Australia nudges Switzerland off top of global median wealth list

originally posted by: Phage
a reply to: Subaeruginosa

Net wealth doesn't really mean all that much, if you don't physically have the cash on hand to spend, does it?

I take it that the only assets you have are cash?

Well no... actually the only "asset" I have on hand is a very expensive mortgage.

Other than that, I'm just living week to week. What they say I'm worth on paper, means nothing to my physical financial situation.

a reply to: Subaeruginosa

Well no... actually the only "asset" I have on hand is a very expensive mortgage.

A mortgage loan is a liability, not an asset.
Presumably you were able to take on that liability because you own real estate. Which is an asset.

a reply to: Subaeruginosa

No union needed. Here in SC my wife is an RN and we have a 4br 3ba 2100sqft house in the city of Charleston SC on her income alone, her salary pays all our expenses currently.

I disagree with it being stupid expensive in Australia. I live in Queensland six months out of the year. Food prices are the same as in the usa for most items and my family is renting a three bedroom house for 620 usd a month. That's about the same cost of living as Greenville south Carolina for what were getting.

Australia is extremely expensive if you live in Melbourne Sydney or Perth. From my experience Sydney is for non Australians, Melbourne is for hipsters and mislead progressives and the rest of Australia is for Australians and functions just fine...except for Logan....don't ever go to Logan.

It seems like everyone I know in Queensland has a lot more disposable income than most in the USA.

Australia is a great place. In my opinion quality of life there far exceeds the USA. However, australians do like to whinge and complain about Australia and they have no idea how lucky they are to have been born there and live there.

The differences in my life when in the USA vs Australia is night and day.

a reply to: Phage

Phage is right, you must own a percentage of the property for sure?

a reply to: BASSPLYR

I need to move, USA is over rated and people are selfish a-holes

originally posted by: Phage
a reply to: Subaeruginosa

Well no... actually the only "asset" I have on hand is a very expensive mortgage.

A mortgage loan is a liability, not an asset.

Yeah, a mortgage loan is a "liability", but the difference between what you owe and what your property is worth... is apparently by definition, an asset.

Health services are well managed in AU too.

The public hospital system is generally much better than private offerings.

Private health insurance is a personal responsibility not that of employers.

Anyone not covered by a private health cover automatically has public support but it is not free but a premium is paid as a percentage of income for those those not privately insured.

So health cover is paid as you earn and available as required.

originally posted by: toysforadults
a reply to: BASSPLYR

I need to move, USA is over rated and people are selfish a-holes

Yes it is. The population are brainwashed to believe the hype they've been told for generations.

a reply to: Subaeruginosa

Nope.
The asset is the property.
The loan is the liability.
Net worth (equity) is the difference.

a reply to: Phage

Isn't that what I just said?

a reply to: Subaeruginosa

Net worth is not an asset. It is the difference between assets and liabilities.

It seems that Australia is doing better than Switzerland in that regard. On average. Perhaps you are sub-average. You are not alone. Half of Australians are.

a reply to: BASSPLYR

That's a pretty cheap rental, where u live for a 3 bedroom place i would pay that per week, I'm guessing you are inland or fairly far up north.

originally posted by: Phage
a reply to: Subaeruginosa

Nope.
The asset is the property.
The loan is the liability.
Net worth (equity) is the difference.

You have to think fourth dimensionally...
...a mortgage shrinks as the load is paid and values rise.

a reply to: troubleshooter

Indeed it do.
Something to consider when considering rental vs purchase. In effect, the only cost of a mortgage loan is the interest paid (apart from closing costs). Does that exceed rent? And how much of that interest is tax deductible? I don't know about Australia, but for me all of it is, even after the change in tax law.

originally posted by: Phage
a reply to: Subaeruginosa

Perhaps you are sub-average.

Yeah, well my net worth is nowhere near 190 grand (US dollars). So I guess I'm apart of the 50% of Aussie have nots.... LOL

Still though, it kinda of feels good to be at least nearly half way there... Its a proud F# you, to all the jealous haters who just want to see me fail!

Peace.

a reply to: Subaeruginosa

Fight the power!

originally posted by: hopenotfeariswhatweneed
a reply to: rickymouse

20 years ago food was really cheap in this country, sad that it has changed so much.

I was surprised when I found out how high rent has gone there, Also the costs of owning a car seem way too high. They may get paid better there but they are not any better off because of the cost of living.

originally posted by: hopenotfeariswhatweneed
a reply to: BASSPLYR

That's a pretty cheap rental, where u live for a 3 bedroom place i would pay that per week, I'm guessing you are inland or fairly far up north.

I know right, Im paying 600 a week in Brisbane, average 4 bed....gotta be way out in the sticks for that money

Australia is going to boom big time when the mini ice age hits the Northern Hemisphere the hardest in the 2030's. If I had to bet I think they will be a super power eventually.