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Lifestyle options - which one would you choose?

Discussion in 'Living Room' started by EN710, 29th Jun, 2015.

  1. EN710

    EN710 Well-Known Member

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    Not a new idea, just contemplating :p

    Which one would you choose?

    Option 1 (current)
    Stay in sydney, 1 bed + study apartment. Let's say fully paid in a couple of years.
    Higher paying job, allowing options to buy more property and follow the 10 year plan (passive income to cover living cost)

    Option 2
    Move to Sunshine coast, Big house with pool and garden - same price as my sydney apartment
    Find other job, likely to be lower pay, e.g. almost half of current
    Will slow down investing, though maybe better lifestyle. Maybe I can grow my own food :p
    Will need to find new friends
    It's not Sydney ;_;

    Option 3
    Do option 2 maybe in 3-5 years time. In the meantime, build investment as quickly as possible
     
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  2. vtt

    vtt Well-Known Member

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    If you are single or half of a DINK then go Option 1. If ankle biters are either present or imminent then go Option 2.

    Option 3 is not actually an option, it's really just option 1 keeping option 2 on the table.

    MHO
    vtt
    :D
     
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  3. EN710

    EN710 Well-Known Member

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    We are DINK with furry ex-ankle biter. We do want another furry angkle biter in 1 year or so but stay DINK :p

    :p it's still an option
     
  4. wylie

    wylie Moderator Staff Member

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    I would ask myself -

    1. How much do I like living in Sydney in my one bed + study apartment.
    2. How much do I like my current job?
    3. Will I miss family if I move hundreds of miles away?
    4. Do I have good super and other investments to get me where I need to be financially at a time that suits me?
    5. Am I happy with my lifestyle now?

    We had similar (lifestyle vs money making) choices when we had kids. We chose that I stay home with them. It was my choice, fully supported by hubby. Had I gone back to work, we would have more assets. I don't regret the choices we made at all. You have to search inside yourself and work out what is most important to you.
     
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  5. Mumbai

    Mumbai Well-Known Member

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    Option 4: Rent in Sydney in a suburb of your choice.Higher paying job, allowing options to buy more property and follow the 10 year plan
     
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  6. EN710

    EN710 Well-Known Member

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    1. Quite like it actually. The location is great with good transport and nearby parks. Hoping to have more space though
    2. I'm good at it, good hours and good pay. No complains :)
    3. Nope. My immediate family is in a different countries. Friends maybe, but most of them don't live closeby eithe
    4. Super is in negligible amount. I'm in my late 20 so won't get to access the super for 40+ years anyway :-\ Investments are not there yet
    5. Quite happy with my lifestyle. I want bigger place tho :rolleyes:

    That's one way to do it. We'll see if we want to go back to the renting lifestyle though (yes landlords, I don't like you very much when I'm the one renting, especially with a dog :rolleyes:)
     
  7. Kinnon Bell

    Kinnon Bell Finance Broker

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    I was faced with a similar decision a few years ago but it ended up being a no brainer and we chose lifestyle. The only regret was not doing it a lot sooner but the difference with my husband and I is we weren't happy in Melbourne.

    My husband took a $25k a year pay drop to secure a full time job and, with a few other things combined, our investing journey will have another few years added to it. But in the scheme of things that's ok with us - we invest to live the lifestyle we want and by compromising on that we're living more in the 'now' with less delayed gratification.
     
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  8. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    I vote option 3!
    Gives you some time to accumulate a bit more and make the transition smoother :) and by the apartment will be paid off, so more to play with! If the growth keeps going in Sydney even for just another year, this will be a plus too.
    Maybe depends how much your unit has moved in this cycle!
     
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  9. EN710

    EN710 Well-Known Member

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    Ok, option 4
    Buy IP in Sunshine coast with potential to move in in several years. How about that? :p
     
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  10. sash

    sash Well-Known Member

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    Go with dat...

     
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  11. wylie

    wylie Moderator Staff Member

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    In view of your answers, I reckon Option 4 is the best fit for now.
     
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  12. Egga

    Egga Member

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    3 for me and head north..
     
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  13. EN710

    EN710 Well-Known Member

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    Any specific reason? I can see little munchie on your profile :p
     
  14. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    3 would appeal to me.
     
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  15. Egga

    Egga Member

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    Warm weather
     
  16. Be Developer

    Be Developer Property Developer Business Member

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