What a joke! 155k net income yet only saves 6k a year in a 3p family

What do they do with it ? gamble ? you can't pee that amount away.....

I do get told things by people all the time, one that I recall was just one partner earned 3 times my wage, no kids at that time, and they were telling me how tough it is, they rented and had a car worth a couple of grand....

 

AFL / NRL memberships, game day tickets & food, live music events (remember the cost of Adele tickets?), annual trips to Bali and Fiji, Thursday and Friday night drinks @$13 a glass, dinner with the partner on Saturday night, Sunday brunch.

Then there's the cost of all those running/cycling events, the $3,000 of gear + the latest $10,000 road bike you need to shave 30 seconds* off your Ironman time. Spend the same again on your personal trainer.

You need a personal loan to cover the cost of going to see a movie these days.

This is before we get to the motorbike you take out for a long weekend spin down at the holiday home which you pretend is doing well on Air B&B but is vacant 80% of the time.

Need I go on?

* In fairness those bikes are really good, but no amount of aerodynamic brilliance will help you if you are *ahem* un-aerodynamic yourself.

 

'Toby' is not said to be a financial planner or advisor - it says 'financial manager' which I think they mean finance manager - ie he works in lending.

Having said that, I think 2 adults should have a better idea of how to manage their spending!

 

It wouldn't take much to rake up some pretty big bills if you had 2 nice cars in the driveway worth $40-$50K each , even more if its a BMW or Audi .
For many its just about keeping up appearances.
What many dont realize is that there probably trying to keep up with other people just living off credit.

 

Don’t forget the other necessity of life, a bottle of Penfold Grange at $700 a pop

 

The new iPhone XS Maxi dual sim is a bargain at $2k

And if you’re a politician an internet connection is over $2,000 a month.

 

Still prefer my bottle of Grange every night, medicinal purposes only.

I just wish the Government would put it on the PBS, so that it was a lot cheaper of us pensioners .

 

IMO, that industry has an over representation of man children.... they live in an alternate reality with little appreciation for just how well off they are.

I know a few who have substantial credit card debt, financed cars & renting whilst earning 3 times what the average Joe does, and been in the industry for 10+ years. It baffles my mind how financially irresponsible many people are whom then cry poor.

 

People were queuing up around the block for the 'privilege' of buying the latest iPhone.

I think the story is true.

 

The 52k he spends on loans is what is killing him.
I think needs to rethink his career if he thought getting a big loan like that was a smart idea

 

A lot of people that work in the Mining industry dont know any different ,they grew up in mining towns like Kalgoorlie ,Newman , Port Hedland or Karratha and just followed dads footsteps into a mechanical or electrical apprenticeship or as an operator ,by the time they are in their early 20s there earning $150k a year .
But saying that I have worked in one small camp where the geologist would get drunk in the bar every night and shout the whole bar.
He was not a young bloke , but typical of the mining industry only 10 -15 years ago.

 

If your on 150....50k on loans for property is not a lot, unless they all have no income......

 

Totally agree. It is only around $1M of debt; not that much these days.

 

That's 1/3 of income, nowhere near loan stress territory.

 

Its $2K a month on the personal loan including car and a further $2K a month on car expenses. Combining it to $4k a month means cost about $1.20 per kilometre based on fuel expenditure for cars that are being driven for 5-6 hours a week each and parked the rest of the time.

They are getting better value for the rent at least they are using the house for say 100 hours a week even if half of that is to sleep.

 

Thank goodness for people like Toby* and Leanne* who so easily demonstrate that home ownership is out of the reach of the above income average Australian who thinks a budget is something where you just list your expenditure and hope you don't run out of month before your money runs out.

Not even any thought of spending $275 p.w on groceries for 3 people incl an 8 year old and benchmarking what the average family would spend. A finance manager should be benchmarking.

Maybe on his $500.00 a month saving he should invest $25 in the Barefoot Investor book. He could start to read it while he is waiting for his partners on the golf course.

I hadn't realised that schools had a rule on what kind of car you could drop your child off in "
We really need two cars,” he explained.

“My wife needs one for her work … and I need one to drop off and pick up our son and for work."

As long as I pay my children's fees their schools didn't object when I dropped them off in a 20+ year old Toyota Hilux dual cab. I'm sure if Toby* looked closely enough he would see parents wearing Ug Boots when they drop their children at his child's school.

 

If you have an interview.

Than read in the paper what the wrote.

Its completely not what you were saying.

No one cares what you said.

Its not usually interesting enough so the Editor will change some numbers to make it more interesting.

Its most likely 50% true at best.


SQM's Louis Christopher disappointed with 60 Minutes Bricks and Slaughter editing

 

We had an interview with Current Affairs a few years ago. It was about shoddy builders and certification they said. Our main point was that a 3 month old building had caught on fire and when the Fire brigade came to connect to the stand pipe, it fell over as it was simply dug into the ground with no water line connected to it. The FB had to use one in an adjacent building. So about 10 mins of delay for them and a shoddy job approved by the Fire Authority, Parramatta Council and Sydney Water with all flow rates written in the approved certification.
The end story on Current Affair was just an add to use a building inspector to check the building out before buying a home unit. (they didnt mention that 4 of the 6 owners did)