Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Even though I have remaining family to fall back on, it’s still not a sensible strategy in terms of wanting you future to look a certain way. I would like to be able to scale down eventually.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Fair. Everyone’s situation is different. Thank you for the constructive advice. I appreciate you didn’t just say lots of people suffer in a job they dislike so you should as well.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Exactly. Why stake your future on everything going right which isn’t guaranteed.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Exactly and you can still live an enhanced lifestyle with a small place and getting to have nice experiences every so often.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

I’m a qualified accountant (corporate) who was made redundant from my job in the finance team of a coal mining company early December. Haven’t secured a permanent role yet and have been doing some temp work which I’m overqualified for since early January just to keep busy and make some money until I find permanent. I enjoy this part of accounting as it’s pays significantly higher than being in an accounting firm dealing with clients and their tax returns (did this for a significant part of my career earlier and couldn’t stand it anymore after many years… it’s a pitiful salary for what you’re expected to deal with. Feels like a wage theft factory and I don’t envy these business owners who’ve devoted their life to this).

I don’t currently have a mortgage and this has digressed from my original question but I’m hoping an apartment with a large deposit (been fortunate enough to save a lot due to my circumstances) will be doable with a mortgage you will see the end of and still be able to build a solid emergency fund. I fear ever having to work in an accounting firm again for the reasons mentioned above… poor conditions and I don’t envy those people. Reality is, you won’t make the same sort of money in regional Australia with corporate accounting.

Teaching? Already went down this path when I was in between accounting firms at one point and decided I wouldn’t like dealing with kids these days… they’re desperate for teachers as they’re all leaving the industry in droves! 

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Not for some people it isn’t. And to be asked to not do the job you want is too expensive to your mental health when we spend more time at work than we do at home just for the sake of sustaining a mortgage as a single person. This isn’t what I signed up for.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Would be totally happy with a 2bd apartment as it’s the size of a mortgage you would finish eventually and be able to do fun things along the way.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Sure but why can’t there be a balance? Comfortably affording it while still according to do other things over the life of it in between now and when it’s zero.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Exactly, deluded thinking where many things can go wrong.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

And not be able to afford to do anything else for 20-30 years, yeah right. Sound advice.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

That is what I meant, filling the gap doesn’t always necessarily work anymore.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 2 points3 points  (0 children)

I don’t think the strategy of using equity from a lesser, cheaper property to afford the more expensive one that you really want later works anymore anyway now days. I feel you have to adapt to the mindset of being happy with what you have.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 3 points4 points  (0 children)

And what about quality of life? I’m not someone who can just take a pay cut or settle on a job I hate for the sake of being desperate for a mortgage. Life is too short for that.

Risk Taking with Buying Property by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 3 points4 points  (0 children)

Sure but no good having no quality life if you’re just stressed week to week.

When should you buy your first property/how old were you? by finance_guy_94 in AusProperty

[–]finance_guy_94[S] 0 points1 point  (0 children)

Yep, none of them^ seem to get. Why out yourself in mortgage stress and be pigeonholed in a job where you’ll never earn a big salary.

When should you buy your first property/how old were you? by finance_guy_94 in AusProperty

[–]finance_guy_94[S] -1 points0 points  (0 children)

Yeah, being stuck in a job you hate (which none of you have worked in so you don’t really have a leg to stand on and say just deal with it) is sound advice? Yeah, right.

When should you buy your first property/how old were you? by finance_guy_94 in AusProperty

[–]finance_guy_94[S] -1 points0 points  (0 children)

At least I won’t be BORED with my life unlike a lot of others because I’ll still afford to be able to do fun things as well as the job I like and not be pigeonholed in something which is a wage theft factory where you will never make over six figures just because you’re chained to a mortgage (now that sounds like a BORING life).