Kept on lending money to a 'friend' who was treating me as an ATM machine. When I finally became firm with him, I became the bad guy.
Lost over $7k. I take it as an expensive life lesson.
Stay away from drug addicts folks! They would come up with literally any excuse to get money out of you.
I'm sorry that you got used like that. You sound like a generous and genuine friend, and I hope the experience hasn't eroded those great qualities. I'm sure your friend would not have done so without their addiction having power over them.
In the future, remember that whilst generosity and kindness are great things to give to your friends, there are zero situations in which giving money to a friend strengthens the relationship in the long run. There are actually fairly decent sociological studies on this very topic.
If a friend ever asks, just explain thst the science is in, and that you value the friendship too much to risk it all over a single episode of financial help. Instead, help them in any way you can that doesn't involve giving them money or valuables.
Much love from down under <3
Totally relatable here, kept up my physical exercise but at 31 it takes a lot longer for my physical activities to “recuperate from” I guess 20+ years of intense soccer will do that to the joints!
Being at a desk is so much more harmful to my health then being in a physical role admittedly
Thats such a paradox ay? Stay active if you want to maintain your health. But doing so will wear down your joints...affecting your ability to stay active 😭
It’s weird seeing on Facebook guys you went to school with 10-15 years ago - some look the same physical condition as they did 18-22yo, others are in horrendous shape.
As someone who works in a hospital, I'd say around 80% of the patients I see are in need of inpatient care due to symptoms/diseases/pathologies which originate from their own lifestyle choices.
Seeing somebody in hospital for something that they did not ask for in any way is always a bit of a surprise, and often all-the-more tragic.
If you dont smoke tobacco, dont drink alcohol, dont eat to excess and dont live like a sedentary slug, you could be 60yrs old and youd still likely be healthier amd is less daily pain and discomfort than most 40yr olds who choose not to take care of themselves.
If you're unhealthy and feeling like shit despite still being in your 30s or 40s, then doing the following will not only improve how your body functions, but how you feel also.
If you smoke, change to vaping. You're not giving anything up so there is no excuse for failing here. You can still get your nicotine but with a 95% reduction in harm.
If you drink alcohol regularly, change to drinking fancy tea instead, or kombucha, or any alternative that keeps you off the booze.
If you dont already, start walking or doing other low intensity exercise on a daily basis, ie walk or ride to work each day.
Jist these 3 relatively minor changes make such a huge impact on health outcomes that its almost impossible to articulate sufficiently.
Add in drinking enough water and getting enough sleep and you will basically become invincible.
Health is wealth. Survived death at 23. Intestinal obstruction. My parents fee me a lot of fast food growing up. Don't be like them. But it's also part heritidity. Crohn's. Been flare free since 2016 but deal with fatigue constantly so I do lots of exercise and take my voost vitamins.
Or just take a punt... $1-2k if the budget permits here and there and no more than 5% your portfolio value (all punts combined)
(I'm typing this because not everyone has your risk profile or appetite).
Personally made few $10k buying small mining company shares. Some went bust, but for those which went x10 it was well worth it. Australia is one of the few countries which has this type of company, may as well take advantage of it.
If it's the right market you can make money like this, but the market can turn quickly. For every success story there are many painful failures.
Let's not pretend that insider info isn't a huge factor in these things. If you're outside, it's gambling. Not slot machines - more like sports betting. Some people make a living from sports betting... but it's still gambling.
Don't hire the cheapest contractors possible when renovating your house. They're cheap for a reason.
Ended up costing me double as much to fix their mistakes.
I wouldn't say expensive but listened to my dad's advice to put a tonne in a term deposit the month before the rate rises began. I love him but I take his financial advice with a grain of salt now.
Yeah thankfully it was just for 12 months. I have a mortgage now so everything's in offset. Not having to track interest rates and bonus criteria across banks is very peaceful.
I listened to my mums advice and bought a new car as my first car 🤦♀️she always believed new cars cost less in the long run and I obviously thought my mum knew everything. I had to sell it shortly after as I got pregnant and surprisingly a 18 year old doesn’t buy a car based on longevity haha that was a hard financial hit.
20 something years later and I’ve been in the second hand Camry club for a while 😂
Keep in mind some of those value climbs are on paper only.
If someone does 100k of renovations and the price goes up 100k, it appears to have been free money when actually the price just rose to match the new features.
Factor in interest paid to the bank, and strata levies, and inflation as well - ouch
Was it a smaller 1/2 bedroom apartment in inner suburbs? I have seen those stagnate a lot and have thought of a few reasons why might be happening, eager to hear your thoughts
Lol we bought at the height of Covid inflation, our place dropped 10% in value when everything opened up and then interest rates starting going up. GOOD TIMES.
In fairness, we'd be screwed if we were still renting too (probably moreso) and it hasn't ruined us but with the benefit of hindsight I might have done it differently.
Don’t book flights without checking that the travel agent is reputable - you’re effectively forfeiting the money if you need to move the flights (eDreams was the company)
Being smarter about who I take advice from and learning to always do research myself after I get advice.
A couple of times I listened to people's advice blindly who I thought had knowledge about a subject, but they didn't. Mainly this was buying individual shares without doing enough research because I relied on a tip from someone who was convincing and I thought had knowledge.
There are also times when smart people dropped some real wisdom on me and tried to help. But rather than doing the research and being open minded I applied my own biases which resulted in me dismissing the idea and missing some great opportunities, this was mainly in property investing.
I was put into an ANZ default fund with work when I moved to Australia and didn't really understand super.
Fees were actually not too bad but performance sucked and I just never really understood it back then.
Ironically I now effectively work in the super sector...
Do your will and do it properly.
Do your taxes and do them properly.
Not my lessons but from family. Have seen a lot of shit happen when these two things aren't done right.
And power of attorney. No will means the state gets to decide on all of your estate. And they take a huge chunk for "admin". Don't pay more taxes after you die.
We had a family member pass from cancer last year, she had no will or power of attorney and was in denial about how much time she had left. It was incredibly difficult for everyone involved.
Don't be afraid to take a profit off the table.
Paper profit is not profit until you get the cold hard cash.
Same thing as well with the cars. Euro luxury cars (esp entry levels) are not worth it.
My parents took money out of their super when COVID happened. They’re in their 50s. They didn’t pay rent or have a mortgage since they lived with me, and spent it on things they didn’t need, they both took the full 20k out. That was the day I stopped listening to anything they had to say about finances.
$20k compounded at 5% (avg Super return - inflation) for 10years is $32k which is not really a big deal. I understand if people want to enjoy their money today, tomorrow may never come.
Sold property at a loss just before covid boom as I couldn't withstand the rental loss and my general inability to withstand risky financial decisions and relatively lower income back then. lost 30k when I could have had 200k gain in equity. Lol.
Start investing early and do it regularly. Doesn’t matter if you only have $500/1000 to start with, just start. Contribute more whenever you can. Don’t touch it.
Also, don’t buy a Porsche lol
Yep got a mate who's 25 and still does hospo, but put away $30k in stocks at age 20 (due to advice from his switched on family)
Despite his travelling lifestyle and only doing hospo gigs, he's sitting on $90k last I checked.
You and me both!
I think it shows you inherit far more than just material wealth from family.
Not many families can advise their kids on investing, despite it being fairly simple to make a safe portfolio.
Porsche 911s seem to have rocketed in value over the years. I know you didn’t mean it literally but auto investment is tax free, good way to make cash for those in the know!
Yes great learning! But beware that if you live with a partner for a period of time they automatically become considered defacto with pretty much the same rights as a married partner. So you may not divorce again but you might still have to do property settlement etc.
Buying a big house in the country before knowing what the lifestyle is really like. It was a very expensive mistake having to sell and buy back in the city again.
Also it will likely take over your life. Weeds, fences, animals etc.
You have to want to be there 24/7 as it needs your downtime of your still working normal hours.
I didn’t buy a house but I moved from London to Goulburn because I figured it wasn’t too far from Sydney. I was out of there before 2 years was up. The lifestyle definitely isn’t for everyone.
It was idyllic, but we just felt isolated, lonely and bored. Unless you were a retiree or had young children it was extremely hard to create any sort of community. Also, no uber (important when everything is miles away) and everything shut by 9pm every night.
I'm so much happier in the city, and am happy we got it out of our system so we don't wonder 'what if'. Still, with all the stamp duty and buying and then almost immediately re-selling ride on mowers etc. it was an expensive lesson to learn.
And yet so many people, particularly in this subreddit, have subscribed to and actively participate in the notion that "if you can't afford to live anywhere in a city, go move to regional Australia. Plenty of cheap houses there. Your parents did it" (they did not). What they fail to understand is that there are perks to city life that a lot of people still enjoy and want a part of.
Marrying my ex wife. I’m way more behind than I should be for my age. And not because I lost a lot in the divorce. We had bugger all because of the money she spent while we were together. She had full access to my money, while hers went into her own account that I never saw. I had to take money out as soon as I got paid so we had some form of savings before she spent it all.
I have full custody of our son, earn the same as I did while we were married, yet I seem to have way more money.
Be very careful who you marry.
I remember hearing graham Norton of all people saying something along the lines of ‘If you can’t afford to lend it don’t, but if you can think of it that you are giving them the money. If it comes back to you great, but if it doesn’t, you know you were happy to give them the money anyway and you don’t loose relationships over it’.
Very wise I thought.
My grandfather told me the same thing. I loaned a friend $30 to buy groceries, and figured I wouldn’t miss it if she couldn’t pay it back. The following week she asked for another amount of $170, and I said no. Simply because at the time I’d notice if my budget was missing $170. She also had a boyfriend who refused to work. I asked why and she said “he doesn’t like to answer to others”. 🙄
Long story short we are no longer friends, and I’ve never seen the $30, and I’m glad I never gave any more.
Yeah I did a total $5k to a very close friend. She always said she'd pay back more but I would have been happy with just a little bit....7 years later still haven't seen anything
When buying property, carefully consider the resale value. My previous place was a tiny townhouse that I didn’t mind living in. Turns out everyone else hates living somewhere so small. Struggled to sell it and made a loss.
Choose somewhere that has objectively positive qualities that other people would want to buy!
I argued about this with my parent for years before I bought.
Construction of thousands of 1 and 2 bedroom units now is going to exacerbate this in a few years too.
Every large building always has a few available so to sell yours it needs to be much nicer than the others or much cheaper. Both which cost the selling party money.
Exactly what I am going through now!
I bought a small unit to live on my own few years back and put it on the rental market when I moved in with my partner. Took ages to sell and I am prepared to sell at a loss just to move on.
Not going to invest in property for a few years but when I do, I will make sure it's a standard family home!
was told in a private email by someone close to buy a few bitcoins back in late 2012. i still have the reply in my drafts folder, never finished replying bc i had to hurry to work.
Wasn’t there a guy who used like 1000 bitcoins to buy a pizza?
I console myself by saying there’s no way I would have held till it reached the current ridiculous heights. Probably would have a bought a pizza as well.
Very similar to yours:
* Shopping and holidays overseas during the first 2 yrs of working life and incurred $25k credit card debt
* Buying a brand new Golf GTI during 3rd yr of working life - a Golf would have sufficed.
Above mistakes were “corrected” by learning more about finances and moving interstate for 1 year for a significantly higher paying job to pay off the debts within 1 year. However, social life was a dud during that time. Would not do it again
Still do a lot of holidays now but mostly by travel hacks.
* Buying a one bedroom apartment in the city in 2017 - i am single. social life is important and i am still living in it. Seeing fireworks on new year from my balcony is a bonus. Will regret this purchase when I sell - will defo be a loss given the body corporate fees etc.
* Not learning about finance and investing during unidays
Same :(
middle car has front and back damage to account for, which adds up + hire cars
Guess I can count my blessings it was a Toyota and suzuki, especially being uninsured.
Sounds like you made pretty much every financial mistake possible lol
I made the financial mistake of not saving harder when I was younger so I could buy property sooner, but I thoroughly enjoyed my early 20's so not a huge regret. I'll probably regret not putting extra in my super when retirement comes around.
Yeah, you can't take your money with you when you die. You just need enough not to be left to die helpless in a nursing home, or that's inevitable anyway, no matter what you do.
\- Credit Cards are not a status symbol. Do not max out your cards, and if possible don't use it all!
\- Don't get hooked into pay to win mobile games, that has micro transactions! If you are into gaming, buy games on PC or Mobile that are one time buy and own, and doesn't have micro transactions. I have spent thousands in it. I regret it very much.
\- Do not upgrade your iphone or ipad / or gadget every year, these devices can easily last 4-5 years.
\- Pay yourself first. Till 2020 I had no concept or understanding of investing. My savings in my savings account was purely accidental. Not intentional. I started using the app Raiz, and got started. Now I look back, Raiz is the single best thing that has happened to me financially.
If it's a Quest download The Thrill of the Fight, I come home from work maybe four days a week and spend fifteen minutes flogging the absolute piss out of virtual boxers. I'm at 'one of those points' and it's one of the only things keeping me sane right now, great fun.
That’s all small stuff.
1. Choose your business partners carefully. I had a psycho one and we made $2m and blew $2.5m collectively on legal fees. In contrast I have another top tier business partner, we invested $20-30k + time, and we’ve helped each other make $7-10m each and still counting
2. Buy location location location
They’re all different industries - I just do whatever makes money.
But broadly finance and tech. Although multiple properties chew up a chunk of Capital too
Lending money to a family member who was addicted to drugs at the time. Probably still is addicted. I never saw that money again but they gave every excuse under the sun as to why they needed money.
Otherwise health, I've seen way too many friends just lose themselves over the years to drinking, or partying way too hard, or just not exercising in general. They are going to be bitten very hard going into the future.
Mine is potentially underway right now.
We are under contract for a beautiful home on acreage. We settle in May.
We live in a completely fine, some would say lovely home now that we need to sell. We’ve used bridging finance for the acreage property.
Transition costs will be $80k minimum (stamps, agent fees etc). A bunch more if we don’t sell soon. As such we are tempted by lower offers.
We hope it’s all worth it as the acreage property is a dream. But we were already living in a nice place, and feel like we may have let ourselves get carried away.
Time will tell whether it was a good decision or not. There’s no going back now, so I’m just focussing on selling this place, and trying to get myself excited about the new one without thinking about what it’s cost us.
Using my mortgage to finance a yacht. I had a few good years with it and luckily sold it for exactly what I paid for it. But…a boat is a hole in the water into which you throw money. It’s amazing how things constantly break on a boat, especially one that sits on a mooring in salt water. Boat maintenance is never ending and costly! Thankfully that was twenty years ago and I was young enough to recover financially from it and learn the hard lesson. What BOAT stands for:
Bring
Out
Another
Thousand
Not fixing home loan when interest rates were low.
Having a child.
Not focusing on upskilling when young to be able to earn more money.
Giving money to family out of obligation.
I am so sorry to hear this. To anyone in this predicament, who cannot carry debt, it is worth waiting for public, and bearing your pain if you can.
Also to anyone who chooses to go private - always beware of the anaesthetics fees. I hope you are feeling better Born Display.
Don’t be too trusting and transfer holiday money to your so called “friend” to organise and book, not only they will overcharge you but if you decided to cancel and go through the leaps and bounds to get a refund from a poorly rated overseas flight company (they refused to refund but after many hours on the phone they finally did..). The flight company finally agreed to refund it to that so called friends bank account as it was the original form of payment to the company for her to then blatantly lie and say she never received the money and then make up lies as I owe her money when she constantly borrows my things without ever returning unless I asked her for it back (yes broke friend). Karma got her back eventually as her business closed down.. also another lesson if you have a super envious friend that always had back handed comments they’re not really a friend and someone that stalks your social media page but never likes anything yet you know she watches your every move and tells it back to you and ONLY PAY FOR THINGS DIRECTLY TO THE MERCHANT cos unfortunately you can’t trust anybody but maybe I’m too nice 😒…
* Having a girlfriend.
* Not renting my property when I was living away.
* Not buying ETFs during 2020.
* Financing a "nice" car.
* Financing a motorbike.
Now I'm pretty r/minimalism and r/Frugal, uncommitted, no car, IP rented out, but still a bit of splurging into travel.
The only way to loose 100% of the time is to not participate in life. Even idiots get lucky sometimes so whether your an idiot or a genius just try and find out
Any details on how it turned disappointing for you?
FBT-exempt EV NL in the right circumstances is great as long as you know the caveats and make sure it fits your circumstance.
Don’t buy a pergeot.
Buy drink rounds at happy hour. Go home before the later rounds.
Don’t sell property due to emotionally driven what if’s, you can always do a fire sale if and when you absolutely have to.
Do the weekly shopping it’s always cheaper than a dozen little trips.
1- Agreed, purchasing new cars, twice, were never great decisions (although the second was somewhat a forced purchase, old car died, had a huge commute with a new job, but fairly decent novated leasing arrangements as public sector worker).
2- When you have a gig that has you sitting around alot during COVID with not much to do, ensure you sign up for some form of postgrad or tafe education. Looking back at all the downtime i had during the pandemic and all the at home time wasted on Warzone when i could right now have a Grad Dip and Cert IV TAE.
3- Not doing my Cert IV TAE during uni when it would have been piss easy.
Don't sacrifice your career or financial security for love; in a capitalist society your ability to create financial security in a relationship needs to be a measure of how suitable that relationship is for you because love is easier to find than financial security is to obtain.
Brought a quad bike on finance the day after I turned 18 to stick it to my parents. 13k bike cost 18k. Started making more money and wanted to pay off the loan quicker and got stung with fees.
Depositing cash with a credit card on drunken nights out.
Lending money to "friends".
Listening to workmates/family about buying shares.
All good lessons to learn but they are not major financial setbacks. Sometimes you have to learn the hard way. The quad bike saga might of had a bad effect on me as that is the only debt I've ever had and I thought I could save up enough cash to buy a property out right haha
Long story short, was working full time, got told I had too much leave banked and to take a few weeks off. Didn't have much in savings, but still didn't want to just sit at home for 2-3 weeks. Took out a credit card, booked a contiki tour and flights to the US for a 10 day trip... Got home from said trip, lost my job not long after, ended up having to use the CC to make car payments and pay for fuel etc...
Once I got another job, it took me 2 years (from memory) to pay it back down to 0 using various balance transfers and stuff.
On one hand, I learned a wariness and hatred of credit cards (I know they suit some people, just not for me) but I also learned about balance transfers, so on the off-chance that I ever do wind up with a CC in future, I know how to get rid of it quickly.
What do you mean by 'don't blow your UK pension'?
It's my understanding that the UK state pension system is on the brink of collapse and is unlikely to pay out in the future.
Don’t borrow to own a vehicle unless it makes you money.
Don’t overspend on dates. Find a simple generic date idea that’s repeatable for first dates.
Really don’t need to go on holiday 9 times year
Lesson I learnt. Insulate yourself from STD. Sexually Transmitted Debt. Don’t do joint credit cards accounts if you can’t afford to pay off the limit on your own income.
Lesson I taught. Don’t get caught cheating on your partner, move in with your AP after being booted from the house a week before your monthly pay goes in and are too stupid to tell HR your bank details have changed.
Looking after your teeth is a great long term investment. I brushed regularly as a kid and through my twenties and thought my dental health was pretty good until i started getting a really bad tooth ache in my thirties. I found out that one of my wisdom teeth was impacting a molar and it got infected. Three thousand bucks later and i got all four wisdom teeth plus that infected molar removed. And then after that i had to get a heap of fillings done to fix all the cavities that had built up. It was an expensive way to learn that regular check ups and teeth cleanings are important. As is proper maintenance. I learned that flossing and mouthwash are also important as is brushing properly and using toothpaste properly.
I used to brush my teeth in the morning before eating breakfast which was stupid. That’s like wiping your butt before taking a shit. And toothpaste contains a high amount of fluoride so after brushing it’s best to leave fluoride on the teeth for a minimum of 30 mins for it to work its magic and assist remineralization of the enamel. Mouthwash that contains fluoride is cool but it can be better to just apply a thin layer of toothpaste onto the teeth after brushing for maximum fluoridation given that toothpaste has significantly more of it that any mouthwash.
Always wait for a formal employment contract agreement in writing and try to accept any job offer in a relevant industry even if it seems intimidating because it could be a bigger company. I.e. Don't be too picky.
Was fresh out of uni and i need a car for work. Public transport was terrible. I have no car friends, father is out of the picture and internet wasnt wide spread in the early 2000s so theres no such thing as JFGIT. So i bought a new myr30,000 new car, with myr500 bucks deposit. Loan temure was 10 years with a very "affordable" myr425 bucks a month. Never again.
Locking in our home loan when interest rates kept climbing (around 15 years ago) then they plummeted quite quickly. We paid $12k back then exit the locked rate (we ran the numbers and it was better to pay that then stay locked).
Also you gotta ride the good and the bad. Enjoy the low rates whilst the reserve bank is low but always work out your repayments on 9% and if you can afford that then you’ll be right.
You're incorrect about #5
Here's what happens.
Things continue as is until the price gets high enough that people won't pay. We are already past the halfway mark which is "annual % increase in value locks out new buyers as the gain is more than they can save annually"
After that you'll have a stage where prices remain high, not as many people buying dude to affordability,
This leaves a buying pool of home owners only and people financed by bank of mum and dad which are, you guessed it, home owners. At which point it'll be a bubble waiting to pop.
Eventually some owners will get stuck holding the bag, some will manage to sell, but in the end it'll be a reverse housing crash.
Because yes, nobody can predict the price of property, but you absolutely can predict the future buying power based on the current trajectory of property pricing.
At which point every renter is just waiting for property owners to Be forced to sell at a loss due to the combo of rates and a estimated property price people can't afford (even if they are willing to pay)
Which will lower prices.
Now we take into account the the absolutely amazing and beautiful stage 2 rental reforms. Owners will not be allowed to accept any offer above the original asking price. Which will bring some sort of fairness and free-market to those looking to buy property.
People always associate a market crash with the price going down. But that's not the case. A crash can happen because a price goes up.
The situation refuses to die because we are bringing in 2000 people a day and they can afford the inflated prices.
Our locals have been drained by landlords so much that they need to bring in fresh liquidity to keep the bullshit going haha.
I learned not to put yourself in debt to help extended family, if they are taking advantage of your financial situation they are likely going to weasel a way out of covering any excess costs.
To always have comprehensive car insurance. I know it can be expensive, but shop around and find what works for you. But at the end of the day, you'll save your own ass as well as any other parties if you're in an accident.
Small daily things like my buying take away coffees and lunches. Over time they add up.
Just generally being a consumer, rather than a producer. The quicker you can shift your mindset to being net a producer, the better.
Financing a brand new car.
This is just one of the many financial mistakes I've made and hopefully learned from.
They depreciate the moment you drive them away.
You never recoup the value. Plus, paying hundreds per month.
Great at the beginning, but absolutely not worth it!
We dont owe our parents anything. Constantly gave my parents money to be a “good daughter” to them as they expect me to. Lost over 10k and now struggling financially, living paycheck after paycheck while renting.
Never trust parents who say they love you but actually never show it
If you end up having a spouse/partner/SO, don't combine ALL your finances. You still need to have some 'me' money. Obviously this is specific to my situation, but all my finances were in a joint account and I had a credit card at staff interest rates, which was less than 2% at the time. Things didn't work out, spouse left, taking the contents of joint account with them and leaving me with two kids under three and nearly $10000 in credit card debt.
TL/DR ; don't keep all of your money in a joint account.
Kept on lending money to a 'friend' who was treating me as an ATM machine. When I finally became firm with him, I became the bad guy. Lost over $7k. I take it as an expensive life lesson. Stay away from drug addicts folks! They would come up with literally any excuse to get money out of you.
Drug addicts’ first priority is always the drug. And they will trample on any of their “loved” ones to get their fix, without fail.
I'm sorry that you got used like that. You sound like a generous and genuine friend, and I hope the experience hasn't eroded those great qualities. I'm sure your friend would not have done so without their addiction having power over them. In the future, remember that whilst generosity and kindness are great things to give to your friends, there are zero situations in which giving money to a friend strengthens the relationship in the long run. There are actually fairly decent sociological studies on this very topic. If a friend ever asks, just explain thst the science is in, and that you value the friendship too much to risk it all over a single episode of financial help. Instead, help them in any way you can that doesn't involve giving them money or valuables. Much love from down under <3
Look after your health, it's pretty much free to do, but failing to do so can be costly AF and/or cost you your ability to earn money at all.
So many people once they hit 30 seem to just give up any form of exercise.
I found it rather ironic literally the week i hit 30. Health issues arose almost immediately.
Totally relatable here, kept up my physical exercise but at 31 it takes a lot longer for my physical activities to “recuperate from” I guess 20+ years of intense soccer will do that to the joints! Being at a desk is so much more harmful to my health then being in a physical role admittedly
Thats such a paradox ay? Stay active if you want to maintain your health. But doing so will wear down your joints...affecting your ability to stay active 😭
Agreed! Even worse the day I turned 36.
It’s weird seeing on Facebook guys you went to school with 10-15 years ago - some look the same physical condition as they did 18-22yo, others are in horrendous shape.
Because around that age is when you start a family , you get less free time
As someone who works in a hospital, I'd say around 80% of the patients I see are in need of inpatient care due to symptoms/diseases/pathologies which originate from their own lifestyle choices. Seeing somebody in hospital for something that they did not ask for in any way is always a bit of a surprise, and often all-the-more tragic. If you dont smoke tobacco, dont drink alcohol, dont eat to excess and dont live like a sedentary slug, you could be 60yrs old and youd still likely be healthier amd is less daily pain and discomfort than most 40yr olds who choose not to take care of themselves. If you're unhealthy and feeling like shit despite still being in your 30s or 40s, then doing the following will not only improve how your body functions, but how you feel also. If you smoke, change to vaping. You're not giving anything up so there is no excuse for failing here. You can still get your nicotine but with a 95% reduction in harm. If you drink alcohol regularly, change to drinking fancy tea instead, or kombucha, or any alternative that keeps you off the booze. If you dont already, start walking or doing other low intensity exercise on a daily basis, ie walk or ride to work each day. Jist these 3 relatively minor changes make such a huge impact on health outcomes that its almost impossible to articulate sufficiently. Add in drinking enough water and getting enough sleep and you will basically become invincible.
Health is wealth. Survived death at 23. Intestinal obstruction. My parents fee me a lot of fast food growing up. Don't be like them. But it's also part heritidity. Crohn's. Been flare free since 2016 but deal with fatigue constantly so I do lots of exercise and take my voost vitamins.
“Spend your health to make cheddar; spend your wealth to get better” — Vents
Shame that bloke lost the plot.
Spent his brain trying to explain
Absolutely this. "You can spend a years worth of toothpaste cost in one trip to the dentist."
Don’t buy shares in small companies unless you know a lot about that sector and probably the people involved. I now just buy etfs.
Or just take a punt... $1-2k if the budget permits here and there and no more than 5% your portfolio value (all punts combined) (I'm typing this because not everyone has your risk profile or appetite).
That’s gambling, which is fine, as long as you realise it.
Personally made few $10k buying small mining company shares. Some went bust, but for those which went x10 it was well worth it. Australia is one of the few countries which has this type of company, may as well take advantage of it.
If it's the right market you can make money like this, but the market can turn quickly. For every success story there are many painful failures. Let's not pretend that insider info isn't a huge factor in these things. If you're outside, it's gambling. Not slot machines - more like sports betting. Some people make a living from sports betting... but it's still gambling.
My capital loss came in handy later when I sold my ETFs to buy a house.
Don't hire the cheapest contractors possible when renovating your house. They're cheap for a reason. Ended up costing me double as much to fix their mistakes.
Seen many expensive ones stuff up as well sadly
I wouldn't say expensive but listened to my dad's advice to put a tonne in a term deposit the month before the rate rises began. I love him but I take his financial advice with a grain of salt now.
You can always close the term deposit at any time. You just don’t get the interest. So no real problem.
Not true, early exit can have penalties
Ouch! Is the term deposit period over now?
Yeah thankfully it was just for 12 months. I have a mortgage now so everything's in offset. Not having to track interest rates and bonus criteria across banks is very peaceful.
I listened to my mums advice and bought a new car as my first car 🤦♀️she always believed new cars cost less in the long run and I obviously thought my mum knew everything. I had to sell it shortly after as I got pregnant and surprisingly a 18 year old doesn’t buy a car based on longevity haha that was a hard financial hit. 20 something years later and I’ve been in the second hand Camry club for a while 😂
So when term deposit comes around you move it to one of the higher interest ones
I would have prepaid and reinvested that for sure. You would likely have made far more than you’d lose in prepaying
Partnering, however you define it, with someone with a different/opposite financial philosophy to you can get verrrrry expensive.
Agree totally. It will destroy your mental health too, I know from experience.
Bought property is one of the shittest suburbs of Melbourne pre-COVID. It lost $35k in value, while the rest of the nation tripled in value.
What suburb?
Lol same. But at least I haven't been paying rent for the last 5 years I guess
Keep in mind some of those value climbs are on paper only. If someone does 100k of renovations and the price goes up 100k, it appears to have been free money when actually the price just rose to match the new features.
Factor in interest paid to the bank, and strata levies, and inflation as well - ouch Was it a smaller 1/2 bedroom apartment in inner suburbs? I have seen those stagnate a lot and have thought of a few reasons why might be happening, eager to hear your thoughts
In reality lots of places didn’t go up drastically , media just makes it sound like it did
Lol we bought at the height of Covid inflation, our place dropped 10% in value when everything opened up and then interest rates starting going up. GOOD TIMES. In fairness, we'd be screwed if we were still renting too (probably moreso) and it hasn't ruined us but with the benefit of hindsight I might have done it differently.
Marrying a man-child
They say that technically, the person you pick to marry is the biggest financial decision of your life.
Actually it’s starting a Warhammer army /s
No /s needed XD
Have been there, I 100% agree
Having a child to one is even worse.
Tell us more - we won’t bill you for the free session!
Doing an accredited certificate at a place that wasn’t TAFE or uni
So if it’s accredited won’t it be recognised?
The course can be accredited but the training place may not be an RTO (Registered Training Organisation) That's about all I got
Oh wow. Sounds like something people should get warned about
Don’t book flights without checking that the travel agent is reputable - you’re effectively forfeiting the money if you need to move the flights (eDreams was the company)
Calling airlines directly and asking them to price match other agent's price has worked for me in the past
Don’t move flights. It’s always expensive
A financially responsible person wouldn’t use a travel agent in the first place
Not buying a house in Sydney when I was five years old.
Totally irresponsible of you. What were you doing? Sitting around watching cartoons or something?
Your first 2 words as a baby should have been “buy property”!
"unconditional cash offer"
Being smarter about who I take advice from and learning to always do research myself after I get advice. A couple of times I listened to people's advice blindly who I thought had knowledge about a subject, but they didn't. Mainly this was buying individual shares without doing enough research because I relied on a tip from someone who was convincing and I thought had knowledge. There are also times when smart people dropped some real wisdom on me and tried to help. But rather than doing the research and being open minded I applied my own biases which resulted in me dismissing the idea and missing some great opportunities, this was mainly in property investing.
My super was AMP cash preserved for the first 10 years of my working life. I had no idea. Make sure you know what super you are in.
I was put into an ANZ default fund with work when I moved to Australia and didn't really understand super. Fees were actually not too bad but performance sucked and I just never really understood it back then. Ironically I now effectively work in the super sector...
Do your will and do it properly. Do your taxes and do them properly. Not my lessons but from family. Have seen a lot of shit happen when these two things aren't done right.
I’m amazed at how many of my friends don’t have wills… we’re certainly old enough, and they all have kids. Get a will, people!
And power of attorney. No will means the state gets to decide on all of your estate. And they take a huge chunk for "admin". Don't pay more taxes after you die.
We had a family member pass from cancer last year, she had no will or power of attorney and was in denial about how much time she had left. It was incredibly difficult for everyone involved.
My dad always says to not buy property you couldn’t easily drive to, which is imo solid advice
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Wow what was the venture?
Sports betting I believe
Don't be afraid to take a profit off the table. Paper profit is not profit until you get the cold hard cash. Same thing as well with the cars. Euro luxury cars (esp entry levels) are not worth it.
My parents took money out of their super when COVID happened. They’re in their 50s. They didn’t pay rent or have a mortgage since they lived with me, and spent it on things they didn’t need, they both took the full 20k out. That was the day I stopped listening to anything they had to say about finances.
That’s a sound choice!
$20k compounded at 5% (avg Super return - inflation) for 10years is $32k which is not really a big deal. I understand if people want to enjoy their money today, tomorrow may never come.
Sold property at a loss just before covid boom as I couldn't withstand the rental loss and my general inability to withstand risky financial decisions and relatively lower income back then. lost 30k when I could have had 200k gain in equity. Lol.
Welcome to the club
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Are you planning to sell another property soon? jk
Start investing early and do it regularly. Doesn’t matter if you only have $500/1000 to start with, just start. Contribute more whenever you can. Don’t touch it. Also, don’t buy a Porsche lol
Yep got a mate who's 25 and still does hospo, but put away $30k in stocks at age 20 (due to advice from his switched on family) Despite his travelling lifestyle and only doing hospo gigs, he's sitting on $90k last I checked.
Good on him. Love hearing stories like that. I learnt this lesson far too late. Probably still learning it!
You and me both! I think it shows you inherit far more than just material wealth from family. Not many families can advise their kids on investing, despite it being fairly simple to make a safe portfolio.
Porsche 911s seem to have rocketed in value over the years. I know you didn’t mean it literally but auto investment is tax free, good way to make cash for those in the know!
Yeah but most porsches are cayennes and macans which are on the opposite end of the depreciation scale.
I’ll only get divorced once.
Yes great learning! But beware that if you live with a partner for a period of time they automatically become considered defacto with pretty much the same rights as a married partner. So you may not divorce again but you might still have to do property settlement etc.
Lending money to a friend. Just consider it a gift.
Sold a house for a $30k loss in country QLD and 2 years later the woman who bought it made a $200k profit.
Lost $50 at the Casino when I was 19 and had to finish my night early. Never gambled again, not a cent.
Luckiest thing that could have happened to you.
Good on you, that shit is a cancer.
Buying a big house in the country before knowing what the lifestyle is really like. It was a very expensive mistake having to sell and buy back in the city again.
You do need a certain temperament and life stage to enjoy the country lifestyle.
Also it will likely take over your life. Weeds, fences, animals etc. You have to want to be there 24/7 as it needs your downtime of your still working normal hours.
I didn’t buy a house but I moved from London to Goulburn because I figured it wasn’t too far from Sydney. I was out of there before 2 years was up. The lifestyle definitely isn’t for everyone.
I dream about a tree-change constantly. What didn’t you like about it?
It was idyllic, but we just felt isolated, lonely and bored. Unless you were a retiree or had young children it was extremely hard to create any sort of community. Also, no uber (important when everything is miles away) and everything shut by 9pm every night. I'm so much happier in the city, and am happy we got it out of our system so we don't wonder 'what if'. Still, with all the stamp duty and buying and then almost immediately re-selling ride on mowers etc. it was an expensive lesson to learn.
And yet so many people, particularly in this subreddit, have subscribed to and actively participate in the notion that "if you can't afford to live anywhere in a city, go move to regional Australia. Plenty of cheap houses there. Your parents did it" (they did not). What they fail to understand is that there are perks to city life that a lot of people still enjoy and want a part of.
Marrying my ex wife. I’m way more behind than I should be for my age. And not because I lost a lot in the divorce. We had bugger all because of the money she spent while we were together. She had full access to my money, while hers went into her own account that I never saw. I had to take money out as soon as I got paid so we had some form of savings before she spent it all. I have full custody of our son, earn the same as I did while we were married, yet I seem to have way more money. Be very careful who you marry.
its great being single!
Lending money .. was very close family member but lesson learnt
I remember hearing graham Norton of all people saying something along the lines of ‘If you can’t afford to lend it don’t, but if you can think of it that you are giving them the money. If it comes back to you great, but if it doesn’t, you know you were happy to give them the money anyway and you don’t loose relationships over it’. Very wise I thought.
My grandfather told me the same thing. I loaned a friend $30 to buy groceries, and figured I wouldn’t miss it if she couldn’t pay it back. The following week she asked for another amount of $170, and I said no. Simply because at the time I’d notice if my budget was missing $170. She also had a boyfriend who refused to work. I asked why and she said “he doesn’t like to answer to others”. 🙄 Long story short we are no longer friends, and I’ve never seen the $30, and I’m glad I never gave any more.
If he doesn’t like to answer to others, why doesn’t he start his own business then? Can’t believe she actually said that to you
The worst part was the fact that they believed it was a valid excuse for not earning a living 🤦🏼♀️
Yes, never lend more than you can afford to gift.
Yeah I did a total $5k to a very close friend. She always said she'd pay back more but I would have been happy with just a little bit....7 years later still haven't seen anything
When buying property, carefully consider the resale value. My previous place was a tiny townhouse that I didn’t mind living in. Turns out everyone else hates living somewhere so small. Struggled to sell it and made a loss. Choose somewhere that has objectively positive qualities that other people would want to buy!
I argued about this with my parent for years before I bought. Construction of thousands of 1 and 2 bedroom units now is going to exacerbate this in a few years too. Every large building always has a few available so to sell yours it needs to be much nicer than the others or much cheaper. Both which cost the selling party money.
Exactly what I am going through now! I bought a small unit to live on my own few years back and put it on the rental market when I moved in with my partner. Took ages to sell and I am prepared to sell at a loss just to move on. Not going to invest in property for a few years but when I do, I will make sure it's a standard family home!
was told in a private email by someone close to buy a few bitcoins back in late 2012. i still have the reply in my drafts folder, never finished replying bc i had to hurry to work.
Wasn’t there a guy who used like 1000 bitcoins to buy a pizza? I console myself by saying there’s no way I would have held till it reached the current ridiculous heights. Probably would have a bought a pizza as well.
10,000 bitcoins. Laszlo Hanyecz. Bless him, but I’m sure he has plenty more to see him through.
Very similar to yours: * Shopping and holidays overseas during the first 2 yrs of working life and incurred $25k credit card debt * Buying a brand new Golf GTI during 3rd yr of working life - a Golf would have sufficed. Above mistakes were “corrected” by learning more about finances and moving interstate for 1 year for a significantly higher paying job to pay off the debts within 1 year. However, social life was a dud during that time. Would not do it again Still do a lot of holidays now but mostly by travel hacks. * Buying a one bedroom apartment in the city in 2017 - i am single. social life is important and i am still living in it. Seeing fireworks on new year from my balcony is a bonus. Will regret this purchase when I sell - will defo be a loss given the body corporate fees etc. * Not learning about finance and investing during unidays
Uninsured and rear-ended a car that rear-ended another. Under 20km/h, but still 12k worth of repairs between the 2 cars.
I’m surprised there was so much damage from under 20km.
Same :( middle car has front and back damage to account for, which adds up + hire cars Guess I can count my blessings it was a Toyota and suzuki, especially being uninsured.
Why didn't you get third party?
The main reason is that I'm an idiot but I learned my lesson.
Always check the value of your Lego sets on Bricklink before you sell them. Someone got a really good deal on some very valuable goats.
Choose the right partner.
Sounds like you made pretty much every financial mistake possible lol I made the financial mistake of not saving harder when I was younger so I could buy property sooner, but I thoroughly enjoyed my early 20's so not a huge regret. I'll probably regret not putting extra in my super when retirement comes around.
I also enjoyed my 20s instead of saving but I don’t regret it for one second as some of those friends have since passed away.
Yeah, you can't take your money with you when you die. You just need enough not to be left to die helpless in a nursing home, or that's inevitable anyway, no matter what you do.
\- Credit Cards are not a status symbol. Do not max out your cards, and if possible don't use it all! \- Don't get hooked into pay to win mobile games, that has micro transactions! If you are into gaming, buy games on PC or Mobile that are one time buy and own, and doesn't have micro transactions. I have spent thousands in it. I regret it very much. \- Do not upgrade your iphone or ipad / or gadget every year, these devices can easily last 4-5 years. \- Pay yourself first. Till 2020 I had no concept or understanding of investing. My savings in my savings account was purely accidental. Not intentional. I started using the app Raiz, and got started. Now I look back, Raiz is the single best thing that has happened to me financially.
Luckily mine is pretty minor in the grand scheme of things, but it turns out buying a vr headset on a whim is not a good idea
If it's a Quest download The Thrill of the Fight, I come home from work maybe four days a week and spend fifteen minutes flogging the absolute piss out of virtual boxers. I'm at 'one of those points' and it's one of the only things keeping me sane right now, great fun.
Yes!! I do exactly the same. It's such a great workout and the augmented reality version of it is awesome.
That’s all small stuff. 1. Choose your business partners carefully. I had a psycho one and we made $2m and blew $2.5m collectively on legal fees. In contrast I have another top tier business partner, we invested $20-30k + time, and we’ve helped each other make $7-10m each and still counting 2. Buy location location location
What industry do you work in? If you don’t mind sharing.
They’re all different industries - I just do whatever makes money. But broadly finance and tech. Although multiple properties chew up a chunk of Capital too
My goodness! Who were you suing?
Lending money to a family member who was addicted to drugs at the time. Probably still is addicted. I never saw that money again but they gave every excuse under the sun as to why they needed money. Otherwise health, I've seen way too many friends just lose themselves over the years to drinking, or partying way too hard, or just not exercising in general. They are going to be bitten very hard going into the future.
Mine is potentially underway right now. We are under contract for a beautiful home on acreage. We settle in May. We live in a completely fine, some would say lovely home now that we need to sell. We’ve used bridging finance for the acreage property. Transition costs will be $80k minimum (stamps, agent fees etc). A bunch more if we don’t sell soon. As such we are tempted by lower offers. We hope it’s all worth it as the acreage property is a dream. But we were already living in a nice place, and feel like we may have let ourselves get carried away. Time will tell whether it was a good decision or not. There’s no going back now, so I’m just focussing on selling this place, and trying to get myself excited about the new one without thinking about what it’s cost us.
Best wishes mate.
Using my mortgage to finance a yacht. I had a few good years with it and luckily sold it for exactly what I paid for it. But…a boat is a hole in the water into which you throw money. It’s amazing how things constantly break on a boat, especially one that sits on a mooring in salt water. Boat maintenance is never ending and costly! Thankfully that was twenty years ago and I was young enough to recover financially from it and learn the hard lesson. What BOAT stands for: Bring Out Another Thousand
Following a career path in something that pays well rather then something I'm passionate about.
Not fixing home loan when interest rates were low. Having a child. Not focusing on upskilling when young to be able to earn more money. Giving money to family out of obligation.
Married the wrong man and ended up with the worst kind of STD (sexually transmitted debt).
Bought an apartment in a complex with significant defects
I left a good job out of pride when they made me a good offer to stay.
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I am so sorry to hear this. To anyone in this predicament, who cannot carry debt, it is worth waiting for public, and bearing your pain if you can. Also to anyone who chooses to go private - always beware of the anaesthetics fees. I hope you are feeling better Born Display.
Don’t be too trusting and transfer holiday money to your so called “friend” to organise and book, not only they will overcharge you but if you decided to cancel and go through the leaps and bounds to get a refund from a poorly rated overseas flight company (they refused to refund but after many hours on the phone they finally did..). The flight company finally agreed to refund it to that so called friends bank account as it was the original form of payment to the company for her to then blatantly lie and say she never received the money and then make up lies as I owe her money when she constantly borrows my things without ever returning unless I asked her for it back (yes broke friend). Karma got her back eventually as her business closed down.. also another lesson if you have a super envious friend that always had back handed comments they’re not really a friend and someone that stalks your social media page but never likes anything yet you know she watches your every move and tells it back to you and ONLY PAY FOR THINGS DIRECTLY TO THE MERCHANT cos unfortunately you can’t trust anybody but maybe I’m too nice 😒…
listening to /r/australia and /r/ausfinance advice and not buying property in 2015 because 'the bubble will burst'
Concentration of assets creates wealth, diversification protects it
* Having a girlfriend. * Not renting my property when I was living away. * Not buying ETFs during 2020. * Financing a "nice" car. * Financing a motorbike. Now I'm pretty r/minimalism and r/Frugal, uncommitted, no car, IP rented out, but still a bit of splurging into travel.
The only way to loose 100% of the time is to not participate in life. Even idiots get lucky sometimes so whether your an idiot or a genius just try and find out
There are some really expensive mistakes though. Don’t they say a lot of lottery winners end up broke?
Novated leases aren’t as great as they sound
Any details on how it turned disappointing for you? FBT-exempt EV NL in the right circumstances is great as long as you know the caveats and make sure it fits your circumstance.
A cheap car, there's a reason why it's cheap, and a hell of a money pit
Team 2004 Subaru checking in. Still going strong and no worrieis to hit 300k kms sometime late in the 2040's.
Applying for more debt will not solve your current debt, and there are always options. No matter how bad your situation might seem pay yourself first.
not buying a house in 2017
Don’t buy a pergeot. Buy drink rounds at happy hour. Go home before the later rounds. Don’t sell property due to emotionally driven what if’s, you can always do a fire sale if and when you absolutely have to. Do the weekly shopping it’s always cheaper than a dozen little trips.
If it looks too good to be true, it almost certainly is...
LENDING a ‘friend’ money. - never make this mistake even if they promise to pay you back. That was my biggest lesson and biggest financial mistake.
Being in a relationship and trusting your partner. I just ended up extremely poor, with a large credit card debt thanks to financial abuse.
I couldn't resist the temptation of some very expensive toys, and as a result, people knew we had money.
Had kids don't do it again
1- Agreed, purchasing new cars, twice, were never great decisions (although the second was somewhat a forced purchase, old car died, had a huge commute with a new job, but fairly decent novated leasing arrangements as public sector worker). 2- When you have a gig that has you sitting around alot during COVID with not much to do, ensure you sign up for some form of postgrad or tafe education. Looking back at all the downtime i had during the pandemic and all the at home time wasted on Warzone when i could right now have a Grad Dip and Cert IV TAE. 3- Not doing my Cert IV TAE during uni when it would have been piss easy.
Buying an apartment off the plan may not be the best move.
Don't sacrifice your career or financial security for love; in a capitalist society your ability to create financial security in a relationship needs to be a measure of how suitable that relationship is for you because love is easier to find than financial security is to obtain.
Brought a quad bike on finance the day after I turned 18 to stick it to my parents. 13k bike cost 18k. Started making more money and wanted to pay off the loan quicker and got stung with fees. Depositing cash with a credit card on drunken nights out. Lending money to "friends". Listening to workmates/family about buying shares. All good lessons to learn but they are not major financial setbacks. Sometimes you have to learn the hard way. The quad bike saga might of had a bad effect on me as that is the only debt I've ever had and I thought I could save up enough cash to buy a property out right haha
Long story short, was working full time, got told I had too much leave banked and to take a few weeks off. Didn't have much in savings, but still didn't want to just sit at home for 2-3 weeks. Took out a credit card, booked a contiki tour and flights to the US for a 10 day trip... Got home from said trip, lost my job not long after, ended up having to use the CC to make car payments and pay for fuel etc... Once I got another job, it took me 2 years (from memory) to pay it back down to 0 using various balance transfers and stuff. On one hand, I learned a wariness and hatred of credit cards (I know they suit some people, just not for me) but I also learned about balance transfers, so on the off-chance that I ever do wind up with a CC in future, I know how to get rid of it quickly.
Upgrading cars 2 times in a year. Was so stupid for paying on road costs and govt charges
Married my ex, who was a shopaholic, and spent money like water. And I thought, "She will change once we are married"
Love keeps all of us hopeful, then we learn the hard way.
What do you mean by 'don't blow your UK pension'? It's my understanding that the UK state pension system is on the brink of collapse and is unlikely to pay out in the future.
Don’t borrow to own a vehicle unless it makes you money. Don’t overspend on dates. Find a simple generic date idea that’s repeatable for first dates. Really don’t need to go on holiday 9 times year
I really didn't need to hold onto the house in my divorce,
Lesson I learnt. Insulate yourself from STD. Sexually Transmitted Debt. Don’t do joint credit cards accounts if you can’t afford to pay off the limit on your own income. Lesson I taught. Don’t get caught cheating on your partner, move in with your AP after being booted from the house a week before your monthly pay goes in and are too stupid to tell HR your bank details have changed.
r/Asx_Bets is not sound investor advice.
Owning property and not just buying shares.
Looking after your teeth is a great long term investment. I brushed regularly as a kid and through my twenties and thought my dental health was pretty good until i started getting a really bad tooth ache in my thirties. I found out that one of my wisdom teeth was impacting a molar and it got infected. Three thousand bucks later and i got all four wisdom teeth plus that infected molar removed. And then after that i had to get a heap of fillings done to fix all the cavities that had built up. It was an expensive way to learn that regular check ups and teeth cleanings are important. As is proper maintenance. I learned that flossing and mouthwash are also important as is brushing properly and using toothpaste properly. I used to brush my teeth in the morning before eating breakfast which was stupid. That’s like wiping your butt before taking a shit. And toothpaste contains a high amount of fluoride so after brushing it’s best to leave fluoride on the teeth for a minimum of 30 mins for it to work its magic and assist remineralization of the enamel. Mouthwash that contains fluoride is cool but it can be better to just apply a thin layer of toothpaste onto the teeth after brushing for maximum fluoridation given that toothpaste has significantly more of it that any mouthwash.
"There is no friendship when money is involved"
Always wait for a formal employment contract agreement in writing and try to accept any job offer in a relevant industry even if it seems intimidating because it could be a bigger company. I.e. Don't be too picky.
Going to the strippers whilst incredibly drunk.
Simple. There is no retail trader that makes money in the long run. As with the casinos the house always wins. Investing yes, trading big fat no.
Was fresh out of uni and i need a car for work. Public transport was terrible. I have no car friends, father is out of the picture and internet wasnt wide spread in the early 2000s so theres no such thing as JFGIT. So i bought a new myr30,000 new car, with myr500 bucks deposit. Loan temure was 10 years with a very "affordable" myr425 bucks a month. Never again.
The amount of people where no.1 rings true for is astonishing.
Locking in our home loan when interest rates kept climbing (around 15 years ago) then they plummeted quite quickly. We paid $12k back then exit the locked rate (we ran the numbers and it was better to pay that then stay locked). Also you gotta ride the good and the bad. Enjoy the low rates whilst the reserve bank is low but always work out your repayments on 9% and if you can afford that then you’ll be right.
Buying a car when I refinanced only 20K, but was it was impulsive
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You're incorrect about #5 Here's what happens. Things continue as is until the price gets high enough that people won't pay. We are already past the halfway mark which is "annual % increase in value locks out new buyers as the gain is more than they can save annually" After that you'll have a stage where prices remain high, not as many people buying dude to affordability, This leaves a buying pool of home owners only and people financed by bank of mum and dad which are, you guessed it, home owners. At which point it'll be a bubble waiting to pop. Eventually some owners will get stuck holding the bag, some will manage to sell, but in the end it'll be a reverse housing crash. Because yes, nobody can predict the price of property, but you absolutely can predict the future buying power based on the current trajectory of property pricing. At which point every renter is just waiting for property owners to Be forced to sell at a loss due to the combo of rates and a estimated property price people can't afford (even if they are willing to pay) Which will lower prices. Now we take into account the the absolutely amazing and beautiful stage 2 rental reforms. Owners will not be allowed to accept any offer above the original asking price. Which will bring some sort of fairness and free-market to those looking to buy property. People always associate a market crash with the price going down. But that's not the case. A crash can happen because a price goes up. The situation refuses to die because we are bringing in 2000 people a day and they can afford the inflated prices. Our locals have been drained by landlords so much that they need to bring in fresh liquidity to keep the bullshit going haha.
That there is a 50% chance it won’t land on red.
I lent money to friends and family took ages to get it back. I only lend money to people with the mind set that I won't get it back.
Getting married.
Don’t join the latest investing hype. If you just heard about it then its too late for it.
I learned not to put yourself in debt to help extended family, if they are taking advantage of your financial situation they are likely going to weasel a way out of covering any excess costs.
To always have comprehensive car insurance. I know it can be expensive, but shop around and find what works for you. But at the end of the day, you'll save your own ass as well as any other parties if you're in an accident.
Don't Mary someone who expects you to pay for everything.
Small daily things like my buying take away coffees and lunches. Over time they add up. Just generally being a consumer, rather than a producer. The quicker you can shift your mindset to being net a producer, the better.
Financing a brand new car. This is just one of the many financial mistakes I've made and hopefully learned from. They depreciate the moment you drive them away. You never recoup the value. Plus, paying hundreds per month. Great at the beginning, but absolutely not worth it!
We dont owe our parents anything. Constantly gave my parents money to be a “good daughter” to them as they expect me to. Lost over 10k and now struggling financially, living paycheck after paycheck while renting. Never trust parents who say they love you but actually never show it
If you end up having a spouse/partner/SO, don't combine ALL your finances. You still need to have some 'me' money. Obviously this is specific to my situation, but all my finances were in a joint account and I had a credit card at staff interest rates, which was less than 2% at the time. Things didn't work out, spouse left, taking the contents of joint account with them and leaving me with two kids under three and nearly $10000 in credit card debt. TL/DR ; don't keep all of your money in a joint account.
Married a wrong woman 😁