bit of advance needed from the older ,wiser:)

[HeartThais]

Oddly enough, it was Bangkok that finally convinced me that my senior years would actually be fun and worth having some money for. When I was 28, I figured life was over at age 60 and I'd have nothing to look forward to except golf and gardening. It appears I have many years to enjoy deviant sex.

 

[robaus]

Read a small book “The Richest Man in Babylonâ€Â… tells you all about building up a nest egg that will ultimately pay you a salary rather than continually squandering seed capital.

 

If you’re a youngish bloke, have the occasional holiday in LOS or elsewhere while meanwhile rooting yourself silly in Oz, working and building up a nest egg.

 

If you’re paying huge amounts in tax, you shouldn’t be … If you pay it to the taxman, you will only encourage idiots like John Howard to squander it on wars looking for non existent WMD! I have no qualms about it… I only live in Oz for one month per year anyway… and sometimes see the pox doctor at the hospital … ouch! So I don’t feel I sponge off the country.

 

Here’s how not to pay too much tax that you will never see again..

 

In Oz or anywhere, buy the worst house in the best street in the best suburb you can afford. Location, location, location. Get the biggest mortgage you can afford provided you have good secure employment and can service the mortgage!!! Tart up the house while you live in it for 3 months and then rent it out. Go and lodge/share a house elsewhere (not rent an entire other house). Apply for a tax variation, so that you get your tax refund fortnightly not at the end of the year.

If you’ve never owned a house before in Oz, investigate the first home owners grant.. big free $$ there for limited time only !! Perhaps buy an old house on a big block and build in the back garden to get the grant! Seek advice about the small print.... I’m not quite up to speed on that aspect.

 

In Oz you can “Negative Gear†your own principal residence renting it out for up to 6 years without paying Capital Gains Tax on any ultimate profit, declaring all the income while offsetting all the expenses (rates, insurance, repairs etc) including the biggest item - mortgage interest. To begin with you will probably make a loss, which you can deduct from your main job’s salary… and you get a tax refund… if you’re smart, you pay no tax at all! So the taxman and the tenant are paying your mortgage for you! And over time you are making a tax free capital gain on your principal residential property. Just before the 6 years expires, reoccupy your principal residence for 3 months and restart the 6 year clock.. or if you’re still in secure employment sell up and go and buy a bigger better house with an even bigger mortgage… and repeat same! It’s a wonderful endless tax loophole!

 

In Oz you can negative gear shares too… even more tax perks there such as imputation credits. Buy good blue chip 100% franked dividend paying shares in times of gloom when the market is low such as NOW. Buy in gloom, sell in boom.

 

You can’t do all that lot by buying a condo in Bangkok!

 

Having said that I bought a condo in Pattaya in 2000, not considering it an investment, more just a nice spot to live. It’s since increased in value 350% and I’ve lived rent free all that time.

 

Up2u.

 

Good luck, mate.

 

 

PS Don’t think this tax break negative gearing perk is immoral. In the 1980s PM Paul Keating closed the loophole. Within about 3 months private rental property investment in Oz almost dried up and rents were going through the roof. He realized the government couldn’t afford to build subsidized public housing and that it was better to allow private investors to do it for them. He opted to reinstate negative gearing for private investors, which has remained the same ever since. So you’d be helping the homeless at the same time as you help yourself.

 

 

 

[WorldFun]

:bow:

[belfastish]

some good feedback

im ,lucky enough to of got my engineering job back after i left it to travel 3months at christmas as i was out of work for a while and this is a secure job now.

i understand about if you have a gf at my age i dont need to have any accets,at the min i share a house house,pay cheap rent.if im say 35-38 and still moving around share houses it isnt very attractive and maybe embarrasing.

i may even move to europe to work for a while when i get my oz passport,sometimes its a bit too quiet here and hard to meet people.

my thai gf is in the property business but really i dont think i go to los enough to buy there!!

i would rather save to put a good deposit down than go into a house now with nothing and big payments,id say if i signed up to a house now i would be lucky to get away once a year!!

[Old Hippie]

I'm sure this will draw criticism and probably rightly so but saving for retirement is a gamble in itself.

 

I mean, one saves and foregoes having fun in his/her early years to save for retirement. Then when it comes, if one makes it that far, you're too old or already dead to enjoy what you have. I understand that a person must save for when you're old but to not as they say, smell the roses along the way, is a waste of life.

 

To the OP, do what makes you happy but don't put all your eggs in one basket. Don't overspend now but don't lose your youth either.

 

 

 

This is a tough call...easy for me, as I never had any real money, and most likely never will. Never was able to afford to buy a place here in SFO, and most likely never will etc...

 

I do know countless guys, I was almost 1 of them, who sacrificed everything for marriage and family, kids etc, and now regret it. Some of them divorced, and despite thinking they had covered their ass, lost more than 1/2...never having really had any serious fun in their lives.

 

Then their is the bunch that works hard (contrary to popular lie, hard work has hurt many people and in fact killed many) exercised, ate right, went to church, and then died before or just after retirement, again never really enjoying anything in life, always "...waiting until I retire..."

 

I know about 4 guys I worked with, who died on the job, know of at least a dozen more...some died on the toilet at work...not for me...

 

Now, I have had at least 2 relatives who, like me, never had a dime. They grew old and lingered near death for years, their money was eaten up by medical bills (fuck medicare/medicaide, they want you to pay first, when you run out, then they help, hoping you die first...) and they had nothing to leave their families, I have no real family, so no one to inherit from...so I am pretty much on my own.

 

Now, I have had many many great times in life, been all over, seen places and done things most people could never imagine or dream of. I have screwed over 800+ women, some of them were even good looking , I lived with little or no self control...eat what I want, screw as often as possible, binge drink like hell, and take all sorts of risks...SO what is the point of having a zillion in the bank?

 

Well, when shit times hit, and they are hitting now, it is nice to have that cash. But at what expense? Can't live your life holding onto everything in case of a disaster that may never come...Shit times may come, and the cash you have may not be enough, then what?

 

When the grim reaper comes, I hope it is in a whore house somewhere, rather than on the toilet at work. The trick to life is all at the end, that is, writing your last check, on your last breath and having it bounce!

[Sakai]

OH

[Old Hippie]

some good feedback

im ,lucky enough to of got my engineering job back after i left it to travel 3months at christmas as i was out of work for a while and this is a secure job now.

i understand about if you have a gf at my age i dont need to have any accets,at the min i share a house house,pay cheap rent.if im say 35-38 and still moving around share houses it isnt very attractive and maybe embarrasing.

i may even move to europe to work for a while when i get my oz passport,sometimes its a bit too quiet here and hard to meet people.

my thai gf is in the property business but really i dont think i go to los enough to buy there!!

i would rather save to put a good deposit down than go into a house now with nothing and big payments,id say if i signed up to a house now i would be lucky to get away once a year!!

 

 

Ok the responsible part of me feels I need to "parent" to you. Some advice I wish someone had given me...

 

Women, bed them don't wed them. There is no advantage to marriage for a man, NONE! Unless she is filthy rich old and in bad health...but that won't happen to you. So avoid it. If you MUST marry, then don't do it until you are at least 30.

 

Likewise serious girlfriends...they are dream wreckers, as are kids...concentrate on a goal/career, NO serious Girls friends...until at least 30. Use MILFS, cougars drunk chicks etc, but avoid a serious commitment until you are older and established.

 

Investments...have the knd that pay for themselves...that is real estate. You make a down payment, and then rent it out if you aren't living there...let another guy pay for it while it appreciates in value. as a bar girl from Si Saket once told me "...money go away, stock market? Arai na? go away...dirt not go away, land stay forever...have house, can grow food, what you do with paper...?" Wise whore she was...god how I loved her...

 

As for a career...in LOS? Ok, you are an engineer. There are engineering jobs available in LOS and the region. Or a job where you work a month or 3 then off a month or three, during which time you are in LOS, while a renter pays your mortgage, while your investment appreciates...you are in your prime, it will fade fast, trust me/us. Enjoy it, and make the most of your life. Your skills can take you far, the only limits in life are those you set on yourself, or foolishly let other impose on you, trust me!

[Stickman]

I thought this was a really tremendous post. Some would call you irresponsible but to me it seems you know what you want from life and you have chased it.

 

Health and happiness are the two most important things to me and I can therefore relate to all that you say.

 

[belfastish]

im would consider my self a smart switched on guy,especially learning from stories and other peoples mistakes.

im not a marriage person at all,i also never get too attached as i get bored sometimes,like my own space and im too selfish.

my thai gf is 25 good job independant,she knows i have nothing and wouldnt ask for anything and not scared to buy me presents ,drinks etc.

so yes i am lucky and for now 'on the ball' which of coarse is never bulletproof when love/girls are concerned.

OH good post i agree that people save and live too much and wait for something which may not happen,i feel uncomfortable without a bit of back up money in the bank,have that taken care of and theres not much to worry about in my life really:)

[Ryder]

You're like me mate. I'm in my 30s, work in oil and gas and can't see any advantage in settling down.

 

My Thai gf is decent, independent minded and earns her own money. This cuts right down on the usual gf costs.

I'm in the UK where I'll be shortly studying a trade.

That's the key. If you can get a decent mans trade in life that someone always wants you've got it made IMO.

Office jobs will drive you nuts for fck all money.

Get a good trade like a sparkie, welder, brickie, instruments tech etc etc.

You can more easily emigrate to places and earn decent cash.

I hope to be working till I'm in my 50s, as long as I'm getting my adventure time in SE Asia I'll be a happy man. No need to invest in bricks and mortar unless you want family and kids or are immortal.

Rent rent rent is the key. Make the most of it, lifes too short.

 

I pay 12k baht a month to stay in a lovely pocket mansion in Pattaya. I couldn't see the point in buying something like that.