NYE 2019 what are your plans?

that’s extravagant.. I’d need to have some serious **** you money for that one.

 

Only a loser would be on pc on nye......... wait!!

 

Well that was the year that was.

Stayed in last night and had a quiet one. A friend came over but didn't want to go home as they were worried with all the thick smoke blanketing this town.

Hope others had a safe and good NYE.

Cheers.

 

Happy New Year to you as well, although to be honest I'm less than happy. We've got a family member who's just moved to Batemans Bay & my work with the animal rescues has really opened my eyes to the plight of the wildlife in this country. So much devastation!

 

If events so far this year for me are anything to go by, my prediction is that 2020 will be a year of financial stuff-ups and chaos.

So far:

1. LJH has reimbursed us twice for the one invoice (gas bottle refill at holiday house we rented).
2. Woolworths has charged us twice for latest shopping.

... and I have only been awake for an hour!!!

 

Good morning all!

 

There's no doubt this new years celebration has been ( rightfully) overshadowed by the devastation the fires have caused to so many. I've done my tiny, little bit with the fire appeal donation last night and I'd hope most Aussies would give as generously as they can afford. So many folks and wildlife really need it.

#fire_fighters_are_heros

 

See, it all evens out

 

Happy new year to you all.

I'm glad to have found this community. I enjoy reading all your interesting posts. Thank you all because in some way being here has given us the tools to find our first PPOR which we are enjoying a lot, also it is giving us more work lol.

I was one of the "wait for the crash" people and coming here changed that.

Our NYE was boring, we are not social people and now with a house it will be worst. Stayed at home, we had a friend come over and watched a movie "Gemini Man" not that interesting but we needed some action just so we wouldn't fall asleep. Paused the movie for new year wishes lol.

Ordered some food from Uber, we are not drinkers so Coke o sugar was our choice.

 

What were the top 3 things here that changed that paradigm for you?

And what's your plan of action now?

 

No, the shopping bill was BIGGER than the gas refill invoice .

 

Well not exactly top 3 things, I wish I could be well versed like you guys when writing about property.

A bit of background, we have been in Australia about 12 years and 8 of those years as International students. So we became Australian Citizens about 3 years ago that's when we started to save for the house deposit, not that long really.

We decided to stop waiting after reading most of you saying that never is a good moment to buy.

Another thing I learnt here is that being our PPOR where we are planning on living for many years and hopefully raise a small family (it seems a baby is on the way, to confim today with GP) we shouldn't worry too much about fluctuation in prices because in the long term properties are going to increase.

It was also an emotional decision as we have been postponing things everytime since we came to Australia in 2007. We were very tired of that. We couldn't have a pet, start a family, etc. because of our situation.

We followed @Erica recommendation "Buy the best property with the biggest piece of land in the best suburb you can afford" or something like that. We went for an old property on a 760 square metre of land about 8 kms from the city. We are happy, it really feels a lot nicer having that big space instead of the shoeboxes you see around here.

Plan of action? I don't know!! we have no money! the idea this year is to recover, house need a bit of work, nothing urgent but something we want to improve like bathroom and kitchen. I did enjoy the process of researching for properties, reading about council rules for land division, etc and I told my wife I wanted us to buy another property to rent as soon as we get the deposit for that property.

Once we are halfway with the savings I'm going to start asking questions again about what are the options for choosing an IP, for the moment please let me enjoy my house

 

Congrats on the new baby!

Enjoy your new home too. With regards to savings for a new IP, don't forget to get valuations on your property every 6-12 months. You may be surprised and able to pull out some equity to help with the deposit.

 

IMHO, you need a strategy and a plan of action.

... and now is the perfect time to develop and document these.

Remember the old lines from Alice in Wonderland:

“Would you tell me, please, which way I ought to go from here?' 'That depends a good deal on where you want to get to,' said the Cat. 'I don't much care where -' said Alice. 'Then it doesn't matter which way you go,' said the Cat.”​

In other words, identify where you are now (from Net Worth perspective) , determine where you want to get to, develop an action plan (with a timetable, milestones, etc) to get there, ...

Then execute the plan and monitor your progress on a regular basis (every 3 to 6 months) and take corrective action where/when required.

I did this 16 years ago this month. Seven years later, I achieved my goals.

We have been retired now for over 9 years. I still measure our Net Worth at the end of every Quarter. The good news for us is that it is still going up.

Finally, think seriously about diversification. Our Net Worth is split evenly between property and shares.

Even within a property portfolio, consider different property types. For example, our property portfolio has 3 bed homes, 4 bed homes, 2 bed units, skyhome, ...

Also consider buying property in various States (to reduce Land Tax).

Many things to thing about. Best time to consider all of this is when you have no spare cash and can’t be distracted by buying assets.

 

How much was the bottle?

 

$299 for this one.

The hibiki or distillers at Dan murphy is 1/3 the price and still a very good whisky though. Gotta try these things!

 

Well you certainly left me thinking about how ignorant I am really, in a good way of course, my head almost exploded after reading your post like if I was trying to understand Kriptonian language.

About that, I think it is wise to make another thread so I don't hijack this one. Some interesting questions I will post there.

 

Would you be OK with me answering them in layperson language (if I can)?