Aussierogue,

I’ve got to agree that Peter Spann’s books are a little bit simplistic??? I posted a concern that I’d like to read some more mechanics and not mantra and was directed to Peter Spann so I’m a little surprised to find it so fluffy. His books do read a little bit like Kiyosaki which was a bit hard to take for me. They’re all a little…[Read more]

Phil,

I think this is a similar question to the “How do people live” thread, in that some people seem very comfortable labouring under a helluva lot of bad debt. I personally couldn’t stomach it. My personal debt for my PPOR sees it paid off in two years time and then I’ll be bad debt free. I also pay my CR card off monthly in full.

Now, if…[Read more]

Aussierogue,

Good points. There is obviously a lot of risk in a highly leveraged position. And to be honest, I’m holding off for now until I feel the market dynamics are more in my favour so my leverage can realise real growth. Then I am in a strong position with real equity when I ride the cycle and have a fallback position of consolidating…[Read more]

All,

For me its quite simple, cash flow equals servicability and capital gain equals profit. A mix of +ve and -ve such that you’re pretty neutral sounds like a good mix. So, nicely leveraged as highly as your comfortable and make your money on capital gain.

If you’re +ve geared then that’s more tax to pay, if you’re -ve geared then that’s less…[Read more]

When I was at high school I had a sign on my desk which read:

“I’ll never lose incentive, you can’t lose something you never had”

I’ve replaced it with my presonal mantra of:

“You’re only ever as good as you allow yourself to be”

I also like:

“To err is human, to forgive divine”; and

“When you’re reaching for the stars there’s a long way to…[Read more]

Nobleone,

Nice post! No one size fits all eh?

I know where Yack is coming from though, a concern that ill-informed noobies will pick up a book and become an instant expert only to invest in the market in a poorly judged manner and be burnt for life.

But, to assume that all noobies are created equal would be a mistake. [biggrin]

Not putting…[Read more]

AussieRogue,

Good point. I’m reading Spann’s book right now and haven’t got to that chapter but I get what you’re saying anyway.

I guess it only becomes a house of cards if it comes crashing down. And for that to happen you would have had to over extend yourself. I think good valuations allow you to free equity for further investments, but if…[Read more]

WA Princess,

Good for you! (Love the mnemonic by the way)…

I think the debt avoidance is probably the biggest key to your success. Couple this with your ability to minimise tax on your income, then you’re well positioned to service your mortgage.

I am an employee of a large firm and as such “work for the man”. But, I too minimise my tax…[Read more]

9. Host XMas at your place for the family this year and get THEM to bring all the food this time. Saves on petrol too.

10. You know the padded felt fairy picture frame your mad Aunty gave you last year? Re-gift it back to her this year, she’s mad so she won’t notice anyway.

I like where your heads at Phil [biggrin]

Cheers,
Michael.

Tim,

Good point on how my statements on life stages could come across wrongly. I’ve actually also read Steven Covey’s “7 Habits of Highly Effective People” and I agree with a lot of what he has to say. I personally live a principle-centred life and agree that everything should be in balance. This means that I am not now dropping my focus on my…[Read more]

Yack and others,

I dodged this thread for a while, but thought I might venture an opinion given I fit in the newbie demographic and might be viewed as a lemming.

My first post on this forum posed the question on whether this was the right time to invest in the current market cycle, so I hope that shows that not all newbies are lemmings. The…[Read more]

Resiwealth,

Thanks for pitching in and for the advice. BTW, checked out your wbesite and the books etc. All looks pretty good, you’re definately on your way. Well done!

To be honest, I know very little about the land at Bundaberg other than it exists and we own it. My wife bought it a decade ago, before we met. From her description its got…[Read more]

Phil,

I’m certainly with you on this. Just threw the post in for info…

I personally am getting all my ducks in a row and waiting eagerly for the market to start turning up the sorts of opportunities I’m looking for. I’m certainly not going to sit on my hands for 3 years. But as a relative newbie, I’m not going to jump before I’m ready…[Read more]

Richmond,

I think I’ve discovered a subset of this disorder called “Real Estate Oniomania”, where you just can’t wait for that next “hit”. [biggrin]

Otherwise, I’m symptom free…

Cheers,
Michael.

Greg,

That lack of colour must really have been bugging you for you to go all “new topic” on it. [biggrin]

Well, at least now problem solved!

Cheers,
Michael.

[biggrin][biggrin][biggrin]

Well, started on my “To do list”, bought Peter Spann’s $10 mill in 10 years yesterday and have started reading it already. (Would have read more last night but my wife says I need to be “with her” when I’m at home and not engrossed in some book, so its lunch times only for a while).

Greg, I like the Rural Residential…[Read more]

Scremin,

Congratulations on the first IP! That’s one more than me. [blink] You’re on your way now, well done.

Inez, thanks… [blush2] and welcome!

Cheers,
Michael.

Thanks everyone,

And as always its all sound advice…

LifeX, I stated my goal (albeit a very conservative one) in the first post of this thread. I am now in the process of formulating the specific plan of action I need to take to deliver that goal. I hope, once I start executing and learning, to revise that goal to something a lot closer to…[Read more]

Bruham,

I guess we live pretty well on $45K because we are debt free other than the mortgage on our PPOR which is serviced entirely by my salary. Oh, and we don’t have any kids either…

Things have got a little tighter lately though. My wife recently took a pay cut from $65K to $45K in order to follow her heart in to Environmental Law. She…[Read more]

LifeX,

Way to go, and to think that I had valued your contributions before you hit 300??? Particularly those odd Zen moments [biggrin]

At least I’m no longer still finding my forum feet…

Cheers,
Michael.