One of my young troops (19) was on the computer today. She's an ACW which is the same as a private. She was checking out some of the sites for HPAS and DHOAS which are home owners assistance schemes for defence members.

I asked "What'cha doing"

Her "I want to buy an apartment, I've been working since I was 13 and have a lot of money put aside"

Me "Good O How much is the apartment?"

Her "Four Hundred and twenty thousand" It has water views

Me " So close to half a mil, what are the repayments on that"

Her "$1600 a month" She makes around $1600 per fortnight. "So I can make the payment and live off my other fortnight wage."

Me" Ok...what about body corporate fees? (had to tell her what they were) Power and water? Insurance? car rego and insurance? vehicle running cost? Food?......

Her eyes were wide open at this stage and she said

"I didn't know anything about that stuff. Why didn't they teach us that at school"

Me "Why indeed"

So we had a little chat about her options. My youngest son is 19. Its like having my kids work for me

Good for you Tony. Just might have saved the girl from losing it all. At that age, no way she could have earned enough to fill the bank yet.

Someone's gotta teach 'em, whole lot easier to listen than learn the hard way.

George

Sounds like an ambitious kid, and maybe the money she has would do well to be invested in a property of some sort. But maybe she should be told to aim a little lower first up and have the goal of the waterfront place a little later on.
At least she has managed to save a fair bit i presume?

I told her that Shanks. I told her to perhaps look at a block of land and try to buy one on each posting.

I don't know why they don't teach that in school. My wife, who is a recovering educator, always said schools should teach a life skills class. I know she taught many students how to open a checking account, how to insure a vehicle, get utilities turned on, etc, etc.

Schools don't seem to think it's important.

It's not important for those millions of young folks who plan on spending their life on gov't welfare! Wait until Trump pulls a Bill Clinton and cuts welfare and forces the able-bodied to work for the gov't dole.

There's another aspect to this thread, of course, that our O/S readers may not realise: real estate in some cities in Australia is through the roof, largely because of 'negative gearing'. This is tax law allowing established older people to buy up multiple investment properties, claiming the mortgage interest etc against the tax on their salaries; and when the properties are finally sold, they only pay tax on half the capital gains.

This has driven up prices and locked a lot of young people out of buying the first place for themselves to live in. It's not just the enormous prices or the difficulty in getting mortgages big enough but because they can't claim interest on that purchase against tax, whereby the babyboomers stashing assets in their self-run superannuation accounts can and find the banks eager to lend the money to buy. They beat the young ones at the auctions nine out of 10 times, IIRC the latest figures I saw.

I bought my first place 45 years ago, when I wasn't much older than Bakes' friend. It cost me about two years' wages; now the average first home costs something like nine years' wages.

Why doesn't she just marry a rich dude that will buy her the waterfront,a 100 inch TV and a BMW,then she can have a kid,kick him out and live happily with Roger the pool boy forever.

Well she's still young so she still has time Gryph.

Good to see and well done Bakes.
The thing I wonder about, is doesn't the young woman have parents.........and didn't they discuss these things with her?

Doh!
Homer

I asked her that mate. I got the impression she didn't want to discuss it with her parents for what ever reason. Although I'm not my troops parents I still mother them a bit . I think its part of my job to steer them in the right direction. I have another troop thats 28 and has back packed around the world. He is so naive its not funny, and lacks certain life skills. He's a good bloke and we've had a few discussions on how he wants his defence career to go.

Well done Tony.

Mentoring young people is a great reward & very satisfying.