Ranting corner
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24-07-2012, 09:29 AM
RE: Ranting corner
(24-07-2012 09:24 AM)earmuffs Wrote:  You know it just hit me.
I have failed my first life goal. Millionaire by 21.


Bugger.


Oh well, billionaire by 30 is still achievable!

Also as a separate rant I was browsing retail property for sale as a bit of research for my business plan I'm working on, and what do I discover? there is literally zero commercial space for sale other then office space in this city.
I did discover that our neighbors are selling their house though and that they want $450,000 for it and it's a 4bedroom, 2 bathroom place and considering this (where I live) is a 4bedroom 2 bathroom it gives me an idea on how much my flatmates parents brought it for... Just being nosy.
But back to the original point, yes absolutely no retail for sale. WTF. There is a bar but I don't have $300,000... I wonder if the bank would lend a student with no assets (apart from a motorbike worth $9,000) a $300,000 loan?? I suspect not.

Actually... This has given me an idea. I want to flat next year by myself, *looks up 1bedroom places* between $150,000 - $200,000... I wonder how much that is a week? Like seriously.
Found some numbers. $150,000 rented for $255 a week at a 8.9% profit. SO like $235 a week in mortgage.
I COULD pay that with a part time job, part time study and my student allowance benefit.

The main bonus is that property overall increases in value, or at least holds it value so at the end of it I would have an actual asset (to put against a loan from the bank to start my business??).

OMG fuck me! Full furnished studio apartment, $112,000 my mortgage calculator tells me that's $154 a week, literally $10 LESS then my current fucking week, and it's closer to the CBD.
Ladies and gentlemen, I think I might just be moving house sooner then February next year...
Seriously, I really want that place now. I'm gonna facebook my mom see what she says about this... (which shows my seriousness to this)

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25-07-2012, 01:16 AM
RE: Ranting corner
Ears, be very, very careful with loans and credits and banks and your ability to pay it regularly... The succubus is going to get you and take your blood if you fail to produce money.

Big Grin

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25-07-2012, 01:46 AM
RE: Ranting corner
bah loans, i am not going to take one ever again....!!!!
I am paying back since I was 21! I am now 28! And it is going to be one more year. and after that I will enjoy my freedom...
("I was young and needed the money....")

Apart from that.
My lung infection is bad again because I thought I can go to work. But I guess I pushed my energies into work instead of healing. Going to the doc again today.

"Freedom is the freedom to say that 2+2=4" - George Orwell (in 1984)
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25-07-2012, 07:27 AM
RE: Ranting corner
Not a loan in the sense of money, a loan in the form of a mortgage.
I want to buy my own place.

My mother in her infinite wisdom raised a possible problem... deposit...

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25-07-2012, 07:28 PM
RE: Ranting corner
(25-07-2012 07:27 AM)earmuffs Wrote:  Not a loan in the sense of money, a loan in the form of a mortgage.
I want to buy my own place.

My mother in her infinite wisdom raised a possible problem... deposit...

Just do what ManlyGirl made me do for GirlyBoy and tell your mother to be a co-owner/co-borrower on your house. 'Course that means I got another fuckin' 30 year mortgage and can't retire until I'm 80. ... Ah well, I never planned to retire anyway. Never figured I'd live long enough. Now I'm just more certain of it.

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26-07-2012, 01:22 AM
RE: Ranting corner
Well I learnt of mine, I will not buy stuff if I don't have the money FIRST again. Back then I had to, and honestly I would do it again (for back then) but now, never again. They say "never say never" but I will. It's money that you miss out of your pocket when you might need it for other things.

and i like girlyman's signature

"Freedom is the freedom to say that 2+2=4" - George Orwell (in 1984)
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26-07-2012, 04:31 AM
RE: Ranting corner
(26-07-2012 01:22 AM)Leela Wrote:  Well I learnt of mine, I will not buy stuff if I don't have the money FIRST again. Back then I had to, and honestly I would do it again (for back then) but now, never again. They say "never say never" but I will. It's money that you miss out of your pocket when you might need it for other things.

and i like girlyman's signature

Sure, borrowing money for things you don't absolutely need, ie: You want a new TV but your currently one is just fine. That sort of borrowing is stupid.
But borrowing really isn't as bad as what you and especially Filox and others make it out to be (Banks in general I think I'm talking about now..?).
Some times borrowing money is the smart option, for starters we all (well most of us) need to borrow in order to buy a house. I will need to borrow money in order to start my own business. That sort of thing would be near impossible to achieve without borrowing OR a shit long time worth of savings.

It's not borrowing that is inherently bad, it's what people are borrowing money for which you cannot hold banks responsibly for people's actions.

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26-07-2012, 05:41 AM
RE: Ranting corner
well consider how long it will take you take give it back. This is money that will be missing from your income.
Why need to buy a house? You can rent one, will be the same anyway, as you will be paying monthly. Just for the feeling that it's yours? It's not yours until you are done paying back the money you borrowed.
And why need tons of money to start your own business. I started mine from home, back then. Start online, work from there. Best way in my opinion (although it does not work with every kind of business... for mine it did).

You know, when you start planning, and you start calculating how long it will take you to pay everything back or how much per month etc... It looks so nice and flow'ry but you don't know what's happening in the next few years.
Maybe you lose your job, maybe you don't who knows? Maybe your gf gets pregnant and you need a bigger apartment, maybe not. Maybe you leave the country and have trouble transferring money to the credit account, maybe not. Maybe this and that.
And no matter what happens to you personally, the bank won't care, they want their cash and if you can't pay (for whatever good reason) they get ugly.
You can't possibly plan ahead when it comes to this topic.
You can try though.
Just stay real. After all it's your life, you don't wanna be sorry later.

"Freedom is the freedom to say that 2+2=4" - George Orwell (in 1984)
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26-07-2012, 06:09 AM
RE: Ranting corner
I knew Filox is going to be mentioned in a bad way...

Big Grin

Go figure...

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26-07-2012, 08:05 AM
RE: Ranting corner
(26-07-2012 05:41 AM)Leela Wrote:  well consider how long it will take you take give it back. This is money that will be missing from your income.
Why need to buy a house? You can rent one, will be the same anyway, as you will be paying monthly. Just for the feeling that it's yours? It's not yours until you are done paying back the money you borrowed.
And why need tons of money to start your own business. I started mine from home, back then. Start online, work from there. Best way in my opinion (although it does not work with every kind of business... for mine it did).

You know, when you start planning, and you start calculating how long it will take you to pay everything back or how much per month etc... It looks so nice and flow'ry but you don't know what's happening in the next few years.
Maybe you lose your job, maybe you don't who knows? Maybe your gf gets pregnant and you need a bigger apartment, maybe not. Maybe you leave the country and have trouble transferring money to the credit account, maybe not. Maybe this and that.
And no matter what happens to you personally, the bank won't care, they want their cash and if you can't pay (for whatever good reason) they get ugly.
You can't possibly plan ahead when it comes to this topic.
You can try though.
Just stay real. After all it's your life, you don't wanna be sorry later.

I know, I'm not someone to just jump into something it is a calculated thing.
The place I was looking at was $112,000. $112,000!! (That's cheap). The repayments would be EXACTLY the same as my current rent, which is standard rent for around here. Rent is dead money, you pay it and it's gone, you have nothing. And it's certainly not about "being able to say I own it" or showing off, if I want to show off I would just point towards my motorbike.
It's about smart investment. And I think it's a smart move.
I will primarily have an asset. An asset that is worth 10X my current assets (My motorbike and computer, that's all I currently have). I wouldn't be paying any more then I currently am for the same service.
It is currently rented out as a student flat (which explains why it's cheap I guess) because it's near the other university (the other one to what I go to). This means say in, 5-6years time I have my business, I've long finished university, normally people rent up till this point then they save up a bit of money and buy a house, SO at this point I could save up and buy a bigger better place. I'd have a higher income by then. And so I would still have this place which if it was being rented to students before, it can be rented out again. This would net me a small bit of extra income while paying off the mortgage on it at the same time. (So like an extra $10-15-20 a week bit of profit). And it would also act as a sort of 'emergency' fund because I could just sell it. Houses at the very least keep their value pretty well.

The only worry is rates. I need to find out how much rates would be. Then if I can afford them I need to find out what deposit I would need.

I mean yea sure if I can't afford mortgage I see what you're getting at, I'm in the shit. BUT if I can't afford my rent... It doesn't matter if I'm paying rent or mortgage, if I can't pay either I'm in the shit. Sure they could take the house in the extreme case and then I'm left with nothing, but if I'm rented and kicked out well.. I have nothing then too.

I can see why everyone (You, my mother) are really skeptical, but to me the numbers and such just add up and make sense.
I might go talk to the bank tomorrow, get a bit of information about what kind of deposit I would be looking at...

Actually I just googled rates. I had no idea there is all this housing information on the city councils website. Every house, how much they pay in rates, how much the lands worth and how much the total properties worth... So had a good nosy.
Anyway, rates on the place I was looking at would be $779 a year.. My motorbike registration costs more then that!

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