MySwag.org The Off-road Camper Trailer Forum
General => General Discussion => Topic started by: rodsswag on May 01, 2014, 03:55:26 PM
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Hi all,
In the near future we will have an opportunity to buy a house.
The decision is to sell the camper for extra deposit or to battle through.
I have put so much into building this one, it is exactly what I want.
But a house is what we need.........
My wife has told me "It's up to you dear"
Can someone please help me out.
What to do??????????????????????????????????
:cheers:
Rod.................
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. Probably not what you wanted to hear...
House is for life.. more you can pay off early the less you pay long term
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Build a house....
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. Probably not what you wanted to hear...
House is for life.. more you can pay off early the less you pay long term
x2
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. Probably not what you wanted to hear...
House is for life.. more you can pay off early the less you pay long term
X3
work out 25 years of interest on the value of the camper (assuming "standard" mortgage) and it gets scary
all the best with a tough decision
cheers
Steve
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Many years ago I had to make a decision to sell my dream fishing/ski boat to enable us to retain our home. It was a hard and heart breaking decision, but interest rates had gone through the roof and the only other option was to try and sell the house and rent. We sold the boat.
20year's later and we now own an even better home than the one we had, plus I also now own a new dream boat. Just my experience.
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Its up to you dear, sounds like ya selling it.
Its like when ya have a barney and you say i'm going out and she says, do what ya want.
Trust me, do what ya want, does not mean its Ok to go out and unless you are putting the wheelie bin out.
Anyway, good luck with the sale of the CT. :cheers:
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Yep, putas much as you can into the house.
Many years a go I too had to make some life style decisions, went without a lot for a good 10 years, but there was a big payoff with being able to retire at 52 and now live the good life with all the toys I want.
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Mate, sell the CT and put the money into a home (not a house). You can always make another CT when you finances allow.
Good luck
KB
Oh, and let me know when the house warming is on :D
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Go House Rod
Family comes first.
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Thanks so much everyone.
Still a bit of time till I need to decide.
:cheers:
Rod........
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No contest. The house/home. A camper is a depreciating 'asset', which is fine when you have a house.
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My 2c
Houses generally increase in value overtime...Camper trailers on the other hand seem to suffer from a terrible thing called depreciation.
I personally would prefer bricks and mortar and a lessor camper. Or if it was the only option. No camper trailer.
But there are a thousand right answers.
Good luck with your decision.
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I'm voting to KEEP THE CAMPER!
Sounds like you've devoted a lot of time and money building it up to exactly what how you like it and it would be such a shame to see it go.
How long would it be before you could afford to buy another?
My philosophy is to never sell a toy unless a replacement is in the shed or on its way, i learnt this lesson the hard way when I was into bikes and got rid of them and it took ages to get the wife to agree to spend the money for a new one. Riding was what I loved doing and I cut myself off not realising how much I would miss it at the time.
You'll have 30 YEARS to pay off the house, is the plan to do nothing in that time and just put every cent into paying off your mortgage?
Maybe another option is to sell the camper and buy a cheaper one?
Don't forget you've still got to live your life and enjoy it along the way,
;D
My 2c
Hope this helps.
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I'm voting to KEEP THE CAMPER!
Sounds like you've devoted a lot of time and money building it up to exactly what how you like it and it would be such a shame to see it go.
How long would it be before you could afford to buy another?
My philosophy is to never sell a toy unless a replacement is in the shed or on its way, i learnt this lesson the hard way when I was into bikes and got rid of them and it took ages to get the wife to agree to spend the money for a new one. Riding was what I loved doing and I cut myself off not realising how much I would miss it at the time.
You'll have 30 YEARS to pay off the house, is the plan to do nothing in that time and just put every cent into paying off your mortgage?
Maybe another option is to sell the camper and buy a cheaper one?
Don't forget you've still got to live your life and enjoy it along the way,
;D
My 2c
Hope this helps.
i'd agree with this above.....how much would you get selling the camper? (we don't need to know, but be realistic here), if it's a sizable amount then maybe it's worth selling, but if it's not, i reckon i'd opt for maybe keeping the camper myself. Could you work some longer / extra hours instead in the future to try and make the money up and then use the camper to unwind once you've put in the harder hours at work?
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My 2c
Houses generally increase in value overtime...Camper trailers on the other hand seem to suffer from a terrible thing called depreciation.
I personally would prefer bricks and mortar and a lessor camper. Or if it was the only option. No camper trailer.
But there are a thousand right answers.
Good luck with your decision.
i agree with this sentiment. especially nowadays, a stable roof over your head is probably the priority at the moment....
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Look at this way - what is the camper worth - as in actually what you could sell it for?
Lets say $10,000 (I have no idea and you can give the exact figure if you want to)
If you put that $10,000 into your mortgage at 6% (rates are better than this at the moment but just go with it), you will be saving $600 per year on your mortgage. That's $50 per month.
Option A: Sell the camper and save $50pm on your mortgage
Option B: When you buy your new house, get a really good mortgage broker (I can recommend one if you need) and get the absolute best interest rate that is out there. When you get that ask for a bit more off. You will be able to get a rate that will save much more than $50pm and therefore you can justify keeping the camper.
The home is very important, but there is no point being a slave to it. The camper represents time away with the family and gaining experiences that only travel brings. The questions is - is that time and those experiences worth more than $50pm to you?
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Look at this way - what is the camper worth - as in actually what you could sell it for?
Lets say $10,000 (I have no idea and you can give the exact figure if you want to)
If you put that $10,000 into your mortgage at 6% (rates are better than this at the moment but just go with it), you will be saving $600 per year on your mortgage. That's $50 per month.
Option A: Sell the camper and save $50pm on your mortgage
Option B: When you buy your new house, get a really good mortgage broker (I can recommend one if you need) and get the absolute best interest rate that is out there. When you get that ask for a bit more off. You will be able to get a rate that will save much more than $50pm and therefore you can justify keeping the camper.
The home is very important, but there is no point being a slave to it. The camper represents time away with the family and gaining experiences that only travel brings. The questions is - is that time and those experiences worth more than $50pm to you?
:cup:
Option B makes a lot of sense to me
IMO because your camper is fairly new, you will tag a bigger hit on it.
Keep the camper and go for JCOJ's option B
:cheers:
Ps ....I have been following your camper build and must say your camper is looking awesome.
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A tough one.
When we bought the KK LB said we would sell the house before the kamper.
When I lost my job we sold the house and still have the kamper. Might sound silly but we have now just bought a place having moved, by selling the kamper we would have lost a significant amount of money as the kamper is only just over a year old and the depreciation means that we would have covered little more than the loan itself. Different story if you own the camper I suppose.
The finance boffins may say that anything you put into the camper already is sunk costs, but can you recover what you have spent on the camper by selling it?
On the other hand I am sort of with Jeepers here, "do what you want" does not sound like a ringing endorsment for a free choice.
Bunyip
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Keep the camper
If the camper is worth $10,000 just buy a house $10,000 cheaper.
I have had 2 houses in my life so far and never put myself into debt that much I can't still enjoy life.
I use them as a stepping stone to the next one.
Doug
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Happy wife is a happy life
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House. Short term pain for long term gain.
11 years ago I had to sell off my toys to top my house deposit. Bike, go kart and my beloved ski boat that I'd restored.
18 months later I mortgaged for another 18K to spend on house renovations. When filling out the forms I think I accidently put down 23K and the extra may or may not have gone towards a new bike. 8)
Sold the house 2.5 years later for a tidy profit and still have the same bike 11 years later, along with another house. ;D
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Thanks so much again......
It is getting harder......
What we are thinking is.
The camper brand new is 30K+
Not to sure on what to sell it for yet.
I have spent well over 200 hours building it. (I know my own time can not be counted)
I think this would also save on leaders mortgage insurance. (If that's what it is still called)
More than 20% deposit.
JCOJ I think I might just take you up on that offer when we get closer.
:cheers:
Rod...............
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House. Short term pain for long term gain.
11 years ago I had to sell off my toys to top my house deposit. Bike, go kart and my beloved ski boat that I'd restored.
18 months later I mortgaged for another 18K to spend on house renovations. When filling out the forms I think I accidently put down 23K and the extra may or may not have gone towards a new bike. 8)
Sold the house 2.5 years later for a tidy profit and still have the same bike 11 years later, along with another house. ;D
Something like this is what we are thinking....
:cheers:
Rod.............
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Thanks so much again......
It is getting harder......
What we are thinking is.
The camper brand new is 30K+
Not to sure on what to sell it for yet.
I have spent well over 200 hours building it. (I know my own time can not be counted)
I think this would also save on leaders mortgage insurance. (If that's what it is still called)
More than 20% deposit.
JCOJ I think I might just take you up on that offer when we get closer.
Rod...............
Both you and JCOC are spot on here. As I was reading through the thread the only reason I could come up with was if you were going to tip over the 80% LVR and incur Mortgage Insurance......and lets face it, its 5k to10k for absolutely nothing of value to you and is dead money.
As the resi market heats up I think you will find lenders are going to loosen up on LVR's and a good mortgage broker may be able to get you a 90% or even a 100% LVR which means you can have your cake and eat it too.
Just as a caution though factor in say a 2% increase in interest rates and see if you can still get ahead / comfortably pay your mortgage.
Best of luck with the decision. I hope you can get some good advice to really assess your option.
Cheers Nomad. :cheers:
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Hi Rod,
It is your call, BUT like other have stated, how much would the sale of your camper save in the long term ? To be able to afford a new camper or build another after the home purchase is not going to happen for a long time.
You have put your heart and sole into building this camper and believe me you will not have the same dedication and passion if you were to build another some time done the track.
If you can see your way clear and buy your home without selling the camper, in time you will be happier.
Some toys are expendable and some toys are not.
My two bobs worth, and two bob ain't worth much these days.
cheers and good luck , duggie
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A camper you have built is more than just $. The amount you get for it would not go close to the cost of replacing it, let alone the blood sweat and tears that went into making it.
Keep the camper. Sell the car if you need to. Less emotional investment.
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Keep the camper. You need a life other than paying off a damn house.
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^^^^^^ what he said. Mate I've known you what 3 years now and in that time you've built- had, bought 2-3 trailers? If this 1 is your pride and joy and you've put so much into it are you going to be happy selling it....then put so much effort into doing it again? $30 000 odd grand is a lot for a trailer how quick do you need it sold. My opinion is try hard to find the coin elsewhere cause once you buy your house at least you have your trailer to get away on the weekends for a break. Good luck buddy hard decision if you need a broker call me I'll put you in touch with ours.
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Just another thought, are there other benefits to not having the camper?
Are you going to have the money to use the camper while paying the mortgage?
Are you going to have the time to use the camper with the house? If you buy an older house, renovations will take up a lot of your spare time.
Maybe sell it and get a cheaper camper? As mentioned on this site, it doesn't matter if you own a KK or a GIC, as long as you get out there all is good!!
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Look at this way - what is the camper worth - as in actually what you could sell it for?
Lets say $10,000 (I have no idea and you can give the exact figure if you want to)
If you put that $10,000 into your mortgage at 6% (rates are better than this at the moment but just go with it), you will be saving $600 per year on your mortgage. That's $50 per month.
Option A: Sell the camper and save $50pm on your mortgage
Option B: When you buy your new house, get a really good mortgage broker (I can recommend one if you need) and get the absolute best interest rate that is out there. When you get that ask for a bit more off. You will be able to get a rate that will save much more than $50pm and therefore you can justify keeping the camper.
The home is very important, but there is no point being a slave to it. The camper represents time away with the family and gaining experiences that only travel brings. The questions is - is that time and those experiences worth more than $50pm to you?
Now thats what I call a good arguement. Well said John!
Go the camper!
Wayne
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There are some pretty awesome fixed rates at the moment. Perhaps lock most of your loan at a low rate that would make up for the $50pm stated above...it wwill give certainty for budgeting for the the next 1,2,3 years allowing room for the family to still "live" and get used to a mortgage.
My other thought is after all of your TLC the camper is worth more than what someone else will pay for it and your own cost of replacement when you get around to it would also be higher.
Good luck!
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Sell the camper. Compounded interest on the extra deposit will amount to the value of your camper very quickly anyway. Get an offset account, pay the least amount of mortgage insurance (via a big deposit) and you will be well on the way to getting another camper soon.
Aaron
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Keep the camper. You need a life other than paying off a damn house.
X2
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Also think how much money you will have at the end of the week if you don't sell it.. killing the loan should just about be a priority.
Things change quick, specially if th wife stops working and kids appear.. money becomes tighter...
Things aren't going to get better over the next decade regarding interest rates.. My old man talks about the 80's when interest was +15% on loans.. people are Shitting their pants and struggling now at the lowest rates in history.. what happens to these 10k's of people once rates go thru roof...
But everyones situation is different. You need to work out your own priorities...
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If we sell the trailer we still have camping gear to get out and about.
The trailer is all the luxury we wanted in clamping.
My wife has just had a baby, so 1 wage for about a year.
And in this we will not be camping for the next few months anyway.
:cheers:
Rod...............
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Hi Rod, after just selling our camper this is what I think. Put it on the market at the price you want, if it does not sell at that price and then have to work out how much you would get for it and how much you are going to lose, against your mortgage.
We sold our three year old $30K camper for $18K you might not be willing to lose that much. But if you get good money for it I would sell and you can always build a cheaper one for the time being.
The best thing we either did was buy our home, which was our first together 8 years ago.
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Keep the camper. It is a part of you and worth more than just the money you will get for it.
In the Eric Bana documentary "Love The Beast". They talk a lot about cars (in this case a camper) being more than a object.
"It's what non-car people don't get. They see all cars as just ton-and-a-half, two-tons of wires, glass, metal and rubber. That's all they see. People like you or I know, we have an unshakable belief that cars are living entities. Not like a Toyota Carolla obviously, but a real... You can develop a relationship with a car. And that's just what non-car people don't get. Charles Babbage, the inventor of the computer in the 18th century talked about the unerring certainty of machinery. Ok, now the problem you have with the unerring certainty of machinery is that it is a machine. When something has follies and won't handle properly, that gives it a particularly human quality because it makes mistakes. And that's how you can build a relationship with a car that other people won't get." Jeremy Clarkson (Love the beast)
If this sounds like your camper then keep it.
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Liquidate everything to get yourself 1st house. Can you afford to make up 2% increase in house price each year?
Sent from my iPhone using Tapatalk
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Hi all,
In the near future we will have an opportunity to buy a house.
The decision is to sell the camper for extra deposit or to battle through.
I have put so much into building this one, it is exactly what I want.
But a house is what we need.........
My wife has told me "It's up to you dear"
Can someone please help me out.
What to do??????????????????????????????????
:cheers:
Rod.................
bit of a punt here but I am a finance broker and work in a family owned business (my fathers)in Brissy, we have clients all over Australia in every state so location isn't a drama although you're only on the coast anyway.
Shoot me a PM and I will advise you if you need to sell your camper or if there are ways around it. Absolutely worth speaking to a professional first who specialises in this sort of stuff you would be surprised what we can manipulate to make work in ways banks themselves and most others do not think of.
A lot of people dont think out of the box these days... We are constantly having people see us who the bank tell they need more money or to sell assets etc and 99% of the time we can work around it if possible and think of ways others dont.
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We charge no fees to clients, we are simply paid referral fees by the banks for bringing them business so not cost to you for our advice, more than happy to help a fellow swagger!
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Hi all,
In the near future we will have an opportunity to buy a house.
The decision is to sell the camper for extra deposit or to battle through.
I have put so much into building this one, it is exactly what I want.
But a house is what we need.........
My wife has told me "It's up to you dear"
Can someone please help me out.
What to do??????????????????????????????????
:cheers:
Rod.................
I would sell the camper to assist in the deposit for the house, nothing wrong pitching a tent or swag. I'm nearly 60 and still luv my swag and off road trailer, it's not a camper. Can still come home to the family pride and joy. cheers Ron.
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years ago we went to buy our first house. Both worked but had a car loan on a newish car. Would not approve while we had the loan.
Sold the car, paid of the loan and bought an old banger.
The day we moved in a letter came from the bank asking would we like finance for a new car!
Sons of beeches. LOL....
Sent from my iPad using Tapatalk
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The decision is up to you, but while paying off a house, especially in the early years it is hard save for a holiday. I know this from experience.
If you keep the CT, at least you have the opportunity to get away from the house and have a holiday.
This is a very hard question that need a lot if thought to get the correct answer.
Good luck.
Sent from my iPad using Tapatalk
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If the only reason to sell the camper is to help buy the house then you will most likely have in mind to replace it with something similar in the future. If so, would taking a 10 k loss on your camper now achieve much in the long run if you turn around and put another thirty grand into the same sort of camper in the near future? A 30 k camper would end up costing you 40. You have a hell of a lot of sums to do and professional advice is well worth it in your case as a seemingly wise decision now may come back and sting you later. You really need to have all the scenarios laid out for you and the answer will usually stand out pretty clearly. If it were me, I would compromise by selling and making do with something much cheaper.
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Take it from a Banker of 30 years who loves making money from people who borrow too much, SELL THE CAMPER TRAILER. Every dollar less borrowed will save you a bucket load of capitalised interest over the term of your loan.
Still want to go camping? Buy a tent. Hire a Johnno's. Borrow fellow Swagger's unit that isn't getting used for a couple of slabs.
In time, when you have consolidated your financial position and gained equity in your home, you can consider buying another Camper Trailer.
Good luck,
Rohan.
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It's only money... The banks have heaps!
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So your camper owes your $30K plus and think you can get $20K plus is you sell? An extra $20K is a massive leg up for a first home buyer.
If we sell the trailer we still have camping gear to get out and about.
:cheers:
Rod...............
Go grab a 2nd hand 6X4 for $400 to throw all that gear in and that will probably get you too 90% of the camp spots you want to go to with a young family.
The enjoyment of camping is what you make of it, not what you take with you.
I've had just as good as time with a $20 Kmart A frame tent as I've had with a Jayco with all the trimmings.
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Years ago a young planner started at work (regional town in Gippsland). He owned a magnificent Torana, was his pride and joy.
Was in a relationship, his GF had worked while he studied, then visa versa.
I suggested to him sell the car, stop paying rent and buy a house. This was on the basis that cars, however loved, depreciate, houses gain value.
He followed my suggestion and has never looked back.
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years ago we went to buy our first house. Both worked but had a car loan on a newish car. Would not approve while we had the loan.
Sold the car, paid of the loan and bought an old banger.
The day we moved in a letter came from the bank asking would we like finance for a new car!
Sons of beeches. LOL....
Sent from my iPad using Tapatalk
:cup:
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Thank you all.
We have decided to put the camper on the market.
Check out the trader section and tell your friends.
:cheers:
Rod
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Yea every extra dollar you put into your loan is best spent! None of this "pay your house off in 30years" stuff, pay it off as quick as possible, then enjoy the benefits.
We got our house paid off in 5 years, I am not a high wage earner either, still built a few toys along the way, gotta put the effort in tho but that does not mean having a life. Basically planning is key ad sticking to it, we didn't waste cash on trivial things either.
Paid off 2nd property by 37 and bought a cruiser, only now are we considering a camper trailer, been camping in a $150 tent with 2 kids so far......
Some pain now will pay off later on
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Well today was a sad day.
The camper drove out with the new owners (they were very happy)
But on the bright side a house is on it's way.
:cheers:
Rod......
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Bitter sweet day, you can always build another camper in your new garage :)
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Bitter sweet day, you can always build another camper in your new garage :)
This will be the plan in a few years......
:cheers:
Rod........
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Keep the camper! Wait a little longer for the extra cash. This way you can still getaway on weekends, otherwise your home bound.
Doesn't matter who holds the title (u or the bank) but your time you can never get back. Have a good death policy for your family and live every minute with them, not the people you work with.
Anything can happen in life and you can loose every cent you have earned. What they can't take away is the time you have spent with your family
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Hope you got the price you wanted mate.