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If you don't earn more then 300K a year in Australia you are poor.

Ash007

Alfrescian
Loyal
My friends earning around 200K a year keeps saying they are poor. I never quite understood what they meant. I suppose this article clears things up a little.


http://www.smh.com.au/executive-style/why-a-spare-million-dollars-wont-put-you-on-the-rich-list-20120530-1zje0.html

Why a spare million dollars won't put you on the rich list
Sylvia Pennington
May 31, 2012
Read laterVote
Poll: How much does a person have to be worth to classify as wealthy in 2012?
Poll form
$250,000
$500,000
$1 million
$1.5 million
$2 million
$3-4 million
$5 million plus
View results
Disclaimer: These polls are not scientific and reflect the opinion only of visitors who have chosen to participate.
Being a millionaire just means there's a new level of things you can't afford, writes Sylvia Pennington.

Back in the day, ''millionaire'' and ''rich'' were considered synonyms, but it's not so straightforward in 2012, when six-figure salaries are commonplace, and a spare million dollars buys only modest suburban comfort.

Most of us would have no trouble picking out the well heeled in our midst, but identifying what puts them into the wealthy club has become more subjective than ever.

James Gerrard, a financial planner at PSK Financial Services in Sydney, says having $1 million to invest in addition to the family home is the minimum you need to join the high net worth club.

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You'll be joined by a swag of baby boomers and the odd Gen X and Y who've come into money early or done well with a business venture.

"People in this category include pre-retirees who've sold something, been made redundant or accumulated steadily over the years," Gerrard said. "It's rare for those under 50 who haven't had a windfall, inheritance or floated their own start-up to have this kind of cash."

Thirty-something accountant Daniel Pluta agreed. A partner in his own firm alongside wife Natalie, he describes his own position as "comfortable". The pair have restrictions on what they spend, chip away at a mortgage and adhere to "some sort of budget".

Pluta says being wealthy means not having to do any of this - and having enough put by that working is optional.

"You would need to own your own home and perhaps a holiday house fully paid off, some investments in shares and plenty of cash reserves," he said. "Being wealthy is a mirage - the closer you get to it, the further away it is. As you accumulate wealth there are always new things to spend it on and a new level of things you can't afford."

For Peter Maniaty, the creative group head at Sydney advertising agency Euro RSCG, it's less about the balance sheet and more about the vibe.

"For me, it's about happiness and a lifestyle that's genuinely free from financial anxiety," Maniaty said.

"By this definition I don't consider myself to be wealthy, even though I earn a reasonably high income. If my wealth was a pair of shoes, they'd be a size too small. Yes, I can squeeze into them but it's not especially comfortable. Oh, and there's a constant threat of blisters."

For those not yet at the point of living off their interest, a family income of $250,000 will gain entry to the working wealthy club, Gerrard said. This sum - typically in the form of a $200,000 breadwinner's salary and a $50,000 top-up from a partner working part-time - gives a combined net income of $14,500 a month. It's enough to cover the $6500 payments on a $1 million mortgage, living expenses of $5000 and leave $3000 for the slush fund.

It's far from a fortune - but certainly enough to pay for a nice home, holidays and perhaps the lease on a set or two of European wheels as well.

And flush enough that you can scrape along without the 30 per cent private health insurance rebate, according to the government's reckoning. Come July, families earning more than $260,001 will no longer be eligible for this concession, while, over at Centrelink, family tax benefits cease being paid when a couple with three children pulls in more than $163,885.

But while $260,000 a year may have you paying more for your hospital cover, it's far from sufficient to get you into a wealthy person's ''des res'' in Australia's priciest market, according to those who sell them for a living.

Hamish Robertson, a luxury property specialist at John McGrath agency in Sydney, said, by real estate agents' rule of thumb, premium properties start at $3 million plus - putting them beyond the means of many working wealthy couples, unless they've had their nose to the golden grindstone for some time.

Heavy-hitting professionals in their 40s and successful, self-employed businesspeople make up the bulk of the premium market, Robertson said, while higher up the ladder again, the really rich roost in super-premium waterfront homes costing $10 million and up. Typically it won't be their only perch; most in this group also own a farm or beachside getaway.

For many wealthy folk and wannabes, stashing the cash is not enough - they need to know they're doing it faster than those next door. This is one reason people seek the help of financial planners, Gerrard said. "People do voice concern as to whether they are keeping up," he said.

"Everyone is looking at the Joneses … They look at what the neighbours have and feel quite poor."



Read more: http://www.smh.com.au/executive-sty...e-rich-list-20120530-1zje0.html#ixzz1wP55zUTy
 

axe168

Alfrescian
Loyal
My friends earning around 200K a year keeps saying they are poor. I never quite understood what they meant. I suppose this article clears things up a little.

If they are chasing the sky, personal aircraft.. or billionaire status, of course they are poor with 200k.

It is all about financial independence and prudent planning with you stop work.
 

neddy

Alfrescian (Inf)
Asset
My friends earning around 200K a year keeps saying they are poor. I never quite understood what they meant. I suppose this article clears things up a little.


http://www.smh.com.au/executive-style/why-a-spare-million-dollars-wont-put-you-on-the-rich-list-20120530-1zje0.html

Anyone who does not know how to manage their finance will be poor, no matter how much they earn.
The kids expect the mums to drive posh cars to fetch them from school.
Doing better than their friends seem to be the thing.

You have not been to my office carpark, which attracts FBT. My Volvo is the smallest car there.
The car parked next to mine look very very similar to this one.
Porsche-Cayenne-Front.jpg


There are 2 BMW SUVs nearby which flash lights for all-around parking visual from all the door handles.

Behaviour from New Money nouveau riche people !!

And their Gen Y followers are nearby copying, always impatient and in a hurry. Half of them are part-time "entrepreneurs". But they made too many mistakes and have no sense of the value of money. Australia mining boom has peaked. But someone forgot to tell these people. History will repeat itself.
 
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Ash007

Alfrescian
Loyal
Australia mining boom has peaked. But someone forgot to tell these people. History will repeat itself.

You talking about the "recession Australia has to have?" This is the strange thing, they actually have multiple properties, million dollars as well. I think its in negative equity at the moment which is why they are crying poor and living with their parents. Looks like my Car leh. My car does look like a smaller porche cayanne.
 

Ash007

Alfrescian
Loyal
Might as well post here. As predicted, interest rate going to fall further. Home prices going to be stabilised but falling I think. Good time to buy?

http://www.smh.com.au/business/home-prices-extend-national-retreat-20120601-1zlm6.html

Home prices extend national retreat
June 1, 2012 - 11:10AM
Read laterComments 11

Home values are on the decline. Photo: Nicolas Walker
Home values fell the most in at least six years in May defying Reserve Bank efforts to spark a recovery in the nation's lacklustre housing market with interest rate cuts. Melbourne led declines.

Residential property values slid 1.4 per cent across all capital cities in May, and are now down by more than 5 per cent from a year earlier, according to property analysts RP Data. The monthly fall was the biggest since the series began in June 2006, Bloomberg analytics show.

Melbourne has struggled more than most on the home front, falling another 2.7 per cent last month.

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Over the year to May, Melbourne home values have fallen by more than 8 per cent. The only other city where they fell further, was Hobart.

Sydney, too, posted falls after defying national trends for some time. In May, home values in the harbour city were down 1.2 per cent, resulting in a 3.6 per cent fall over the year.

The sombre statistics follow news of a national slowdown in home building. Construction of new homes tumbled in April, with building approvals slumping 8.7 per cent after being revised upwards to 6 per cent rise in March, according to figures out yesterday.

The RBA slashed interest rates by 50 basis points on May 1, and Westpac says borrowers should expect another 100 basis points cut by the end of the year as the central bank battles to reignite growth in the economy.

Until recently Brisbane's values were falling most but last month they slid only 0.3 per cent.

Perth had a decline of 1.7 per cent, Darwin 2.4, Canberra 1.5 and Hobart 1.2 in May.

Adelaide's values rose 1.2 per cent.

Much of the weakness in real estate values was in detached housing rather than apartments, RP Data's research director Tim Lawless said.

Approvals dive

“The broad national trend decline in dwelling approvals over the past year is clear, and should be of increasing concern to policy makers,” said ANZ head of Australian property research Paul Braddick.

By state, they collapsed 46.7 per cent in Western Australia and 27.8 per cent in South Australia in the month. In New South Wales they fell 15.3 per cent, while in Victoria they rose 13 per cent for the month, ahead of the state government's scrapping of the first home buyers grant.

“The collapse in Western Australia appears particularly strange and is at least partially attributable to the Building Act 2011 (approvals process reform), which came into effect in Western Australia on the April 2,” said Mr Braddick.

Over the year to April, approvals have fallen 24.1 per cent, according to Australian Bureau of Statistics figures.

With Chris Zappone



Read more: http://www.smh.com.au/business/home-prices-extend-national-retreat-20120601-1zlm6.html#ixzz1wVAq9LcU
 

neddy

Alfrescian (Inf)
Asset
You talking about the "recession Australia has to have?" This is the strange thing, they actually have multiple properties, million dollars as well. I think its in negative equity at the moment which is why they are crying poor and living with their parents. Looks like my Car leh. My car does look like a smaller porche cayanne.

Exactly!

My opinion

A good example is your smaller porche cayanne, it has a look of a much more expensive car. You do not need to pay as much for a head turner :biggrin:

Investment risk profile change quickly when market sours. I know that buyers are not paying the asking price for >$350k housing over here. Housing costing $500k are not moving.

Interest rates movement is not going to help. OZ interest rates is always going to be higher to reflect on the country's inefficiencies.
 
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Ash007

Alfrescian
Loyal
Heh, mini cooper S countryman in royal grey.

YF60CXK_1.jpg

Exactly!

My opinion

A good example is your smaller porche cayanne, it has a look of a much more expensive car. You do not need to pay as much for a head turner :biggrin:

Investment risk profile change quickly when market sours. I know that buyers are not paying the asking price for >$350k housing over here. Housing costing $500k are not moving.

Interest rates movement is not going to help. OZ interest rates is always going to be higher to reflect on the country's inefficiencies.
 

Aussie Prick

Alfrescian
Loyal
My friends earning around 200K a year keeps saying they are poor. I never quite understood what they meant. I suppose this article clears things up a little.


http://www.smh.com.au/executive-style/why-a-spare-million-dollars-wont-put-yo0120530-1zje0.html

I remember this from the old forum. Then PM Rudd said "earning 250K per year is not alot in some parts of Australia today"

How is your local property market doing? Although we forecast 5% falls in the next few years, some pockets in your local market will be resilient.

China has been the reason Asia-Pac has done so well in recent years. Its slowing down now. It has really worked wonders for Australia.

But at least in Australia your govt there is not broke - And demographics are better than most countries today.
 
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Ash007

Alfrescian
Loyal
Most if not all of the OECD. Yes, I too predict it will fall. House prices are stabilising, which is a good. Some areas are still high though. Imagine 600K for a 2 bedroom apartments, versus 400K for a 3 bedroom house. I think, as long as you are not brought on by the hype, specific areas, you should be alright. Most people tend to forget, house prices do increase in price, but over at least a 10 year period or more. At the end of the day, you need a shelter to live in, be it a rental or a mortgage. Got to pay the piper somewhere. Immigrants will continue to come to Sydney, some areas will continue to be more popular then others. If you are into investment properties, it might be the time to just wait for the "hot" locations. If you are into home ownership, I think its the time to buy. There is always a set minimum amount that a house is going for in Sydney, even in a falling market.

I remember this from the old forum. Then PM Rudd said "earning 250K per year is not alot in some parts of Australia today"

How is your local property market doing? Although we forecast 5% falls in the next few years, some pockets in your local market will be resilient.

China has been the reason Asia-Pac has done so well in recent years. Its slowing down now. It has really worked wonders for Australia.

But at least in Australia your govt there is not broke - And demographics are better than most countries today.
 

neddy

Alfrescian (Inf)
Asset
I remember this from the old forum. Then PM Rudd said "earning 250K per year is not alot in some parts of Australia today"

How is your local property market doing? Although we forecast 5% falls in the next few years, some pockets in your local market will be resilient.

China has been the reason Asia-Pac has done so well in recent years. Its slowing down now. It has really worked wonders for Australia.

But at least in Australia your govt there is not broke - And demographics are better than most countries today.


Australia govt is not broke, but the people are going broke. The private amount of debt held by Aussies topped even that of Europeans/Americans.

On top of that, we are currently run by the unions headed by a weak PM, I think we are very very lucky that the union antics have not caused as such damaged to unemployment. Next 3 years, workers in the most militant unionised industries are getting payrises of 6% upwards!! So, an average tradesman is earning 3 to 5 times what an American earn. No one talks about work productivity anymore.

A more responsible govt would have started Ken Henry's tax reform.

The 3 things that sustain this lazy country continues to be coal, iron and now to lesser extent, gas. These are the commodities that Asia needs to prosper.

Maybe that is why Australia remains a lucky country, on double-edged sword.



120530%20retail.png


WORKERS say that the $17.10-a-week rise in the minimum wage is an insult that will not cover the skyrocketing cost of electricity, gas and water bills.
Could you live on $606.40 a week? Vote now
Fair Work Australia yesterday increased the minimum wage to $606.40 a week, boosting the pay packets of 1.4 million workers.
http://www.heraldsun.com.au/news/mo...inimum-wage-rise/story-fn7x8me2-1226381013663
 
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neddy

Alfrescian (Inf)
Asset
I do not think Aussies are worried about being poor.

Cut dole in east to bring workers west
Peter Kerr, The West Australian
Updated June 2, 2012, 2:30 am

Dole recipients in depressed east coast cities such as Wollongong should have their payments cut to encourage them to move to WA's booming but labour-starved mining industry, Treasurer Christian Porter says.

Wading into the politically-charged debate that flared this week after Gina Rinehart's massive $10 billion Roy Hill mine was given approval to bring in 1715 foreign workers, Mr Porter said Federal Govrnment policies had failed to improve the flow of workers to WA.

"If you are unemployed in Wollongong, is there any repercussion whatsoever for not taking up a job or even trying to take up a job in WA," he said at an RSM Bird Cameron business function yesterday.

"Do you even have to apply under welfare rules at the moment?

"The fact is that under the present sanctions built into the social security Act and the system that sits under it, the answer is no."

Mr Porter's comments come on the back of mining boss David Flanagan calling for a national debate about people on Newstart benefits who were not prepared to join the boom.

The _West Australian _revealed this week that a trial Federal Government program to pay unemployed people up to $9000 to cover moving costs attracted just 37 people who decided to head to WA.

Despite an unemployment rate of 3.8 per cent, and with up to 89,000 mining and construction jobs needing to be filled in coming years, WA struggles to entice people from the east.

But Federal Employment Participation Minister Kate Ellis shot down Mr Porter's idea, saying there were 50,800 unemployed people in WA and he should stop pretending the problem existed only in other parts of Australia.

Mr Porter also called for a rethink on the tax rebate paid to workers in remote areas, saying it had not been indexed since 1945 and was costing more to administer than it paid out.

He said it was ironic that people were not prepared to debate cutting the dole when a reverse form of penalty for welfare recipients already existed.

"Everyone is scared of this debate but there is now a policy that works the other way," Mr Porter said. "You will find it quite hard to collect the dole if you move to Noosa."
 

QXD

Alfrescian (InfP)
Generous Asset
http://www.smh.com.au/executive-sty...-put-you-on-the-rich-list-20120530-1zje0.html

For many wealthy folk and wannabes, stashing the cash is not enough - they need to know they're doing it faster than those next door. This is one reason people seek the help of financial planners, Gerrard said. "People do voice concern as to whether they are keeping up," he said.

One of the things that irked me about Singapore has become more obvious here in Oz in the recent years. But I notice it's the POMs who carry out this kind of behavior the most, always tiptoeing around subjects to do with money, and dropping hints on how "wealthy" they are with their savings/investments in British pounds. And these idiots earn just a pitiful $100K+ a year!

Really pisses the local aussies off well truly as most of them prefer to build a sense of mateship before they feel comfortable in discussing things like personal finances. Only a handful of aussies know the extent of my finances, besides my accountant. But to those few, I'm happiest exchanging gardening tips over a beer on a hot summers day or showing them the choice spots in panning for gold at the creek that runs through my property.
 

neddy

Alfrescian (Inf)
Asset
One of the things that irked me about Singapore has become more obvious here in Oz in the recent years. But I notice it's the POMs who carry out this kind of behavior the most, always tiptoeing around subjects to do with money, and dropping hints on how "wealthy" they are with their savings/investments in British pounds. And these idiots earn just a pitiful $100K+ a year!

Really pisses the local aussies off well truly as most of them prefer to build a sense of mateship before they feel comfortable in discussing things like personal finances. Only a handful of aussies know the extent of my finances, besides my accountant. But to those few, I'm happiest exchanging gardening tips over a beer on a hot summers day or showing them the choice spots in panning for gold at the creek that runs through my property.

One of the reasons why I dislike talking to the poms during parties is their repeating tales of their lavish expat lifestyles on exotic overseas postings. The trouble with expat experience is the short-termness of their intense 'tuan' living. However, these people never seems to overcome the facts that their expat lives are OVER and for GOD's SAKE, it happened AGES ago.

When they found out that I am from Singapore, they spoke about living there for 3 years, the "I am posted there for the Asia bit" and moved on ... Yes, ..... now to working on LOCAL terms in Australia. Yes Australia is one of their favourite destinations, along with Canada, Egypt, hong Kong and Bahrain ....... now, everyone love to work in Singapore LONGER than 3 years, it became a destination of CHOICE ... but expat supplies > demand = reduced expat terms or even local terms if working in Singapore.

Consider the amount they are earning today, maybe these poms can still consider overseas LUXURY living - try the Escape Artist's recommendations to South Africa or Thailand. Their lower cost of living = more affordability.

So they can continue to talk about their lavish lifestyles at dinner parties to those bored enough to listen.
 
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neddy

Alfrescian (Inf)
Asset
for someone that claim to be enjoying some luxury life in australia, you centainly has a lot of grievances to pour over here. you worked so hard to get away from singapore, why the fuck are you still so involved in a sg forum? have new life and move on lah. why? you have no friends over there? lol. must be being ostracised and treated as some 3rd class citizens over there. same applies to your gang of losers. you know who you are.

No need to explain anything. You have scrutinised my postings and should know better.

I know that you are jealous of my lifestyle over here and wish to confuse the newbies into thinking I am a fraud. Frankly, I don't care.

But it is pretty useless to let newbies read my postings, I know of people who wanted to migrate with me, but now, he saw my lifestyle and wanted to get moving.

But the eldest kid is already finished PSLE whih make it harder. He also has this thinking that he can just follow my path and achieve instant success here. Another fallacy.

There is no such thing as instant success. You have to be smart and lucky sometimes. :smile: Still, I am hopeful that Singaporeans are as good as Malaysians when it comes to migrating.

It is hard to read bitter Singaporeans stories like yours, over at the other Singapore forums. So I try to stay in Emigration forum, thinking that I can help with some Singaporean grievances. Like the NZ website owner, SL, I think it is a lost cause.

I have already spent less time here. But simply need to respond to trolls like you who simply love giving me attention. I love your avatar.

Will tell you a lawyer joke some day.
 
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neddy

Alfrescian (Inf)
Asset
neddy,

i can confirm you are a fraud. how else is there a need to come here to keep 'trumpeting' your achievements to newbies. only a fraudster like you guys need to do this.

newbies be warn. neddy is fraudster. just check his past postings. axe168 is another 1. period.

A fraud? I have been called many names while I was living in Singapore as well.
Another one does not matter. I do not insult the intelligence of newbies visiting this forum. They can make up their own minds.

Since leaving Singapore, I have change my priorities in life, have you?
Everytime, you hit a problem, you call it grievances. That is the kind of "straitjacket" living you have there. No good for health.
There are forummers here who love their "reputation points" and keep their petty stuff, and wonder why they cannot attract desirable women.


Also, I am not sure about Axe168 or Ash007. They seem quite happy with their lot, whether it is chickens or cars.

Relax, and enjoy life.
 
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wrcboi

Alfrescian
Loyal
holy crap....200k ? 300k?? goes...what you peeps working as?? im still struggling to get a proper job...working casual here and there....
 

QXD

Alfrescian (InfP)
Generous Asset
There's no difference between a casual worker getting the state award and a CEO in Australia.

So long as you're a good, honest and genuine, people will see you for what you are and not what you have.

Unfortunately, the 5C mentality is alive and well here, which goes to show how much some characters have to suppress their shallow, materialistic, pissing contest sinkie mentality in real life and therefore use this place as an outlet.

To be truly "rich" in Australia, is to fully embrace the culture and the people of your adopted land and do your best using your God-given ability. To see a rich retired banker whose best mate is a garbage truck driver, or a busker giving half his takings to that homeless person around the corner or simply your neighbour coming around and sharing his fresh garden harvest.

Forget the Singapore way, for there is no meaning in life beyond materialism, only stinkies, sinkies and FTs.

holy crap....200k ? 300k?? goes...what you peeps working as?? im still struggling to get a proper job...working casual here and there....
 

neddy

Alfrescian (Inf)
Asset
There's no difference between a casual worker getting the state award and a CEO in Australia.

So long as you're a good, honest and genuine, people will see you for what you are and not what you have.

Unfortunately, the 5C mentality is alive and well here, which goes to show how much some characters have to suppress their shallow, materialistic, pissing contest sinkie mentality in real life and therefore use this place as an outlet.

To be truly "rich" in Australia, is to fully embrace the culture and the people of your adopted land and do your best using your God-given ability. To see a rich retired banker whose best mate is a garbage truck driver, or a busker giving half his takings to that homeless person around the corner or simply your neighbour coming around and sharing his fresh garden harvest.

Forget the Singapore way, for there is no meaning in life beyond materialism, only stinkies, sinkies and FTs.

If you mix with the wrong crowd like me, you will know that the 5Cs are well and alive here. It is part of the imported "better than the Joneses" culture from Sydney East, Great Britain, Italy, Zimbabwe and of course Chinese Singapore Hong Kong.
Just look at the number of posh cars coming to fetch the kids from schools in Mt Lawley/Inglewood.

People including me forgot what makes Australia such a wonderful place. If you have a Chairman from Fortescue Metals, he is one great guy to work for. Too bad he turned down my job application. I have to turn to my veggie patch for comfort. :smile:

I have to take a break from all the noise of material temptation. Longing for the days before the mining boom.

This weekend, heading to Araluen Park to help plant the tulip bulbs. It will be the Best tulip show ever, this coming Spring. Those in Perth please visit in Spring for a picnic and support this beautiful park.

Time for a stinky reset. :smile:

araluen_get-involved.jpg

http://www.araluenbotanicpark.com.au/get-involved/
 
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