How to explain to Spouse or kids the path to wealth

Discussion in 'Investor Psychology & Mindset' started by justine77, 30th Dec, 2021.

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  1. skater

    skater Well-Known Member

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    I almost did the exact thing. I registered & started bidding, but was calling the broker, because I wasn't sure how high I could go. I was very annoyed that I couldn't get hold of him, and had to let it go.
     
  2. Stoffo

    Stoffo Well-Known Member

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    it's more an undertaking agreement to pay.
    When it isn't paid it is usually deducted from an individual's tax return.
    It can end up being garnished from wages, but even that doesn't always work or change of employer occurs.
    CSA still pass on some funds, then try to recover them.

    We haven't worried about it, we know 50% of wages became cash (you can't even self support on $37k pa) and at $23 per week :rolleyes:
    The only time it "bites" is when we are told "thats what child support is for" :p
    Sure, youngest starts High school, new uniforms/books/Ipad/camp/school fee's total DOUBLE your supposed contributions :confused: (let alone living expenses)
     
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  3. Redwing

    Redwing Well-Known Member

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    $23 per week

    [​IMG]
     
  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    The path to success isn't always the same but yes generally revolves around some sort of delayed gratificatiion.

    When DD22 was looking for his first home I took him to a lot of land value houses that were in good areas but were old/ugly and pretty scary. After a while though it became apparent that he just wasn't keen on the sweat equity path so I had to think of something else. He was happy to give up the better area to get something that was in better condition and at the end of the day it was his money. So I helped him find something that was almost brand new (final stages of construction) so he could then use the FHO grant and a construction grant on it. He charges his GF rent and rents out 2 bedrooms to friends. His house has probably gone up 10-15% in the 12mths he's owned it so he's pretty happy.
     
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  5. Piston_Broke

    Piston_Broke Well-Known Member

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    Option 3 Lake by the house.
    It's all about planning ahead
    [​IMG]
     
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  6. Redwing

    Redwing Well-Known Member

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  7. willair

    willair Well-Known Member Premium Member

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    ....UKI nth nsw ....
  8. Piston_Broke

    Piston_Broke Well-Known Member

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    Back in the old forum I posted about QLD councils downgrading 50 to 100yr flood zones and building suburbs. It was also the time when the climate comissioner was saying it will never rain again and the dams will never fill up.
    A few years later...wooooosh and that pic of QLD.
    Teach kids to plan ahead and not believe conspiracies
     
  9. Redwing

    Redwing Well-Known Member

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    Thomas Mortlock, from consultancy Risk Frontiers, said "100-year floods" don't just happen once every 100 years. In fact, 100-year floods have happened twice in a fortnight in the same place. "The chance of a 100-year flood is not 100 per cent in 100 years," said Thomas Mortlock. "In fact, it's only about 63 per cent.

    'One-in-100-years' flood talk is disastrously misleading, experts say

    upload_2022-1-2_7-54-7.png
     
  10. wylie

    wylie Moderator Staff Member

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    I had it explained to me that a 1 in 100 year flood doesn't mean the chance of flood is NOT one in every 100 years, but that the chance of flood is 1 in 100 EVERY YEAR.
     
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  11. Sackie

    Sackie Well-Known Member

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    A 100 year flood has a return period of T = 100, so the probability of a flood of equal or greater magnitude occurring in any one year period is p = 1/T = 1/100 = 0.01. Thus there is a probability of 0.01 or 1 in 100 that a 100 year flood will occur in any given year.
     
  12. wylie

    wylie Moderator Staff Member

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    I think that is what I said (but you used lots of confusing math). :p
     
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  13. Sackie

    Sackie Well-Known Member

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    At the best of times I confuse myself too :D:oops:
     
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  14. Scott No Mates

    Scott No Mates Well-Known Member

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    Ah, you're learning.