Forum Replies Created
I know, Jon, but I simply used the PIA abbreviation. It wasn't meant to indicate the Jan Somer's product.
It might be me, but might you not have different size bedrooms and other areas, such as combined kitchen/living and entertainment areas? This to me means it's difficult to tell the size of a property when the description says 3 bedrooms/1 bathroom, etc.
There was a very long thread some time ago re Jamie McIntyre. Jamie was actually involved in the discussion himself. Maybe do a search on this site.
As someone said he sells knowledge. Whether you wish to pay $4000 for it is the crux of the matter. You have to consider a fair amount of time would have gone into putting the home course together. I am not sure it would be $4000 worth though. People like JM have good intentions in wanting to educate us on investing because hopefully it can help Australia as a whole. There are too many uneducated people throwing money around when they shouldn't be, so education should help.
There is a problem though. There is a mistaken belief we can all be educated, apply it and become rich. That's not going to happen. Life isn't like that. Theoretically it should happen, but life isn't about theory. The fact is that a very few of the people who take this path will become wealthy, but the majority won't. If you think differently, then you aren't living in the real world. The trick is to make yourself one of the few, providing you have the passion. If you don't, forget it.
Many don't like being presented with the facts because it sounds somewhat negative. I prefer to deal in reality, not fantasy. We all have different motivations. Some will be driven to achieve wealth, whereas others may start with good intentions, but they just can't maintain the motivation. Maybe they don't have the willpower, they get distracted or life throws them a curve ball. Just because you take a particular path in life, that doesn't mean you have a guaranteed outcome.
So, if you were to buy JM's home study course, it will require a good deal of application to get the best from it. It is a mistake to believe that JM can train everyone to be successful to the degree he is (from what I've heard).
I have some issue with writing covered call options (renting) over shares to make a living. The belief is you can make about 3%/month which equates to 36%/year. That is very high and in my opinion not possible in the long term. I've looked at some Aust shares and the premiums aren't very good, so I don't see how you get this to work consistently.
Having spent over six years around the investment scene looking at lots of strategies some things I have learnt. Don't pay endless amounts of money on so-called education. You need that money for investment and you won't have it if you blow $20k on education! OK, so how do you gain the knowledge? Read a lot of books, use your common sense and build your knowledge through your own trial and error. There are heaps of books (which you can even get from the library) with all the strategies you could want. You don't necessarily need somone at a seminar telling you what you can get from a $30 book. One thing I like about the share market is you can commit real money to experiment. Sounds dangerous, but if you do it in a controlled way it won't kill you. I have made heaps of mistakes (lost a significant amount of money) in the learning process, but it's never deterred me. I recover and move on. These real life lessons are the key to understanding.
Investment requires passion and application. You don't have a hope without it. In other words don't think you can cut to the chase because you want to make a lot of money. You are doomed with that attitude.
Assume that no-one on this site has actually achieved this.
Terryw wrote:Yep you can. In fact it is probably a good idea to go IO with a 100% offset to keep your loan high, so if you ever move out and rent your house the deductions will be higher.Terry
When you say deductions will be higher, guess that simply means because your loan stays high the deductible interest as a rental will be higher.
How does the 100% offset work? I'm not familiar with that.
Thanks.
Thanks for comments. I am looking at the Toowoomba market for an owner-occupier and on that basis I see good value. In fact, I don't particularly care about the growth prospects of the property, since I view it as more about lifestyle.
I drive a Ferrari F430 on the weekend and use the Lamborghini Gallardo Spyder for work. Hope to trade up soon.
Robyn
I can't make that date since I work in WA, but am based in the Toowoomba area. Just wanted to register interest and say I am open to future meetings if I am home at the time. I am more share investment related, but wish to develop further knowledge about property.
Anyhow, keep me posted.
Wes.
Robyn
I can't make that date since I work in WA, but am based in the Toowoomba area. Just wanted to register interest and say I am open to future meetings if I am home at the time. I am more share investment related, but wish to develop further knowledge about property. I put this same reply on the PropertyInvesting website.
Anyhow, keep me posted.
Wes.
Robyn
I can't make that date since I work in WA, but am based in the Toowoomba area. Just wanted to register interest and say I am open to future meetings if I am home at the time. I am more share investment related, but wish to develop further knowledge about property.
Anyhow, keep me posted.
Wes.
No problems, Richard, you appear to know more about it than me. Generally speaking though, most employees must have Super was the point I was making. I shouldn’t have made my statements so clearcut. I wasn’t really aware of the exceptions you pointed out, but thankyou for correcting me.
Wes.
Dr. X
You must have always owned your own business to have never come in contact with Super. You must be a one person show with no employees either.
It is compulsory for every employee to have a Super fund and employers must pay contributions for them. It’s as simple as that. There is no getting around it. It is legislation.
Care to tell us why you have never had anything to do with Super? [biggrin]
Wes.
I have read most of Robert Kiyosaki’s books. It’s all getting a bit tiring. Most of the books have basically the same message which is a good one, don’t get me wrong, but how many books do you need to say it? Repitition is a good way to learn, but in his case I think it is a little overdone.
He has just kept pumping out educational products and people worldwide lap it up. The man is a money-making machine. Give him his due, he is smart and knows how to make money. However, I won’t be supplying him with any further profits. I believe there are many other better investment books around that are better aimed at specific investment areas.
Wes.
Craig
We should never be judged against others. See, the common wisdom is you must build wealth through Super. I don’t entirely disagree. However, I took the opportunity some years back to salary sacrifice and significantly boost my Super, such that I don’t want to pursue that option anymore.
I want to build wealth outside Super. Surprise, surprise this has merit also! And yes, I could afford to buy a residence with my Super fund if the Govt wasn’t so rigid in treating everyone the same, i.e. “you are all so stupid, we need to protect you from your money by not allowing you access until you retire”. [angry2]
Paying rent to my fund for new investments would constitute building savings for my retirement would it not? The rent money would go to me and not be lost forever. By the time I retire it may be a good option to sell the house. Think about different possibilities, not just what is done conventionally. Afterall, that is exactly what Steve Mac is always saying and rightly so. Think differently.
If it were possible to buy my residence through my Super fund and pay rent for many years into the fund until retirement, please explain to me how that doesn’t benefit my retirement. In fact, why is it so different to buying rental property through the fund? The only diff is that I would be the one renting my own property.
Wes.
air_nitta
Even though you are in real estate, you must get your head out of the clouds. Every boom breaks. Will Perth go for another three years? My guess is that it probably won’t support rampant speculation for so long. Doesn’t mean to say it will come crashing down, but it will have a period where it remains flat. Of course, the people who rush in and buy at the top will wish they had never heard of property as an investment.
When any boom is in progress, there’s always the “I can’t see any end to it” mentality. Step back and think about it. It has to end – there’s nothing surer. Nothing grows at extraordinary rates forever. You know, whether it be property or shares sometimes there are just no more buyers left to keep pushing prices higher. Then the music stops.
Never think the property boom in WA won’t end because the resource boom is fueling it and there is “endless” growth in China to fuel resources. That’s going to have a day of reckoning as well. The best we can do is take advantage while these booms are in place.
Wes.
OK guys, I indicated share transactions are cheap, but I defy anyone to purchase $400k of shares for less than $30. Up to a certain value you can do it (typically $10k), but then it usually works out around 0.1% for laaaaaaaaaarge transactions.
Harry, I’d advise caution if you think buying resource shares with nothing in the bank is all you need to know to make money in the share market. Maybe you are getting a little carried away with the current bubble building in resources. All sorts of rubbish are on the rise – even energy shares that can only smell a bit of oil. Remember the tech bubble?
Just trying to keep people grounded.
Wes.
I don’t believe you can buy and sell shares that cheaply. Are you sure you’ve got that right? Generally the cost is around 0.1% for large transactions. However, if you’ve got it right please let me know your broker so I can sign up.
ttman
I might be the odd one out on this forum, but I am focused on creating financial freedom mainly via the share market and related investments. It will give me the greatest of pleasure when I achieve it and tell people it can be done. I have hardly ever invested in property – never directly (other than a block of land I lost on years ago) and only in a minor way through property trusts. I maintain an interest in property though, because it may well have a part to play in my investment portfolio in the future, mainly for diversity.
Over the years I have worked, saved and invested (sometimes poorly) to create wealth. It is only in the past five years that I’ve had any real commonsense in investing because of the amount of study and trial and error I have done. During that time I haven’t had to work full-time which has allowed me the time to concentrate my study. I now work part-time on contract to supplement my share investments and boost my progress.
With some further luck, good management and good investing I’m not too far away from my goal of making it via the share market.
(As one of the other posters said, if you invest in managed funds always use a discount broker so that you get your upfront fee refunded)
Wez.
Yes, there is a billionaire who goes to the head of the class since that list:
James Packer – $5.3 billion at last count.
Makes the others look insignificant. [wink]
I’m a share market investor and sometimes contractor in the mining game. Investing is my focus with the contract work supplementing/feeding my investments. I’m happy to say I semi-retired before 40 and should be completely retired before 50.
