Quiz - no cheating!

P

pieman

Quiz: Who said this and in what year?
"It breaks my heart. But I don't want to live my old age in poverty and there's no point in paying a mortgage on an asset that is going to fall by 40 per cent or so in the next few years."
 
I'd reckon it would be Steve Keen, probably 2008 when the Doomers and Gloomers and one trick ponies were coming out of the woodwork.
 
I think he read the tea leaves wrong, instead of -40% it was +40% increase (surry hills).
So he lost 40% of tax free cg of 500k odd and has devalued any cash he had by leving it in the bank. Also deduct rent at 30k a year brings the figure to near a $300,000 loss.
Ouch
 
Personally I'm pretty thankful for people like Steve Keen. If it wasn't for doom and gloomers telling everyone not to buy we wouldn't have those awesome times when there is no competition in the market and we can go and purchase what we want for 20% less than what it should cost.
 
Some friends have been posting doomsday posts on my wall.

This was a great link to prove my point.

Thanks Ladies and Gents.
 
pieman said:
Quiz: Who said this and in what year?
"It breaks my heart. But I don't want to live my old age in poverty and there's no point in paying a mortgage on an asset that is going to fall by 40 per cent or so in the next few years."
Click to expand...

So what's it like paying a mortgage on an asset that's gone up by 40% in the next few years? :D
 
Well, "luckily" for me the props I held onto saved me a good 3/4 of a mil and 20 years work so far. Poor ol Steve and lets face it, many many othets who still don't get it
 
You must log in or register to reply here.

Similar threads

T
Gifting or lending to relatives interest-free
Replies
4
Views
1K
Paul@PFI
Paul@PFI
I
20 year strategy (another one)
Replies
8
Views
3K
impermanence
I
Z
Goal is to live off rent in the future how?
Replies
18
Views
4K
srini
S
R
My first property purchase plan!
Replies
13
Views
4K
Radicals
R
S
Newbie Here - looking for Advice
Replies
10
Views
3K
smokyjoe
S
Back
Top