The 3 Levels of Wealth

Fair enough - I am pretty sure there are alot of properties in the expensive postcodes are not PPOR.

 

So have a PPOR on the largest block with the nicest house one can afford (especially in retirement).

We live in a really nice house on 5 acres - no land tax, council rates are roughly double that of our IPs (on 600sqm) and building insurance is based mainly on replacement value.

I don’t believe expensive postcodes are that much more costly to live in, especially when one takes into account lifestyle and capital growth.

Happy to be shown otherwise.

 

Yes there is a lot to be said for living in a expensive ppor in terms of cgt and estate planning.

esp liked terryws tip on effectively having two cgt free properties upon death.

 

Easy fix - don’t live in ACT .

 

i thought safer areas = cheaper insurance,

talk about living in most expensive postcode but complain about small things like insurance and council rates.

@.@.

 

I don't think you fail it's just your choice.
I also don't think it's silly it depends on someone's perceived value in monetary terms, wouldn't you agree?
If a $2K Grange represents say 0.1% of your earnings or even a lesser % of your net worth, say like a cost of cup of coffee to someone elses relative terms then why not buy it occasionally if one desires?
It's really a personal choice on what real wealthy spend. Some of my friends prefer to buy Granges or like younger and then let them lie for 10-20 years to enjoy their maturity that way.
True financial wealth should provide the choice for one's desires where to spend, not what consumerism or conformity dictates, IMHO.
Some will spend on expensive alcohol, others jewellery, others houses, others flights or cars and so on, to me there's no defined rule, but rather a personal choice what one values!

 

I don't want me, my wife, my children or future grandchildren to ever get to the "what are prices" level.
Easy to become a horrible person on that level.

 

I turn the big 5-0 this year so bought a bottle of 1970 Grange to celebrate the big day. I know its wasteful but what the hell. You only live once and what's the point of money if you can't indulge a little bit every now and again. Grange isn't my usual tipple...

 

I spew when the takeaways charge $3.50 for a chiko roll. I then refuse to buy the accompanying can of coke from them. Instead I go to a nearby bakery and get a can for $1.30.....$4.80 for lunch is not baaaad lol. Cholesterol and sugar levels are a tad high though.

 

easy, but not everyone will,, human values, if you think like this now, i am confident you will do fine