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Is it such a bad thing to want to be a farm hand?
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<blockquote data-quote="Suzie Q" data-source="post: 1120370" data-attributes="member: 14334"><p>Brute 23 it is general but it is a 'wealth rule'.</p><p></p><p>With the car you are better off buying a cheap car that will get you from A to B to make the money to save to buy a car that you can afford, rather than buy a car that is not cheap and you could lose and not pay back the loan even after insurance has paid out and you have sold it for scrap metal.</p><p></p><p>With the house it doesn't have to be a rental house, it can by your own house, but hopefully with statistically in Australia property double approximately every 7 years, you can still sell the house and have some money left over with paying out the loan. For us Australia is one of the places in the World where you are better off owning someone else's house rather than your own. We can negatively gear it in our tax and the Government helps you to buy it.</p><p></p><p>Cattle - we did not borrow to get cattle. We went to the sales and bought the old cows that where down on their luck, very poor and nobody else wanted and 1 or 2 at a time when we could afford to buy them and not borrow. We brought them back here and wormed them and vaccinated them and sent them down the paddock to eat to their hearts content.</p><p></p><p>We bought a good bull and that is how we started. So we now have a herd of 50 and don't owe anything on them. When they calve in May we will have 70. However at the moment where we are in Australia they are not worth much, so I wouldn't want to have a loan on cattle at the moment.</p><p></p><p>We also have no children so could leave our place to anyone who wanted to continue to look after them after us.</p></blockquote><p></p>
[QUOTE="Suzie Q, post: 1120370, member: 14334"] Brute 23 it is general but it is a 'wealth rule'. With the car you are better off buying a cheap car that will get you from A to B to make the money to save to buy a car that you can afford, rather than buy a car that is not cheap and you could lose and not pay back the loan even after insurance has paid out and you have sold it for scrap metal. With the house it doesn't have to be a rental house, it can by your own house, but hopefully with statistically in Australia property double approximately every 7 years, you can still sell the house and have some money left over with paying out the loan. For us Australia is one of the places in the World where you are better off owning someone else's house rather than your own. We can negatively gear it in our tax and the Government helps you to buy it. Cattle - we did not borrow to get cattle. We went to the sales and bought the old cows that where down on their luck, very poor and nobody else wanted and 1 or 2 at a time when we could afford to buy them and not borrow. We brought them back here and wormed them and vaccinated them and sent them down the paddock to eat to their hearts content. We bought a good bull and that is how we started. So we now have a herd of 50 and don't owe anything on them. When they calve in May we will have 70. However at the moment where we are in Australia they are not worth much, so I wouldn't want to have a loan on cattle at the moment. We also have no children so could leave our place to anyone who wanted to continue to look after them after us. [/QUOTE]
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