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Congrats, Richmond, on new job. Interesting & worthwhile question.
Here’s my 5 cents worth. Now that I’m not working, I’ve had alot more time to think about it. I’ve earned from $0 to over $200k pa, and this is some of the things I’ve learnt about having money and how much do I need to live on:
1. It’s true that “There is no such thing as a free lunch”, ie to earn more money requires more effort and/or time spent (and it really helps if you enjoy what you’re doing because then you don’t notice how much time / effort you’ve expended). Personally, I do not like the term “passive income” because it implies “doing nothing” which is not true. The only forms of “passive income” are inheritance, winning the lottery….get the picture….
2. It’s all about tradeoffs…spend it now and do without later or save some now, invest and enjoy later…work vs leisure time (when I was earning 6 figure income, there was no time to enjoy nor invest. I was spending all my money on support services, eg cleaning, and eating out or takeaways, massages and health farms for stress management !!!).
I think it’s more about working out how much time and effort you are prepared to expand, where to focus your efforts, how do you duplicate the efforts (without personally doing it all yourselves) to get more money, how much realistically will you get for your efforts and most importantly, living within your means.
My aim is 4 days per week of effort for around 100k pa, but i’m still working on how those 4 days are best utilised to earn the 100k pa (PI will be one of the vehicles)…Hope this rambling helps someone.
Good Luck, QB[
]hello rodc,
thanks for the tassie article, just read it, i even learnt some new vocab, ie “cruelled the game”..yee gads!!i’m new to pi, so i’m trying to learn as much as poss…i try to balance my excitement at doing PI with some of the realities of pi and these articles help.
Cheers, QB[]Hello everyone,
I think NZ is a beautiful country and has lots of PI opportunities worth checking out, but please look at the article in http://home.nzcity.co.nz/news/default.asp?id=33847&c=w
which is a timely reminder that it’s the checking out bit that’s important.Good luck & Happy investing, QB [
]Hello Willi,
Been caught up in other things and haven’t had a chance to come back to this question. I guess I am really interested in the detailed outflows to get a better handle of the costs involved in purchasing in NZ…some of those questions have been answered in another topic – NZ suburbs. Also in the link I found, there are items relating to depreciation—what rates should I be using (different rate for house vs chattels).
Cheers, QB[][
]hi westan,
i lived in hawera for a year, has pop of approx 10k, good solid farming community, stable, mainly dairy farms, near oil & gas fields (although i hear that the gas to gasoline plant is facing problems), close to Mt Egmont/Mt Taranaki (attracts tourists & locals), has a hospital, provides products & services to the farming community. good spot. hope this helps.
Cheers, QB[]
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