Forum Replies Created
I know it’s not manners to speak on someone else’s behalf without invitation, but I do believe HotRod is joking!!! [blink]
You’re right Celivia, I’d call a change of occupation, a “job change” too!!!
Agreed, I have no intention of “splitting hairs” either, nor do I wish to enter a debate in semantics. People will define “retirement” for THEM as they see fit, be it correct or otherwise.
My belief is, that people choose to retire, hence they should be able to define that choice as it applies to them. Who am I to question what is a career change, or a withdrawal from the (fully) paid workforce??? Let’s move on hey???
Cheers,
Jo
Celivia,
Retirement doesn’t have to been a work-death sentence!!!
Sure, mostly those who “retire” exit their day-to-day income generating lifestyles, but that doesn’t mean, they cannot continue working, for say, less income. In fact, it would be more beneficial to their health if they did so, as it will provide great personal satisfaction and help our economy at the same time.
Associating “retirement” with idleness is both a dangerous misconception to one’s health and society’s advancement. But then, it is open to interpretation isn’t it???
I see it as “retirement from income dependance” and the ability to enjoy part time work which will still be associated with income earning however, the necessity in HAVING TO is removed from the equation.
I call myself “semi-retired” because, although a great deal of what I do thesedays is VOLUNTARY, I still see the occasional patient, to keep my skills up and because it is good to know I can still make a dollar if I want to!!!
Either way, retirement is (and should be) as unique as the individual who chooses to exit the paid workforce. The level of retirement will depend on the individual’s need, or want to work. And isn’t that a nice choice to have???
Running your own business, doesn’t have to be “blood, sweat and tears”; I know a woman who runs her own business at a craft market, and she makes a healthy living from it, and doesn’t stress one bit!!! Go figure….
Jo
P.S. I go skiing (at least 3 times) every winter, and travel overseas at least every 18 months!!! Believe me, I spend lots of time doing “nothing” too, and love every minute of it!!!
Hey Trish,
It’s cool; although I don’t like the term, I took no offense (just a gentle nudge in jest) [grin]
Now to answer your questions….
How long did I work??? Since I was 13 (before and after school) including weekends at times. As an adult I worked full time, studied both part and full time, and eventually started and managed my own successful clinical practice (which I built up into a very financially viable business) before I finally relinquished (sold) my part of the partnership 2 years ago. I now see the occasional ex-patient in my home.
How hard??? Bloody hard!!!
Are my properties all in Oz??? Yes
Running your own business is both rewarding, and challenging; the hours are longer, but the pay-offs are greater!!! IMO it takes a great deal of discipline, motivation and a sh**load of endurance. But if you can do this, you’ll do just fine!!! After all, if I can do it; anyone can!!!
All the best, I’m sure you’ll do well!!!
Cheers,
Jo
Hey Noob,
My only response to your question is to say, that the only time you will ever fully appreciate its (insurance’s) worth is when you have had an incident!!!
The number of times I would talk to victims of house fires whose homes (and lives) were ravaged by blazing infernos leaving behind loss and devastation, has firmly planted the answer in my head…..So is it worth it???
ABSOLUTELY!!!!
Fingers crossed that you (or anyone you care about) never have to find out just how much so!!!
Jo
P.S. Take your brother out on a day trip to the local fire department, and ask them to show you photos of incidents they have attended (if you are in Vic; PM me and I can organise a personal escort); that’ll have him RUNNING to his nearest insurer!!!
Hey Trish,
Firstly, let me set the record straight, you can call me whatever you like, but please please please [offtopic]don’t refer to me as a “sheila”!!! Don’t misunderstand me, I have no problem with anyone who is legitimately named as such, but apart from that, that reference would have to be the most “orkerish” patronising, demeaning slang label in the bastardised english language!!!
Anyway, in answer to your question, I am already retired; did so 2 years ago (aged 39).
What strategy did I use….simple, I worked my ass off, bought and held property, sold in boom times, and basically the same as most people here. No great magic; just a sh**load of hard yakka cobber!!!! [sweaty]
So go girl…if I can do it; so can you!!! She’ll be right mate!!! [winking]
Jo
(the non-Sheila) [tongue]Originally posted by trisha007:To Jo: I take offense at throwing my beloved cat at either of those lying politicians!
That’s fair enough Trish; I have a pet cat too and I wouldn’t do that to him either!!!![blush2] My apologies puss!!!!
Hey emc,
Thanks for the kind words; you’re a sweetie!!!
Secretgnome,
Look I am not going to apologise if what I said came across abrupt, mainly because I believe that although “sugar coating” is nice, it won’t help you get where you want to be. And I DO want you to get to your destination; so I’m not going to patronise you with kind words for the sake of appearing nice or warm-and-fuzzy!!!
Emcdonald is like you, she is young and works in RE, but she works long hours, and comes across as more (mature) “realistic” in her efforts to achieve her goals.
Saying that you hope to retire in 6 years is fine, provided you have a steady job to at least qualify you for a loan for starters!!! Unless you win tatts; I can’t see it happening in today’s market!!! I mean really, given the background info you posted, I couldn’t help but laugh. How do you expect to get ahead without a stable work history and/or funds to back up your plans???
Nonetheless, I believe you can make it, as I was 18 when I started out too. You at least have youth on your side and that in itself is a big PLUS!!! But you HAVE to have a full time job, at least for 6 months as TerryW pointed out, otherwise you will be doing nothing more, than chasing pipe-dreams!!!
As for your mentors, yes, by all means keep in touch, pick their brains, talk to them often and learn as much as you can.
I do wish you well; and please do stick around here, and other investment sites, which have much to offer for those willing to learn.
All the best,
Jo
Thanks for that SF,
Thought she was in her 40’s; far too young!!!![bawl]
Jo
Originally posted by Michael R:“subject to due diligence” is not a condition of contract due to being subjective and not easily defined.
My point exactly!!!
“the more “subject to” clauses attached to your offer, the less appealing it will be to the vendor”
This is not correct nor the mindset to have.
I didn’t say it nor the “mindset” (to which you have acknowledged) is CORRECT only that it EXISTS; hence, in a situation where offers are put forward and ALL THINGS CONSIDERED EQUAL buyers WILL and DO tend to opt for the contract WITH fewer or NO CONDITIONS. FACT!!!
The “number” of terms and conditions is irrelevant. The validity of the terms and conditions is what is important.
AGREED
Jo
Hi Kristine,
A steady job, or 2 or (even better) sometimes 3
Researching, whether it was reading, attending OFIs, talking lots to all sorts of people, asking heaps of questions, and generally trying to learn as much as I could.
Being patient; I am a “buy and hold” investor, preferring CG over “cashflow” (although this is necessary as well for survival).
Timing
Staying focussed, positive, but more importantly realistic
I’m sure there are others, but these are the first that spring to mind. Hope it helps.
Cheers,
Jo
P.S. Good point Derek, I removed my opening statement, as after re-reading, I felt it was “blowing the trumpet” and I don’t particularly think that is necessary, or enjoyable. Thanks for reminding me of the virtue of humility!!!
Hey Blitzem,
I was 18 (just shy of it actually) when I started; and no one “sugar coated” it for me!!!
I admire what secretgnome hopes to achieve, and I don’t doubt that people CAN, DO and HAVE made it in 6 years, some even in less. However, thinking that today’s market (especially RE) is going to be enough to see you into an early retirement within 6 years, when you have NOTHING to start with, is a tad unrealistic, wouldn’t you agree???
But I’m not going to passify the kid, like a mother does by shoving a dummy in a crying baby’s mouth…..!!!!
I am blunt at times, maybe too much so; but I didn’t get to where I am by daydreaming; I got off my arse, worked 2-3 jobs if necessary. That is how I retired at 39, and can NOW sit on my arse and daydream!!!
Just because someone works in RE, talks to a few REAs and knows the jargon, doesn’t mean crap!!!!
Secretgnome, I do hope you make it; but you need to find a STEADY job (so at least you will get a loan) and work with both feet planted on the ground; that way if you do happen to fall; you won’t fall too far and risk hurting yourself!!!!
Jo
shocked2] OMG….Laura Branigan; DEAD???!!![glum2]
Man, I used to think she was the BEST!!!
What was the cause of death??? I mean, she wasn’t that old, I’m guessing late 40’s????
Jo
Hey Secretgnome,
Forgive my cynicism, but retire by the time you’re 25; are you serious???? You are 19 now, no money, no job, and you plan to make enough through sales, businesses and RE in 6 years; what you’re part magician???!!!! [blink][blink]
As for your mentors (those in the same boat) man, you guys/girls must be on some awesomely heavy shit!!!
But seriously, all jokes aside, if you do manage to make it; write a book about your journey to the top; I’d love to read all about it!!!!
Jo
Hi Msloydczka,
You can find the house first, and then apply for a loan, but I wouldn’t recommend you do this. What if you don’t get approval on your loan???
IMO I think you should approach your lending institution/broker FIRST, get verbal approval (at the very least), advice on what mortgage plan is best suits you/your circumstances (be it a home loan, or LOC) and THEN go house-hunting.
I think playing it safe is better in the long run; but hey, not everyone operates the same way, so do what you feel is right for you. If you are happy to find “the house” first, and then see about getting the finance, that’s cool too!!!
Cheers,
Jo
Hey Crest, Geo, Ali G
Thanks for your votes guys, but err…I would make a lousy PM; mainly because I like to follow through on my promises, and my tolerance of stupidity is NIL hence I would not get along with many of my fellow (BS)err…colleagues!!!
I just reckon the method I outlined, was a better way of voting. You see, whichever [clown] you end up pinning, at least you can have a bit of fun and “stick it up em” first (so to speak) before they do it to the rest of us!!!![laugh3]
Happy Voting!!!!
Jo
For those who are unsure of who to vote for come election day, follow these simple instructions:
1. Hang a poster of Howard and another of Latham, next to each other, side by side that is!!!
2. Take a furry object; your aunt’s preloved boa, your uncle’s (shrunk in the wash) toupee, the cat [blink] or basically whatever you can find, and attach a pin to it.
3. Using a blindfold, take the hairy object, spin yourself around until you are facing the direction of the wall with the posters on it (feel around if you have to)…..and finally (here comes the fun bit….) PIN THE TAIL ON OUR NEXT PRIME MINISTER!!!! [medieval]
They’re both a couple of asses, so you can legimately claim, yours was a “donkey” vote!!!! [lmao] [laugh4] [laugh4] [lmao]
Jo
Thanks Derek,
Sorry Adrian, for some reason, I was thinking about the capital expenditure in purchasing (ie. the conveyancing, stamp duty etc that Derek was referring to) used to calculate the cost base for CGT (if and when) you sell.
Derek is right, the “borrowing costs” is a separate lot of purchasing expenses, associated with the mortgage set up, and as Derek said, are deductible over a number of years.
Cheers,
Jo
Hi Adrian,
I am no ATO expert, but I do know that you can claim the costs associated with purchasing a property, if and when, you ever SELL it. This is because these costs are considered part of the Capital expense, and can be used to reduce the amount of CGT (Capital Gains Tax) payable by you when tax time comes around!!!
Hope this helps!!!
Cheers,
Jo
Hi coops,
Bear in mind that the more “subject to” clauses attached to your offer, the less appealing it will be to the vendor (say over one which has less or no such conditions) and the more likely it will be rejected.
But that is not the major issue here. My concern is, that if you are going so far as considering “subject to due diligence” as a possible “out” then you should not be considering getting “in” to the purchase of that (or maybe any) property!!! Due diligence is not a condition for purchase it is a criteria for selection, and you need to have this clarification clear in your mind BEFORE you even think about putting pen to paper, irrespective of any legitimate escape routes!!!
Do your DD first, and make your “subject to” clauses applicable to more realistic conditions ie. finance, inspections, reports etc.
Cheers,
Jo
