had been determined that her sons would not be like her husband, and many other aboriginal men like him. She decided to pick her aboriginal models from the many success stories throughout Australia; the former Governor of South Australia, Footballers, Boxing and business leaders, tennis legend Yvonne Gulagong. She had always taught her sons from the earliest aged that they could understand, that financial prosperity did not mean alienation from one’s culture and people.
Sitting in the Pizza Hut, as these thoughts flashed through his mind his excitement heightened even more as he looked at his mates. He eyed each of them, to make sure they were paying attention to the grand announcement he was about to make which should blow them out of the aftermath of Camp Rendition feelings they were experiencing in their bodies at the moment.
“I am going to buy a unit next week! Mum’s going to chip in towards the legal fees and stamp duty. I have been saving money since I was 9 years old from all the odd jobs I could get. As well as working stacking shelves at Kmart and Coles.Now, I am turning seventeen this year. When dad was alive we struggled financially. He used to spend most of his money in the pub or with his mates. So mum told me to save whatever I could and make sure I became independent as soon as possible because she could not support me when I turned 18 years old. It was the scariest thing ever for a 9-year-old. Some of my primary school friends had to quit school and others became street kids because of neglect by their families.
So I made up my mind that I would save enough money to buy me a unit. Last time when I was talking to mum about buying a house she was very excited to find out that I had been saving and that I had accumulated enough for a deposit and moving-in costs. The only problem was that I needed to get a job to pay the loan. A reasonable 2-bedroom unit with a single garage in our neighbourhood costs about 90 Grand ($90,000). With interest rates the way they are going that is about $900 a month loan repayment and rising. I was stuck, even with the first home-owners grant!”
“How did you solve the problem, mate? You’re still only stacking shelves aren’t you?” Dave quizzed, gripped at this incredible achievement.
For a moment, Dave dreamed about his own plight. He was already envious of his friend’s Mount Everest of a success. He had tried to save but failed miserably. His father has a Restaurant business and regularly gives him pocket money as well as special financial gifts on his birthday and at Christmas, even at Easter for good measure. But he always seemed to find that he needs to buy the latest pair of trousers, shirts and pay for movies. He cannot, for the life of him, neglect his social life. That’s just not cool for his richer circle of friends, he thought. Being a tight arse was just bad news if you wanted to be in the exclusive social network. Besides, you’re only young once and so might as well enjoy it, he convinced himself. Most of his other well-off friends did the same thing. Still, it would be great if he could move out to his own unit. He wouldn’t have to deal with all the rules at home. Even though his parents were very kind and loving, nevertheless, he was fed up already and wanted out ASAP. It’s part of growing up. The itching feeling and those itchy feet to find your own place.
Jonno interrupted his dreaming and went on to explain.
“Mum saw on the Tele about investment property strategies that one could take to own property. You buy the property, rent it out at a level of rent that either covers all of your loan costs or at least most of it. This way you do not have to be working full-time or in a high paying job in order to own property. She and I went to see an investment adviser at Andreessen, Arthurton & Associates and also attended a seminar during the summer holidays and we had a long chat with the guy who led the seminar. He’s called, Viktor Andreessen, one of the partners of the company. It was really cool! It all made a lot of sense and Mum was as convinced as I was that if we did proceed with buying a property and rented it out then, man! it would set me up for the future. How cool is that!?”
There was dead silence for a moment, while the group munched on what they had and digested the chunky meaty idea that Jonno just shoved into their ears. It took some swallowing, that was for sure. But their emotions were about to reveal very different perspectives on the idea that the poorest among them was actually going to be the first person to be a real estate investor and a convincingly man – manhood type of guy.
Ricky, however, was not going to be a sucker for no scam. His frustration and resentment poured out in response to Jonno’s false hoper plans. Jonno did not have the intelligence as far as he could see to pull this deal off and survive eventual bankruptcy. He felt angry that out of desperation he was taking an unnecessary risk, being fooled so easily by a snake-oil sales promotion. He felt duty bound to a mate, to save him from his foolish, ignorant self….and stupid mother. He had, however, to be careful not to be offensive. After all, this truly poor guy had worked his proverbial off to get this far and had invested a lot of emotions into this rubbish dream. So he presented his response couched in an example of his failed uncle, Ben.
“My uncle, Ben, was burnt on property investment in Perth, Western Australia when the Global Financial Crisis hit in late 2008. He had four properties in great locations around Perth. He was worth about $10.5million in 2007. He was such a generous bloke and paid for our plane tickets to visit his family! All four of us, mum and dad included! It was awesome! We had never been to Perth. We visited the beaches, and the movies and restaurants and fun parks.
But then the GFC hit, and because he was negatively geared and the property prices plummeted so quickly he couldn’t get rid of them. The banks were cruel and couldn’t careless. They seized three of his properties and sold them at a massive loss. Something like a $3 million loss! He also lost millions in shares when one of the companies he had a major holding in went bust. He is up for million dollars for compensation costs because he was sued by some investors and lost the case. He was so shattered he wanted to get himself killed in a “traffic accident” in order to save his family from financial ruin. His million dollar insurance payout would have bailed them out. He is a broken man now. Always on the grog and don’t mention property investment to him. He now reckons the banks are just setting people up so that they can make a huge profit from the mortgage insurance claim which completely covers them, the banks. Stuff the so-called customer is king rubbish. They are just in it for themselves, he swears”
“Mum’s also heard from a cousin who also lost a lot of money through property investments,” piped in Dave, still resentful at Jonno’s achievement.
“She reckons you have to have rocks in your head to get sucked in by these rip-off merchants. I would get a second opinion from someone who has taken a major hit from the recession. At least they will expose the so-called fine print of these scammers. You gotta be very careful, mate! Don’t risk all those hard earned dosh, mate!”
Dave reached out and slapped Jonno on the back lightly, like a caring mate should. Deep down, though the agenda was all about hoping to scare Jonno into not proceeding so that he wouldn’t have to feel bad about his own failures. After all, even though Jonno was one of his closest school buddies, it was obvious that he, Dave, was from a more privileged background and a more educated family and they ought to know better about all types of investments.
While Ricky and Dave were busy rubbishing Jonno’s achievements Robert became very angry. Robert was angry, not at these two guys but at his own life. Angry that his parents had not made him or educated him to see past his own foolish lifestyle of earn and spend all, immediately. His mind flashed back at the thousands he had squandered over the years on parties, restaurants, holidays, trendy clothes and the latest gadgets that became obsolete within six months. Oh! And those mobile phone bills! The thought of it pained him and made him even angrier at his own stupidity. That he was such an idiot! He was about to explode in response, then a passing though suddenly stopped and stared at him. His dad, Ashwyn, has been trying to make him see his folly of a lifestyle. More importantly, he had already told him that he had been putting some money aside so that when he, Bob, had woken up to his investment senses then perhaps his dad could help him get started.
Suddenly, a rush of love and respect for his dad flooded over him deflating that highly explosive anger. The major problem, though, was that his