1) Dad reckon’s he’s semi-retired, working 70-odd hours a week. He loves his work, and it’s one way to make money, but it’s not for me…

2) So far, a lot of planning and very little action. I have a step-by-step plan of what I want to achieve, by when, and how i plan to acheive it. Rating? probably too early to tell, will depend on how well this plan turns out.

3) Financial independance might come in around 6-7 years, my plan however is for $200k passive income within 12 years (ie: when i turn 30)

4) Constantly learning as much as I can about real estate and assorted other investments, and fine-tuning my Plan fairly often. Getting feedback from the right people, and trying new ideas.

5)My ultimate goal, as far as my finances go, is to only ever have to work if I choose to. This alone mightn’t make me happy, but assorted other plans I have should help, especially if I can keep ahold of kylie (my g/f)

6)Both. A journey with no goal is like chasing your tail, however I don’t think its worth sacrificing everything in my youth in order to have something later, when I might be too old to enjoy it properly.
The end must justify the means, and the means must be worth the end.

Cheers,
J.

*****

“…in spite of my confusion, up above all my pain, got a death-grip on this vision so here I go again…”

Dogma has to be my favourite movie, ranks that little bit higher than Holy Grail.

Fav part I reckon has gotta be when it turns out Alanis Morissette is God. Rather, well, ironic, don’t ya think?

[]

Meow,
J.

*****

“…in spite of my confusion, up above all my pain, got a death-grip on this vision so here I go again…”

And of course, when said Queenslander got to Kilsyth, Dale (well, “Dad” to me… [] ) would have told him that the trip qualifies as a tax deduction!

Seriously though, if you don’t want to make an anuual pilgrimage to see an accountant/financial advisor type person, make sure that whoever you do choose to listen to has experience in dealing with the issues you are confronted with. While most of these professionals are of a conservative nature, occasionally you will find one who flies against the flow and works solely because they enjoy it, not because they need the income.

If you want to make millions through property without paying excessive taxes, use an accountant who has made millions through property without paying excessive taxes. If they’ve never done it before, how can they possible give you the right advice on how you could achieve it?

Cheers,
J.

David,

Just curious, do you know if the same applies to hybrid trusts, and whether the rulings are consistent throughout all states?

Thanks,
J.

Hiya Powmow!

i’m doing a commerce/economics double at la trobe in melbourne, and its gotta be about as good as your course was [|)] Gonna transfer to a different uni next year and drop the economics component altogether…

Good to see one of us enjoying tertiary ed!!

Cheers,
J.

Generally, I’d recommend putting any properties you buy into a trust, as this maximises your control over the investment without any risks if you or your partner are sued.

Also, with a trust you can all but eliminate paying taxes on any profits made by claiming many otherwise unclaimable expenses. Then, the profits can be distributed to whoever makes the least private income (in this case, you) which is then taxed at a lower rate.

Check out http://www.gatherumgoss.com, he’s an accountant in Melbourne and is considered by many – including me – as the expert on discretionairy (sp?) trusts.

Good luck to you!
J.