Some Facts - Where most Australians are Financially......

I thought it would end like this...

 

What brings you to a property forum?

 

It's good to have life interests outside of work. I'm not saying I could ever truly stop working, but I could happily fill my days of not working spending more time with my wife and kids, travelling, learning new skills, restoring classic cars, building furniture, cooking, eating out nice meals, growing a small vineyard and making my own wine on my future coastal acreage Holliday home, etc etc etc. for me being rich would never be boring. This world has so much to offer and money certainly makes it easier to enjoy the fruits of life.

 

Could have saved yourself a lot of effort 12 years ago by getting some leverage and buying some properties in NSW.

 

Whether you have made money or not the question still remains .

How do you trade forex without the use of leverage?

 

Slowly and arguably more safely. But as they say low risk low reward.

 

I really hope this doesn't turn into a pile on @barnes thread.

 

Not sure you can actually trade forex through any broker without leverage.

What brokers have this facility available?

 

Is that a regular occurrence?
I have to ask though how many properties does Barnes own/intend on buying without ever obtaining leverage?
I'm all for discussion around sustainable LVR levels but to expect to make inroads into property investment without leverage is a pretty strange model and would require either a extremely high paying job (with discipline not to have the matching lifestyle) or inherited wealth.
So if that's not the case then it really begs the question which DT already asked, why does he come to a property forum?

 

Don't know, I prefer property investment hence the forum activity here. Have seem people highly leveraged do forex and it comes across as purely gambling to me.

 

I know where you are coming from mate. I can only assume he enjoys the discussions around some topics. But like I said and I don't agree with his philosophies so I'll just agree to disagree with him.

 

You can always buy currency through exchange brokers or buy physical gold or silver. People do that.

 

Because I still have one former IP left. I will sell it in a years time and I will leave this forum because I will stop being a property investor completely.

 

I like it here. It's interesting.

 

That is currency trading not forex trading.

 

I guess i severely lack talent then

 

are you talking personal debt only? or u including investment/business debt?

i have to say i strongly disagree with your opinion but you do seem to have some severe hangups about debt

 

i actually agree with a lot of this, there is definitely too much debt out there, especially when you consider how unproductive so much of it is.

i just dont agree with your view it should never be used.

you cant self fund every business idea, investment, whatever and even if you could, having so much in one basket isnt necessarily smart either.

as an extreme example, i know a company that is currently growing extremely quickly, eg $400k revenue in June 2015, $4m in Jan 2016. they were doing a raise last year that ultimately helped them grow that quickly but borrowed a sum first to enable them to spend it on marketing and save 6-8 weeks of the raise.


could tesla have existed how it does atm without debt? at one stage elon musk put in every single cent he had into it to keep it afloat, it is certainly conceivable he wouldve had some personal debt too. yet in your eyes he isnt rich because he has debt?

unless say andrew forrest pays cash for absolutely everything and has zero debts he isnt rich?

 

agreed, like i said earlier i do think he makes some good points re debt, i just dont agree with the absolute nature of them, shades of grey and all that.

to be fair a friend of mine in his mid-late 20s is worth around $5-7m, has a highly successful business and also doesnt like debt, his business is worth well over $10m, makes multiple millions a year and the only debt it has it has is a tiny amount for income producing equipment.

he's a rare one who banks are always trying to lend more money too and he is wanting to borrow less, sure being more gung ho mightve meant he had even more money but his approach has worked for him and also kept his downside down

 

Until I read this thread, I didn't realise what a complete failure I am.

I am nearly 60, I am unemployed and unemployable ('retired' in layperson terms), I have just signed a contract for another property (will post details on PC when it settles), I have applied for my largest loan ever (so much so, my debt will be 5 times what it was), ...

Until now, I didn't realise having so much debt was so bad. I am a failure.

After a huge amount of soul searching, I rationalised this with a lot of positive thinking. So, now I lack talent. Geez, my failure is complete .

What an awful way to start a beautiful day!!!

Where's my nearest Centrelink office? I got a lot of forms to fill in.