OK, I got the answer. SO DON”T SCROLL DOWN IF YOU DONT WANT TO SEE IT

[curtain][curtain]

lifexperience

I too am relatively new to investing and know that feeling when you race into investing with eagerness for all the joys of financial freedom and then get the instant reward of hard-work, frugality and doubt creeping in.

I am living with a mate on a similar income who is just a few days older than me. He is partying it up, driving a new sportscar, got all the latest and expensive fashion items……while i drive an old holden, barely spend time on socialising and pleasure at all and chew through cheese sandwiches on weeks when those unexpected bills come in.

I think with everything you need to find where you fit on a sliding scale. from 0 – 100%. For Investing I had committed 100% of my time, energy and effort but lately found I was unhappy at this level, even losing some of my personality. So I have just taken a small step back to fit in a little socialising and time with close ones, booked a weeks holiday to look forward to, and now commit maybe 80%.

Can I suggest you don’t throw the whole investing idea away. Maybe initially consider a small step back if you are overcommitted rather than chuck in that towel.

I think everyone agrees that what you sacrifice now will be worth 10 times more in the long run. But you still need to have a balance in the meantime thats right for you.

lifexperience

Basic Categories Are

Money you give to Real Estate Agent (10% Deposit)

Money you give to Lender/Bank (initial loan fees, LMI, Lender Lawyer fees etc)

Money you give to Conveyancer (stamp duties, title office fees, remainder of sale price, conveyancer fees etc)

Oh….. and two more I forgot

Money for Insurance (building must be insured to get loan money for house, usually just 1 months payment is needed = $35)

Pre Purchase Inspection (get a building inspector to check property condition = $350..optional)

[lmao]

lifexperience

This idea that people don’t know what they are doing takes responsibility out of their actions. It also encourages you to detach from people and reality and personally encourages the easy way out of life through indifference.

A lot of eastern philosophies take this angle, but it is a bit of a cop out IMO for western capitalist society.

Try interacting and acheiving things in society with a third party perspective.

This type of thinking (ok i haven’t read the book) gets CREAMED in the real world.[medieval]

lifexperience

lil man,
ok..this is from memory.

Sale price subtract loan amount and subtract deposits already paid.

Conveyancing
Water and Rates Search
Titles Office Search
Stamp duty on Land
Stamp duty on Mortgage
Titles Office Fee on Land
Titles Office Fee on Mortgage

Council Rates for remainder of year
Water Rates for remainder of year

Lenders Mortgage Insurance (sometimes rolled into loan amount)
Valuation fee
Loan application fee
Other lender fees
Lenders Lawyers Fees (this is a sneaky one! lender states no fees and then you gotta pay their lawyers, ING do this)

Be careful if settlement is delayed because of your bank, your broker, your conveyancer, as the seller might try to screw penalty rent and interest out of you.

But simply, allow about 5% of sales price for the extra costs.

lifexperience

It seems a lot of people want to give up smoking and don’t.

Just an idea, This forum has a lot of ambitious and successful people who would never ever “give up” in any part of their life. Maybe try changing the goal from “giving up smoking” to “Conquering a minor smoking problem”.

But if you are still having trouble, then maybe your train of thought needs to be broken. So here is my smoking story.

I had reached the age of 24 and never smoked, through the many booze sessions and parties and stress, never smoked and knew i didn’t want to.

So I decided to start smoking [specool], I set myself the task of getting as addicted as i possibly could, in spite of the warnings and negative nay-sayers. If so many people were smoking, then it must be good.

I took it up, and was very bad to start with, i was sucking ash up my nose, breathing in at the wrong time and choking, burning my clothes and those who were nearby, I was flicking ash everywhere and occasionaly burning people or pets too,

But i smoked and smoked and got really good at it.

I got to hang out with smokers and use all the cool types of lighters, and even stick a pack a ciggies under my tight tee shirt sleeve. I even started rolling my own rollies, It was great.

I was smoking a pack a day after a year and feeling really proud. I bragged to everyone how good I had got and GEE-WHIZ I could tell they were envious by the way they still said bad things about ciggies.

But….something terrible happened, my body was starting to feel crappy. Each cig physically hurt and it got to the stage where i had to wait hours until the next one.

I pushed myself and smoked as hard as i could, but it didn’t help.

In the end I failed smoking. I don’t smoke anymore and don’t know what happened.

[dunny]

lifexperience

Trying to define your own personal exact “why” you want financial freedom.

The basic answer is to remove the need to work in a job so as to free up maximum time and still have the financial means to do what you want.

But exactly what you will do when you acheive this, is perhaps the truer question?????

gee.. if you really analyse it, you are almost forced to define what the meaning of life will be for you.

Personally, I would like to find a country retreat, and strengthen my creative expression. I would love to spend days and days learning the guitar and experimenting with other musicians. I would love to discuss and define the mysteries of life with others and maybe tie that in with lyrics for music, I would love to learn and master and reach that “zone” in adventurous sports like snowboarding, motorbike riding, parachuting. I would love to spend hours a day improving my fitness to peak levels and feeling the best i can. I would love to spend hours disciplining my mind and awakening my spirit through meditation and yoga, and exploring further the untapped magic of imagination and unlimited possibility inside the human mind. I would love to have been able to reach financial freedom so as i could show others who desire more from their life how to do it. Business ventures, investments etc.[sunny][sunny][sunny]

And I also want hover shoes.[specool]

Who else can define exactly what financial freedom will provide for them?

lifexperience

hmmmm,
There is a guru who says that once you find a “why”, the how will follow.

So if you can find a strong enough reason to attempt to follow those people who have created financial freedom for themselves, then you should automatically be free.

My reason is this:

I need financial freedom as soon as possible to live my life without restriction.

I beleive you or I or anyone can do anything…ANYTHING, so i will overcome the first minor hurdle of financial freedom to go on and make this one chance at life count!

I will not use the lack of money or time (shift work eats this up quickly!!) as a reason to miss life, hey!! we will all be dead in 100 years, so have a go.

It makes sense as a business deal when you look at the downside… a life of mediocrity and then weigh the upside.. unlimited imagination.[daisy][daisy][daisy]

Why would anyone choose FINANCIAL IMPRISONMENT![whip]

lifexperience

If you had a clause that made the sale subject to a satisfactory building inspection, and you feel that the extra repair costs would not be a good deal for you.

You can simply tell them that you will not be buying the house unless they

1. Fix the problem…or
2. Reduce the sale price to something you are happy with.

It is my understanding that you are quite within your rights to cancel contract.

They do not have to come to the party though.

My first IP purchase building inspection uncovered major foundation problems, and the sellers wouldn’t budge on the price.

I bought anyway, cause i thought it was still a good deal. But I could of cancelled.[drummer]

lifexperience