nope got to keep my half of the portfolio. had it all put in my name and was all settled by then i started selling up, because i wanted to be cashed up for what was coming (i had an inkling) based on what happened in August/Sept 2007 and wanted to have as much cash as possible for when i moved across the country. only problem is that although i had a little foresight, i only cleared about 65% of my holdings, not the lot but you cant dive in feet first thats just my cautious nature.
was talking to a banker friend of mine last night, good mate I've known for 27 years, reckons if you've still got a job by Sept you will be fine, same with a business .... reckons the banks are bastards, they caused this ruckus and are ruining many good businesses by behaving like scum (funny to hear a banker bagging his own crowd )
A lot of people with serious debt out their and life styles to suit. fools trying to keep up with those whom have the money. Around my area it was once a normal area, now its full of would bes with serious debt.
That's the bastard about this whole situation. The banks are happy to do stupid things like lend money to those who are never going to be able to repay a loan, and yet if someone gets into a bit of difficulty for reasons out of their control, rather than being accommodating and helping out temporarily until someone/business gets over a rough patch, they are only too happy to pull the carpet out from underneath them. Just glad we have always been cautious too and never over-committed ourselves. We may only live in a 2br apartment (albeit in a great location) and drive MINIs, but never saw the point in being in so much debt that you couldn't sleep at night. I would imagine that many living in our area, that went for the big house/mansion, may not be sleeping too well at the moment. Thank goodness we are not beholden to any bank at the moment.
[QUOTE="Megan";138436341]That's the bastard about this whole situation. The banks are happy to do stupid things like lend money to those who are never going to be able to repay a loan, and yet if someone gets into a bit of difficulty for reasons out of their control, rather than being accommodating and helping out temporarily until someone/business gets over a rough patch, they are only too happy to pull the carpet out from underneath them. Just glad we have always been cautious too and never over-committed ourselves. We may only live in a 2br apartment (albeit in a great location) and drive MINIs, but never saw the point in being in so much debt that you couldn't sleep at night. I would imagine that many living in our area, that went for the big house/mansion, may not be sleeping too well at the moment. Thank goodness we are not beholden to any bank at the moment.[/QUOTE] well put down,i've always been nice and easy.IMO the secret to investment property or shares is to hold long term. The current young high flyers, want it all in a decade or so its not that easy,go back years ago property/shares grew in small %s.Not 20/30% pa.
[QUOTE="Megan";138436341]That's the bastard about this whole situation. The banks are happy to do stupid things like lend money to those who are never going to be able to repay a loan, and yet if someone gets into a bit of difficulty for reasons out of their control, rather than being accommodating and helping out temporarily until someone/business gets over a rough patch, they are only too happy to pull the carpet out from underneath them. Just glad we have always been cautious too and never over-committed ourselves. We may only live in a 2br apartment (albeit in a great location) and drive MINIs, but never saw the point in being in so much debt that you couldn't sleep at night. I would imagine that many living in our area, that went for the big house/mansion, may not be sleeping too well at the moment. Thank goodness we are not beholden to any bank at the moment.[/QUOTE] Bought one car with hire purchase at 18. Bought one house with a bank loan that I paid off in 7 years. That's all the debt trap I've ever been in. Yes it's limiting in how far and fast you progress but - 1, you don't age young through worry, 2, you're safe from them ever getting a chance to take all you've worked for. I've known criminals with more morals than australian bank managers I've encountered.
don't worry their is a way of getting in the last punch with a bank. When I go it will be a KO not a TKO gee i love have credit cards with zero outstanding.
well the plan was to actually move over here to semi-retire, however as that 35% that wasnt liquidated yet was going to be my retirement fund, but now that's all locked in or depleted as a result of the GFC, so i now have to work again. so got a safe & secure mid-high level Government job in December, so it pays quite well, is work i enjoy and will sate my requirements through the GFC, and once things improve again, i intend to get back into property, however probably more toward straight development this time, but i think this will take a good 2-3 years before it becomes truly viable again (if not a little longer). im really struggling to find a way to make money in this current market, especially considering i am actually a very conservative person.
