Forum Replies Created
- Tysonboss1 wrote:conrosco28232 wrote:This didn't seem to work very well. My asset value (after debts were paid off) was $165,000 – more than my income of $160,000 – yet my score was 269 days (well under a year). Also it assumes you spend all of your income which is not even close to the case with me. I reckon if I stopped working and paid everything off I could survive for nearly 4 years, not merely 269 days.
if you don't spend all of your income then write if the salary bracket just the amount you need to maintain your life style,
as for the other problem, were alot of your assets held as personal assets suchas car furniture etc. maybe the program classes their value differently.
you're right, I can just enter my spending per year instead of my income and that gives a much more accurate assessment of my wealth score. re my last post – actually it was $200130 of investment assets less $36132 of liabilities, meaning a final asset value of $163998. personal assets weren't included. Then divided by $160000 somehow this came out to 266 days, not the 374 that I thought it should. it seems like something isn't working properly.
This didn't seem to work very well. My asset value (after debts were paid off) was $165,000 – more than my income of $160,000 – yet my score was 269 days (well under a year). Also it assumes you spend all of your income which is not even close to the case with me. I reckon if I stopped working and paid everything off I could survive for nearly 4 years, not merely 269 days.
Rhys, email me at [email protected]
Same goes for anyone else wanting to keep in contact with other young investors!
Hi all,
I’m 26 and would love to link up with other young investors and share stories and info. I don’t have any property investing stroies yet as I have spent the past 2 years reading up, working hard and saving hard. I’m about to get married and my wife-to-be (who is also mad keen on getting into property) quit her job in March in perparation to become our investment spotter while I continue to work to bring money in/keep the banks happy.
So we have about $75k in savings, and from October we will have time on our hands also. We’d also be interested in linking up with cash poor/time rich ppl who might want a cash partner for a deal…
Waiting to hear your stories
Ross
mgs2, I read that in “The Warren Buffett Way” too, now that you mention it. Thanks for reminding me. I couldn’t help agreeing with Graham’s logic throughout that chapter.
Thanks for your definitions TMA! I agree…not everything is about money. My wife-to-be and I are currently in the process of setting goals for our life together, being financial, spiritual, social, emotional, etc. Investing will play a large part in helping us achieve financially and then in the other areas as a knock-on effect. Of course, it’s easier to set a goal to do something once you have a clear idea in your head of what it is you are trying to do, hence my interest in the definition, Simon. [cap]
Jae, I believe it depends on how much owning your own place would affect your cashflow. You could compare the week-by-week costs of owning your own home to the costs you have in renting currently. If you do choose to buy your own place first, I don’t think you should spend years paying it off at the fastest possible rate first and then start investing…I believe that would leave you worse off in the long run. Whichever way you go, try to keep your day-to-day costs as low as possible to keep as much spare cash as you can available for investing!
