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Its our education system and what we are taught along with the tall poppy sydrome.
Eg If that was such a good idea, why didnt I think of it, peoples egos are way out of control
what sort or rois are poeple getting on developments?
Thank you very much for your comments, it was very intresting to here peoples ideas and share their experiences.
So many of the comments are true in regards to passive income and its great to hear so many people are open to thinking outside the box.
Personally I had to do this after I found that some of the options avaialble were alittle harder to put into practice than I was led to belive eg by my finacial planner and through seldf education, etc etc, eg property, shares, business etc.
So let me ask this question, if you could produce a passive income stream of 3 – 4k passive income in 6 – 12 months with a little work would it be worth it?. Someone asked this question (my mentor now) to me and I took him up on the offer cause I didnt belive it could be done and it produced the that result, the reason I listen to him is because he had the lifestyle I wanted and was finacially free, and previously had multimillion dollar business, propery etc so he had walked the walk etc etc, he wasnt talking <edited>.
If you want further details please pm me Id be happy to tell you how it all happened, its intresting story.Please dont get me wrong though I have IPS too as I said a balanced portfolio, but I created the passive income first then ivested to produce more passive income.
I think what he is saying is that you have all this money tied up while investing in property, but the direct passive cashflow (money in your pocket not on paper)is limited, that most money from property is made via capital growth, but even when you buy and sell, your still buying and selling in the same overall market, so the money you get from selling is still being invested or used, its not free to be used on what you want.
Example you would need around 1 mill invested in property fully paided off to produce 3 – 4 K.
I dont know many people that have 1 mill laying around spare.So what would be better to have:
1. 1 million invested returning 3 – 4 K passive and associated risk
0r
2. 1 million in your pocket plus the 3 – 4 K passive incomeIt was just an intresting point and another way of looking at it.
I thought it was a good topic as I imagine there are lots of people out there starting out.
I like the holiday idea!!!!
Why does it affect CGT?
Hello,
The people that I know are retired so young arent bored, they all have active lives and as many of the people in this forum have business, investments that give them passive income.
But when they get up in the morning, they choose what time they get out of bed and how they spend their day, eg working, family, travel etc etc.
Retirement is a function of money not age, and by retirement I mean having the choice to work or not work in a job and doing what you would like to do or however you want to spend your time.
I watchced my parents do the 40 / 40 year plan, worked 40 hours a week and for 40 years, yet they told me to do the same thing because they didnt know any better. Did you know that approximatley 80% of people will retire on about 12 – 15 K per year and that only 1% of people will retire on more than 40K per year after working to their 65, that scares the pants off me.Personally I would rather spend more time with my wife than my boss. I think most people to maintain their standard of living a minimum would be 40 – 50 K per year as thats the average wage now.
Dazz,
I totally agree with you, if you love what you are doing why stop, personally i belive in hard work, but work with the right vechicle.
The problem is most people dont like what they are doing or dont know they have other options.
I have a simple formula money + time = lifestyle, its simple but that way you can choose to do what you want with your time, eg work, invest, spend time with family, holiday, whatever.
Thanks, the feedback is great, it so great to hear there are some other people that dont just talk the talk, they walk, the walk.
Currently I work with some very successful people from various age groups,
25 – retired
27 – retired
27 – retired
40 – retiredAll them live off their passive income and as a couple have replaced both or at least one income with passive cashflow.
Wow, thats a lot of money to invest, i am guessing most people cant afford to do it.
I have my first IP now, looking to expand later in the year, based on evulations looks like I will make a tidy profit.
Thanks for the info
