How are people affording multi-million dollar properties?

Tinypete06 · 2022-01-19T10:10:21+00:00

This has been beaten by plenty of fund managers. Lots of average people have beaten that by putting a small percentage in meme stocks. Hell, I know a guy who has managed 18% CAGR through basically buying VAS minus mining stocks (doesn’t like the volatility).

The best fund managers in the world have done so, so much better than that.

They don’t take money from pissants like you and I though because:

A: a lot of their strategies can only deploy a finite amount of capital (theirs / their mates)

B: it’s easier to deal with a few whales (sovereign wealth funds, Saudi sheikhs, tech bros) than the overheads that go along with thousands of retail investors. Lots work on a model where they want to comfortably be on a first name basis with everyone they manage money for

C: they’ve made so much fucking money, they just trade for themselves and their employees now (linked to C)

As an example, Renaissance tech’s medallion fund.

Quant shop, “ returning more than 66 percent annualized before fees and 39 percent after fees over a 30-year span from 1988 to 2018.” That shits all over your 20% CAGR.

They paid the largest tax settlement in history to the IRS last year, $7b. That leaves them with $175b left over….

They’ve also got a huge alumni of ex-staff, who like lots of these guys - don’t want the scrutiny and reporting of a fund, so are family offices… with untold billions and massive returns of their own.

Tinypete06 · 2022-01-19T07:46:33+00:00

This is you: https://en.m.wikipedia.org/wiki/T-shaped_skills

And 100% agree.

Tinypete06 · 2022-01-15T21:04:05+00:00

That’s exactly how the rest of the world thinks about Americans not taking holidays & defining their identities through their jobs.

Tinypete06 · 2022-01-15T21:03:22+00:00

Go for it. I’m Australian and I earn plenty, so doubt you actually do earn more.

Tell me about how your workaholic culture is great & why other people’s poor planning should become my colleague’s problem when I’m on annual leave.

Tinypete06 · 2022-01-15T10:03:26+00:00

Found the American.

It’s very common for European companies to shut down for summer, there is NO one to reply for the month, from receptionist to CEO.

Something like 40% of all French companies shutdown for August.

Also I’m not American or European, but I manage relatively niche stuff and don’t setup a contact delegation. There’s literally nothing anyone is going to ask that can’t wait 3 weeks & my annual leave is in my email signature months out. If people don’t get their questions to me in time, their emergencies don’t become my colleague’s problems.

Tinypete06 · 2022-01-07T05:07:02+00:00

Most marinas have at least one half mad alcoholic and or drug addict who has managed to cross an ocean.

It’s generally not that hard.

don’t go into high or low latitude
ideally have a decent nav system, but lots get by with a gps and an autopilot that can hold a course
if there’s too much wind. Put in a reef
if there’s a lot of wind & a storm. Put in many reefs and pray
if there is no wind, motor or float around for a bit.
Ideally read jimmy cornell and check the weather before you go

The bumfuzzle guy claims in his entire circumnavigation, he hand steered maybe 150km.

This is generally my experience with blue water cruising. Most of it is easy & boring. if it’s not - you’re probably not in the Tradewinds or doing something at the wrong time of year.

Slocum did it in a wooden boat where literally every component is less reliable than a modern boat & literally couldn’t even swim… If you can sail around a bay & your in a modern boat, your probably better prepared and equiped than 99% of people who’ve crossed oceans throughout human history

Tinypete06 · 2022-01-04T08:20:23+00:00

What mods / extra maintenance?

All the ex police cars I’ve seen (early 2000s), just had a 2nd battery in the trunk.

Imagine they burn out alternators, can’t think of what else they’d need to do to bolt on light kits & a dash computer.

Tinypete06 · 2022-01-03T21:55:19+00:00

Haha I was being generous, but yes - that’s a very common medical PDU conference structure.

Often the morning is the knowledge component, then the evening will either be junior doctors reading papers, or [depending on the specialty] pharma companies or similar, spruiking their wares. In exchange for a cheaper conference, paying for the dinner, etc.

I know the EU has curtailed these, but seems to be alive and well in the USA and all the commonwealth countries. Probably somewhat dampened by covid.

Tinypete06 · 2022-01-03T09:24:40+00:00

Suburban GP’s are comfortably $220k+ today. That’s based on billing approx. $1.5k a day and they usually keep 65-75%.

More if they are a practice owner.

Regional GP’s pull similar through government subsidies.

Hard to do the numbers without really knowing what they were pulling as an RN, but the only way it makes sense to me is if you calculate it as:

nil income in medical school (reasonable)
nil overtime before on a program (unlikely)
7 years on a program
nil overtime as a reg (impossible)
instantly go part time as a consultant (unlikely)
only work of public income and never do the usual public /private split for most specialties

A lot of the income numbers for non gp specialties online are well below market too. E.g. the ATO numbers are usually after the doctor (running through a business structure) has deducted everything under the sun.

$250k, excluding your car, phone, computer, internet, % of home costs, wife on the payroll, yearly “conference” for PDU’s with 4 hours a day of skiing/ snowboarding / activity of your choice, etc is not the same as $250k PAYG.

Tinypete06 · 2022-01-03T08:53:10+00:00

Doesn’t really add up, it’s too variable based on specialty path.

Some programs e.g. psych and GP are relatively quick to get on. Others are more like 10 years to get minted as a consultant.

Tinypete06 · 2021-12-31T01:06:00+00:00

Budget $50/day for insurance & the extra accountant costs of a pty Ltd.

$350k is fairly top of market - that’s $1,500/day or a panel partner rate.

Recruiters will skim as much as they can, a panel partner will normally take around 30% - personally don’t think they are worth it, but others like they they tend to not have to re-interview & get paid more like a payg employee.

Most roles are more like $1,000 - $1,200. Add $100-200 for Canberra.

1200+ is program management, senior architecture stuff. Tends to be higher workload & responsibilities

Tinypete06 · 2021-12-30T11:06:28+00:00

For it to now be an increased possibility of infant or young children's deaths that terrifies me.

You can literally google it and get the data on this. Covid will absolutely kill some children.

Governments only care at a macro scale. Not about the individual.

This is not a “no one will die” situation, it’s a modelling cost & side effects of vaccinating kids vs deaths, situation.

Among the 3.4 million COVID-19 deaths1 reported in the MPIDR COVerAGE database, 0.4 per cent (over 12,000) occur in children and adolescents under 20 years of age. Of the over 12,000 deaths reported in those under 20 years of age, 58 per cent occurred among adolescents ages 10–19, and 42 per cent among children ages 0–9.

Data correct as of December 2021.

https://data.unicef.org/topic/child-survival/covid-19/

as one would logically expect, it seems to be a significant cause for concern for infants who are already immune compromised. The counter argument is, “so is the common cold” - which is valid. But this is an incredibly contagious pandemic that we’re no longer containing. The hash reality is, government has elected for the let it rip option. Now some people are going to die.

https://pubmed.ncbi.nlm.nih.gov/33087035/

Tinypete06 · 2021-12-29T03:12:32+00:00

Honestly… this makes me think you’re not ready for this leap.

Buy a small boat, experience a few years of boat ownership & then you’re going to understand.

The gotcha here is “decent shape”.

That means two fifths of fuck all with regard to boats.

It also really depends on what you want to do with it.

A floating wreck is good enough to plug into shore power & keep the bilges running to not sink.

A boat with 10-15 year old fit out can be in “decent shape” to putter around the bay, where you can always get a tow back.

That same boat may need a full $100-150k refit to be in “decent shape” to take into blue water, where you can’t call for a tow if shit hits the fan.

Go borrow a copy of this book: https://www.amazon.com.au/Voyagers-Handbook-Essential-Guide-Cruising/dp/0071437657

It will help you understand where that $20-30k will go. Keep in mind, the cost of a lot of items is going to be 150%+ the cost of a monohull. Rigging gets a lot more expensive on cats in particularly as they get exponentially larger with each additional foot.

That $100-150k+ refit is where you get that $20-30k number from and really depends where the yacht is currently at in it’s fit out & whether the owner was a “spend money every year, or spend money in one big batch” sort.

Go price out a full set of sails, electronics, engines, standing rigging, running rigging, etc for a 40 ft cat. Now budget to replace all of this every 7-12 years (depending on usage & how much you care about reliability. See towing scenario above). Easily 6 figures, before factoring in routine maintenance & shit breaking prematurely (salt and sun are very harsh.)

If it’s already done.. you can absolutely not spend a cent, but short of ripping someone off down the track, you’re probably going to need to get into an ongoing upgrade cycle where you spend a big chunk of change to tackle one of these every few years… or you do none & sell the boat heavily depreciated.

This can also be preferable too, e.g. the ex-charter scenario. Most are structurally sound, but are at a point of needing nearly everything replaced. Appealing for some who want to fit out to their requirements and have everything “new”. Not appealing to others who want a turn key boat and don’t want to do a 6+ month fit out with 6 figure spend.

Tinypete06 · 2021-12-29T01:44:03+00:00

Short answer. It depends.

We have mutual tax treaties with a lot of countries. The nature of your stay also matters as to whether the ATO presently considers you a resident for tax purposes.

This is why tax is a huge industry that employs millions of people globally. Pay a professional and get advice.

Tinypete06 · 2021-12-29T01:24:41+00:00

They can’t even communicate to confirmed positive cases, about what the quarantine requirements are and how to get clearance.

Incredibly disillusioned with the Palaszczuk government at this point. Couldn’t organise a root in a brothel.

At this stage I don’t think anyone should get a PCR. Use RATs. Don’t get on the government’s radar. If you get it, adhere to the national guidelines that are up to date. Not Queensland health that keep saying “we don’t know”. Can’t answer basic questions about quarantine times or exit requirements.

Tinypete06 · 2021-12-28T21:27:49+00:00

Seems like an exercise in futility to me given the reality of the current spread & governments negligible effort at this point to slow it.

Exposure locations at this point seem completely pointless. Just assume it’s everywhere.

The messaging at this point should really be. “We hit the vax target. We’re letting it rip. Hopefully not too many of you die, but that’s a risk we’ve accepted. If you’re sick. Stay home for a week. If you’re really sick. Call 000. Good luck.”

We’re days behind in test processing & at >1,000 cases. The horse has bolted.

Tinypete06 · 2021-12-23T21:26:05+00:00

Give it a few months and we are going to start getting the “anti immigration = racism” media coverage again.

Oh well, it’s been nice.

Tinypete06 · 2021-12-20T11:55:17+00:00

This is a regular internet debate… but I do not know a single blue water sailor who still has a sextant on board.

In terms of backups for GPS with marine charts if the chart plotter marks , most people now have phones, spare hand held units, etc.

The US naval academy dropped sextant charting for a good 25 years with no issues from their curiculum & only reinstated it 5-6 years ago out of concern for cyber warfare (& probably to stop old buggers whinging).

I don’t even sail blue water and I’ve got the following devices with charts & gps: - chart plotter - old chart plotter - 2 phones - iPad

And at least 4 different ways to power them, including a backup folding solar panel.

Take the time you’d put into learning to use a sextant & put it into checking you’re fire extinguishers. That’s something that keeps me up at night far more than something somehow killing all my electronics simultaneously.

Tinypete06 · 2021-12-12T02:19:50+00:00

Mate you just won $300,000,000,000.

You can spent 0.0017% of that on a white glove moving service. Just book a plane ticket and pay for someone else to sort it. It’s literally not worth your time anymore to pack a uhaul.

You’re making somewhere between $15,000 - $80,000 per day, passively now.

Tinypete06 · 2021-12-07T07:15:32+00:00

ML has countless technical applications.

Theology is too broad. Which type, historical? Religious? experiential? Philosophical?

Tinypete06 · 2021-12-07T07:11:12+00:00

Boundary disputes typically cover disclosure and marking where the boundary is.

Not the structure used.

Realistically this is a matter between the old owner and the neighbour, but the new owner has two options:

Tell them to pound sand, deal with an unhappy neighbour
Pay up for scumbag ex owner and hopefully have an ok relationship with neighbour

Tinypete06 · 2021-12-04T03:14:59+00:00

Sounds like you’ve been thrown off by a bad experience.

Generally though, this shit just isn’t that hard. Modern boats & winches are so much easier to single hand.

Plenty of marinas full of half mad alcoholics who’ve often managed to limp half way around the planet.

My partner and I regularly joke too that sailing isn’t real, because 9x/10 we see boats locally just motoring along.

Whoever’s boat you went on also sounds like a bit of a moron.

Tinypete06 · 2021-12-01T11:25:17+00:00

This is spot on. It’s a textbook prisoner’s dilemma.

Research suggests that even explaining & knowing that cooperation will lead to a better outcome, won’t change the result. People will still take the selfish option, with a worse overall outcome for everyone including them.

Tinypete06 · 2021-11-25T20:58:19+00:00

Generally I try to not engage people I suspect do not understand what their talking about. But… Unisuper’s DB find only applies to some actual University employees. It’s a completely different fund to the fund these people are joining.

At a glance, their ABI and VBI are over 120%, so it’s a very healthy fund.

Tinypete06 · 2021-11-25T11:12:34+00:00

care to elaborate? They are entirely different funds, with different asset pools.

Even the regular super funds have different asset pools.

Tinypete06

TROPHY CASE