9,447
8,661
AFL Club
Adelaide
Yes taking the risk so someone not as able or wanting to be tied down can have somewhere to live is a bad thing.
Same as every business owner is bad. For supplying employment to those, that don’t want to take on the burden.
Quoting this again.

One thing I like about this comparison is that it probably speaks to your mindset, I assume you apply a business approach to your property investment/landlordship. This isn't exactly common and is commendable on your part.

Too many over leveraged, interest only, asset rich, cash poor 'investors' do not see themselves as providing a service or running a business and are therefore not prepared for the related costs. These people are generally idiots.
 

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mistylake

Brownlow Medallist
Mar 21, 2014
12,589
9,835
AFL Club
Adelaide
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Norwood, Canadiens, Maroons.
If he did it properly, his surplus was double what he posted.
There’s depreciation to be done by the accountant which has that effect. I’ll let the accountant earn his money sorting that thing out. Paying tax is fine it means you’re making money.
 

mistylake

Brownlow Medallist
Mar 21, 2014
12,589
9,835
AFL Club
Adelaide
Other Teams
Norwood, Canadiens, Maroons.

Mr_Moogle

Brownlow Medallist
May 29, 2011
15,017
23,015
SA
AFL Club
Adelaide
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Sturt
Better clarify I’m not having a go at taxi drivers and not Jake either. I know he’s driving trams in Melbourne which is good honest work.
Just the tall Poppy syndrome thing. I went to a few wealth type seminars 20 odd years ago. I spent about $12K on them. From that I started to invest because not doing it was clearly insane. I tried options trading. Lost money. Property investing. Made money. I’m a builder so it just makes sense to do what I know, and can add value to. It’s a no brainer.
Before those seminars I did not know what I did not know and they paid for themselves in a few months. Educating yourself it the first and most important step.
First thing they taught was everyone will tell you your bad if you invest and every other negative thing I’ve read hear.
I found property investment to be relatively straight forward and the tax incentives being total rort only made it even easier. I'm trying to learn about the stock market right now and that's been way harder for me to get my head around. So many different options, so much terminology to learn. It feels like learning a new language.
 

feenix67

Norm Smith Medallist
Aug 17, 2004
9,780
16,247
Adelaide
AFL Club
Adelaide
Other Teams
Sturt FC; Pittsburgh Steelers
If he did it properly, his surplus was double what he posted.
Any investor with smarts will take advantage of every possible govt subsidy. I bet he posted gross profit too. That said, I'm not knocking someone who actively invests, I'm just saying a good accountant, like you said, would maximise returns.
 

1970crow

Hall of Famer
Jun 7, 2011
39,614
40,705
Port MacDonnell yay!!!
AFL Club
Adelaide
Any investor with smarts will take advantage of every possible govt subsidy. I bet he posted gross profit too. That said, I'm not knocking someone who actively invests, I'm just saying a good accountant, like you said, would maximise returns.
there’s not a lot of wriggle room. They shut down the travel lark not too long ago.
 

Sanders

Brownlow Medallist
Nov 1, 2012
28,730
39,704
AFL Club
Adelaide
I certainly don't agree with Jake's take on landlords. He has this rant every few months and it's always stupid. As a landlord myself though, I don't really agree with your suggestion that it's some kind of altruistic endeavor eg. taking on risk, providing a place for people to live etc. I bought a townhouse and rented it out because I didn't want to leave my own rental due to proximity to work. I can tell you that taking on risk so others wouldn't have to was never a consideration of mine, nor do I get warm fuzzy feelings about providing people a place to live. It's purely transactional.
providing rental accommodation is very much like any other business for this one reason:

neither is altruistic but they are social goods. Employment and housing needs to be provided
 

Mego Red

The Artist Formerly Known As Kristof
Oct 3, 2003
22,931
24,642
The East Coast
AFL Club
Adelaide
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Soft spot for Brisbane
Of course they were. I even overpaid the useless campaigners hoping they'd do better. That's where I learned that more money doesn't make average better. If anything, it has the opposite effect.
Money has a spectacularly small influence on how well someone does their job or how committed they are to improvement.
 

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