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- Choady wrote:the discipline of spending less than you earn, always paying yourself first and the art of delayed gratification.
To do this effectively you need to budget well, monitor your outgoings and of course, always pay yourself a minimum of 10% (more if able) of your gross earnings and put this aside for long term wealth creation. These funds you only use for either lump sum or cashflow increasing investments. The returns you achieve from these investments must also be reinvested.
For delayed gratification its all about – do I really need that right now ? (plasma TV, new devices, cars, etc). You will be surprised at how much we all blow on things we really dont need. Im on my third phone in four years…….probably didn't need them all !
I wished I learnt these skills at a much younger age and am am trying to teach these concepts to my kids now.
If you have debt (credit cards, personal loans etc), then you also need to get rid of these as fast as possible.
Great comment Choady.
I don't even own a TV lol!
Personal lean can be over 17% and that's more than most investments out there!
I've found working you way up 10% in paying you self works best for permanent change and direct debit into an account you find it hard to to get access to works wonders!
Hi ,Catalyst
You're right "end price and reno costs."
Worst house in the best street so my rule of thumb.
Make sure their is a big differed in what you are buying at and what the suburb cap price is for your particular dwelling.
Local agents can help guide you on this one, talk to a minimum of 3 to get a good range.
P.S. I think Toongabbie and the Backtown areas is ideal. check out what you can buy http://www.elderstoongabbie.com.au/real-estate/buy-residential-houses/ put a garrny flat on it and $ bob is you uncle!
I'm originally from Perth and the gold and silver ant cheep there, its cheaper in Sydney!
Where would you find a property syndicate to invest with?
Hay munmun5 awesome link, I've been doing something similar.
Check out http://www.lynda.com
Yeah when do you get back?
Do you know much about microfinance in the UK?
Hi Matt,
I was thinking of going into shares but them my friend that was making money in shares told me about banners Broker!
Check out //www.bannersbroker.com/Emech its working for me and may friend.
mattnz is right a local builder to have a better idea.
Also ask what you real estate agent of what they think of the inclusions, they will let you know what will give you ROI in the area (renting or selling) and if you shop around you can add perceived value at very little cost.
My advice is to find an agent that as archived above average results selling off the plan in the local area, they will have all the hot buyers.
Also find one with marketing experience (online and offline).
This will archive the best price regardless of the commission.
P.S. If you don't like the job he has done, ether renegotiate the commission when he has a signed contact or just fire him!
Hi Tinim,
Are you selling any thing like this;
http://www.rebonline.com.au/breaking-news/5858-what-home-will-agents-be-selling-in-50-years
We as Real Estate Agents would handle all buyer communication, handle contracts, advise you on procedures and paperwork with help of a solicitor or lawyer.
I recommend DA Patterson Partners 02 9631 6200 [email protected]
