Youngsters and their views on property?

I no longer fit into the young person bracket (at 27) but I bought my first place 4 years ago (at 23). I think the difference between young people who invest and those that don't comes down to understanding and education of money and finances.

In my family, money was talked about regularly. When I was 16 and wanted to buy a car my parents sat me down and taught me how to look at all the costs associated with my purchase (servicing, rego, petrol, parts, insurance etc). Then we talked about the value of a car and the value of my money. We spent 3 months regularly having conversations that were teachable moments and in the end I decided that I didn't need a car as there were alternatives (public transport and my parents were happy to let me borrow their car sometimes). They taught me to prioritise my needs/wants and measure them in terms of value (to me).

When I met my (now) hubby, he didn't have the same skill set as his family had never openly spoken about money so he lived on credit and had debt up to his ears. By the time he reached 18 he was still a kid, not an adult and didn't know how to make good choices or even what information he needed to consider when making a financial choice.

Whenever I speak to friends it is always clear whose parents were open in teaching their children money smarts and those who weren't because you can see it in the results-- some people have money managing skills and others don't.

 

I know right! They have good paying jobs but they spend it asap!

 

stop! , this thread is making me feel old and I don't think I'm even that old (38), seriously though the responses here are the perfect antithesis to the idiot gen y and millennials you see daily in the media. Good on you all and I wish I had started that early, youth is wasted on the young.

 

Good point. Don't forget to actually live life guys while you're living life.

 

Um...no...
27 is still young

 

Education education education!
My parents were similar teaching me costs involved and bills etc etc
I bought when I was 22 at Sydney's last peak! They taught me lots but I learnt a valuable lesson too, it takes a while for prices to increase when buying at the peak!!
I was ready to go for number 2 ip straight after, buying wasn't that hard but unfortunately that was their skill limit so I stagnated for a bit

The moral of the story is... don't be afraid to no longer listen to family and friends about property! Teach yourself!

 

hang on a minute, 1st class is like $10k return
even on 6 figure salary, $10k would take a while to save up!!

 

That's business, first was 18K per person to the U.S. I think.

 

I also bought my first at the last peak. Super frustrating but as you said, it taught me a very valuable lesson.
This time round I bought BIG near the beginning of it and sold at what I think was the peak. Almost tripled our net worth in 18 months.

 

Umm, unless they won the lotto, I wonder how they posted facebook photos of them lying on their beds in the SQ 1st class suites! They don't care about saving money. They only card about posting the coolest things on social media.

 

yay I'm still young. There is always two types of people. I settled on a property before my 20th birthday. All my friends were spending each night at the pub. I'd spend one night with them and work until midnight the other six. They laughed at me when I said wanted to buy property. Most of them said they will worry about that when they finish uni and have high paying jobs. Not one of them finished uni and only one has his own place. Seven years later I'm at double digits. They blame the government mainly for not owning a house*facepalm*. I honestly think they need to implement a basic money/saving knowledge test at schools.

 

Who said anything about saving? Credit cards and pay day loans is where it's at!

 

+1. I'm the only one in my fam to go to uni, and the only one without a personal loan/credit card debt, yet I still listen to their advice for some reason. I love em but sometimes they really don't help

 

damn! $10-$18k on first class when economy is about $2k, while all on credit would make me smash my head against the concrete!

 

...and don't forget cash converters. They pray on fools, of which there are many.

 

Minimum repayments is probably only a couple hundred bucks a month. If it all gets a bit too hard just go for a bit of shopping therapy

I'll stop the mocking but that's seriously how some people think

 

Can it be summarised with YOLO?

Where do you find these friends? They sound to be rare specimen... even the biggest spender I know has limit they won't go pass.
Approx. half of my high school friends now have property, the other half, hasn't managed to catch up with them yet.

 

I have this aquaintance, typical alpha male, good looking bogan, sophistication of a used bong

goes into a cafe alone, buys a $200 bottle of wine hoping that people and girls notice, swirls and sniffs it like he has an idea, and then flashes his borrowed watch

cant even afford a basic car to get from A to B

and then proceeds to lecture me about "YOLO and you gotta live life"

and then asks me to borrow $50

hmmmmm.....sitting in a cafe drinking something expensive that you have no idea about while flashing a borrowed watch (assuming he can even read a non digital clock) hoping someone notices vs my life...........I know which one I'd pick

 

A few years ago I would qualify for a youngest and answer your question. Just realised I hit 30 a few days ago.

 

A lot of bitter sounding people here with holier-than-thou attitudes.