I have been in a spirited discussion with a friend to day about IP in general. Ultimately, the question was how many IP’s are enough for you to own? Which in essence is really what net worth will make you comfortable to stop investing.
Whilst that answer will be different for everyone, I would be interested in people’s ideas, about what level of net worth would make them comfortable to do ‘other’ things.
James
hi james
great question, one i tackle all the time.
my first goal with property investing was to generate enough cash so i don’t have to work. Now i am at that level i have to decide where i go from here. As a Christian i believe there is more to life that making money and being “setup” means i’m free to do whatever i want with my time. i’ve taken some time out (quit working)to consider what i do with the next years of my life, i’m 39 and feel i’d like to spend time with my family (thats why we moved to New Zealand).
having said all that i really enjoy property investing and making money is like a game, and you get a huge buzz from it.
i feel i’m at the cross roads, do i settle with what i have or do i move on and attempt to become very wealthy (multi millionaire). At this time i’m more than happy with being comfortable.
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
agreed westan, it is a choice and a personal one, and money isnt everything.
your lifestyle adn time and energy will be somthing that might setermine your investments
Elves
I don’t have any goals for x number of properties or x amount of dollars. While I enjoy it I will keep doing it.
I am already starting to lose interest in owning IP’s and development and businesses are the focus moving forward. More challenging and more time required.
Nick
hi guys
It would be good to hear from a few more people. so come on share your veiws.
regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
Its hard to put a $ figure on it. I have a long way to go yet. I still need my day job and I would love to be in a similar position to westan where I dont need to work for the boss but for myself.
Hi Guys,
…. not really sure what is really exactly enough, but enough passive income, to quit work and just relax… but for some reason and lately, been feeling a bit home sick, and just much rather prefer to work and keep my mind busy, for some reason staying at home for even just a couple of hours, feels like time is being wasted and that i should be doing something constructive or should be working….
Agree with Anubis, the IP game, is starting to were off on me and im begining to lose a bit of interest, but still my mind is set on other investment vehicles and ventures that have taken my fancy, but seem much more of a challenge, but will soon share, what my new investment vehicle and strategies are, just in the midst of re-organinsing but trying to work out were i want to be and what i want to achieve and do…
just a little confused and lost at the moment…
Cheers,
sisOh Sis [
]Don’t let that confusion get you down. It’ll pass soon enough.
[
][][][][]
Be happyJudi
g’day
not sure how many ip’s are enuf to own. for me its about staying ahead of the pack so that one day i dont have to do a job that i hate. i will probably work till im in my 60’s and beyond.
its funny cause i know a few people who have retired early and its my opinion that not many people are ready for this type of lifestyle.
the other thing ive realised is that some of these baby boomers who have just etired with huge super payouts and huge capital gains on their ppor plus investment properties – they have so much money they dont know what to do with it…..
[^]
Ooops! Forgot to reply to the original question.
I’m very surprised with the answers so far. I guess I’m one for setting goals and keeping the final destination in sight.
I have a certain figure for what I want my net worth to be (to provide me with adequate passive income), and a time frame. Property investing is just a means to an end for me. It is the only enjoyable way I’ve found to make money. But I’m in it for the money. My reason for living is not to buy property (or to make money), but having passive income and being free (mentally and physically) of the need to work for money will allow me to make the best use of my life and acheive far higher goals.
Judi [
]Hi Judi,
its just so hard, to think what can you do, but also keep yourself busy in other activities, that are also non investment related, but be able to enjoy yourself but also have time for the family…
…. i just think im a little home sick and been so busy lately that, because things have quiten down a bit, i dont want to waste constructive time….
im hope things get better…
Cheers and thanks,
sisOh I have goals and I am focused, but you also have to learn flexibility and not be dogmatic or pedantic at times…its about going with the flow if need be.
self preservation, you can work so focussed that you cant see the wood for the trees as they say, and you know what, life and family pass you by.dont get so fooled by the so called desires for money. because it is a cold comfort when you have lost your contacts of the human kind.
money is a means to an end, let it work for you, not you for it.
elves
Hi georgisj,
We don’t have a set figure in mind as far as net worth is concerned. (I think by the time I reach such a goal, it may only buy me movie tickets and a box of popcorn!) We do however have a passive income goal, which I imagine it will be continually increased, to keep up with CPI or any increases in income we are looking for. If your investing strategy is to create passive income through buy and hold +ve CF properties, wouldn’t you be less focussed on your net worth than on the income derived from your IP’s?
Our goals are probably a bit like others here in that we would like to maintain or marginally increase our of standard of living, while having the option to work in paid employment if we so choose. HA! I have so many personal goals though that I really think it may be hard to fit “work” in!! Spending time with the people who are most important, is the most important.
I agree, Westan and Elves – money’s certainly not everything. The best things in life ARE free….you just need money for all the other things!! The sunset over the Nile River is free every day. You just have to get there to see it! Not so free!!
Having money to travel is definately a priority for me! If I could just find a way of becoming a professional traveller I’d be set!!
Sorry you’re a little sad at the moment SIS. You seem to do lots of helpful things for others. This can be a good way to keep you mentally and physically occupied! You also seem to have lots of amazing wealth creation skills. Maybe there’s a way for you to actively share that with others (other than your generous contributions to this forum!). I’m not quite sure even what I mean. But perhaps developing some sort of community project you can work on. Just an idea!
Cheers
BronHi Bron,
i got one kinda larger… well really big investment vechicle im working on… not saying to much at the moment, still got a little bit to do with property, but is not exactly property…. you can really say ive swung away from property with this investment vehicle, but at the moment just killing time waiting for an important email from the vendor…. but i will share, but if the deal does go ahead… ok this is funny and a little bit envious but also many people wont believe me but should be able to either retire straight away or hold out till the end of the year…
…. but for the moment just keep it low profiled and not saying to much about it…. will so later on though… in a few weeks to a month or so time…. but till then….
Cheers,
sisps… big secret it is [
] … but not a 100% definite yet…Yep, I’m a bit envious!! And I can see the funny side. HHhhmmmm…. well, sort of! But most of all… Congrats and well done!!!!!!
I’ll keep my fingers crossed for you on that email!!!
Cheers
BronI think I know what it is SIS.
You went on holidays to Fiji recently (true) and met the daughter of one of the Chiefs there and you’ve been promised a BIG, BIG, dowry if you marry her.
Now you are depressed because the thought of no longer having the challenge to struggle to achieve something depresses you and you are now torn between marrying and becoming rich [
] or doing your own thing and becoming rich. [:o)]Pisces
Hi Pisces,
sssshhh….. dont tell everyone my little secret… [
]Cheers,
sisWell, I have two goals, the first is to have enough passive income so that my husband could leave the job he’s currently doing (12 hours a day, 5.5 days a week, at a job he no longer likes that starts at 4am every day) and work either part-time or somewhere with lesser or more normal hours.
My second goal is to have enough passive income that he can choose whether he works at all. I think he will choose to work some hours, but at least it will be his choice.
My third goal (yes, I said two above, and they are the main two, but this one’s for me) – enough passive income that we can do more travelling.
Westan, well done, but just two questions, how long did it take you to get where you’re at? and how many IP’s do you have? (Only if you’re comfortabls sharing this sort of info!)
PK
Fortune Favours the Bold.
Hi pk
today i own 29 homes 12 in oz and 17 in NZ (where i’m now living). i started buying properties in Victoria country cities in 1997 and realized i’d got where i wanted to about mid last year. I used to enjoy my job but it’s funny what it does to your mind when you realise you don’t realy need to do it anymore. It’s funny there is another guy on the forum, who has become a friend off the forum, who is in nearly the same situation as me and he is about to finish his job also, he feels exactly the same as me. But even when you don’t work you have to do something thats why i started finding homes for others in NZ. But i’m the boss, next week i’m helping at my 10yr olds school camp for 2 days, and also helping at the pool every morning for an hour with the 6 years olds school class, these are great things to be able to share with my children.
regards westanI find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
>>Fortune favours the bold<<
Yeh, it also gets one into trouble.Purplekiss, I note your desire for your husband being able to quit his job.
Not such a good idea at all.
Your second wish is even worse.
(My second goal is to have enough passive income that he can choose whether he works at all.)The moment a man has got nothing to do and some money jingling in his pocket he is likely to get up to some mischief.
I doubt that that is what you really would want to happen is it now ? [
]My suggestion is you keep a tight control over him, put all the properties in your name and make him realise that YOU are the one who is the boss. [:o)]
Pisces
]
][
] … but not a 100% definite yet…
] or doing your own thing and becoming rich. [:o)]
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