Forum Replies Created
Speaking for myself only; ofcourse it will vary from one person to the next.
My targets are in $$$$ terms, i.e. passive income of X. This is important to me, simply because I know, that I will never qualify (nor do I want to ever depend on) the pension.
So far, my goals are up to speed, and I am able to pick and choose what I can and cannot do.
Jo
Hi all,
One question I did omit to ask in my post was, when you say “retire a millionaire” are you saying with a NET worth of one million, or one million in liquid assets.
I would really appreciate some clarification here folks.
Cheers,
Jo
Well it’s not really PI stuff at all (shame, shame, shame) [blush2][blush2][blush2]it’s actually an autobiography.
Who’s you ask??????????
Billy Connolly; man what a story!!!
Ain’t gonna learn much about investing in that book you say?????….[blush2] I know, I know, but at least I will know more about (IMO) one of the world’s greatest comedians!!![biggrin]
Jo
Don’t believe her……if you saw the difference between mine and hers, you’d wet yourselves (over my one)!!!!
Jo[blush2][blink][blush2]
Karl and Rita,
I take it back, forget about the post of mine, which you may or may not have seen, anyway!!!.
Lizzy just send me her AWESOME repayment calculator, and believe me, the girl has talent!!!!
I am sooooooooo ashamed, [blush2] mine looks like dog do-do in comparison [blush2][crying][eh] And to think I could have been sooooo stupid to even consider sending you what I had put together……what a joke!!!! [laugh4]
Do PM Lizzy for her Repayment Calculator……..it is simply (as is it’s creator) “spot on”!!!!
Cheers,
Jo
Hi Lizzy,
Thanks for your post. I originally posted to Karl and Rita’s question, stating that I too had devised an Excel spreadsheet, which albeit basic, was helpful as a guide. However, as I felt that the only thing lacking in my “masterpiece” [laugh4] was the P & I part of the calculation, I deleted my post (so as to avoid any misunderstandings due to its incompleteness).
So Karl and Rita, if you think you may have read a reply post to this thread from me, offering you a copy of my spreadsheet for a Loan Repayment formula, you saw correct (your eyes weren’t trickin ya!!!) but as I said I deleted virtually straight away, for fear of it not being EXACTLY what you had asked for.
I believe that Lizzy, is not only qualified, but has probably done her homework in greater detail, and as such her spreadsheet formula would serve your purpose with greater accuracy.
BTW Lizzy, I would really like a copy of your formula and will PM you with my request, plus I can send you what I’ve concocted and maybe you can tell me where I goofed off!!!!
Cheers,[biggrin]
Jo
Hi Kay,
Thanks for posting that article. Interesting, but I guess not surprising. I often have a sticky at http://www.realestate.com.au, as well as flick through MPG and my local paper, only to be amazed at how far properties prices have actually come down. It is sad, but then, it has to rain sometime, doesn’t it?? Things will turn around again but it may not be for a long time yet.
It’s a great time for FHO and those keen investors looking to pick up a bargain. I don’t share the “doom and gloom” of so many; sure it may not be a pretty picture right now, but things change, as they inevitably do (should).
Cheers,
Jo
Marc,
To answer your question re these two people’s success in achieving “status”, IMO Mr X has not been successful, whereas the philanthropist, due to his good deeds in helping so many, definitely has. But that is only MY opinion; they themselves may feel otherwise. And at the end of the day, as long as they feel as though they have been heard; they have achieved “recognition” then yes, they have been successful.
It depends on how THEY perceive their efforts, not how I perceive either (a) their efforts, or (b) the outcomes of same.
What about all those “quiet achievers” who are more than happy to do a good job, and are not chasing down fame, fortune or any such recognition, are they successful????
It is not a cut and dry topic, there are too many grey areas, which in a way, makes for a much more interesting world, wouldn’t you agree???
Jo
Okay…..that’s cool.
As long as you are happy with what you have achieved, irrespective of whether it is on personal, financial or status level.
Cheers,
Jo
The definition of success???
IMO….
When you are can sit (or stand) back and look at what you have achieved and be proud of yourself; whether it be on a personal or financial level.
As the question is subjective, there cannot be a right or wrong answer; it will vary from person to person.
Either way, whatever you view success to be, wherever possible, try to enjoy the journey along the way! See you there!!!! [biggrin]
Cheers,
Jo
Hi fjficm,
I haven’t invested in any of those areas, although I have heard/read somewhere that Werribee is on the upward climb (I haven’t seen this happen, but it is being tipped). It may not be a fast move, but apparently it’s increasing in popularity as it is still affordable for many FH buyers.
I would imagine REA such as Ray White and the like. Check http://www.realestate.com.au and have a look at the rental listings and the agents managing some of these areas.
Good luck, let me know how you go.
Cheers,
Jo
Thanks Rob,
I know what you’re saying, and the key word here, which can be easily overlooked is “risk”. It is not for everyone, and certainly not for the conservative investor such as myself.
Cheers,
Jo
Tinkerbell,
Let me share one “bad, tenant from hell story” with you. I was like you once, lost money with a “non paying tenant” so when I finally managed to get him out after failing to pay ANY rent for 8 months (by the time I went to the Tribunal) I decided that “the next time would be different”………so what did I do?????
Next tenant moved in, I would buy her a gift on her birthday, at Easter I got her (and her kids) chocky eggs, and at Xmas a bottle of wine. This went on for a year, and then the same thing happened; the tenants again failed to make regular payments, then just dead stopped. Oh and it gets better, then they decide to use the garage as their own private “whore house” sub-letting it to prostitutes; the police were always getting called around, and one night, I got a call to say that they had “trashed” the property, why?????? Because I left a message with one of them asking about the rent and “how dare I”!!!!! When I had finally endured enough, again, back to the tribunal, and again, eviction process started, only this time, they got pissed off, and decided to torch the house, but not before, they spray painted my neigbhouring wall with TENANTS RULE, and TAKE THAT YOU F…..ING BITCH!!!!!
So what do you think I should do now for my tenants, a bottle of bubbly with a personalised card again, note reading “Oh thank you sooooooo much for paying me to keep a roof over your head, and btw thanks oh so much for not burning my house down!!!!!!”
Please spare me!!!!!!!
Jo
Hi Marisa,
Oh okay…….well there are a few ways, without having to fit the whole house/unit with all the mod-cons, i.e. heating, cooling, built-in-robes, new hot water system, carpet, fresh coat of paint and so on. All of which cost money, but are tax deductible, add value and make great justification for an increase in the rent.
Check out the rental market in the area of your IP, are you charging more/less than anyone else? If so, try and think of ways to remedy this (mind you if you are charging more…..don’t go backwards, try and hold onto the tenants – especially if they are paying more for your place than similar ones in the area).
Have a sticky at http://www.realestate.com.au and look under rents to see what other homes in the area are fetching.
As I said……….I am with you, to me SELL is definitely a FOUR LETTER WORD [angry2][angry2]
Jo
Originally posted by EGA2LRN:So where are these positive cashflow properties. I am relatively new to all this. I have a tenant moving into our first IP in regional area of vic (purchased 2 weeks ago for $175k) Rent is $195 pw. We are intending to build 2 3brm units on back in the not to distant future.
Where are the areas of +ve cashflow in Vic? $100k-$150k……..puzzled [hair2]In Victoria?????????????……….[laugh4][laugh4][laugh4][laugh4]
And for that price???????????
Good luck!!!!!!!!!!Jo
Hi Marisa,
You need to decide which is more important; the money or the IP. I realise that you are emotionally attached to your IPs (I am the same) and if the potential for growth is continually increasing, then the decision becomes even more difficult. However if you need the cash, you sometimes have no choice.
Basically, it really boils down to, how desparate your need for cash is.
Best of luck,
Jo
Originally posted by redwing:How to retire a millionaire
1. Save Regularly – Sounds simple and it is. All it takes is for you to save a regular amount each month and you will get to a million dollars. If you pay yourself first (ie save and not deviate from this you will do and remember the earlier in life you start the the quicker it will happen. For example a 20 year starting with nothing who saves $100 a month in a managed fund paying 10% interest will have $1,048,250 by the time they reach 65. Likewise if a 35 year old (also starting out with nothing saved up) saves $450 a month (earning 10% pa) they will have $1,017,219 by the time they are 65.
Sorry to burst your bubble Redwing; I don’t think it’s possible. Managed funds do pay well, however you couldn’t possibly get 10% interest from the word go (i.e. with stuff all money int he account)!!!! That sounds crazy!!!! You’d have to have a huge amount invested before you got paid those kind of dividends.
However, if anyone out there can correct me on that, please please do, as I will make it my mission to go out and start up such a fund IMMEDIATELY!!!!
Jo
Originally posted by kay henry:Maybe Marc reminds you of a purple bath, aussierogue? [biggrin][blink][hair2][hmm]
Hey, there’s that purple bath again!!!!
What’s wrong with having a purple bath, as long as it holds water, it can’t be that bad, can it???? [blush2][blush2]
I keep tellin ya guys, if you find one, call me!!!!! [thumbsupanim]Jo
P.S. My definition of success (at the moment) would be to find out where you guys are hiding the purple bathtubs!!!!!! [lmao][lmao][lmao]Originally posted by Brenda Irwin:Took me a while to learn the ‘sum’ button was a backwards ‘E’ tho. Who designed this program?
I would imagine whoever it was the designed the program (not sure which program you are referring to but nevertheless, its designer) has obviously employed the “sum” button or as you call it the “backward E” symbol, which is derived from the Greeks…..it was them who invented mathematics in the first place!!!!
Jo
Awwwwwwww ………that’s sooooo sweet [blush2][blush2][blush2]
I remember you; I can’t remember your username at the time, but I know your posts, and the style you use…..that’s why I’m glad you didn’t take me seriously.
Tea and bickies, sounds yummy!!!!
As for the stars, no I had no idea, and is a refreshing thing to ponder in today’s turmoil.
Keep smiling….it keeps them guessing!!!! LOL
Jo
