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What's it feel like when you pay off your mortgage?; Can't wait!
Topic Started: 28 Oct 2014, 06:38 AM (5,750 Views)
Dr Watson
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John Frum
28 Oct 2014, 08:34 AM
The intellectual understands that sometimes capitalism should reward the risk-taker.
And it often does. But it will never reward someone who is afraid to take a risk or make a mistake. Embrace the risk, John. Embrace the risk. Play the game. Join the scheme. Call it what you will, but there's no money to be earned in bank accounts. We may not like the system, but it's one we're stuck with. Maturity is when one deals with the world the way it is, rather than the way we would like it to be. Policymakers are heavily invested in the scheme themselves. Join the scheme.
Edited by Dr Watson, 28 Oct 2014, 09:36 AM.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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Gunner
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John Frum
28 Oct 2014, 08:20 AM

Maybe you could spend some time and money educating yourself, so you don't come across as such a boorish unlikable fool?
I didn't think you would read this post seeing you will never be in a position to own a house. Why don't you head back to a topic about getting rid of negative gearing or Chinese investors buying everything?
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GloomBoomDoom
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Dr Watson
28 Oct 2014, 09:34 AM
Policymakers are heavily invested in the scheme themselves. Join the scheme.
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MSE
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stinkbug
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John Frum
28 Oct 2014, 08:34 AM
The intellectual understands that sometimes capitalism should reward the risk-taker.

He understands that the very idea of risk entails a chance that things can go wrong, and when they do the risk-taker should come off worse.
On an individual level, that's how things are now.

Risk management is a powerful tool that allows you to identify, assess and control risk, to effectively stack the deck in your favour. Investment should not be like gambling, nor should it be like saving.

I know you're very excited about being to get reasonable $$ as a contractor (I'm one too), but don't let the method of earning money dictate how it's used. That, in intellectual terms, is being lazy.
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While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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Bardon
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Gunner
28 Oct 2014, 09:34 AM
Brought in 2010, borrowed 370,000. Offset account worked a treat
There are times when it is best not to pay down the debt on your PPR and simply have the debt offset with an offset saving account. Its sometimes good to get your loans when you don't need them ie that mortgage you now don't need anymore could come in handy, or you may run into problems down the track if you need finance but cant get it. So think twice before paying down a loan.

Many that pay down their PPR, often find that in the future if they want to convert it to an IP they are stuck in that if they want to take advantage of investment debt options you cannot simply raise the borrowings just to convert it to an IP. The other reason not to pay it down is that you have your cash available to you for other things and that cash value is worth more to you in today's money than it is in tomorrows money, especially if you run into unexpected cash flow problems.

For investment properties it can be shown that never ever paying down your debt is in fact a stronger wealth building strategy than paying them down.
Edited by Bardon, 28 Oct 2014, 10:30 AM.
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peter fraser
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Dr Watson
28 Oct 2014, 09:34 AM
And it often does. But it will never reward someone who is afraid to take a risk or make a mistake. Embrace the risk, John. Embrace the risk. Play the game. Join the scheme. Call it what you will, but there's no money to be earned in bank accounts. We may not like the system, but it's one we're stuck with. Maturity is when one deals with the world the way it is, rather than the way we would like it to be. Policymakers are heavily invested in the scheme themselves. Join the scheme.
A caveman who is afraid to venture away from the safety of the cave is guaranteed to starve to death.
Any expressed market opinion is my own and is not to be taken as financial advice
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Foxy
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Zero is coming...

Gunner
28 Oct 2014, 06:38 AM
What's it feel like to pay off your mortgage? Me and my wife are 29yo and roughly about 4 - 5 years away from paying off our mortgage. As soon as we have more in our offset account then what we owe I'm transferring it all to never see it again! Our repayments each week is $600 which is more than the min, but I can't help thinking what we would be able to spend the extra money on. It will be over $31,000 a year, I'm guessing a big 3 - 4 week family holiday every year, our oldest will be around 7 - 8 around the time it's payed off so perfect time for her.

How did your life change after?
Well done Gunner, slow and steady.

All i will ask is why do you want to spend the extra cash on consumption??

Why not keep saving the money and make an investment that generates cash.

I keep telling people that houses are not investments.

They are liabilities.

Anyway well done.

Peter
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K-town
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John Frum
28 Oct 2014, 08:20 AM

Maybe you could spend some time and money educating yourself, so you don't come across as such a boorish unlikable fool?
Tell us again how you earn $1000 a day contracting to a bank. It makes you come across as a top bloke.

Unlike this dislikeable person who's paid off his $370K mortgage. What a fucking braggart.
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Bardon
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The best bit is that $1000 a day, is not actually a braggable amount.
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stinkbug
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Bardon
28 Oct 2014, 10:41 AM
The best bit is that $1000 a day, is not actually a braggable amount.
It's certainly not the upper end of the IT contracting market, that's for sure.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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