Profit margins
Multi borrower mortgages, how they differ lvr, issues
How to find out you can subdivide before you buy
Advantages of using professional companies vs trying it alone
Minimum recommended project cost for 2 units 3 unit 4 units etc
Minimum recommend land size for same
Tax implications gst cgt

http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

Save $100 at 5% for 30 years

Or delay 5 years

Save $100 for 5% for 25 years

Notice the difference?

It’s massive.

Now, knowing when you borrow money for a house that your $20,000 deposit can be $200,000 enter $200,000 for 30 years at 5%

Have I convinced you?

Everyone feels afraid at the start. I listed here so everyone can learn from your question. Totally normal.

This is just the beginning. Keep asking. Keep learning. You can do it.

WTR

+ 1 for video

PHP thanks, I suppose I need to back up my claims. It was always my goal to earn $100,000 a year. One year I was about $99,000 with negatively geared property, then these last few years I made about $115,000 p.a. Recently i would be somewhere around $140,000 but I’m only working 6 months of this year. Getting married and travelling.

So, how did I do it? Well, in your opinion I may not be earning that much but from where I came from my parents were just above minimum wage blue collar so I feel pretty successful. I actually never talk about my job by name in public forums for personal and professional reasons, on Facebook it says Top Secret. The only other jobs I’ve seriously looked to upgrading to would have been air traffic control or train control. There is a clue for you.

Either way, to move jobs would mean a training period and pay reduction for several years. To change to studying medicine or other high paying field would mean years of study and low income. Right now although my pay sits somewhere around $40-45 an hour on average to earn a higher rate per hour would mean a lot of time enduring low pay that I would have to recoup. To move into air traffic it would take me about 7 years. With investment I’d be ahead staying where I am.

Soon I want to change my shifts so I will earn about $45-50 an hour. I work about 60 hours plus per week. I cant fit any more hours in. So, I found a good paying job, I got promoted twice and I am dependable and do as much overtime as I can. I don’t know if I want the next promotion it’s more money but hard to crack and at the moment I like what I do. I love night shifts, I like my job (although not many people I work with) and I’m happy to ride this one out until I can go part time.

Sure, other people may do sales or be a higher qualified professional. I studied something else at uni and this pays better and I prefer it to what I studied.

On the other hand I spend no money. Here’s how

Plan an overseas holiday
Realise that you need to save
You can’t buy anything because you won’t have a home to keep it in. The only thing I remember buying was a caffetiera because mine broke.
Because you’re travelling you need to sell as much stuff as you can so you don’t need to store it. Suddenly you realise just how much stuff you don’t need. I fully recommend the minimalists blog.

With all that money you have to spend it on your wedding and holiday. Ok, this one isn’t what I have been preaching but it’s a life stage for me. I know I can do it for investment just as well though. We just had a plan. When I say save too, I mean almost 10 months of travel. Credit free. A wedding. Budget of $400 per day plus.

So, I don’t have a car, i ride my bike, my biggest costs are martial arts classes and piano lessons. We keep a budget for clothes and entertainment of $200 a fortnight and I pay for martial arts and gym out of that. I was very overweight and now I’m much healthier. For you maybe your spending is on cars, or maybe it is on entertainment. Either way most of us have a personality and interest so you gotta give somewhere.

I buy op shop books for 50 cents each. In one hour of work I can buy more books than I can read in a year. I really just don’t buy new things or gadgets. Something special I asked for was underwater earphones for swimming for a Christmas present a few years ago. I try to think of something I’d like but can’t justify and wait until birthdays or Christmas to ask. I finally have an iPad but I waited until now to get one and it was a present. I almost always buy second hand stuff.

I’ll be. Irving to a cheaper smaller place to rent next year. I’m happy to live like others refuse to. People I know buy a new $70,000 car because they gotta have it. i am using an iPhone 4s with a battery that barely lasts half a day and a broken home button. My watch battery died and I just stopped using it because I realised I don’t need my watch when I have a phone.

There is so much we have that we don’t need.

Next step enjoy holiday.

Step after that, save $40,000 per year or so and invest more.

Humble efforts, I’m not making mega bucks but I’m in my opinion going really well. Investment will make me rich and I’ll go part time and be family man. Working more for the rest of my life is not my plan.