What would you do to become debt free?

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one2three
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Re: What would you do to become debt free?

Postby one2three » Wed Jun 13, 2018 8:34 am

smile0784 wrote:Just been thinking with the current houses prices.up mite.be worth selling up both houses and moving some where.
With out going into really detailed financials ill say i would be able.to sell 2.houses and but a block of land at lakes enterence 3000sqare meters which is 5.times what i got now and build a new 5bedroom house with what i get.

Or with just a 50k mortage compared to the 10x that i got now lol.

Considering mortgage will.be less ill wont have to work full time unless i want too lol

The question is should i?
Pros and cons?
Major con leaving friends and family behind
Pro dont have to pay 3500 a month in mortages.



What does your partner want to do, do they want to relocate?

Think about the children future needs and employment.

My mate said his Super was gone once he hit divorce so he was looking at using that to pay off all debts and now has a bigger debt than before.

You work to live, life is for living and for me enjoy what you have while you can.

:-D
Jack of all trades, Master of none



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Mattblack
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Re: What would you do to become debt free?

Postby Mattblack » Wed Jun 13, 2018 8:34 am

phil1818 wrote:
rb85 wrote:
Nude up wrote:
Lightningx wrote:
phil1818 wrote:
In all due respect you brought it up by saying it’s got you stumped, iam not wanting to debate it at all just my opinion that’s its worked out very very well for me that’s all

Not just for you, it has for me as well. Very well :)


Me too never lost money on bricks and mortar


Let me guess all Baby Boomers?
How’s the prospect of buying a house now for people starting out in life?
Circumstances change so it’s still got me stumped Phil just because it worked for a generation who enjoyed unprecedented growth doesn’t mean it will for the next.

I’ll enjoy owning my own home and make positive geared investments.


Wrong again mate iam 30 years old own my own place out right already off the back of investment property no help from Mum and dad all self made.. worked for a number of generations now and always will


Property has been a great investment over the last decade or 2, but you'll be too young to remember the late 80's....the 'recession that had to happen' practically halved property prices overnight (pretty horrible time for a lot of people that were riding the gravy train and heavily in debt)
I reckon life is a bit of a balancing act...ultimately you want to reduce stress & spend time doing stuff you like with friends & family, whilst at the same time working just enough to be financially comfortable. Wish they'd bring in that 4 day work week like the Netherlands!

rb85
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Re: What would you do to become debt free?

Postby rb85 » Wed Jun 13, 2018 8:40 am

phil1818 wrote:
rb85 wrote:A modern day property tycoon all off the back of negative geared properties good on you and the tax payer.

Glad to say same result no help but different path work.


You really are a peanut mate clearly bitter


What’s there to be bitter about Phil?
You have a home I have a home different path same result.

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Re: What would you do to become debt free?

Postby rb85 » Wed Jun 13, 2018 8:41 am

Mattblack wrote:
phil1818 wrote:
rb85 wrote:
Nude up wrote:
Lightningx wrote:Not just for you, it has for me as well. Very well :)


Me too never lost money on bricks and mortar


Let me guess all Baby Boomers?
How’s the prospect of buying a house now for people starting out in life?
Circumstances change so it’s still got me stumped Phil just because it worked for a generation who enjoyed unprecedented growth doesn’t mean it will for the next.

I’ll enjoy owning my own home and make positive geared investments.


Wrong again mate iam 30 years old own my own place out right already off the back of investment property no help from Mum and dad all self made.. worked for a number of generations now and always will


Property has been a great investment over the last decade or 2, but you'll be too young to remember the late 80's....the 'recession that had to happen' practically halved property prices overnight (pretty horrible time for a lot of people that were riding the gravy train and heavily in debt)
I reckon life is a bit of a balancing act...ultimately you want to reduce stress & spend time doing stuff you like with friends & family, whilst at the same time working just enough to be financially comfortable. Wish they'd bring in that 4 day work week like the Netherlands!


4 day week now we are talking.

rb85
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Re: What would you do to become debt free?

Postby rb85 » Wed Jun 13, 2018 8:44 am

smile0784 wrote:
Hosery wrote:I'd say pros far out weigh the cons. No idea exactly where abouts you are but its only 3.5 hours to Melbourne from lakes. Debt free or close to. Better neck of the woods. Better fishing without millions of people casting over you. Bush and beach on your door step what more could you want.

Or even better buy my house so I can get another and go further in debt :rofl:


Im in pakenham lol
Better fishing always a pro but not the main reason for moving


Have you considered somewhere a little closer to Melbourne near the coast but not quite as expensive such as the Wonthaggi region. A lot more services than lakes but not as far away house prices aren’t too bad.

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Re: What would you do to become debt free?

Postby Lightningx » Wed Jun 13, 2018 9:33 am

rb85 wrote:
Nude up wrote:
Lightningx wrote:
phil1818 wrote:
rb85 wrote:
In all due respect Phil I don’t think it’s the best place to be debating investment strategies going to agree to disagree and opt out of this one. As without calculating all the cost factors and comparing it to other investments we won’t be proving anything.


In all due respect you brought it up by saying it’s got you stumped, iam not wanting to debate it at all just my opinion that’s its worked out very very well for me that’s all

Not just for you, it has for me as well. Very well :)


Me too never lost money on bricks and mortar


Let me guess all Baby Boomers?
How’s the prospect of buying a house now for people starting out in life?
Circumstances change so it’s still got me stumped Phil just because it worked for a generation who enjoyed unprecedented growth doesn’t mean it will for the next.

I’ll enjoy owning my own home and make positive geared investments.

Wrong mate. Just back off alright.



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rb85
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Re: What would you do to become debt free?

Postby rb85 » Wed Jun 13, 2018 9:47 am

Lightningx wrote:
rb85 wrote:
Nude up wrote:
Lightningx wrote:
phil1818 wrote:
In all due respect you brought it up by saying it’s got you stumped, iam not wanting to debate it at all just my opinion that’s its worked out very very well for me that’s all

Not just for you, it has for me as well. Very well :)


Me too never lost money on bricks and mortar


Let me guess all Baby Boomers?
How’s the prospect of buying a house now for people starting out in life?
Circumstances change so it’s still got me stumped Phil just because it worked for a generation who enjoyed unprecedented growth doesn’t mean it will for the next.

I’ll enjoy owning my own home and make positive geared investments.

Wrong mate. Just back off alright.


Maybe we can do some figures compound debt vs compound interest. Calculate the gains and losses over various investments plus the risks. Then the cost on society. Who actually makes the money out of property investments?

rb85
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Re: What would you do to become debt free?

Postby rb85 » Wed Jun 13, 2018 10:04 am

https://www.afr.com/markets/property-v- ... 109-gziijm

How will we handle interest rate increases and an easing of property prices? Timing is important some are probably fortunate to have purchased at the right time I most definitely are but circumstances change a lot of my friends are feeling the pinch of stretching investments too far and any hint of a .25 % interest rise sends them towards a nervous break down.

That’s without the added stress of no overtime or the prospect of under or unemployment.

rb85
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Re: What would you do to become debt free?

Postby rb85 » Wed Jun 13, 2018 10:13 am

Regardless best wishes to people whatever your circumstances are.

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Re: What would you do to become debt free?

Postby bowl » Wed Jun 13, 2018 10:18 am

rb85 wrote:https://www.afr.com/markets/property-v-shares-time-to-change-the-conversation-20171109-gziijm

How will we handle interest rate increases and an easing of property prices? Timing is important some are probably fortunate to have purchased at the right time I most definitely are but circumstances change a lot of my friends are feeling the pinch of stretching investments too far and any hint of a .25 % interest rise sends them towards a nervous break down.

That’s without the added stress of no overtime or the prospect of under or unemployment.

Lol hate to see ur friends faces if the interest rate goes back up to around 7% lol like it was in 08....

Ur friends should have fixed for 5 years if they worried about rate rise.

Be interesting to see what happens when negative gearing tax breaks stop...



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