Personally I've always taken a two step approach to investment overall. One is to invest in things which produce an income. The other is to invest in things which reduce my need to have an income in the first place. There's a role for both in my view.
Personally I've always taken a two step approach to investment overall. One is to invest in things which produce an income. The other is to invest in things which reduce my need to have an income in the first place. There's a role for both in my view.
We all need a roof over our heads whether it be Investment or PPOR it depends on your circumstances. Property is another vehicle to drive wealth. Same as passive income streams from dividends. Me personally it worked out that I was 23 and it was February 22nd 1991 on a budget of 3 x 1 and 3.5 times my income. This is not because I got the Toorak McMansion. I got the basic no paint to walls and 105m2 of living areas. A starter house. A roof over my head. A starting point.
Would I do it again. You betcha
Agree completely, I was 25 had three kids and had a fibro and tile house jinkered onto a block. 1982 $14,000 +$4,000 to get septics, leach drains, electricity conected.
Then a ton of work, stripping out plater board & re gyprocking, rewiring, building a bathroom, actually rebuilding the whole sorry mess.
Would I do it again, you betcha.
At least I owned it.
It would have been a whole lot easier, just to take a loan and buy a house and land package.
But would I be in the financial position I am now, no way, mostly you get out, what you put in.
Good man.
Yea, would have been nice if we could just write a cheque and pick the colour for the walls. Then visit harvey Norman to decide what taps matches the deco... For us it was whatever we could get on Graysonline.
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Regardin houses:
As the Chinese said, I own all your stupid houses now! haha...
Ok, kidding aside, as a Chinese saying goes: First have a peaceful home, then work to build prosperity.
If you can afford it, yea sure... have a mansion or two. But if you're most people, a house is for shelter, set down some roots, keep the family warm and safe... all so you can work towards a career or build a business.
To take on too much debt for a big house you can't really afford might not be a good idea. To then use negative gearing and whatnot to take on two more is really asking for it.
Spot on, when I bought and transported my house, I thought I must be stupid but I wanted to own it.
When I talked to my Mum about it( I was only 25), she said " the kids won't remember the floor coverings, or the curtains".
"They will only remember if it was a happy house".
Jeez she was so right, it was the happiest time of our lives, goals were plentiful and easily achieved.
Hard days, but happy days.
Looks like a nice area Tech/a.
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