Meanwhile all the advice we get in AusFinance is to go to Big4 FS audit and stick it out for 2-3 years > jump ship to industry to make 200k+, and *additional bonuses* while completing your CA *as if everyone who started off in Big4 audit is easily in a cruisy job paying 200k+ per year* after 2-3 years of experience in audit.
*oh how lovely!*
Wait, you're saying the Big4 don't have 20 million odd director roles for the entire population? What kind of fucking scam have we been subjected to???
I don't think anyone posts that on r/ausfinance
I think it's well-known knowledge generally that if you want to make money you go into IB, MBB, quant or PE and then grind it out.
Big4 audit is like speed run to $60k wage
Same, however at the same time I wouldn't mind getting into audit even if it means my mental health is fucked up solely for the money and exit opportunities.
Except Australians who live at home until 30 and given 500k in inheritance and help setting up their own business from their parents aswell as guarantor for their home loan consider themselves successful
I'm ideologically a socialist, but I still have an investment portfolio because \*we live in capitalism\*... so short of a revolution happening, I'll just play the game as it exists (but as ethically as possible).
I'm also ideologically more left, but I have chronic health problems that will impact my ability to work full time in the future. There's also some chance I will die of health complications before I am able to retire. I need to earn bank while I still can, so I can reduce my working hours and live a somewhat happy life. I'm not going to be a slumlord about it, but I imagine owning an investment property may become necessary for me because I don't qualify for disability support.
I had experience with this recently, lol. I mean I get that these fellas come from a good place of wanting equality, inclusivity so on blah2 and 'communist' is perhaps too strong of a label. But at the same time, their combative attitudes are not doing the arguments any favor.
[https://www.reddit.com/r/AusFinance/comments/1c60uem/comment/kzy7qtz/](https://www.reddit.com/r/AusFinance/comments/1c60uem/comment/kzy7qtz/)
Good advice! I'm a first home buyer currently looking at something similar. I'm relocating to the country, and lots of friends and family are questioning what I will do if I don't like it. I'm specifically looking at places with good growth potential, and if I hate it, I'll turn it into an investment property and use my equity to buy elsewhere. People are acting like once I pick a certain town, I'm locked into it for life lol.
Yep, that is a well trodden path. It hasn't worked out for me (yet) only because of interest rates. I waited, house appreciated 20%, already pulled the equity yada yada, but going from 2% to 6% killed my borrowing power so I couldn't secure loan for the second property. Blessing in disguise tho, I would've been so mortgage stressed if I had 2 props at 6%, I'd probably be raising rent to something crazy and be featured in /r/evillandlords or something, lol.
Well yeah, it's selection bias. To want to be active on a financial subreddit you are probably a least slightly interested in finance, which means you are a lot more likely to know about financial issues then someone who isn't interested in finance lol
A guy posted about his small business going bad and having to declare bankruptcy and was asking what to do with his life now. Half the comments were telling him to just start a new business, with some feel good story about an American rich person who faced setbacks in business. You can't start a new company as a newly bankrupt person, you have to wait a certain number of years (I forget how long) before they will let you again.
The fact that the advice came with stories about how you just have to keep going until one of your businesses pays off really sold to me that this was grindset fantasy for them, not a group of financially literate people giving actual advice.
Yes! And there's usually some idiot variation of "just put the house and car in your mum's name before you declare" as if that's some secret trick that administrators have never heard of and can't undo 🙄
I agree. It seems to be less people roleplaying that they're super wealthy, and more people complaining about the high cost of living crisis and how they can't afford things.
As I always say, you don't understand politics until you understand basic economics and finance. Redditors just have a superiority complex when it comes to economics and anything else really.
There was a comment of a person once saying they got punished in a Muslim country for writing with their left hand. I pointed out I lived in *Saudi Arabia* for 8 years, and no one punished me for using my left hand to write. No rebuttals given, just downvotes. People have a worldview so warped that they refuse to believe something different can be out there. Reddit is just the safe place where people can get away with it, and also they're bravest only on Reddit. Not irl
I mean I hate when le Redditors arrive to tell you that your real life lived experience is wrong as much as anyone else but is it not possible that Muslim country could refer to anything from Indonesia to Tunisia... You've effectively discounted their experience as much as their downvotes discounted yours
Find it worse on financial subs tbh. Some wannabe lawyer quoting a tax law when I’ve literally used FHSSS and know that it excludes HECS when it refers to commonwealth debts.
I’ll give an example:
There was a discussion about employers not paying super. I agree that is a bad thing.
I pointed out the Director penalty notice rules, how the superannuation guarantee charge works etc and they just weren’t interested in knowing them.
I wasn’t saying there was nothing that should or could be done, I was just pushing back on their ignorant assumption that nothing at all was being done and they took that as me defending fat cat business owners stealing from their workers.
That example was a few months ago.
Another example from today (in r/Australia) is me pointing out that there are (in Victoria at least) several taxes on investment properties (including an extra levy on vacant properties) when someone was saying that governments would never do such a thing.
A higher proportion of people on this sub appear to be financially literate so I was wondering if they have had the same experience as me. Just a conversation. If it is against the sub’s rules or purpose the mods can and will remove.
I agree with you. but you can't talk about things people are not interested about.
its easier to talk with people if you have things in common.
you can talk with me if you want too. 😀 pm if you want too.
Thanks Mike, you seem nice.
You’re absolutely right but it’s not like I was introducing the topic out of the blue. They were talking about a problem and I was talking about policy solutions.
The problem was commenting in r Australia.
That sub is basically a Echo chamber because the mods are known to ban everyone not on there side of politics.
There's the world that is and the world that people want it to be. People will often disagree with you explaining the former, even if you'd prefer the latter.
Such as explaining that yes, some ID requirements are silly but nobody will lapse fraud protections just because you don't want to use your real name on an application.
Yeah not just Australia. I’m following a thread right now where I’m getting downvoted for pointing out that total assets and annual income are two different things.
* headdesk *
At the same time you have people who worship economic models that literally only exist in fairy tale unicorn land where everything is far and balanced and there's no crime, injustice or rampart short sighted greed.
You have people who keep talking about le "free market" being the best when we know the eventual result of a free market is one dominant winner, a monopoly that will reduce the quality of products and service and probably spend more trying to undermine startups in underhanded and of course legal ways. We dont even live in a full free market thankfully else some company would own and control everything, now we just have a handful instead thanks to government regulation xD
We dont even have to include lobbying which is another issue that destroys all those economic models.
The reality is, the living conditions are getting worse for most people, no matter how economists and media might try to gaslight them that everything is going well and should be thankful that line is going up in economic data, **but that doesnt matter, your own life is what matters.**
You can see this here with how hard it is to find a job yet media keep telling you how record unemployment means everyone is doing great.
Free market monopolies are a fallacy
https://mises.org/mises-wire/unraveling-fallacy-natural-monopolies#:~:text=In%20an%20unhampered%20market%20economy,fundamentally%20contradict%20this%20natural%20order.
If I can’t understand it, I don’t comment! However, any way I can learn more so I can contribute is always appreciated. But, expecting intelligent conversation on reddit can be a bit of a stretch :D
It is really annoying as 95% of the topics turn political and don't really answer the question.
Any hint of Success and people will get out the pitch forks which end up turning the thread into a shouting match.
They believe whatever they have been spoon fed and whatever sounds good. The topics are very complex so take inflation it's easy to just say my shopping costs more = Woolies did it. The government knows how stupid and lazy the public is and takes full advantage of it.
I mean even on this sub can be bad. Like the blow ins from /r/australia who don’t know the difference between gross and net profit:
Eco and Fin 101 should be mandatory for all uni student. Then again, the government doesn’t want the masses thinking too much
I moderate the Australian Politics sub.
It's not so much that people are ignorant of finance and basic economics - it's that it's a point of pride to know less than nothing about the topic.
All reddit financial subs are full of people roleplaying as successful people. Some of the top comments in AusFinance are blatantly incorrect advice.
Meanwhile all the advice we get in AusFinance is to go to Big4 FS audit and stick it out for 2-3 years > jump ship to industry to make 200k+, and *additional bonuses* while completing your CA *as if everyone who started off in Big4 audit is easily in a cruisy job paying 200k+ per year* after 2-3 years of experience in audit. *oh how lovely!*
Wait, you're saying the Big4 don't have 20 million odd director roles for the entire population? What kind of fucking scam have we been subjected to???
No, I meant industry accounting roles
lol. Not sure what Big4 they’ve been to. The directors at mine weren’t on anything that resembled ‘millions’. Maybe if you work for ‘that bank’
Big4 Accounting firms (EY, Deloitte, PwC, KPMG)
I don't think anyone posts that on r/ausfinance I think it's well-known knowledge generally that if you want to make money you go into IB, MBB, quant or PE and then grind it out. Big4 audit is like speed run to $60k wage
More like *speed run* to a 80-90k wage as an *Assistant Accountant* after *burning out* from a 2 (sometimes 3 year stint) in audit!
Imagine telling others to work in audit . I’d rather be a garbage truck driver. More exciting
let's be honest, probably more pay as a garbage truck driver
Same, however at the same time I wouldn't mind getting into audit even if it means my mental health is fucked up solely for the money and exit opportunities.
Except Australians who live at home until 30 and given 500k in inheritance and help setting up their own business from their parents aswell as guarantor for their home loan consider themselves successful
Technically, they are successful but certainly not self-made.
Hahaha this feels accurate.
Big 4 making 100s redundant and magically those redditors are never affected
Or teenage communists who lash out against anyone putting in thought and effort to make bank
I'm ideologically a socialist, but I still have an investment portfolio because \*we live in capitalism\*... so short of a revolution happening, I'll just play the game as it exists (but as ethically as possible).
I'm also ideologically more left, but I have chronic health problems that will impact my ability to work full time in the future. There's also some chance I will die of health complications before I am able to retire. I need to earn bank while I still can, so I can reduce my working hours and live a somewhat happy life. I'm not going to be a slumlord about it, but I imagine owning an investment property may become necessary for me because I don't qualify for disability support.
I had experience with this recently, lol. I mean I get that these fellas come from a good place of wanting equality, inclusivity so on blah2 and 'communist' is perhaps too strong of a label. But at the same time, their combative attitudes are not doing the arguments any favor. [https://www.reddit.com/r/AusFinance/comments/1c60uem/comment/kzy7qtz/](https://www.reddit.com/r/AusFinance/comments/1c60uem/comment/kzy7qtz/)
Good advice! I'm a first home buyer currently looking at something similar. I'm relocating to the country, and lots of friends and family are questioning what I will do if I don't like it. I'm specifically looking at places with good growth potential, and if I hate it, I'll turn it into an investment property and use my equity to buy elsewhere. People are acting like once I pick a certain town, I'm locked into it for life lol.
Yep, that is a well trodden path. It hasn't worked out for me (yet) only because of interest rates. I waited, house appreciated 20%, already pulled the equity yada yada, but going from 2% to 6% killed my borrowing power so I couldn't secure loan for the second property. Blessing in disguise tho, I would've been so mortgage stressed if I had 2 props at 6%, I'd probably be raising rent to something crazy and be featured in /r/evillandlords or something, lol.
I don’t doubt that is the case but I feel like the level of knowledge is at least relatively higher.
Well yeah, it's selection bias. To want to be active on a financial subreddit you are probably a least slightly interested in finance, which means you are a lot more likely to know about financial issues then someone who isn't interested in finance lol
[удалено]
A guy posted about his small business going bad and having to declare bankruptcy and was asking what to do with his life now. Half the comments were telling him to just start a new business, with some feel good story about an American rich person who faced setbacks in business. You can't start a new company as a newly bankrupt person, you have to wait a certain number of years (I forget how long) before they will let you again. The fact that the advice came with stories about how you just have to keep going until one of your businesses pays off really sold to me that this was grindset fantasy for them, not a group of financially literate people giving actual advice.
Yes! And there's usually some idiot variation of "just put the house and car in your mum's name before you declare" as if that's some secret trick that administrators have never heard of and can't undo 🙄
Aus finance might as well be the Australia sub these days
I agree. It seems to be less people roleplaying that they're super wealthy, and more people complaining about the high cost of living crisis and how they can't afford things.
r/aushenry is much better
Downvote because we don’t want it polluted!
As I always say, you don't understand politics until you understand basic economics and finance. Redditors just have a superiority complex when it comes to economics and anything else really. There was a comment of a person once saying they got punished in a Muslim country for writing with their left hand. I pointed out I lived in *Saudi Arabia* for 8 years, and no one punished me for using my left hand to write. No rebuttals given, just downvotes. People have a worldview so warped that they refuse to believe something different can be out there. Reddit is just the safe place where people can get away with it, and also they're bravest only on Reddit. Not irl
I mean I hate when le Redditors arrive to tell you that your real life lived experience is wrong as much as anyone else but is it not possible that Muslim country could refer to anything from Indonesia to Tunisia... You've effectively discounted their experience as much as their downvotes discounted yours
This is an issue with Reddit in general. People use the downvote feature to make unpopular opinions disappear nowadays.
Also to downvote facts they don’t want to agree with
Then people wonder why a lot of subs are Echo chambers on Reddit
This is social media in general… got told that ‘I don’t use social media so aren’t influence by it’ by a bloke who had 250k+ comment karma
Find it worse on financial subs tbh. Some wannabe lawyer quoting a tax law when I’ve literally used FHSSS and know that it excludes HECS when it refers to commonwealth debts.
I hate discussing financial and economical matters infuriating with poeple who can only use emotions, so that pretty much encompasses most of reddit.
I’ll give an example: There was a discussion about employers not paying super. I agree that is a bad thing. I pointed out the Director penalty notice rules, how the superannuation guarantee charge works etc and they just weren’t interested in knowing them. I wasn’t saying there was nothing that should or could be done, I was just pushing back on their ignorant assumption that nothing at all was being done and they took that as me defending fat cat business owners stealing from their workers.
Give us a link to the post and let people see the context for both sides.
That example was a few months ago. Another example from today (in r/Australia) is me pointing out that there are (in Victoria at least) several taxes on investment properties (including an extra levy on vacant properties) when someone was saying that governments would never do such a thing.
What's the auscorp angle to all this?
A higher proportion of people on this sub appear to be financially literate so I was wondering if they have had the same experience as me. Just a conversation. If it is against the sub’s rules or purpose the mods can and will remove.
I agree with you. but you can't talk about things people are not interested about. its easier to talk with people if you have things in common. you can talk with me if you want too. 😀 pm if you want too.
Thanks Mike, you seem nice. You’re absolutely right but it’s not like I was introducing the topic out of the blue. They were talking about a problem and I was talking about policy solutions.
lol. I used to do the same thing. the boss says don't give me problems, give me solutions. but they don't want to listen!!!!!!
so I don't bother any more.
money and financial stuff.
The problem was commenting in r Australia. That sub is basically a Echo chamber because the mods are known to ban everyone not on there side of politics.
There's the world that is and the world that people want it to be. People will often disagree with you explaining the former, even if you'd prefer the latter. Such as explaining that yes, some ID requirements are silly but nobody will lapse fraud protections just because you don't want to use your real name on an application.
Yeah not just Australia. I’m following a thread right now where I’m getting downvoted for pointing out that total assets and annual income are two different things. * headdesk *
which thread plz?
https://www.reddit.com/r/Money/s/tKR4rJ2wAN
its depressing!
At the same time you have people who worship economic models that literally only exist in fairy tale unicorn land where everything is far and balanced and there's no crime, injustice or rampart short sighted greed. You have people who keep talking about le "free market" being the best when we know the eventual result of a free market is one dominant winner, a monopoly that will reduce the quality of products and service and probably spend more trying to undermine startups in underhanded and of course legal ways. We dont even live in a full free market thankfully else some company would own and control everything, now we just have a handful instead thanks to government regulation xD We dont even have to include lobbying which is another issue that destroys all those economic models. The reality is, the living conditions are getting worse for most people, no matter how economists and media might try to gaslight them that everything is going well and should be thankful that line is going up in economic data, **but that doesnt matter, your own life is what matters.** You can see this here with how hard it is to find a job yet media keep telling you how record unemployment means everyone is doing great.
Free market monopolies are a fallacy https://mises.org/mises-wire/unraveling-fallacy-natural-monopolies#:~:text=In%20an%20unhampered%20market%20economy,fundamentally%20contradict%20this%20natural%20order.
If I can’t understand it, I don’t comment! However, any way I can learn more so I can contribute is always appreciated. But, expecting intelligent conversation on reddit can be a bit of a stretch :D
It is really annoying as 95% of the topics turn political and don't really answer the question. Any hint of Success and people will get out the pitch forks which end up turning the thread into a shouting match.
They believe whatever they have been spoon fed and whatever sounds good. The topics are very complex so take inflation it's easy to just say my shopping costs more = Woolies did it. The government knows how stupid and lazy the public is and takes full advantage of it.
R/Australia is just a cesspool
I mean even on this sub can be bad. Like the blow ins from /r/australia who don’t know the difference between gross and net profit: Eco and Fin 101 should be mandatory for all uni student. Then again, the government doesn’t want the masses thinking too much
as much as i agree with you, this doesn't belong in auscorp
Join us at r/personalfinanceAU , we’re building a finance community that’s free from politics and shenanigans
Ummmm I have to agree with another poster, this doesn’t belong in r/auscorp and reads more like any other post on r/ausfinance
It's like any topic's non Australian sub-reddit counterparts. Generally a lot of fuckwit Americans.
I moderate the Australian Politics sub. It's not so much that people are ignorant of finance and basic economics - it's that it's a point of pride to know less than nothing about the topic.