- ummester wrote:devo76 wrote:Not there yet. WA to hurt more than other states. But on average i would say another 10 to 15% drop across Australia. Not a 40% +drop thats for sure. What do i base that on. Nothing. Just what i see when i take a step back and look at whats going on around me.
10-15% + 5-10% already experienced = 25%. A year ago, you lot thought I was full of it for claiming 30% drops were coming. 25% is pretty close and I am still sure theat the national average drop will be at least 30% by the time this is done.
40% and above will be in the worst places. Small costal, mining towns etc.
Where I was wrong is that I thought we would crash hard and fast like America but now it seems we will have the slow Japan style deflation. Better for the country but worse for PPORs buyers. House prices aren't going up any time soon and, though some loans would cost close to current rental prices, long term the best stratergy is still to save as much of the purchase cost as possible (or buy a bigger house) sometime over the next 5-10 years.
Now, if you want a big tele, get in before July but as close to july as possible (after all the government stimulus do dads are done with). Luxury electronics goods are going to skrocket next financial year for a whole multitude of reasons (none of which will make the producers of retailers any better of).
The new financial year will also be when we get a good idea of how low house prices will go, I recon.
I think unrealistic asking prices and median house values warp things. I will believe in a 30% plus drop when i can walk around my town and see at least half the houses that i know as worth $330,000( Sale price not asking) in 2008 now selling for $230,000 or less. At the moment we a far from this and i doubt we will reach it. If we do i will beg borrow or steal to buy as much as i can because they will not stay that price for long. I dont care about the odd house sale the pessamists jump on that sell way under its previose value. There are many factors that drive these kinds of drops. I am talking about the average house in the average area. bI do believe in 40% plus drops in some areas, i also believe in no drops. I only care about the average property as that is where the majority of Australians live.
devo76 wrote:hbbehrendorff wrote:Standing on the top of mount Everest, We fall to a cliff three meters down and everyone is proclaiming this is the bottom… ROFL
Every bubble creates a similar shape coming down only mirror reversed, Ive seen the charts ! lol
No recovery will come in 2009 or 2010 or 2011… We have 15 years of bad times ahead of us… But lets just wait and see how everything is doing at the start of 2010.
Geezus man i need to know. Where do you get that crystal ball from. You must have the most accurate crystal ball ever made to be so confident on what is going to happen. Cmon tell me. Was it barrons bargains, the dollar shop. share share.
Predicting long term trends is easy, Its short term that is impossible, No one can predict the short term future…
Just like everyone was arguing last year whether we will have a recession in Australia or not, LOL
It will be the same thing when we are in a depression, Everyone will be arguing that we are merely in a bad recession for the first few years.
The sooner investors get there head around this idea that life is not one big uptrend, the sooner they can stop loosing all there money… Just like investors refuse to believe the stock market will sink any further… 3250 and going down, lol But 3400 was the bottom right ? just like 3100, 3000, 2900, 2800, 2700, 2600, 2500, 2400, 2300… will all be bottoms too !
But lucky property always goes up in value and is not subject to falling values like the stock market right ? That must be why Property dropped 80% in Japan
Pull your money out of the stock market and start buying Silver/Gold Short/Medium term bonds and you will get your chance for property later on while everyone is drowning
Remember, Don't be Greedy while everyone else is, People are still far far far to Greedy right now, They hold to much hope yet, Let them relish and consume all this toxic waste, wait back from the sidelines until the Reapers come for the harvest.
Just look at all the big wigs, They are loosing there fortunes left right and center, Look at the losses Harvey Norman is taking, These billionaires are so cocky they refuse to believe anything else then what they have experienced for the past 18 years, So they will continue to bet against the downtrend until many of them are homeless.
People use there current experiences to predict the future, This is all good and well until we come to a time in history of immense change and they cannot vision anything other then there past experiences coming to light, They are blinded by there own success and it will cause there fall
fun times are coming
ALL TRUTH GOES THROUGH THREE STAGES:
FIRST IT IS RIDICULED
THEN IT IS VIOLENTLY OPPOSED
FINALLY, IT IS ACCEPTED AS SELF-EVIDENT
hbbehrendorff wrote:devo76 wrote:hbbehrendorff wrote:Standing on the top of mount Everest, We fall to a cliff three meters down and everyone is proclaiming this is the bottom… ROFLEvery bubble creates a similar shape coming down only mirror reversed, Ive seen the charts ! lol
No recovery will come in 2009 or 2010 or 2011… We have 15 years of bad times ahead of us… But lets just wait and see how everything is doing at the start of 2010.
Geezus man i need to know. Where do you get that crystal ball from. You must have the most accurate crystal ball ever made to be so confident on what is going to happen. Cmon tell me. Was it barrons bargains, the dollar shop. share share.
Predicting long term trends is easy, Its short term that is impossible, No one can predict the short term future…
Just like everyone was arguing last year whether we will have a recession in Australia or not, LOL
It will be the same thing when we are in a depression, Everyone will be arguing that we are merely in a bad recession for the first few years.
The sooner investors get there head around this idea that life is not one big uptrend, the sooner they can stop loosing all there money… Just like investors refuse to believe the stock market will sink any further… 3250 and going down, lol But 3400 was the bottom right ? just like 3100, 3000, 2900, 2800, 2700, 2600, 2500, 2400, 2300… will all be bottoms too !
But lucky property always goes up in value and is not subject to falling values like the stock market right ? That must be why Property dropped 80% in Japan
Pull your money out of the stock market and start buying Silver/Gold Short/Medium term bonds and you will get your chance for property later on while everyone is drowning
Remember, Don't be Greedy while everyone else is, People are still far far far to Greedy right now, They hold to much hope yet, Let them relish and consume all this toxic waste, wait back from the sidelines until the Reapers come for the harvest.
Just look at all the big wigs, They are loosing there fortunes left right and center, Look at the losses Harvey Norman is taking, These billionaires are so cocky they refuse to believe anything else then what they have experienced for the past 18 years, So they will continue to bet against the downtrend until many of them are homeless.
People use there current experiences to predict the future, This is all good and well until we come to a time in history of immense change and they cannot vision anything other then there past experiences coming to light, They are blinded by there own success and it will cause there fall
fun times are coming
ALL TRUTH GOES THROUGH THREE STAGES:
FIRST IT IS RIDICULED
THEN IT IS VIOLENTLY OPPOSED
FINALLY, IT IS ACCEPTED AS SELF-EVIDENT
Im sure the majority of investors agree there are down turns. This keeps getting brought up along with the 7 year thing yet few actually investors preach it. So what you are saying is pick the bottom. Nothing new there really. Like i have said before its easy to bash property investing during a downturn but this is only one part of the cycle. That said i certainly would not rush out to buy now when its almost certain things will be cheaper in 6 months. The deal would have to be a good one to jump now. That said i believe from now into say the next few years people will position themselves to profit from the next upturn will othere will still find reasons to stay out.
Also on the gold thing. Its a given many are running to gold for safety and its rise in value is clear. So could one be so bold to say that gold itself is entering a bubble. What will happen when the share market stabilises and property starts moving again. Can anyone say GLOBAL GOLD PRICE CRASH. Just a thought. my crystal ball is cracked.
devo76 wrote:hbbehrendorff wrote:devo76 wrote:hbbehrendorff wrote:Standing on the top of mount Everest, We fall to a cliff three meters down and everyone is proclaiming this is the bottom… ROFLEvery bubble creates a similar shape coming down only mirror reversed, Ive seen the charts ! lol
No recovery will come in 2009 or 2010 or 2011… We have 15 years of bad times ahead of us… But lets just wait and see how everything is doing at the start of 2010.
Geezus man i need to know. Where do you get that crystal ball from. You must have the most accurate crystal ball ever made to be so confident on what is going to happen. Cmon tell me. Was it barrons bargains, the dollar shop. share share.
Predicting long term trends is easy, Its short term that is impossible, No one can predict the short term future…
Just like everyone was arguing last year whether we will have a recession in Australia or not, LOL
It will be the same thing when we are in a depression, Everyone will be arguing that we are merely in a bad recession for the first few years.
The sooner investors get there head around this idea that life is not one big uptrend, the sooner they can stop loosing all there money… Just like investors refuse to believe the stock market will sink any further… 3250 and going down, lol But 3400 was the bottom right ? just like 3100, 3000, 2900, 2800, 2700, 2600, 2500, 2400, 2300… will all be bottoms too !
But lucky property always goes up in value and is not subject to falling values like the stock market right ? That must be why Property dropped 80% in Japan
Pull your money out of the stock market and start buying Silver/Gold Short/Medium term bonds and you will get your chance for property later on while everyone is drowning
Remember, Don't be Greedy while everyone else is, People are still far far far to Greedy right now, They hold to much hope yet, Let them relish and consume all this toxic waste, wait back from the sidelines until the Reapers come for the harvest.
Just look at all the big wigs, They are loosing there fortunes left right and center, Look at the losses Harvey Norman is taking, These billionaires are so cocky they refuse to believe anything else then what they have experienced for the past 18 years, So they will continue to bet against the downtrend until many of them are homeless.
People use there current experiences to predict the future, This is all good and well until we come to a time in history of immense change and they cannot vision anything other then there past experiences coming to light, They are blinded by there own success and it will cause there fall
fun times are coming
ALL TRUTH GOES THROUGH THREE STAGES:
FIRST IT IS RIDICULED
THEN IT IS VIOLENTLY OPPOSED
FINALLY, IT IS ACCEPTED AS SELF-EVIDENT
Im sure the majority of investors agree there are down turns. This keeps getting brought up along with the 7 year thing yet few a investors actually preach it. So what you are saying is pick the bottom. Nothing new there really. Like i have said before its easy to bash property investing during a downturn but this is only one part of the cycle. That said i certainly would not rush out to buy now when its almost certain things will be cheaper in 6 months. The deal would have to be a good one to jump now. That said i believe from now into say the next few years people will position themselves to profit from the next upturn will othere will still find reasons to stay out.
Also on the gold thing. Its a given many are running to gold for safety and its rise in value is clear. So could one be so bold to say that gold itself is entering a bubble. What will happen when the share market stabilises and property starts moving again. Can anyone say GLOBAL GOLD PRICE CRASH. Just a thought. my crystal ball is cracked.
Stock market down another 3% today, well that's a bummer.
Having said that I am actually buying for the long term now.Still say 20% or so this year and another 20% or so next.
I have been watching one suburb close by to me, its a newish area with lots of expensive ( sort of ) houses. In 2006 they were going for up to $750,000 for the best in area, in 2007 they were about $700,000 and in 2008 they were about $650,000, this year so far the best houses are about $620,000 to $630,000 and falling each month. This is a fact. My dumbo brother purchased property and put up a house with pool etc etc all up it costs him $720,000 , he can sell it now for about $600,000 or so.
He is also loosing all his money in superannuation having not listened to me and left it in growth, he is not a happy chappy.Rising unemployement and doom and gloom has set into everyones mindset ensuring house prices will keep falling.
Lot more room to move above $500,000. But im interetsed in how say the average house in a regional city around the $250,000 to $300,000 will be affected. I cant see a 40% or 50% drop on average. That would put many homes at or below replacement cost with no consideration to the land value.This is why so many say the drop will vary greatly. Those overinflated areas will suffer. Some mining areas also. But many places have already returned to some normality. This is not to say they will not drop further. We are in a slump. Houses will slump, So will car values,boats,jet skis,collectibles, etc etc. But some areas will show more strength than others. Some came of the boil years ago and therefore have less to fall. Some areas where not driven by mining wealth etc etc. The question is what happens in a few years when this mess is sorted and confidence returns. Do you believe house values will stay at this low mark or do you believe we will see history repeat itself and as predictably as the tide. The next boom will begin. Now what if you were smart enough to build a property portfolio befor this purchased at a good price and maybe even very low fixed rates.While many try quickly to build a portfolio you have already done so and continue to add to it. You may then be the one with a property portfolio working for you listening to posters in years ahead telling you property is dead. All the time having a sly laugh to yourself knowing how the next boom and bust will play out over time. Just a theory but i think its safe to say that many will be in this situation. To think of the unlucky investors many years ago that bought houses for $70,000 when they could have waited and got them for $60,000. How do they sleep at night.How do they struggle on knowing what they are worth today.
That's why I said silver first
Because while over the past 100 years Gold Reserves have increased, Silver reserves have declined dramatically Why ? Because silver is used in hundreds of industrial processes
Go find out what they are… wait ill list a few In 1945 we had 10 billion ounces of silver available, Today we have 1 billion ounces
Jewellery and Silverware Silver possesses working qualities similar to gold but enjoys greater reflectivity and can achieve the most brilliant polish of any metal. To make it durable for jewellery, however, pure silver (999 fineness) is often alloyed with small quantities of copper. In many countries, Sterling Silver (92.5% silver, 7.5% copper) is the standard for silverware and has been since the 14th century.
The copper toughens the silver and makes it possible to use sterling silver for cutlery, bowls and other decorative items such as picture frames and batteries.Batteries both rechargeable and disposable, are manufactured with silver alloys as the cathode. Although expensive, silver cells have superior power-to-weight characteristics than their competitors. The most common of these batteries is the small button shaped silver oxide cell (approximately 35% silver by weight).
Bearings electroplated with high purity silver have greater fatigue strength and load carrying capacity than any other type and are hence used in various hi-tech and heavy-duty applications.
Today's jet engines can deliver 35,000 to 100,000 pound thrusts under high-temperature conditions. Despite the far higher power and a far more rigorous internal environment, silver coated bearings continue to provide the superior performance and critical margin of safety for today's jet engines.
As an Electrical Conductor Silver is the best of all metals and is hence used in many electrical applications, particularly in conductors, switches, contacts and fuses. Contacts, a junction between two conductors that can be separated and through which a current can flow, account for the largest proportion of electrical demand.
Ordinary household wall switches, which normally carry high electric current for electrical appliances from irons to refrigerators, use silver. Silver is the metal of choice for switch contacts because it does not corrode, which would result in overheating, which could lead to fire. The U.S. electric switch market is on the order of $2.7 billion per year.
From the very earliest uses of electricity, silver has been the metal of choice for switch contacts because of its low contact resistance, high thermal conductivity, mechanical wear resistance, chemical stability (it does not corrode), low polymer formation (the build-up of an insulating carbon-polymer film over the contact as a consequence of arcing), and cost-effectiveness (it provides the longest functional life).
Medical Applications Increasingly, wound dressings and other wound care products incorporate a layer of fabric containing silver for prevention of secondary infections. Surgical gowns and draperies also include silver to prevent microbial transmission. Other medical products containing silver are catheters and stethoscope diaphragms.
Mirrors and Other Coatings Silver's unique optical reflectivity, and its property of being virtually 100% reflective after polishing, allows it to be used both in mirrors and in coatings for glass, cellophane or metals.
One out of every seven pairs of prescription eyeglasses sold incorporates silver. Silver halide crystals, melted into glass can change the light transmission from 96% to 22% in less than 60 seconds and block at least 97% of the sun's ultraviolet rays. The change is endlessly reversible.
Photography The photographic process is based on the presence of silver halide crystals suspended on an unexposed film, which, when exposed to light, are set in such a way that they are selectively reducible to metallic silver by agents called developers. Approximately 5,000 color photographs can be taken using one ounce of silver.
Although a wide variety of other technology is available, silver-based photography will retain its pre-eminence due to its superior definition and low cost. From its very outset, silver halide has been the material that records what is to be seen in the photograph. As little as 4 photons of light activate silver halides which amplify that incident light by a factor of one billion times. In today's photography, silver halides are coupled with dyes that bring the color of the world around us into permanent record. An estimated 145.8 million troy ounces of silver were used worldwide in 2006 for photographic purpose
Maybe not this decade but, Can anyone say $1000 ounce Silver ?
Hang on. I bought the wife a $1000 necklace that was silver filled. Bugger me im on my way. And i have a heap of massive aircraft batteries i was going to throw away. Woo hoo i will be melting those puppies down tomorrow.
All crap aside i will not argue your thoughts on metals as i have no idea. I dont consider myself a bull or a bear. Im in the middle. I believe in the law of averages. there are worse case cenarios and then there is best case. I believe on average the middle is the likely outcome and i plan my life this way.
I believe property will go up long term……….. I also believe it can drop.
I believe we are in a recession………..I believe it will pass.
I believe unemplyment will rise significantly,,,,,,,, I believe in time it will drop.
Etc etc etc.
But the most important thing i believe is time has a way of passing quickly and we have a short memory. This is why when all the crap is pushed aside. Property investing will pay off long term.In a nut shell if the average punter buys say four homes and aims to get them cashflow neutral quickly then holds on for 10 to 20 years. At the end they will have something many do not. Wealth apart from the pension or some meager super. Thats a risk im willing to take.Owning 1 home or Investment property will put you far ahead of the crowd
hbbehrendorff wrote:Owning 1 home or Investment property will put you far ahead of the crowdI don't get you here hbb , what do you mean ?
I guess he means very few people even reach that milestone. If you were smart enough to buy say two neutrally geared properties so they cost you nothing to hold. Sold one at retirement to pay off the other. Then you would have an income producing asset while all the time not costing you to hold them therefore not effecting your lifestyle during your working years. I wont get into the lost opportunity thing here. Im talking about a safe long term investment for the majority. this one house may be enough to raise you from the poverty line during retirement up to a comfortable living. Plus a reverse mortgage may make it even better.You have an asset you could sell if needed without selling your family home. You can help your kids or leave them a legacy. Just one paid for house could make a world of difference.
Got ya , and it's a good one I reckon . As good as any unless you actually like playing more with property as I do .
Knew one couple that bought this house in the back streets of Toorak in the early 70's for 70k . They sold it for 2 1/2 million about 2 yrs back . They just had their own house plus this one which had been rented out the whole time and it'd also been a great extra wage for them for years . Later on they restored it , then the boom came and they sold it.
Something like my backup plan .
I want to go on with property but I also want three aside and held. Our own home , one for my daughter and one extra for us . The two renters I want to buy in a yr or two , both on double blocks and good renters , after we know how things and prices are panning out.
Then I figure if in worse case scenario and we do get a 15 yr slum I should have some prime realestate and extra blocks right about ready for the next boom.
Then by just before the end of that one , at it's peak we'll be ready to retire ourselves and hopefully set up and my daughter will have a great little paid off property , with an extra block to set herself up .
Hopefully by the time she even goes to uni , if she does , hers will also be well cash positive , and that can also be a part time income for her in the meantime .I want all my property messing around in the future completely aside from those three and nothing to do with them financially in any way .
Cheers
My favourite two sayings is "this is much worse than we thought" said by the same people who bought you that old classic of "nobody saw this coming"….
what they should really say is "don't listen to me I havn't got a clue".."why Aust Fin review" ANZ, Channel 7 etc continue to pay me when I am so hopelessly lost is beyond me"
Hahaha GMH u r toooo modest it's because you are tall, suave and sophisticated not to mention good looking and funny …
I watched dateline last Sunday sorry I can't remember the name of the American fellow I think it was Roberts … anyway he said some very interesting things … one was he thought they should let GM go broke … two America is only doing short term fix … three America has lost it's position as a world leader … four, the people who sent America broke are now advisers for Obama … five invest in silver, gold, zinc and cotton …
I've just finished reading the latest Dent report which is another interesting read …
The only thing I have trouble fathoming is this … if property surges tomorrow who can afford it? I mean look at the times earning ratios we are now 10 time to income … are all of you saying prices will keep going up to and beyond 20 times income??
Something aint right in me thinking ?%#?
And finally bugger all you first home owners I saved hard for my first unit with no help from the government with no hand outs of 24k and free stamp duty … my kids have over $20,000.00 in savings already from a new concept we are teaching them called SAVING. Go buy the richest man in babylon and give it to your children to read 100 times.
Sorry i'm having a bad day … and finally GMH my favourite saying from an old pholosopher is "head the roar of the distant drums" translated in simple terms it basically means more s..t to come
D
I think it was Jim Rogers of Rogers Holdings – Yes he said America is going down big time and that you should become a Farmer to "Quote to George Negus" He advised farming would make more profit in the future and that shares were going down further and property in the US was bad thing to invest in.
Basically, as far as what and when things are going to happen nobody has a clue. Everyone is just guessing, even the so called "experts". I can search the net and read at last 10 different conflicting predictions from an expert on a daily basis. Anyone who watches and believes any thing the media are predicting is just as silly as they are.
I guess it all comes down to risk. Are you willing to take the risk of not investing and missing out on a great opportunity or do we jump in and invest and risk getting burnt? What is so different now than it was before, are these not the same risks we faced before the global downturn?
As as I see it nobody ever got rich by sitting on the bench and waiting to see what happens, too scared to take a risk and invest. It guess it all comes down to what type of risks you are willing to take. It is business as usual for us, we are continuing to invest this year.
Cheers,
JP…wealth4life.com wrote:Hahaha GMH u r toooo modest it's because you are tall, suave and sophisticated not to mention good looking and funny …I watched dateline last Sunday sorry I can't remember the name of the American fellow I think it was Roberts … anyway he said some very interesting things … one was he thought they should let GM go broke … two America is only doing short term fix … three America has lost it's position as a world leader … four, the people who sent America broke are now advisers for Obama … five invest in silver, gold, zinc and cotton …
I've just finished reading the latest Dent report which is another interesting read …
The only thing I have trouble fathoming is this … if property surges tomorrow who can afford it? I mean look at the times earning ratios we are now 10 time to income … are all of you saying prices will keep going up to and beyond 20 times income??
Something aint right in me thinking ?%#?
And finally bugger all you first home owners I saved hard for my first unit with no help from the government with no hand outs of 24k and free stamp duty … my kids have over $20,000.00 in savings already from a new concept we are teaching them called SAVING. Go buy the richest man in babylon and give it to your children to read 100 times.
Sorry i'm having a bad day … and finally GMH my favourite saying from an old pholosopher is "head the roar of the distant drums" translated in simple terms it basically means more s..t to come
D
Yeah I agree and have said for a few years now it's just not physically possible for most of our property to double again for a very long long time. Maybe some well bought stuff though especially if wait awhile.
People are actually going to have to do something again , get creative , buy the right stuff and yep, get creative some more.Lucky for me that it just so happens I love nothing more than getting creative , well almost nothing more. How much of a buzz is it in taking one property and turning it into two , or three or making it something , I'll almost be in my element. Very nervous but , in my element.
Cheers
PS – God bless America , hey I just wish Bush would come back , um , not !
jparry1 wrote:Basically, as far as what and when things are going to happen nobody has a clue. Everyone is just guessing, even the so called "experts". I can search the net and read at last 10 different conflicting predictions from an expert on a daily basis. Anyone who watches and believes any thing the media are predicting is just as silly as they are.
Actually lots ands lots of people called this, quite a few on this site.
Foundation called the property boom using good old stats and logic plus lots of other info. Oh how I miss him..
I called the "China will save us fallacy" as I am sure many others here called and that was back when the World bank called commodity prices as peaking back in around 2006. They also inferred we would have the odd cough as well (read cough up a lung style cough), also called the negative wealth effect in detail back in 2004, go back over the archives and you will see what is lurking round the corner, and there is no way back from that baby.
4 Corners in Aug 07 predicted the entire banking hedge fund property collaspe, and many people employed by Bear Sterns etc called it and were fired for their trouble.
Now who do you NOT beleive.
Firstly no-one who said "nobody saw it coming " because they are too deaf to have listened to the people who knew, and basically too ignorant to work out 2+2 .
No-one who has a vested interested in pedalling lies, such as property doubles every 7 years (although for a few years it created a self fulfiing prohecy, but the ones who benefited are the vast minority.) And you can put oh no….the housing shortage," if you can find a property to rent don't even waste time looking at it, just let the agent sleep with your wife, and give him your first born in indentured servitude, a vacant property to rent is the rarest of all commodities" Basically spruikers (although I don't put Steve in that catergory) and everything that has ever come out of the REI.
Journalists also deserve some mention, good old Ross (and he definitely did not see this coming) Gittens telling us early last year that we did not have personal debt problem beacuse our personal wealth matched our debt, whew, was worried for moment there Ross, wonder how the balance sheets of the boomers are right now, maybe the Storm clients….
Actually lots called it, many right here, enjoy your stay…
gmh454 wrote:Now who do you NOT beleive.
and how could I ever forget Gerry Harvey, the man who tells us that a Boom is just around the corner, …sure Gerry, sure……
YEP ! GMH can't agree with you more plus …
Ladies and gentleman what is our current credit card debt? is it over 50 billion dollars and still the highest per head of population debt in the world … and what does that mean? wait I have more …
Gerry Harvey and ALL those other self made multimillionaires who made their money from INTEREST FREE lending which is a derivative of the sub prime … 86% of ALL people can't pay these debts off at the end of the period and are charged over 27% interest … oh yes Gerry you are my hero you are responsible for a portion of this credit crisis, but hey he's a smart business man who got his bank manager to back him ! …
THE BANKS and all their CEOs who designed ways to make unsophisticated people borrow money then create incisive advertising to suck them in … what are they doing about creating programs to help these poor families …
Obhama has build an advisory board of past failures who have reputations of strke out and no home runs … if a company is insolvent let it go to the wall there are lots under them that are in better shape run by CEOs on less wages who are making profits … AIG let it go the pieces will be picked up down the line … take the billions of dollars back from the CEOs in early payouts …
The whole message is folks in my humble opinion is that for the last 25 years people have lost the art of SAVING … we are encouraged to BORROW banks are throwing credit cards at us daily … my advise to my clients is learn to live off one credit card and send the others back to the bank …We need to go back to primary school and educate the young people about DEBT and savings … Warren Buffet started investing at the age of 11 … go figure
Until we have politicians who encourage people to SAVE we will continue to be weak … MONEY and WEALTH is all about EQUITY it's not how many you own but how much cash you are worth …
The Henry Kaye scam was if you own a million dollar property and have a million dollar debt you are a millionaire … Hello !?%?
In this market I believe the best real estate to own is property with no debt …
Now just before you shoot me down I own multiple properties and have for over 20 years … the information we are getting from around the world today and on this web site has immense value to those who listen … imagine the people who don't have access to this information …
If we took the first home owners out of this market today the property market in Australia would crash … TAX payers are paying for this privilege … Now if the information is correct and property drops by 10/15% what position does that leave the first home owners in ???????
D
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