Wow, some really emotive stuff in here. Interesting to see how strongly some people feel about this. I guess this is a perfect opportunity for me to piggyback some questions that I cannot seem to answer, probably because I am part of Gen Y and haven’t had this same education that the Baby Boomers had. Anyway, to put my situation in context:
1. I am 24, live in Bris, earning approx $65k (fairly good wage)
2. In my 3 years work since uni i’ve saved approx $40k
3. I get taxed ridiculous amounts each year and need to minimize.
4. My partner and I cracked and bought a $25k car on a a 8% loan a year ago, but we are keeping well ahead of minimum repayments and should have this paid off in a year.
I went to see a financial planner 2 years ago, who gave me plenty of theory but nothing that i could use. Well, that is unless I bought into a managed fund through his bank [strum]
I have been reading reading reading for so long, but I just cannot decide what to do. I seem to start one thing after another but nothing ever seems like it will work. I am certain that if I buy a good investment property I will get over this hump, but my problem is, I can’t find a consistent definition of a good investment property.
Problem 1: How do I know which of the 1000s of Financial Planners in this city will be any good? I don’t just want good, I need the best, otherwise I will always be doubtful (and from earlier posts in this thread, rightfully so)
Problem 2: How do I get any consistency on a definition of a good property? +ve cashflow, high capital growth, mix of both, units, apartments, townhouses, proximity to cbd, historical growth, etc, have all been sold to me as indicators to consider when buying an investment, but all they do is confuse (and worry) me rather than give me confidence in making a decision. Everyone says, the most important thing is, do your research. Well I believe I have, but its not getting me anywhere.
Problem 3: How do I ensure that I don’t jeapordise my short term quality of life? I work very hard and want to buy me and my partner the best possible home, best possible wedding, best possible creature comforts. Otherwise I ask, what do I gain out of working? If I can’t see how my investing efforts are rapidly moving me to this goal or enabling me to continue obtaining these, I am not sure I can be sold on it..
I am sure that I just need to meet the right person or be told the right thing for all this to click. Unfortunately at this stage I watch time tick by and feel more and more paralyzed by my inability to just “get it”
I really hope someone on here can help!
