My mums latest advice.....

"Pay gst is a necessity at any time, even if u Don't work. It only no more than 24% of the net capital gain."
Cant even get the acronym right.... (not sure but its a chance this was one of my Dad's gems tonight.. they share the same facebook account)
Anyway I've asked them to please stop that conversation...

 

Does anyone else they know or in your family circle invest? Anyone you can use as an ally?

 

None of my sisters unfortunately. I have an aunty who did but sold all hers to buy the ppor... (to me, thats a mistake)

 

http://freekvermeulen.blogspot.com.au/2008/08/monkey-story-experiment-involved-5.html?m=1

My parents...

 

Have a sit down with them. Ask them to stop discussing property with you as it is affecting your relationship with them.

If they stray onto property discussions remind them that you won't discuss it with them and calmly change the topic.

Let them know you're happy and comfortable with your choices and reassure them that they have no need to worry.

They don't have an investor mindset. Neither did you, at one point. It will take time and patience, and even then it may not be enough.

If you like, slowly re-introduce morsels of information back to them. Probably wouldn't do it for at least a few years though.

I imagine you're in this game for financial freedom, fulfillment and happiness. Would you be fulfilled or happy if your relationship with your parents is irreversibly damaged in the process?

 

Ali G says...RESPECT....

With all due respect.....your mum maybe spot on this instance....maybe I have it wrong...but doubt you have seen more than 1 cycle....your mum have...

Not having a go at you...but there are plenty of people on this forum which the marines refer to as "young Dumb and Full of C_m".....enough said.

RESPECT....

 

Do you have a brother who goes by the name 'fullylucky' here, by any chance?

 

Any amount of wealth is a waste if one doesn't have love, kindness or respect.

 

They are scared of a market collapse and high interest rates. I feel we won't get into a situation of high interest rates anytime soon, and I don't think the places I bought in Sydney market will go backwards. (West Ryde, Greenacre, Darlington). Greenacre is the one I sort of have concerns on, but since its a very strong Muslim community, I think they'll keep buying in the area, so I feel its still a high demand area and I believe it will continue to perform, and at least, not collapse.

The PPOR (North Epping) is virtually paid off, paying interest on a grand total of 30k. This area has gone nuts and good houses in the area are selling for over 2 mill now.

Anyway, for my portfolio I think the worst i'll see is either see flat/no growth or slow growth to about 5%.

 

I have had to sell a number of times - operative words being HAD TO.

If I didn't have to sell; I never would have.

Look at blokes like Harry Trig - worth a squillion. You don't get that rich by selling everything....better to keep them and use them for further investments.

Only concession to this statement I would make is with developments; do a development; sell most and keep one or two from each project - hopefully fully paid for from the profits of each sale.

For eg; build 5, sell 3 or 4. and repeat...keep accumulating.

As for your Mum; turn the other cheek, bite your tongue, change the subject; they love you and only want to keep you safe from the world.

Once they're gone; they are gone.

 

Agree.... i'd only sell if I could put the money somewhere where it will give a better return, or if I really had to. Entry costs to buy are high with stamp duty, cost to sell is high with agency fees and CGT, you lose money at both ends so i'll keep holding unless I have to or there's a tremendous other opportunity i'd miss that I can't achieve without selling.

Anyway, my parents are generally not bad people except for some of the so-so advice they try to share...

 

I am happy I'm not related to him or JH!

 

Your mum would be happy too.

 

Gockie, are you are parent?

If you aren't, one day you'll understand what you mum is doing and you will appreciate it. Hopefully when you learn to appreciate what your mum is doing it won't be too late.

I never quite understood why my dad said it hurt him just as much when he had to hit me with a feather duster as a kid.

Now that I am a parent, it makes complete sense (even though I'm all im doing is giving her a smack on the hand).

 

OMG!!

I have never hit any of our kids with anything foreign.

They have all had an occasional smack on the backside with an open hand, and yes; hated myself for it immediately.

Incidentally; when I was a kid, I had a nice range of smacks with foreign objects -
1. Electric frypan power cord
2. Cane-handled feather duster.
3. Fly swatter,
4. Belt.
5. Wooden school ruler.

 

That's their fear talking. I don't know your parents' history--whether they've had hardship, seen economies bust, lost everything. View what they say through the eyes of compassion and you will be a bit more forgiving.

 

Heh. I hated it then, but i'm glad he did it
Taught me about innovation - I started to wear thicker pants. LOL.

 

They can't get you properly if you retreat to a L shaped corner. It works well against longer sticks

 

look how strong it made you

 

It seems to me that all this advice to Gockie is somewhat misplaced. I can't imagine she doesn't understand her parents point of view and nowhere does she say that she shows no respect to her parents. Her parents, like most people parents, as much as we still care for them; from time to time do her head in. This is okay, that's what family does.

It seems that Gockie just wants to vent her frustration to people who understand her world view. Let her vent: no need to tell her to respect her parents, I'm sure she already does. Everyone needs an outlet.

My two cents anyway

Bellzebub