Over 50 restart life from ZERO is it Do Able.

Discussion in 'What to buy' started by propfr33dom, 20th Apr, 2020.

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  1. propfr33dom

    propfr33dom Member

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    Gooday fellow compatriots.
    Newbie ,I have my case here goes.
    Over 50 restart life from Zero basically, hardly any super as worked abroad most of working life.
    I am located in Kalgoorlie and trying to find best outcome how to get to retirement with something.
    1. To buy or rent in Kalgoorlie ,as i dont know if it would increase in price here to resale later?
    2. Buy were i would like to live /retire north queens land Bunbury location
    3. In Bundbury do i buy into retiment village , or own a property instead.
    4. OR Buy rural land inland with a home on it,but not sure would increase much?
    5. Or any other ideas would help
    6. Never bought a property in Australia yet?
    7. PS.. Am flexible been single and no family ties what so ever.
    Thanks in advance.
     
  2. kierank

    kierank Well-Known Member

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    Yep to question in the subject of the thread.
     
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  3. Trainee

    Trainee Well-Known Member

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    Assets and income? Learn about the pension.
     
  4. propfr33dom

    propfr33dom Member

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    Thanks, no assets, income start after lockdown from the virus. Yes working on the pension side to the determined the best way forward.
     
  5. The Y-man

    The Y-man Moderator Staff Member

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    You don't have Zero experience or knowledge - unless you suffered memory loss?

    The Y-man
     
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  6. propfr33dom

    propfr33dom Member

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    Thanks That gives me some hope.
     
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  7. wylie

    wylie Moderator Staff Member

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    Do you see yourself in a retirement village? I guess you mean an "over 50s" type place, where you are living with similarly aged people, but not old and all on walkers? :)

    How old are you now and how long do you have left in the workforce?
     
  8. willair

    willair Well-Known Member Premium Member

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    Maybe just buy a metal detector as there is still a lot of gold outside Kalgoorlie..
    [​IMG]
     
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  9. kierank

    kierank Well-Known Member

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    My in-laws were forced into bankruptcy at 50+.

    Thirty years later (after a lot of hard work), they were living very comfortably.

    Owned their own house, owned their own car, saved up some cash, lived on the aged pension, ...

    While one has a heartbeat, there is always hope.
     
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  10. propfr33dom

    propfr33dom Member

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    yes like over 50s place, just trying to see what would be more on profit side,as i dont think you can rent while you not there,till ready to move in.Also not sure the over 55 places go up in value?
     
  11. propfr33dom

    propfr33dom Member

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    Already checked it out with a few guys , little reward it seems,bottomless bucket it can be.
     
  12. propfr33dom

    propfr33dom Member

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    Im 54
     
  13. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    upload_2020-4-20_14-31-55.png


    6 KG bar from that little lode.

    2000 G/tonne
     
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  14. Omnidragon

    Omnidragon Well-Known Member

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    Should be fine
    Knowledge is exponential
     
  15. MoneyMan

    MoneyMan Well-Known Member

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    Depends what your definition of retirement is and what that something is you want.
     
  16. wylie

    wylie Moderator Staff Member

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    You want to live/retire Bunbury location. Do you see yourself living in a retirement village (assuming it is for younger, mobile people and not full of people using walkers)?

    Would you prefer to live in a house where you can walk to the shops, town?

    Are you planning on working for another ten years? And wanting whatever you buy now to grow in value enough that you can sell and rebuy in your chosen area?

    It is a bit confusing, and perhaps you don't really know what you want either.

    I guess it comes down to -

    1. Are you hoping to buy something now, have it paid off so you can live mortgage free, living costs provided by the pension?
    2. Hoping to buy something now that gives you more than a mortgage free dwelling and grows enough to provide income for your living requirements, ie. a rental house - plus the house you will live in upon retirement?
     
  17. Gill Bates

    Gill Bates Well-Known Member

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    retirement village Noel Whittaker has a book on that OR that mentions retirement village living

    Downsizing Made Simple

    Consider this snippit from elsewhere
    Aged Care Guru Rachel Lane suggests crunching the numbers on retirement villages, remembering to break it down into the ingoing, ongoing and outgoing costs - simply comparing what you pay upfront will ignore most of the key information. Seeking advice from a specialist adviser will ensure you understand the implications for your pension and potentially rent assistance too, your ability to fund your new lifestyle and what position you would be in if you needed to access home care or transition to residential aged care.
     
  18. The Y-man

    The Y-man Moderator Staff Member

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    Starting with zero $ I assume so it's going to take a few years of hard labour to make up the money required..... How much can you earn in your profession?

    The Y-man