Pete Wargent
speaker
553 appearances
2 recordings
1 series
first heard Oct 2022
last heard Jan 2023
Pete Wargent’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, exactly right.
And I think, you know, as Kate said just before, you know, it's the sort of thing that people when they're bored, they'll go on to realestate.com, look for the most expensive houses, most expensive suburbs.
And I think there is potentially here, this ties back to what you call the relative consumption trap, you know, just because something is there and it's very expensive.
And a lot of brands have benefited from this over the years, you know, Lamborghini, Gucci,
I don't know Rolex watches but it is potentially something of a trap you know from a personal finance perspective you know a lot of studies have found that you know people's happiness can be adversely impacted by what somebody else is earning completely irrational but why do we do it I think people tend to compare themselves with other people in their cohort but it's not going to
help you i guess you know as an investor particularly you know if you're following uh the rask model of you know investing your wealth in productive businesses if you if you tie up all of your money in a big mortgage just so you can get into a blue chip suburb well that's not going to help you from a uh you know it's the relative consumption trap has got you then yeah i can imagine the the mortgage repayments in uh dover heights or double bay would be quite astronomical
Yeah, not many of the buyers, I guess, would be heavily mortgaged in those suburbs.
And one of the things that Australia doesn't have is big inheritance taxes or big death duties.
So a lot of that wealth gets passed down intergenerationally.
I don't think you'd find much in the way of mortgage stress in Point Piper because people aren't borrowing $10 or $20 million to buy there.
They're really using equity, business wealth or intergenerational wealth, which is why mere mortals can't buy there from a financial perspective because, as you said, the mortgage repayments would be absurdly high.
Depends what you're looking for, I suppose, whether you're looking as a home buyer or as an investor.
You're right, I mean, the two main portals in Australia, REA Group has realestate.com.au and domain.com.au is the other one.
I think they're a good starting point for people, give you an idea.
You can look at some of the properties that have sold recently or previously, give you an idea of how far your budget might go.
But it goes back to the old Stephen Covey,
thing you know try and begin with the end in mind and try and work out you know what is it that you're hoping to achieve uh whether it's as an investor or as a home buyer because you'd be surprised how many people just do stuff because it's what everyone else is doing without questioning exactly why they're buying what they are
Yeah.
So I guess there's, there's a few different, um, uh, sort of theories that people use.
Um, so one of the things, um, and, uh, does a Charlie Munger quote count about the, uh,
Showing 81–100 of 553 · page 5 of 28
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