The totally off-topic thread

[SeatBackForward]

Hello *waves*

 

[Flashback]

FML ................... and for those on you on the end of your seats wondering, what's wrong? I have to go to Slough today. FML indeed

 

[TomVexille]

FML ................... and for those on you on the end of your seats wondering, what's wrong? I have to go to Slough today. FML indeed

Oh you poor man

 

[Flashback]

Oh you poor man

I even got up really early this morning to try and get myself motivated! I really feel like I've hit rock bottom :mrgreen:

 

[TomVexille]

... I really feel like I've hit rock bottom :mrgreen:

Isn't that Bradford?

 

[Flashback]

Isn't that Bradford?

Would be interesting to see which one would win. That being said, at least Slough isn't too far from London so once I've finished the client meeting it's back to something good. Whereas once leaving Bradford, well ...... Leeds.

 

[RAM]

He was an investor in Adelaide Steamships.

He was Adsteam. Generally unknown fact about John - he was one year too early...

He feared the Aust Stock market was a bubble about to burst and started selling Share Price Index Futures around the same time as BT began a much smarter technique (actually an arbitrage) - in Feb 1986. After the Sept 86 SPI futures closeout John had lost over $250 million (huge money in 1986) on his bet that the market was about to fall off a cliff. He privately admitted defeat around October 12 or so 1986.

As the fourth law of bubbles states "Being too early is indistinguishable from being WRONG." He effectively lost all his profits in wheeling/dealing since early 1984. October 1987 saw him too leveraged (remember who bought Woolworths originally?) and the clock began ticking down rapidly.

RAM are you sure you are not my husband in disguise??

Well actually....

No.

Oh and remember you can't avoid taxes. You pay on the capital gain when you sell. I might have got $40000 in tax refunds over the years, but I ended up paying $100000 on the capital gain.

You don't go broke making profits! Add in time value of money (deductions over the years and tax now) and life is good.

And attempting to point out the massive flaws in our current laws that have prioritised investors over young families.

Hmm, not so sure. Young families can use them to their advantage - we did.
SAD Fact - over 90% of population spend more time planning/dreaming about holidays than on their own finances - until they get to early/mid 50s - survey results year after year since late 1970s.

That's why we have only two political parties - virtually everyone hates to vote for the middle.

Two parties where over an extended period (decades) 5 of the top ten donors to each have been the same 5 companies...

...(unless we go super long winded)

OK, I'm off to stand in the corner now, sniff, sniff,

 

[JohnK]

I don't do Bookface Tommy - can you explain what you mean please?

Facebook was modelled on AFF's The Off Topic Thread?

 

[Pushka]

Ahem RAM. Already stated Spalvins was Adsteam a day ago.

 

[TomVexille]

Facebook was modelled on AFF's The Off Topic Thread?

Facebook predates the TOTT so that doesn't work

 

[RooFlyer]

Agreed. House prices are obscene. They were high in the decades you mention but not as high as today. I could easily buy an apartment for $170,000 in 1999 but I wouldn't pay $500,000 for that apartment today.

I think we are about to see a big tumble. Building new apartments is out of control. They are either preparing for an invasion or want to flood the market with excess property to drive property prices down.

That's fantastic for those without property but a serious dent in retirement plans for those who have been counting on the investment for retirement.
<snip>.

Have caught up with a week of this thread. Whew!

I know people write in shorthand, but all this talk about 'Australian housing is unaffordable'/'house prices are obscene' (and I'm only quoting JohnK to anchor this comment, not to directly address it) is vastly generalised. There is abundant 'affordable' housing in Australia - its just not where most want to live (hence the high competition for housing driving up prices).

Sure, if you want to live in the major cities, and within the major cities you want to live close to family and/or nightlife and/or 'lifestyle' attractions such as beaches or restaurant strips, your housing choices narrow and they'll be expensive. But don't translate that to a general situation.

Come down to Tasmania, or most places in regional Australia and you'll be able to buy a very decent house close to potential work, lifestyle places etc at a fraction of what you'd pay for your optimally located house in one of the major cities.

ALL my various nephews and nieces, aged between 25 and 35, all but one married with families, own their houses (with a mortgage) - two of them are in Brisbane. None have fancy / high paid jobs (think teachers, sales reps, call centre supervisor etc) but all, separately as far as I can tell, have been pragmatic and chosen to buy where they can afford to, even if its a hike to family etc. (And I'm talking in the 'burbs, not the countryside).

 

[kpc]

$72 for roast pigeon?
i think he has a very high (unwaranted) opinion of his food. I'll give it a miss!

 

[andye]

FML ................... and for those on you on the end of your seats wondering, what's wrong? I have to go to Slough today. FML indeed

Betjeman was bang on about Slough

However, it is only a stone's throw from Windsor & Eton. Interesting mix of clientele at the local Wexham Park Hospital

 

[Flashback]

Betjeman was bang on about Slough

However, it is only a stone's throw from Windsor & Eton. Interesting mix of clientele at the local Wexham Park Hospital

Well I'm here and made it unscathed. Result!

 

[drron]

He was Adsteam. Generally unknown fact about John - he was one year too early...

He feared the Aust Stock market was a bubble about to burst and started selling Share Price Index Futures around the same time as BT began a much smarter technique (actually an arbitrage) - in Feb 1986. After the Sept 86 SPI futures closeout John had lost over $250 million (huge money in 1986) on his bet that the market was about to fall off a cliff. He privately admitted defeat around October 12 or so 1986.

As the fourth law of bubbles states "Being too early is indistinguishable from being WRONG." He effectively lost all his profits in wheeling/dealing since early 1984. October 1987 saw him too leveraged (remember who bought Woolworths originally?) and the clock began ticking down rapidly.

Or in the words of John Maynard Keynes-
“The market can stay irrational longer than you can stay solvent.”

 

[medhead]

FML ................... and for those on you on the end of your seats wondering, what's wrong? I have to go to Slough today. FML indeed

that'd be awesome. did you say hi to David? Do some trivia?

 

[medhead]

You don't go broke making profits! Add in time value of money (deductions over the years and tax now) and life is good.

Definitely not a complaint. If I paid $100000 in tax, just think about the income/profit.

Have caught up with a week of this thread. Whew!

I know people write in shorthand, but all this talk about 'Australian housing is unaffordable'/'house prices are obscene' (and I'm only quoting JohnK to anchor this comment, not to directly address it) is vastly generalised. There is abundant 'affordable' housing in Australia - its just not where most want to live (hence the high competition for housing driving up prices).

Sure, if you want to live in the major cities, and within the major cities you want to live close to family and/or nightlife and/or 'lifestyle' attractions such as beaches or restaurant strips, your housing choices narrow and they'll be expensive. But don't translate that to a general situation.

Come down to Tasmania, or most places in regional Australia and you'll be able to buy a very decent house close to potential work, lifestyle places etc at a fraction of what you'd pay for your optimally located house in one of the major cities.

ALL my various nephews and nieces, aged between 25 and 35, all but one married with families, own their houses (with a mortgage) - two of them are in Brisbane. None have fancy / high paid jobs (think teachers, sales reps, call centre supervisor etc) but all, separately as far as I can tell, have been pragmatic and chosen to buy where they can afford to, even if its a hike to family etc. (And I'm talking in the 'burbs, not the countryside).

Good point. I was thinking to ask Tom and Cat if they'd be interested in the high speed rail project. If they knew they could buy land for $150000 near Shepperaton and also be in Melbourne CBD in 30 minutes; would they jump?

 

[RooFlyer]

<snip>
Good point. I was thinking to ask Tom and Cat if they'd be interested in the high speed rail project. If they knew they could buy land for $150000 near Shepperaton and also be in Melbourne CBD in 30 minutes; would they jump?

I saw that article! They would triple their money of they got in now! (or so the promoters say they will ...)

 

[Julesmac]

There has been a major shift in the 'collective' speak pushed by certain interest groups such as:

• Media
• Political donors
• Lobbyists
• Banking/Finance (loans are good, excessive loans are better!)
• Property Developers (why buy tomorrow when the price will be higher and my profit will be less?)
• Shopping centre operators etc

The above list is not exclusive - time limits completeness.

The advent of credit card issuing market share fights coinciding with changes to the national/state education standards/approach seemed to generate the perfect storm that produced;
"I should be able to buy a 3 bedroom house in the same area (street) as my parents and have a new car, big(ger) screen TV, air con, overseas holidays, 2 car garage WHEN I've just left school - it is just so UNFAIR!"

We bought our first home in 1976; banks then were very strict on how much they would lend, was based on a percentage of your salary - something like say 1/4 of your salary went on repayment which was tied to a scale of loan. My husband and I both had second jobs while we saved. He in a pub, me cleaning offices. 10 years later hen we bought house #2 - will I mention an interest rate of 17%? Budget and thrifty were not names of car hire companies. We put three kids through private school too (substantial fees - well that's after tax dollars)We didn't have credit card debt either. We didn't travel overseas till we were in our 40s.

Yep we are the mean nasty baby boomers hogging all the money. Oh did I say we also saved our own money and are in the very fortunate position that we will be self supporting into our old age. I appreciate that we had many advantages but we paid plenty of tax and have tried to be prudent.

I guess we still saw the effects of a war and a depression on our own parents as far as money went. My own were ten pound Poms who came with a few boxes, hardly any savings but a dream of the future in which they could work hard and create a better life for their family. We baby boomers I think had pretty much idyllic childhoods. The next generations seem to be unfazed by debt & are often very highly leveraged, were able to borrow 100% of the cost of a house (though that perhaps is no longer the case)and don't have any notion of waiting till they can afford to buy stuff. Like Pushka - we did things as we could afford, including drinking cask wine. When I suggested that my daughter who was bemoaning always being broke, try it instead of $20 "quaffing" wine she was horrified. She said well you drink it - which is true but she forgot the 30 years of working in between!
I do however disagree with the cost of tertiary education - if we educate our children then everyone benefits, it's the way out and up and many more should have that opportunity.
Now preparing for a barrage of 'selfish old fart' replies!

 

[MEL_Traveller]

I do however disagree with the cost of tertiary education - if we educate our children then everyone benefits, it's the way out and up and many more should have that opportunity.

Doesn't everyone have that opportunity? It's not like you have to pay upfront.