House or toys?

[DrNick]

House and toys...

Could have built a new house, but went for a nice 20 year old one. Have enough toys to keep me going too.

S

[SirGoat]

i sold my toy and bought my house

I miss my toy but enjoy living under my own roof ....

[whogivesatoss]

House and land will always give you considerable gains so you can enjoy bigger and better toys in the later part of life. Ask all the baby boomers...

[psi999]

Looking for a house now, but were borrowing around 130k under what we can (Brisbane) so will leaving plenty of coin for reno's & toys.

we've found the area (9km from CBD) just got to find something decent now.

[PASHN8]

Swapped my big toy (GSR EVO) for a cheaper toy (MX-5) + house = teh win!

[SPDRCR]

I hear the arguments coming from both sides, I think the only real answer is to go for both in a way that suits you.

Something to bear in mind is that (generally speaking) your earning capacity is going to increase pretty dramatically over time.

To give you an example: the money I could save in a year 10 years ago, I can now generate in one month. I think about all the hard work I did back then to save what I consider to be inconsequential now and it makes me think that it's not such a bad thing to enjoy yourself while you are young.

[PASHN8]

I agree with the above, I guess its all in moderation? enjoy whilst young, and whilst you don't have dependants, but also be mindful of the bigger picture.

[psi999]

I hear the arguments coming from both sides, I think the only real answer is to go for both in a way that suits you.

Something to bear in mind is that (generally speaking) your earning capacity is going to increase pretty dramatically over time.

To give you an example: the money I could save in a year 10 years ago, I can now generate in one month. I think about all the hard work I did back then to save what I consider to be inconsequential now and it makes me think that it's not such a bad thing to enjoy yourself while you are young.

My thoughts exactly, fwiw i'm 26 and my GF is 24, no debit & around 40k in assets* + savings.

We intend to purchase a cheaper place (260-270k - which will buy something decent in the Brisbane market around 10km out) 1st up thats close to shops, schools, around 1km from Train service & bus service, either a new kitchen or bathroom (or both ), double story, double lockup garage, good area etc and do minimal cosmetic changes then rent it out after 3 or so years to a family & move onto a better place (as by then we should be both earning a bit more again).....

Thats the plan, will see what happens though

At the moment i'm just looking forward to a place with a decent garage & workshop area :worship:

* not including the ET which is worth about minus 15k :p

[Evo_Lee]

Something to bear in mind is that (generally speaking) your earning capacity is going to increase pretty dramatically over time.

Yes, and more so together with your working partner.
Try not to increase spending at the same time if aim is to save.

To give you an example: the money I could save in a year 10 years ago, I can now generate in one month. I think about all the hard work I did back then to save what I consider to be inconsequential now and it makes me think that it's not such a bad thing to enjoy yourself while you are young.

That is true, enjoy life when you can.
When I earn peanuts I still enjoyed life.

While what many earn in their early years of work may not be much, when you hit prime time be sure to work your ass off. When I first started working I expected retirement at 60yo. The longer I work (especially as an expat) that age will hopefully decrease. I'm hoping with another 10 years I can get closer to low 50s.

[Fraud]

speaking as someone who has just in the last week come to be at a theoretical $0 net value, I now have the rare opportunity to start out again financially and make better choices.

nup, still gonna spend it on the car... only this time, MORE. I never expect to see the money again, and I know a car is not an investment at all. I'm doing it for me, not for what someone else thinks it might be worth, and I certainly do not intend to sell it ever, so its important i get it right. I'm 22, Just graduated, and have just started getting proper money. I've worked reasonably hard to get to this point (although others may disagree), but i'm gonna enjoy it before other responsibilities get in the way.

I can definately see the point in owning property, and i certainly want to, but not for at least 5 years or so, and even then, when getting the mortgage i can see myself getting a little extra on top of the value of the house/flat/whaever to throw around on a few more toys

[evil_weevil]

I sold my VT LS1 for my house and wedding, well, to help finance it all....then we bloody split up!

So after a while i bought a new toy and now just have to sell my magna toget to where I was with my house deposit savings - so hopefully 2006 will see me in the property market!

[nismoracing]

My thoughts are moderate house. That way, manage to keep a nice car, have toys at home, send the kids to better schools (when and if I have them), go on overseas holidays regularly etc.

I guess the trick is buying a house which will give a good return in the future

[Dave]

House and land will always give you considerable gains so you can enjoy bigger and better toys in the later part of life. Ask all the baby boomers...

how exactly?

[Fraud]

also, in the later part of my life i wont be in my early 20's anymore... haha..

if it ever gets to a point where someone says to me "so what did you do for fun when you were younger?" and i say "i counted beans. Do you like my new cardigan?" i'll shoot myself.

[phee]

it's harder to lose money on a house, but at the same time I got to work to live not live to go to work