need some oppinions

Knowledge is power, and without the knowledge you can’t possibly hope to be successful at property investing. My suggestion to you is READ! Read everything and anything you can find on business/real estate/selling, Audio Tapes, Websites and Forums such as this one all add to the knowledge you must have before stepping out into the marketplace.

Once you have read a bit you will then begin to understand the steps you must take in order to reach your goals.

Begin with Robert Kiyosaki’s Rich Dad, Poor Dad. After you have finished that hopefully things become a bit more clear for you and a path may begin to form.

Hi Rated(M)[laughing]

That is some great advice and I especially think you should go to the library and borrow Richest Man In Babylon it will give some great basic financial guidelines if you read it closely. Unfortunately a lot of parent didn’t receive that information growing up and hence couldn’t pass it on to us.

When I was 20, I had a friend who’s dad seemed to be really controlling where her “own” income was concerned 10 years later (OK 13 years) she is so well off because she was putting away , buying shares and later on buying property … hindsight is perfect vision!

So my advice to you is take the advice given above and apply it, and also ask your family and friends for money as birthday and christmas presents instead of gifts and tell them what you are going to do with that money. Use an ING acount or something similar that earns 5% or so and isn’t easily accessable by a teller machine.

You have got plenty of time, teh real estate market is going away, in 1, 2 or 3 years time you will be WAAAAYYY ahead of the game.

Good luck
Cheers
Leigh K[biggrin]

In addition to the research on property.

Continue your studies through university in a field you really enjoy.

Hopefully you can generate a good income from that and that allows you to borrow more money.

The quicker you start the better – but dont rush things. Its time in the property market that pays.

On a work front it is usually best to work out the direction you wish to go before you select your electives for years 11 and 12.

Many suggest studying finance at uni, but your background in study suggests science or engineering. You could possibly look at an apprenticeship possibly in the engineering field, after the initial period of study you generally end up working fairly early and you do get paid in ever increasing wages until you become a tradesman. My older brother was a trademan electrician and earned way more than this IT geek has seen, up to twice as much as I did in one year.

Of course he blew that job and most of the money he earned from it but if you start now while still in school and take the suggestion of working to a Savings Plan first then that should help. Investing without a history of saving may prove to be difficult.

Set your goals, fast cars use money faster, fast food feast on your wallet and booze will always end up taking big swigs from your savings. If you do things in moderation not only will you probably enjoy yourself more than going over the top but it will have the added bonus of allowing your savings to grow ready for investment.

Hindsight for me would’ve involved not believing the manager when he said they were staying in the same spot for 7 years (lease deal length), within 12 months the company moved from Brisbane to Perth and I was left a little high and dry….finally getting on top of that 5 years later. Just remember you can never help bad luck…

Try & find anything written by Henry Kaye. Over 1100 properties inside 5 years (as stated before the Federal Court). Regardless of what people think of him, that’s gotta say something!!!

First post … yah.

Like you, I was interested in engineering and headed off and did engineering, though once I graduated I found Australia industry didn’t provide work in the field I loved so headed OS … I found though, that I had, what turned out to be a very useful head for finance … I’m yet to suffer an investment loss, though I am prepared for that inevitable scenario. I have always been determined to keep my feet firmly on the ground.

The thing that my degree did teach me, is the power of discipline. When most young people get their first job, they very quickly discover credit and debt…many sink before they learn to swim – with the current.

Credit has helped more people achieve financial independance than saving alone ever has through leverage, IMHO, if the correct attitude towards its use is established….preferably as early as possible. Savings mainly establishes discipline … your income and evidenced discipline in saving establishes debt servicability potential or credit worthiness.

Its important to maintain a balance of your objectives with what your financial situation at any time can afford…and that takes discipline. Credit is powerful, ask the banks, if used wisely

If I was 17 again, I’d realise the compound cost to my life that those thing ‘I keep blowing it’ on actually cost…oh, and choose your company wisely… alot of losers and sharks out there, good luck.

Hiya,

Finish school. At least you’ll have that notch in your belt.

Recently watching an episode of ACA (Melbourne) the interview was with Lindsay Fox and his prized cars. The thing I believe was the most important was when he said that ‘Family and Friends’ are what’s the most important to him and the rest were just things he collected on the way.

Get the Millionaire Mindset and research those who’ve done it and made it.

Cheers
Sooshie

When a problem is created the solution is created simultaneously