Forum Replies Created
Hi mcollins,
You asked about Manjimup (WA, I presume). It has always been a quiet town but with the decline of the timber industry down there it has really died. [
] Not a place I would invest in.Cheers,
David [8D]
OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Hi Sharon,
You’re heading in the right direction by asking questions and looking for good resource books. There is a great thread at https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=5667 where various folks have listed and rated books that they have read/studied. Like the rest of us, it’s a process so be patient with yourself, put the effort in and it WILL happen for you.
All the best,
David [
][][^]PS Have you tried turning your business into a “system” so that you can delegate it to others more and free up some of your time?
OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Good questions so here goes,
1. Being ripped off in a business venture in a big way in the UK in 2000 and losing everything plus looming retirement in 10 to 15 years.
2. Studying lots of books and taking more control of our finances. Basically educating myself financially in a way I never had before. This has taken the past two and a half years.
3. I have a ten year plan.
4. Still learning and studying. Asking lots of questions. Participating on this forum.
5. To be debt-free (still have lots of UK business debts that I am morally, even though not legally wanting to repay). Also to be able to enjoy “retirement” with a good passive income.
6. Definitely the journey.
David [
][][8D][^]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Hi guys,
I love Santa – I have to – he’s me!
The worst Christmas present my wife ever got me was a santa suit, because it fits so well!
Well, at least the kids aren’t scared of me (more like the other way around).
Cheers,
David [
][][8D][]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Hi Dino,
Well, you just met your first 60+ hours per week student. When I was at uni (1985-87) I had a wife and 3 kids and I used to put in 60 hours or more regularly. Mainly because I loved it. It was a tough course – physics – but it didn’t hurt too much.
I try not to judge anyone else too harshly as you never know where they have come from. I spend time evaluating myself and trying to improve. That takes nearly all my energy so I don’t have much left to be critical of others.
Cheers,
David [
]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Hi everyone,
I liked Rich Dad’s approach so much that I am doing it myself.
1. Start a (part-time) business. Make it part-time if you still want to work and have a reasonable income to go on with.
2. As a registered ABN, we get to claim lots of legitimate expenses as tax deductions that we otherwise couldn’t, thus reducing our tax burden.
3. Take the profits from the business and re-invest it in property (or anywhere else). This way you are using pre-tax dollars to invest instead of after-tax.
I think the tax system places too much burden on PAYE people but that exactly what it was designed to do. My complaining won’t change it so I prefer to work around it. There are plenty of legal and ethical ways of reducing your tax. I remember John Howard stating a few years ago that it was every Australian’s duty to minimise their tax. I am a PAYE as well as a small business owner and we get a hefty tax refund at the end of the year. It also pays to have a good accountant.
Cheers,
David [
]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]I want to brag and say that I got 124 [8D] but I was tired and playing cards on the computer at the same time. So not bad – but it was mainly to show off to the kids. Hahaha! [
]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Hi Judith,
Are you able to recommend your agent in Armadale. I am in Perth and Armadale is one of the areas I had highlighted to check out. If prices have started dopping there I would like to keep in touch with it.
Cheers,
David [
]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Thanks Richard,
I’ll pass it along.
Cheers,
David [
]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Hi everyone,
I responded to Bill’s offer and got an email response in very short time. I have since chatted to him by phone and found him both knowledgeable and helpful. He reinforced my own thinking (that is to sit and wait for a while) and I respect his many years of experience in the industry. Let’s all take a leaf out of Bill’s book and help others when we have the opportunity to do so. At the end of the day, it’s not how much money we have that matters, but how many people can call us their friend.
Thanks Bill,
Cheers,
David [
]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Richo,
I think a book is the best idea as well. I’ve also come across software that purports to step you through the process and then produce a wonderful business plan at the end but I haven’t actually used any of these. Usually in the $200 to $300 range. I’ve written a couple of business plans now and I know that they require a lot of work and thought. I am happy to offer any assistance I can from my own experiences. If you would like to chat about it, email me on [email protected].
Cheers,
David [
]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Hi Richo,
Yep, there is plenty of information on the net. Just do a Google search. I am currently using an excellent book called “Writing your plan for small business success” by Ian Birt, publishers are Pearson Education Australia, Unit 4, Level 2, 14 Aquatic Drive, Frenchs Forest NSW 2086; ISBN 1 7400 9301 1. It takes you through the process step by step.
Cheers,
David [
]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Hi Kelvin,
I’ve had some dealings with a couple recently and have the information at home. Email me on [email protected] and I’ll send you the details.
Cheers,
David [
]
] Not a place I would invest in.
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