Some feedback after this weekend

Firstly thanks to those who braved the rain and post-match hangovers [:0)] to come along. Not a huge turn out but what an interesting bunch of characters!

I was pleasantly surprised at the reception to the goal setting / budgeting exercise I proposed, so next get together is this Thursday (27/11) @ 7PM so that we can get everything down on paper. I’ll email you all personally to let you know the venue in the next day or so (email me if you didn’t make the initial meetings but want to come along on Thursday: [email protected])

There are a number interesting subjects that some of us/you know but that we could all benefit from. On Thursday we can also decide which of these we want to look at in future meetings but personally I would like to start with ‘How to put a loan application together that will not get knocked back’

Thanks again,

Tom

MonkeyMagic (now where did that name come from!)

I’m not proposing investing as a group – though that is always an option if the right thing comes along (I’ve always liked the idea of JV’s). The group is a cheer squad, a sounding board, a way to beat procrastination, a spur to keep moving forward, a bolster for the timid, a brake for the reckless. It does not however remove personal responsibility and it is not a free ride.

As for proprty vs shares (or what about bus shelters for that matter – they were hot for a while!), I know that I don’t know and that I have a lot to learn. Setting goals, working out what is feasible and what is not will help me (and others) to formulate a personal strategy, i.e. plan the work then work the plan.

I think we all have weaknesses and the smart thing to do is to recognise them then compensate. For me its procrastination, talk too much do too little, it’s time to address the issue. I need a retinue of personal bum kickers – thats what I’ll get out of a group and that’s why I’ve started down this path.

What may also come out of this exercise down the track is a formulated methodology, if it does then great, who knows I might even make some money out of it…

Drop me a line next time you’re in Sydney and we’ll see if we can meet for a coffee. I’ve been thinking about posting minutes from the meeting so if I do you’ll be able to see how we’re tracking even if you can’t get along.

Cheers, Tom

Newbie Investors group

Venue
I’ve booked a table in a quiet part of a cafe in Newtown for 10AM this coming Saturday, November 22. (Email [email protected] for venue so I can keep track of numbers) I’ve had this recommended by one of our number, I haven’t been there so I can’t vouch for the place! They only ask that we spend about $5 per head, say two coffees.

Agenda
As I’ve said in the various posts I’d like to have a bit of structure around what we do rather than have it simply become a talking shop – not that it can’t become that as well!

I want to draft:

A statement of goals
A balance sheet
A budget

On Saturday I’d like to sit down and sketch out a template for each that can be compleated in the next week or two (starting to sound like a school teacher now…). No doubt the more serious amongst us may have already done this if so you input would be valued (your first opportunity to mentor). If you have any material that you think would be useful plase bring it along.

In the following weeks I’d like to address issues such as

* Setting up a trust as an investment vehicle
* Setting up a self managed super fund

In both cases, working out the pros and cons of each and, if worthwhile, getting on with setting up one or both. Obviously each of us will be at a different place in our lives and it may be that one or both of these vehicle may not be appropriate, but we’ll never know if we don’t investigate. I’d like to get some input from people who’ve gone down this path, probably by seeing if we can entice someone from the forum to come along.

I’ve had some interest from an individual who already has a number of investment properties. He may not be coming along on Saturday but has expressed an interest in meeting others so hopefully we will have a somewhat ‘blooded’ investor in our numbers.

I think the best approach on Saturday would be to

1) meet up, have a coffee and put names to faces; then
2) decide what we want we want to achieve by meeting – schedule a second one if there is enough interest
3) Split into those that want to draft the budget / goals documents and those that just want to network

I’ll post some or all of this on the forum under General Investing / Group for Newbies and we may get a few others turning up. Looking forward to meeting you all.

RSVP: [email protected]

Cheers, Tom

Ok,

Got a few takers for Sydney, (and a lot of interest in the rest of the country) just a week or so before we get together so I’ll re-extend the invite; if you’re a raw beginner, still on your training wheels or on your way but realise there’s a few basic issues that still need to be addressed in a formal-ish manner – then get in touch – NOW!

Looking forward to meeting as many of you (us) as possible

Cheers, Tom