While living in times of abundance is enjoyed by most, there will be people in society that are doing it tough.
With head winds forecast in the Australian economy, more people will most likely struggle to make ends meet.
In my school days I was constantly reminded in my science lessons that "for every action there is an equal and opposite reaction". Our economy is a constant reminder of that.
When making short-term decisions, it is necessary to use short-term parameters - and likewise long with long - while recognising when abnormal things are in play.
Low interest rates in recent years are a good example of an abnormal in my almost 70-year lifetime.
Recognising and accepting that fact when making long term decisions is critically important.
Anybody who factored low interest rates into a long-term decision is likely to be challenged going forward.
One aspect of the economy I do not like is when governments interfere with the natural sequences of events in the economy, such as the first home loan buyers' scheme.
While this is just one of many things that influence the housing market, I can not help but believe it has contributed to the huge rise in housing.
While meeting with my youngest daughter Maddie for a coffee, who is about to complete her teaching degree at Deakin University, she commented she doubted she would ever be able to afford a house in her lifetime.
When I lived in Kingston SE in the late 1980s, we bought a modest home, which was 1.5 times my salary at the time.
I estimate an equivalent home in a few years will cost Maddie about four times her forecast salary in Kingston terms and eight to 10 times if in a capital city.
Who knows what the cost of money and other influencing factors will be at the time?
I assured Maddie that if she is to have a partner - and with some inheritance - she will have her own home.
One thing I am certain of is, things never stay the same for very long.
The best approach is to only look back to learn and never let the present environment dominate a long-term decision.
In looking back, the average interest rate I have paid in my life is about 8 per cent. With low interest rates in recent time, it would only be a fool who budgeted a long-term decision at recent rates.
Another of my strong beliefs is it is the decisions made in the good times that help through the bad times and many young farmers are yet to experience the latter.
When times get tough, I have observed those who act early have less pain - hiding from a problem just makes it bigger.
Many young inexperienced borrowers gained confidence from their banker when granted a loan.
But remember banks are about selling money and the cost of this is the interest rate. For a bank to succeed they must continue to lend.
For a decision to be a good one, you must be the decision maker - after all, the buck stops with you.
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