hi
I found these 6 questions on another website, and thought it might be a good thing to answer to clarify some of the reasons why we’re doing what we are… be it right now, or planning for 18 months-2 years down the track (there you go Bill)
1) What was the prime motivating event in your life that created a focus on the need to invest?
2) What have you in fact done about it since then, and rate your achievment.
3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
4) What are you currently doing to improve your plans?
5) What is your ultimate goal; and will it make you happy?
6) Which is more important: The goal or the journey?
ok, I’ll start…
1) What was the prime motivating event in your life that created a focus on the need to invest?
My rapidly approaching marriage… even though I’d always been very conscious of financial needs and planning for the future, the prospect of having kids makes it even more important, because I want to pass something on to them, and also have a degree of freedom to spend time with them while they’re young.
2) What have you in fact done about it since then, and rate your achievment.
I bought a PPOR in 1999, since sold it, bought an IP at Blairgowrie in vic which has seen phenomenal capital growth, bought a 60 acre property north of Melbourne which will be our home forever. Bought 4 props that are all cashflow positive in Qld. Planning now to sell Blairgowrie, pay out mortgage on PPOR, have about 550 – 600k of equity to play with down the track while continuing to save as hard as possible. I’d give myself a 6.5 out of 10, if we didn’t have a wedding to pay for I would have done more.We’re also spending a bit on a big barn to get married in (very Russell Crowe, so my workmates like to tell me) I also like to have a life, since I don’t worship money, I like to enjoy the fruits of my labour. My dad died at 26 in a plane crash, so I’m all too aware that no matter what you’ve got, it can be taken from you in an instant.
3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
I’m giving myself 10 years. Luckily I’m doing a job I enjoy, as is my fiance.
4) What are you currently doing to improve your plans?
Reading and learning off people who have done it, or are doing it… preparing to do a facelift to Blairgowrie to get it ready to sell, and constantly educating myself on new areas.
5) What is your ultimate goal; and will it make you happy?
To be able to spend as much time as I can with my friends and family, because they are more important than money will ever be. If I can help make their life more comfortable, that would be awesome.6) Which is more important: The goal or the journey?
Definitely the journey, I’m constantly learning things and looking at things in ways I never would have a while ago.
ps I’ll post some pics on a website of the wedding, if anyone’s interested… 3 weeks to go from tomorrow…
1. My parents went on the old age pension..Needless to say they dont live a flambouant lifestyle.
2. I have accumulated 2 houses, a block of 3 * 2 bed. units, and i just bought an old run down caravan park (still has income) sitting on 7 torrens titled blocks which i want to develop into 12 * 3 bed. townhouses. This has taken 3 years and boosted my net worth 5 fold. Rating 5/10
(wife says where moving to slow)3. 5 to 10 years
4. Reading, attending seminars, consistently searching for opportunities.
5. To have enough passive income so i can only do the work that i enjoy, or stop if i so desire. Also to convince my kids to start earlier than we did.
6. The journey. That was 6 questions?
Rocket[8D]
Good questions so here goes,
1. Being ripped off in a business venture in a big way in the UK in 2000 and losing everything plus looming retirement in 10 to 15 years.
2. Studying lots of books and taking more control of our finances. Basically educating myself financially in a way I never had before. This has taken the past two and a half years.
3. I have a ten year plan.
4. Still learning and studying. Asking lots of questions. Participating on this forum.
5. To be debt-free (still have lots of UK business debts that I am morally, even though not legally wanting to repay). Also to be able to enjoy “retirement” with a good passive income.
6. Definitely the journey.
David [
][][8D][^]OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Finding those questions and pondering about them is very useful.
If most people are like me (and I have no doubt that is the case) one will find that one loses the drive to pursue a particular goal and it is hard over time to not be distracted but to keep attention on the things which lead us achieving out goal.
Too many things which do not lead to a payoff
interfere in achieving whatever it is we want to achieve so it is good to from time to time take time out to consider whether we are still on the narrow path.Pisces133
1) What was the prime motivating event in your life that created a focus on the need to invest?
The fact that my parents worked each for 40 years and have nothing to show for it except a nice house. They live a pretty good lifestyle now, but wish that it was a more secure life. They are really worried about running out of money in the future. I want to do everything possible to ensure that they or myself and my husband never have to live uncomfortably.
2) What have you in fact done about it since then, and rate your achievment.
I have bought 2 IP’s. The first one I lived in for 12 months so that I could get the $14,000 grant, the 2nd one I am now living in until my husband and I can do it up enough to rent it out (it was brand new so we need essential things like curtains and a dishwasher). I would only give myself a 2 out of 10 as I have a long, long way to go in my journey, however I know I will succeed.
3) Based on your current performance, how long will it take to reach financial independence?
Approximately 10 years as our equity is building up constantly allowing us to buy more properties.4) What are you currently doing to improve your plans?
Putting as much money into the mortgage to get it down enough that we will have plenty of available funds when we decide to buy our next place (waiting to see what the market does first, especially with interest rates). Also reading as many books as I can get my hands on about investing and going to forums like this one to hear of other’s experiences.5) What is your ultimate goal; and will it make you happy?
To be financially secure. It will definitely make me happy as I will be able to choose when to work, play golf whenever the urge passes, and travel freely around this great country.6) Which is more important: The goal or the journey?
I believe both are important. It’s important to experience the journey so that you can pass on your knowledge to others and it is important to meet your goals as the feeling of achievment is like no other.Cheers!!
Great questions. hopefully looking back these Qs will help keep me motivated.
1) What was the prime motivating event in your life that created a focus on the need to invest?
I con’t think that my parents will have enough to retire on so I wanted to be in a position to help them.
2) What have you in fact done about it since then, and rate your achievment.
Started saving and investing in the stock market.
Rating: too early to tell.3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
Hopefully around 15 years
4) What are you currently doing to improve your plans?
Learning, Learning and more learning.
5) What is your ultimate goal; and will it make you happy?
Financial independence and being able to help mum and dad. Probably to get my friends to do the same.
6) Which is more important: The goal or the journey?
Both. To enjoy the journey and the goal to keep you moving there.
Cheers Josh
c’mon,
155 views and 6 replies for a relatively fresh thread? Answer these questions honestly, and don’t be shy… if it’s not beneficial to yourself, it might at least be beneficial to someone else… I’d hate to think a lot of people are investing without THINKING!!! A few of you “oldbies” why not give the “newbies” a bit of insight into your thoughts!!!
Go Wallabies!!!
Cheers
r1) What was the prime motivating event in your life that created a focus on the need to invest?
My mother passed away 5 years ago. I was the oldest of 4 kids at only 15. My father was a typical 7am til 7pm farmer who suddenly became a single parent and anyone who knows anything about farming knows those two things just dont go together. Therefore he is now retired and trying to live on the proceeds of the farm sale as he no longer has the time or particularly the motivation to work on the farm. Financially he should be fine i hope but it just goes to show that you never know what cards your going to get. We never thought Dad would not want to farm but you never know whats coming. So i guess I want to be able to help if needed financially and also I recognise that I also must make sure I can handle anything in my life (disability etc). I am not saying for a minute that money brings happiness but it certainly can make things easier in alot of cases. My focus on this and my interest in finance was brought together after reading Rich Dad Poor Dad. I cant emphasize enought how much of a life changer that book was to me.
2) What have you in fact done about it since then, and rate your achievment.
I read Rich Dad Poor Dad in febuary and am now on property investment book number 13. Also am looking at sites like this one all the time. However I am at uni overseas so I am not really able to buy anything yet and even if I could I think I would not have with the market as it has been. So my focus at the moment is just on educating myself and saving money.
3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
I hope to return home in 5 years with a reasonable amount of cash to start investing so from then 5 to 10 years hopefully. Maybe a bit optimistic but gotta aim high I guess.
4) What are you currently doing to improve your plans?
Books, looking at this site and searching on sites like realestate.com for opportunities. Also keeping an eye out for news and stuff about the market in the online media.
5) What is your ultimate goal; and will it make you happy?
uuuuummmmmmm……..cricket……..tv….get the drift? Seriously though I want to be able to not worry about money. I guess that is very general and very relative but that is about as specific as I can get at the moment. I hate having to buy the cheapest or searching the supermarket shelves for 20mins just to save 2 or 3% on something. Also to be able to say to Dad with absolute confidence that I can provide anything you need.
6) Which is more important: The goal or the journey?
Both. I believe security for me wouldnt come from having lots of money or whatever but from knowing that if something happened and I lost everything that I could do it again and get back to the same point. I guess that is following the line that your best asset is your mind. There is no such thing as a risk free investment but if you know not only how to build a business/portfolio but how to fix/rebuild it then you are secure. Therefore I havent reached the goal unless I have gained the knowledge by taking the journey.
hope that makes sense.
cheers
Davidok richmond :o) I’m a newbie but I’ll give it a burl.
1) What was the prime motivating event in your life that created a focus on the need to invest?
Fear of not owning my own home when I’m old- I still don’t own my PPOR, by the way, but I’m not very old yet!!
2) What have you in fact done about it since then, and rate your achievement.
I’ve bought three IP’s since then and plan to buy another one in the next couple of years. I’ve bought two IP’s this year :o) I rate what I’ve done as an 8/10. I’m happy with the way things are going for me.
3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
I don’t know that I’ll ever be financially independent, but I hope I might be able to have my own home, to be able to afford to maintain it, and to retire one day.
4) What are you currently doing to improve your plans?
My plans depend on my financial situation. At the moment, I’m probably maxed out in terms of loans and serviceability, so I’ll sit for a while. I’ll still read about RE and just pay as much as I can out on my loans while I owe so much.
5) What is your ultimate goal; and will it make you happy?
To have my own home. And it will make me as happy as my other goal- to live with integrity.
6) Which is more important: The goal or the journey?
The journey :o))
kay henry
Had to have a bit of thinking time before coming back to post.
1) What was the prime motivating event in your life that created a focus on the need to invest?
My grandparents split after 51 years of marriage (that’s chapter 10 for all those reading my ‘book’) and Grandad wanted to sell their townhouse. At 18 I didn’t want to see it have to be sold, and Grandma have no house (she was in a nursing home, so I suppose really it didn’t matter, but it did matter to me), and so I asked Dad if I could buy Grandad’s half. At about the same time I found Jan Somers book (1994), and attended what I now know as a two tier marketeers seminar. I haven’t stopped reading and learning since.
2) What have you in fact done about it since then, and rate your achievment.
I set a goal to have 5 properties by 25, but only had 3. Then I wanted a million dollars by 30. Depending on how I look at it ie equity versus asset not counting debt, I could be there, or I could be well short. I’ve still got about 15 months to go though, so we’ll see. Although I have since changed my focus to $$ per week. I’m on 2/10 for the cashflow, and probably 6/10 for the equity.
3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
Financial independence will mean to me that I have enough money coming in, that I can do whatever I went, when I want, with whom I want, for as long as I want, as often as I want. The first step though, is having enough passive income that I can survive without having to get out of bed. I’m about a year away from that (I have to be, or I need to go and find a real job). I’m probably about 5 years away from the main goal though.
4) What are you currently doing to improve your plans?
I read, re read, and read again. I need another bookshelf to house my books, tapes and financial videos. I also spend a lot of time on some forums, and find that in answering people’s questions, it clarifies things in my own mind, so there’s a double benefit (assuming the person who asked the question also got a benefit).
I’m also taking stock of my financials, and better preparing and sorting out my systems.
5) What is your ultimate goal; and will it make you happy?
My ultimate goal is to be financially free, and able to ensure that those that I love never have to say ‘we can’t afford it’. Doesn’t mean they will be spoilt, or we will buy it, just means that if we really decided we wanted to, we could. Yep, I’ll be happy if those I love are provided for.
6) Which is more important: The goal or the journey?
Without the goal, I wouldn’t have the journey, but the journey is what enables me to refine and improve/enhance my goals.
Cheers
Mel1) The fact that I suffer from arthritis in most joints in my body and am only 20, i figure i will need to relax when i get older so i can look after myself.
2) i am saving, saving, saving, and have already made our plan together which was shown in my spreadshet
3) Hopefully by 40 i’ll be close, with around 100k a year
skip to 6
6) the journey will be amazing, i am so excited about it! When it’s all over and I have succeeded i will be very very happy!
Fudge111[
]nice one Richmond.
Hey Fudge – I had a friend who had arthritis in her whole body (started in a knee, spread to the other, spread more) at around 20 too – but got completely cured within 6 months. I saw her again about a zillion years later and she never had it again. drop your email if you want me to tell you more because it might be a bit hairy for the forum.
1) What was the prime motivating event in your life that created a focus on the need to invest?
getting a lump sum and realising I had no clue what to do with it, all I knew is i didn’t want to put it in a term deposit or spend it. Also, reading Robert Kiyosaki prior to knowing i was going to get the lump sum – so I already was thinking about it. Shares didn’t interest me, building businesses i was already doing, so property seemed a nice ‘passive’ (yeah right!) way to store and grow the fruits of my labours. Realising that leverage is how i got the lump sum in the first place helped me ‘get’ the ‘physics’ of using leverage by investing to further grow the lump!
2) What have you in fact done about it since then, and rate your achievement.
Well i bought three houses in 6 months, renovated two, and all are rented to quality long term tenants, and i can live off the proceeds (albeit frugally) so i give myself a modest 10 out of 10. 11 out of ten for approaching it with an incredibly low amount of risk which suits what I want. of course I want to get more, and i can if i want, i can go as quick or as slow as i want, which i’m just figuring out. Going faster means more risk, which i hate….
3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
have reached it. I could live on the surplus right now if i wanted to.4) What are you currently doing to improve your plans?
getting more structure and good order in all areas of my affairs, financial, health, and other.5) What is your ultimate goal; and will it make you happy?
to leave a legacy for mankind. and yes it will. I think I will leave several, actually. whether it be works of art, a book, music, or a park or whatever, i’m still creating them all. In fact i’m in the middle of one now. but why stop at just one ultimate goal, i say? I’m working on about ten! another goal is complete and utter freedom to wake up and do whatever i want each and every day. whatever i want to think, read, speak, buy, sell, create, hang, travel, etc.6) Which is more important: The goal or the journey?
both! Without a goal your journey is empty and aimless. without a journey, achieving a goal seems trite.As soon as i’ve journeyed to one goal, i’ll get the next one started. in fact like I said i have several pots on the boil at once…
cheers-
miniPS talking about leaving a legacy for mankind, i went to see neil young tonight! WOW!
What was the prime motivating event in your life that created a focus on the need to invest?
A dodgy stomach bug. Screwed me around for over two years – I’m finally getting better but it made me think i should set myself up for later in life just in case…
What have you in fact done about it since then, and rate your achievment.
Renovated my main IP and increased equity by 100k. (Spent 20k). Looking at further properties but a little wary of buying at the moment…
Probably 6/10 – will bump that up in the next three years to 8 or 9/10…Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
10 to 15 years. At worst retire at 45 with an income of about $1500 p/wk in todays terms….
What are you currently doing to improve your plans?
Reducing debt, preparing to buy when all the lemmings stop buying and start selling…
What is your ultimate goal; and will it make you happy?
Live near the water (preferably Nth Qld), be able to play golf or go fishing whenever i want and be able to take my future wife (and kids ??) on a holiday whenever i feel like it, not “when i can afford it”… Yep, that’d make me happy…
Which is more important: The goal or the journey?
Both really – the goal is the ultimate outcome, but half the fun is getting there… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
OK Richmond here goes,
1.Watching family and friends seemingly follow the same pattern in life and achieve little.
2.Have purchased 8IP,s and a PPOR in various places all pos. cashflow.Keen for more but have stopped mine while I’ve been helping 3 children start their own journies.They all agree that practising with dad’s money is great.I am my greatest critic and believe that I could have achieved much more if I didn’t stop to smell the flowers all the time5/10
3.Would like to think that 7yrs would do it but those damn flowers keep getting in the road.I’ve learnt to be patient because like Richmond I’m a Tiger fan as well.
4.Plans are a bit on hold because of afforementioned kids.Bank managers a good bloke though if the bargain arrives.
5.I think slowing the workload and doing what we want is the ultimate.
6.Both.Can’t have one without the other but the journies more fun.
Crikey Richmond I’m exhausted.Stop finding these posers MikeThanks richmond. It’s always good to stop and think about where you are going and why.
1) I remember as a child my mother always telling me how she could never afford to buy herself a new dress or anything because all their money went on “us kids”. I grew up feeling guilty for being alive and determined not to be poor. That is what started me on my investment journey though I happy to say I have better reasons for it now.
2) When I was 22 and still single I bought my first PPoR. Over the years I have been selling it and taking the capital gain to buy a bigger and better PPoR. I also bought myself an IP but I didn’t know anything about positive gearing, only negative gearing and capital gain. It has been doing both of those things but I was asset rich – cash poor. Now that I’ve read Steve’s book I know what I have to do differently. My rating: 10/10 for effort but 2/10 for results.
3) I have suffered severe burnout the last few years. I was doing the accepted routine of working 5 days a week to fund a big house and nice car, then a even bigger house and better car and so on. But I wasn’t happy and I wasn’t coping mentally or physically. In the end I sold my house and spent most of my 15 years of accumulated equity on travelling around Oz. I loved that time but I wish I had of discovered Steve’s book before I left. Ah well, such is life and now I will start again. I would never have reached financial independence the way I was going but now I working towards a 7 year plan.
4) Reading and researching. I’m scared! I have seen some potential properties but this whole thing of buying in country areas scares me. I know I have to take the leap but I have little money left now and less courage than when I was younger.
5) To have an income of $200K per annum from properties and shares so I can stop work and do the things that are important to me.
6) They are one and the same. A goal once reached becomes merely a rest stop before heading towards the next one. And the journey never ends.
Thanks
Namasté
“God in me recognises God in you.”To dglees45. Care to share the names & a brief pros & cons of each of your 13 books. Like many others Rich Dad Poor Dad was my first & got me thinking about a very broad range of things. Have since read Building more wealth & 101 stories by Jan Somers. Have just read 0 to 130 (which is how I got here.) Totally confused by the differing view points on +ve vs -ve gearing.
Richmond, your 6 questions are great. I want to take some time to consider a few of the answers. One of the most significant things I am learning about myself on this journey, is that I dont know much about myself!!
We have spent the last 20 years of adulthood just drifting along, raising a family in a stable and loving but loud and insane home. We have travelled a bit & bought a lot (doodads) & have a good income (not from IPs…yet) Not only have we drifted along financially, but also emotionally.
Making the decision to take control of our finances has necessitated ttaking control of many areas of our lives. So we are investing in ourselves & our kids as well as properties.
Win- win dont you think!![]hi all
1) What was the prime motivating event in your life that created a focus on the need to invest?the desire to make money to survive while i chose to work in low paid jobs (such as youth work and school chaplaincy).
2) What have you in fact done about it since then, and rate your achievment.
i started investing in shares and did well especially in 1993 when it paid for me to study full time at a Bible College. since theni got into property in 1996 and have purchased about 40 houses and currently own about 26. as far as rating my performance i’m still pinching myself that i am where i am so 9.5 out of 10, sorry if i sound conceited.
3) Based on your current performance, how long will it take to reach financial independence?
i have been working towards a plan for the past 2 yrs hoping to get to financial independance within the next 7 yrs (by the age of 45). i discovered that my goals were way too conservative and beefed them up a bit and realized in July that i could quit work, so gave notice that i would finnish work at the end on Dec.
4) What are you currently doing to improve your plans?
i feel that i’m now at the cross roads, do i go on and try to become very rich (no huge desire), or do something that will enrich my life and those i meet (more interested in this). so next year i’m moving to New Zealand with the family to reflect on life, have fun and continue to invest (which is also fun).
5) What is your ultimate goal; and will it make you happy?
enjoying life and helping others will make me happy.
6) Which is more important: The goal or the journey?
the goal is meaningless without the journey, but it is the goal that starts the journey.regards westan
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