Yep, I woz a bear on BP 'n by 'n large have 'n continue (in at least some ways still) ta be here.
But that still don't change tha fact that YOU f***ed up Chris; So whatcha gunna DO about it?
I don't believe I have f***ed up, in hindsight I might be beating myself up but I also realise that I did not have the financial backing to buy in my mid to late twenties. One because I was still working my way up the corporate ladder so to speak and secondly house prices exploded yoy and I couldn't catch up.
There are a significant amount of people in my position whether you choose to acknowledge this or not.
I don't believe I have f***ed up, in hindsight I might be beating myself up but I also realise that I did not have the financial backing to buy in my mid to late twenties. One because I was still working my way up the corporate ladder so to speak and secondly house prices exploded yoy and I couldn't catch up.
There are a significant amount of people in my position whether you choose to acknowledge this or not.
It's none of my concern, but have you ever considered buying in a more affordable city in a RE downturn so that someone else can pay the house off for you, and you can cash it in when the cycles reverse and buy in Melbourne or Sydney, if those are the cities you are interested in.
The city I had in mind is Perth. Prices have fallen so the downside risk is low, a tenant will meet your repayments, and when IO booms again prices in Sydney will stagnate for some years and allow you to sell Perth at a high and buy on the East Coast. If you're up for it you could buy two houses.
There is the risk of not having a tenant, but that can be managed by staggering your lease terms so they don't both terminate at the same time.
It's up to you, but at least it's a plan, whereas at the moment you seem to have no plan.
Take risks - if you win you will become wealthy, if you lose you will become wise
Even if you are (or are expecting to be) above the point where the pension age/rule fiddling has no effect, the constant fiddling of the rules related to super, taxation, preservation age, lump sums, contribution limits, taxation etc etc etc is definitely a concern I share with you. I've always been worries about that side of things which is why I actually don't contribute much extra into super - I keep about 50% of my non-PPOR wealth outside of super, even though I pay more tax (although there are still ways to minimise this impact) - but this ensures that my plans to retire when *I* want to can't be impacted by super rule fiddling.
I don't contribute extra to super, stopped a couple of years ago though I do use the direct share investment option of my super fund and have had 3 no less than stellar years of returns which has boosted my super greatly. Even if I stopped direct share option and went for the standard high growth or even balanced option, many years down the track it should be a tidy sum. Way too much to even consider getting the pension.
Like you, it is all the other rules and hoops that will be placed in my our way before we can actually get it.
There are some people who seem angry and continuously look for conflict. Walk away, the battle they are fighting isn't with you, it's with themselves.
The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it. The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.
Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
I don't contribute extra to super, stopped a couple of years ago though I do use the direct share investment option of my super fund and have had 3 no less than stellar years of returns which has boosted my super greatly. Even if I stopped direct share option and went for the standard high growth or even balanced option, many years down the track it should be a tidy sum. Way too much to even consider getting the pension.
Like you, it is all the other rules and hoops that will be placed in my our way before we can actually get it.
I reckon you 'n Sydneyite are both on tha right track.
As ta tha youngies in my family, I think I'm gunna advise 'em ta invest in buyin' me a bottle of vodka a day - So's me liver bursts soon 'n they gets their inheritance early - LOL!
A Professional Demographer to an amateur demographer:"negative natural increase will never outweigh the positive net migration"
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