FOMO and Home Ownership

Really - there are posters on here that make disparaging comments about others !

@sash you really should be calling that behaviour out.

Everybody has there own journey - great that you see retiring by 55 as the summit of achievement. Genuinely happy if that gives you contentment.

For us, raising a family and giving our children the best opportunities we could was the summit. Quite happy to work some extra years for that cause. I think most of the people you are comparing yourself favourably against are in the same boat.

With the property market - we’ve gone from being up to eyeballs in it, to maybe waist deep now and aiming for knee or ankle deep in the coming months. If we genuinely believed there was only 15% to lose - maybe we would stay at the deeper end a bit longer.

 

They try....but hey..... I was never to lie down... life is not all about property....sometimes you have ask why did I do all this for?

 

Surely not .

 

What a loser .

 

I don’t think anyone was calling people who rent as losers.

I’m fairly certain the point being made was that most people that do rent their entire lives do tend to struggle more later in life from a financial standpoint.

Of course their are examples of those who instead choose to invest in other things (heck I have a friend with no real estate and no shares but two businesses worth over 8 figures).

These and the example given by @sash are however the exceptions. For every one of those, their are probably 99 more renters that don’t go on to create financial wealth.

But doesn’t make them a loser by any stretch. TBH the happiest people I personally know are those (even in old age) that don’t have much financial wealth.

 

Agree ...OZ has first world problems....look at America...lots of very unahappy people...yet in some of the poorer places India, Africa, Vietnam...lots of very happy people

It is indeed a fact that people who do not get into their home tend to struggle unless they have smoe level of wealth behind them.

The other thing I see people who try to impress they don't like....live your own life....

 

Totally agree.

Some of the biggest losers I have ever seen/read about are PC members .

My mother always said “Buying one’s own home forces one to save”.

I believe most/all of us know that or have heard of that.

My earlier post from the ABC’s 730 show just quantified this belief. Nothing more, nothing less.

It is amazing how some people interpreted it totally different.

If anything, I trust it will inspire people to try even harder to buy their own home.

Why do some people go negative when there is clearly a positive message?

 

Simple quote but one I have not heard. It’s very wise words and couldn’t be more accurate.

Majority of people simply adjust to meet their commitments. It’s more mindset than anything else.

It’s why I have such a huge issue with banks assessment of living expenses.

 

New generations are not interested in owning houses.
They probly won't own cars either which will be like rental/subscription type services which are already starting to appear.

From a numbers POV it makes sense to own 4-5 houses out west and rent a waterfront house or big apartment.

 

IMHO, Evey single thing we do in life, stems from some kind of mindset. There are many on here who minimise the importance mindset plays in achieving success in the financial markets.

Huge mistake. Colossal.

Investing to do exceptionally well is really an investors sport. You are the athlete. What does any professional athlete have ?

Psychological coach.

Most say it's not the reps nor the endurance etc which makes the biggest difference. It's the mental conditioning.

Same thing with achieving anything in life imo.

 

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This

Live where you wish and invest where it's best.

WRT car utilisation in the future, the model we will all probably be using in a decade is TaaS....Transportation as a Service.
Bring it on.............

 

100%..give yo self a medal a usual....

The rate which the world is moving to a consumption model is astonishing. It has started to happen with cars....could real estate be next?

We might be renting houses to these brokers similar to Air BnB but over a longer term.

 

"Moving to a consumption model"? We sadly reached that point years ago. Consider call-out fees, cost of parts and additional labour time, many items and appliances in a house are often cheaper (or as near as) to replace with new than have the item repaired.

 

There are different generational views for sure and peoples goals shift over time but the 25 year old millennial renting a 1 bed apartment inner city might have a different view on home ownership when they are married with 2 little ones 10 years later.

Dont confuse someone's life stage with a generational shift in mindset. It's not that black and white

 

Reminds me of the aphorism “if you’re not a socialist (or liberal) at twenty, you have no heart, and if you’re not a capitalist at thirty, you have no brain.”

 

Interest rates rising? You gotta be kidding, we are heading towards a recession/ slowing economy. You think that rates will rise?? If anything they will cut again and do QE. Rate rises probably are a decade away.

 

As i clearly stated "near/far future" since i dont have a crystal ball handy.
While i do agree the potential for more rate cuts and QE are likely in the short term, you cant say we will never see rates rising again in the long term.

 

There won't be a need once cars drive autonomously!

 

That's true, but if higher rates are ten years away, that is a long time to get any new good-debt under control. Not investing now, because interest rates may go back to 7% in the far future is IMO not a good idea.
However not investing now because your best guess is we are headed for a recession....well that is fair enough.