Author Topic: Thoughts of a finance student (Read 12685 times)

harlot · « **Reply #30 on:** Mar 19, 2008, 05:24PM »

Its because you would need to be in year 11 and 12 to understand it all and those are the years where you can choose your subjects. If you want to know about money then you do Business studies.

cruizer · « **Reply #31 on:** Mar 19, 2008, 05:44PM »

Quote from: harlot on Mar 19, 2008, 05:24PM

Its because you would need to be in year 11 and 12 to understand it all and those are the years where you can choose your subjects. If you want to know about money then you do Business studies.

I did business studies and that didn't do jack sh*t to help with money management. It was business management and economics based.

BILL*69 · « **Reply #32 on:** Mar 19, 2008, 06:34PM »

Indeed so was mine. My main maths came from Maths Apps, which tought basically, everyday maths. Sharemarket, Investment, Money etc etc. Business studs did SFA to help my money management.

It also falls heavily on the parents... My dad always drills into me to save for unseen circumstances, place extra in my super to get the balance up etc etc.

Jono · « **Reply #33 on:** Mar 20, 2008, 12:51AM »

As far as I'm concerned, until I get a deposit together for a house my money is better off in my high-interest bank account than in my super fund.

I've got another 40 years to contribute to it anyway.

Febrile · « **Reply #34 on:** Mar 20, 2008, 04:02AM »

Quote from: Jono on Mar 20, 2008, 12:51AM

As far as I'm concerned, until I get a deposit together for a house my money is better off in my high-interest bank account than in my super fund.

I've got another 40 years to contribute to it anyway.

The earlier you put it in, the less you have to put in overall, though.

cruizer · « **Reply #35 on:** Mar 20, 2008, 09:17AM »

Quote from: Narxysus on Mar 20, 2008, 04:02AM

The earlier you put it in, the less you have to put in overall, though.

The power of compound interest.

In Smart Investor magazine they have a special on being a millionare retiree. All you have to do it salary sacrifice $5000 a yr, the earlier you start the more you have. Apparently if you start at 30 you'll have about half the balance you would if you started at 20

SSS · « **Reply #36 on:** Mar 20, 2008, 03:06PM »

this thread is teh smrts.

BILL*69 · « **Reply #37 on:** Mar 21, 2008, 01:18AM »

I salary sacrifice about $1k a year on top of the compulsory 9% or whatever

Febrile · « **Reply #38 on:** Mar 21, 2008, 01:30AM »

Quote from: cruizer on Mar 20, 2008, 09:17AM

The power of compound interest.

In Smart Investor magazine they have a special on being a millionare retiree. All you have to do it salary sacrifice $5000 a yr, the earlier you start the more you have. Apparently if you start at 30 you'll have about half the balance you would if you started at 20

This does all hinge on the stability of financial market, of course. If there's a collapse, it's all kapooie. Given stuff like the sub-prime mortgage crisis, this is something I worry about a little. My super dropped from $19k to $16k as a response to it.

cruizer · « **Reply #39 on:** Mar 22, 2008, 12:11AM »

Yeh obviously. Thats assuming a return of 7%. Over time the average return would even out to be a bit more than that I'd say but hey, I guess we'lls ee when we retire

Febrile · « **Reply #40 on:** Mar 22, 2008, 06:30PM »

Slightly off-topic, but since this thread appears to be stagnating - do people expect their living standards in the future (over the rest of their lives) to be as good, or better than they are now? This is something I worry about a bit - no doubt I'm overly pessimistic because of what I read and am interested in, but to my mind there are a lot of factors which could cause a noticeable, if not substantial decrease in living standards within my lifetime.

To that end, I keep my mind open to learning things which might be useful in such a future, and I try and become comfortable and happy without needing stuff or services which may not be available to me in the future. As I said, I'm no doubt a bit extreme, but I do wonder what other people think about the future?

SAIUN · « **Reply #41 on:** Mar 22, 2008, 06:35PM »

Peter Cundall (the old dude that talks funny from Gardening Australia, if anyone remembers) is convinced that in the next 20 years there's going to be a massive financial recession, and that's why he's so intent on teaching people how to grow veggies in their backyard. So when the time comes where everything will supposedly go to shit, he'll have done his part to help humanity survive.

Nutcase.

cruizer · « **Reply #42 on:** Mar 22, 2008, 09:31PM »

Well I hope that going to uni and creating a future for myself will improve my living standards. It's very hard to say I think/. I prefer to be optimistic but I can definately understand how you can be pessimistic narx. Seems the the world is going down the crapper already.

Maximus · « **Reply #43 on:** Mar 24, 2008, 12:19PM »

yeah no doubt there will be a recession in the future, Australia basically mimics the US (as does the rest of the world)

i dont know if it will be food stamp bad, but still something to worry about

im hoping my standard of living will increase, being a uni student it cant get much worse lol

BILL*69 · « **Reply #44 on:** Mar 18, 2009, 01:06AM »

Very sorry for the dig.

One year on from the second to last statement about the recession, and look where we are standing. Stimulus to bring the economy up. Who knows if it will work. The next question is, how long do people think our recession will last?

SAIUN · « **Reply #45 on:** Mar 18, 2009, 03:21AM »

Technically, a recession is defined as two consecutive quarters of negative economic growth. We've only had one quarter of negative growth so far, so we still need another one for it to technically be a recession. Of course it'll inevitably happen, but everyone's just been jumping the gun a bit.

cruizer · « **Reply #46 on:** Mar 18, 2009, 10:15AM »

Its funny Bill because I was reading this just yesterday, was considering digging it up!

Personally I figure let the recession happen, and then spend all this cash Kevin is spending now, on infrastructure projects etc during the recession. Personally i think we needed this recession to "shock" the system (people living beyond their needs etc). People won't change their behaviour unless they are forced to and this might be thing that does. It also uncovered alot of crap that was going on in the corporate world that really needed to be stopped.

I'm trying to get as much cash together as possible at the moment and start buying up some undervalued stocks and possibly invest a decent chunk in an index based ETF to get some more long term investment happening.

In regards to GM getting into big trouble i think its interesting what will happen. It is assumed in a capitalist market a business will change with the needs of the consumers and the surrounding environment but all we have seen Holden do is create more V8's etc. Makes you wonder if they deserve to go down for not innovating and creating greener cars. The problem is Australia can't afford to lose the jobs.

Sorry for the long post, I'm just trying to avoid study, i hate portfolio risk analysis

Budgie · « **Reply #47 on:** Mar 18, 2009, 11:49AM »

Ford in Geelong should far alright... with the inline six staying a while longer and the diesel engines from fords euro arm soon to make an appearance (similar to jag diesel V6's).

There's far too much cock-sucking and ball tickling going on in the corporate world, these ass-clowns need to be given a wake up call. Like that bloke said last night, directed at the people behind AIG's stuff up. Either resign or commit suicide, like the japanese... that will sort the money hungry fuckers from the whack-jobs

I have a friend who works from AMEX in sydney. They have the same over-paying bullshit going on all over the place. Its all a joke!

noss · « **Reply #48 on:** Mar 18, 2009, 12:22PM »

the people in those positions havent learnt because of the supposed financial crisis.. thats why people are being laid off left right & centre so they can keep their big fat wages and profits up.

they keep telling us its a crisis but a lot of places are increasing profits. its the biggest scam the world has ever seen.

Budgie · « **Reply #49 on:** Mar 18, 2009, 03:30PM »

Just got a msg from a close friend of mine, runs a Telstra store.

He has just laid off 4 people he described as 'excellent' because he was told to do so. Hardest working week of his life he says, having to tell 4 people that they are no longer needed.

He's fired tons of people before, but due to other reasons.

cruizer · « **Reply #50 on:** Mar 18, 2009, 07:56PM »

Dads had to lay off close to 15 people in one day a few months ago, he said its the hardest thing he has ever done in his life

Got death threats and everything $:-\$

wombat · « **Reply #51 on:** Mar 18, 2009, 07:58PM »

Quote from: SAIUN on Mar 22, 2008, 06:35PM

Peter Cundall (the old dude that talks funny from Gardening Australia, if anyone remembers) is convinced that in the next 20 years there's going to be a massive financial recession, and that's why he's so intent on teaching people how to grow veggies in their backyard. So when the time comes where everything will supposedly go to shit, he'll have done his part to help humanity survive.

Nutcase.

This was posted almost exactly 12 months ago - now who's laughing?

Seriously, though. This financial collapse is going to shaft a lot of people who don't deserve to be shafted, so that the fatcat shiny arses can keep their big pay packets, bonuses and payouts. AIG in America paid out tonnes to their bosses and asked the Government for help. I'm really just reiterating what everyone else has said though - the rich will stay rich, the poor will lose their homes, cars, super etc. Sure, the rich might have less money in the bank, but none of the CEO's of the major companies will be in Centrelink queues, trying to work out how to feed their families on Newstart Allowance.

noss · « **Reply #52 on:** Mar 18, 2009, 09:51PM »

lol, wouldnt get much caviar on a newstart allowance

Smiley Of Terror · « **Reply #53 on:** Mar 19, 2009, 12:32AM »

stick it to the man guys!

Quote from: Budgie on Mar 18, 2009, 03:30PM

Just got a msg from a close friend of mine, runs a Telstra store.

He has just laid off 4 people he described as 'excellent' because he was told to do so. Hardest working week of his life he says, having to tell 4 people that they are no longer needed.

He's fired tons of people before, but due to other reasons.

I don't see anything new here... Telstra are always firing people, regardless of the economy. It is what they do best.

Febrile · « **Reply #54 on:** Mar 19, 2009, 01:42AM »

Quote from: cruizer on Mar 18, 2009, 10:15AM

Personally i think we needed this recession to "shock" the system (people living beyond their needs etc). People won't change their behaviour unless they are forced to and this might be thing that does.

If it wasn't for the fact that people always think this whenever a recession comes around, I might find this a useful point of argument. But everytime, when the boom turns to bust, people resign themselves to the bust and blame the boom. It's fatalism, but I guess it keeps us sane.

chr1S · « **Reply #55 on:** Mar 19, 2009, 09:15AM »

Jaye next time you're on the net, let me know, I wants a chat

Colby · « **Reply #56 on:** Mar 19, 2009, 09:23AM »

I was reading the other day Bill Gates is the riches person alive once more. All the big billionares lost heaps in this downturn. One of them had $45 billion... reduced down to $20 billion... can you imagine loosing $20 billion in one year? Its crazy how much the rich have lost. Just doesnt make too much difference to their lifestyle i suppose.
"oh Jeffrey, we are going to have to start using the small jet this year"

bogan_bob · « **Reply #57 on:** Mar 19, 2009, 10:03AM »

Bill gates losing all that money is very bad, he and his wife run a foundation that donates millions, if not billions of dollars a year to projects to help the third world and this has been making massive improvements behind the scenes, i hope this doesnt get scaled back

noss · « **Reply #58 on:** Mar 19, 2009, 10:26AM »

he didnt say bill gates that lost the $25 billion.. he said 'one of the richest'.. bill gates lost either $12 or $18 billion. i'm confused on how much he lost because the the one NBC article that i read quoted him as losing $18b and then $12b

anyway, i doubt he'd scale back what he's doing. even though he started the most evil company the world has seen, he seems like a top guy that would indeed scale back his personal spending to keep the charity work going.

cruizer · « **Reply #59 on:** Mar 19, 2009, 10:33AM »

Quote from: Narxysus on Mar 19, 2009, 01:42AM

If it wasn't for the fact that people always think this whenever a recession comes around, I might find this a useful point of argument. But everytime, when the boom turns to bust, people resign themselves to the bust and blame the boom. It's fatalism, but I guess it keeps us sane.

Yeh this is the first major downturn I've been in. It certainly makes a big difference when you are studying finance, it gives you a new take on things.

As I said before I'm just planning to sit on the sidelines and start picking up some undervalued stocks. Fear has played a massive factor the last year in the sharemarket. I honestly feel for the people that were planning on retiring within the next 5 years