Beno
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Post by Beno on May 27, 2022 19:21:55 GMT 10
Stay mobile, own nothing, diversify, stay above the crap. That's how I roll. The great reset will be perfect for you😁
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tactile
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Post by tactile on May 27, 2022 20:03:26 GMT 10
Life's a gamble. You can play the game any way you want.
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frostbite
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Post by frostbite on May 27, 2022 20:14:09 GMT 10
Life's a gamble. You can play the game any way you want. Yes you can, but let's hope you don't take a losing hand into your old age.
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tactile
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Post by tactile on May 27, 2022 22:21:52 GMT 10
Life's a gamble. You can play the game any way you want. Yes you can, but let's hope you don't take a losing hand into your old age. Depends what you call a losing hand. I suspect your idea of a losing hand and mine are a bit different...
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norseman
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Practical is Tactical!
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Post by norseman on May 28, 2022 2:59:39 GMT 10
Going into retirement and still renting is insane. You need to own a place debt free or you are pretty much screwed especially with what is coming. You need to own land with a dwelling or at very least land outright, without it you will be most vulnerable.
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d
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Post by d on May 28, 2022 5:24:44 GMT 10
Standard financial planning says that the Australian retirement plan is basically predicated on owning your home outright however some feel this is too normal, too boring, too inflexible. As a prepper i don’t see any downside to having a home, which you own, somewhere. The home doesn’t have to be where you are living or even serve as somewhere you intend to live at some point but to have that option is very valuable. Certainly more flexible then some rural block with no building entitlement..
Know how most people buy those rural lifestyle blocks? They borrow against their homes, because banks will let you do it that way, not the other way round.
I’ll add that I think it would be kind of a pain in the arse moving all your regular shit not to mention moving all your preps every time the landlord decides it’s time for you to go.
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frostbite
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Post by frostbite on May 28, 2022 7:08:51 GMT 10
Tactile, my definition of a losing hand is being dependent on $350 pw age pension and paying $300 pw rent. Unfortunately there are plenty of people in this situation.
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tactile
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Post by tactile on May 28, 2022 11:26:28 GMT 10
Tactile, my definition of a losing hand is being dependent on $350 pw age pension and paying $300 pw rent. Unfortunately there are plenty of people in this situation. I agree...that would be a losing hand. Not one I need to worry about fortunately...
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d
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Post by d on May 28, 2022 13:15:47 GMT 10
Tactile, my definition of a losing hand is being dependent on $350 pw age pension and paying $300 pw rent. Unfortunately there are plenty of people in this situation. I agree...that would be a losing hand. Not one I need to worry about fortunately...
So what is it you are actually doing?
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bug
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Post by bug on May 28, 2022 17:26:41 GMT 10
Going into retirement and still renting is insane. You need to own a place debt free or you are pretty much screwed especially with what is coming. You need to own land with a dwelling or at very least land outright, without it you will be most vulnerable. Short of a personal disaster, disability etc, there's not much excuse for getting to retirement age and complaining about still needing to rent. With only brief periods of severe recession, Australia has had decade after decade of solid growth. Making a personal choice to not own is one thing, pissing your savings away then wanting financial assistance because it's all too expensive now is another.
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captain
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Post by captain on May 28, 2022 21:04:44 GMT 10
Going into retirement and still renting is insane. You need to own a place debt free or you are pretty much screwed especially with what is coming. You need to own land with a dwelling or at very least land outright, without it you will be most vulnerable. Short of a personal disaster, disability etc, there's not much excuse for getting to retirement age and complaining about still needing to rent. With only brief periods of severe recession, Australia has had decade after decade of solid growth. Making a personal choice to not own is one thing, pissing your savings away then wanting financial assistance because it's all too expensive now is another. One word - divorce kills many people financially. So don’t make too many judgements on people. Divorce is probably the main reason that many people are financially crippled.
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Beno
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Location: Northern Rivers
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Post by Beno on May 28, 2022 21:22:55 GMT 10
Short of a personal disaster, disability etc, there's not much excuse for getting to retirement age and complaining about still needing to rent. With only brief periods of severe recession, Australia has had decade after decade of solid growth. Making a personal choice to not own is one thing, pissing your savings away then wanting financial assistance because it's all too expensive now is another. One word - divorce kills many people financially. So don’t make too many judgements on people. Divorce is probably the main reason that many people are financially crippled. So true. It is very bad in my area. Out of 18 kids in my sons class only 2 have their birth parents, the rest are mix n match families. I worked with 2 blokes who were late 50's and were recently divorced. They went through the wringer and had no chance of owning a home or having much super after the divorce. Times are changing and younger splits are a bit more even in terms of financial pain dished out.
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Post by corgiking on May 29, 2022 9:19:51 GMT 10
Short of a personal disaster, disability etc, there's not much excuse for getting to retirement age and complaining about still needing to rent. With only brief periods of severe recession, Australia has had decade after decade of solid growth. Making a personal choice to not own is one thing, pissing your savings away then wanting financial assistance because it's all too expensive now is another. One word - divorce kills many people financially. So don’t make too many judgements on people. Divorce is probably the main reason that many people are financially crippled. Yep, it is humbling, at age 42, to lose 70% of your super, 70% of your cash savings, 70% of your house equity and your vehicle. Then you need a deposit for a another house. Absolutely wipes you out, and i got off reasonably well.
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bug
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Post by bug on May 29, 2022 10:27:15 GMT 10
Short of a personal disaster, disability etc, there's not much excuse for getting to retirement age and complaining about still needing to rent. With only brief periods of severe recession, Australia has had decade after decade of solid growth. Making a personal choice to not own is one thing, pissing your savings away then wanting financial assistance because it's all too expensive now is another. One word - divorce kills many people financially. So don’t make too many judgements on people. Divorce is probably the main reason that many people are financially crippled. Not sure why you don't count that as a "personal disaster".
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Post by Stealth on May 29, 2022 11:47:32 GMT 10
I'd say that absolutely would be a personal SHTF. I've discussed what we'd do if we ever separated with the other half. It felt a bit morbid, but I guess you do that when you see couples around you separating. We're both very for the 'straight down the middle' when it comes to assets attitude. We take the attitude that money that one of us has earned to afford an asset has been earned by both. Without the other person at home with the kids, or for example me agreeing to the release of finances that came from my wage to buy the asset that we've bought for both of us, we wouldn't have had that asset in the first place.
But the reality is that there's a lot of relationships where that doesn't happen. Heck, were it ever to happen for us maybe we would change our minds about how we wanted to close up shop. I've never really thought about having a personal SHTF fund in case of that kind of situation because I guess my mind doesn't like to wander to that ever being a reality. And that's probably where most people get caught out.
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frostbite
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Post by frostbite on May 29, 2022 14:56:03 GMT 10
When I split with my ex in 2004 it was a 45/55 split. When I took up with the new mrs we had a cohab agreement drawn up by our solicitor, which outlines how we want our assets divided if we seperate.
I didn't suffer financially. The key is to find a new partner with assets of their own.
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d
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Post by d on May 30, 2022 5:48:42 GMT 10
Thinking about it I realised I invest 45% of my income (10% super, 35% vanguard indexes) and personally I see this as a a good step towards financial preparedness and financial freedom generally however I think I should do either one of two things;
A. Double down and get as much money into those indexes now as they recover and let compound interest do it’s thing, assuming the world economies will press on and shoot for the “retire at 45-50” goal.
B. Stay as I am and load up on commodities which would keep me resilient during an extended loss of income which is unlikely as my job is predicated on government spending money, which I think will continue but perhaps a couple more things couldn’t hurt
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bug
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Post by bug on May 30, 2022 9:37:16 GMT 10
Yeah, that sounds smart. Do you own your own home?
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d
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Post by d on May 30, 2022 9:42:48 GMT 10
Yeah, that sounds smart. Do you own your own home? Yeah, we bought it outright in 2020. Sometimes I wonder if that was a bad decision as the compounding is obviously rather significant but I’m chocking it up as a lifestyle choice.
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bug
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Post by bug on May 30, 2022 9:57:18 GMT 10
As with everything, it has it's risks and benefits. From a prepping pov, you just can't do it in a rental. You can't modify the place (water tanks, solar, battery, farm animals etc) in a rental without serious risk of the landlord abruptly ending your lease. Owning your own place is vastly better from that pov. Also, if banks cease to exist, so does your mortgage.
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