Hi all
Be interested to hear what your views are on what your own strategies will bring.
Down the track at retirement time how do you see the future with your particular strategy/ies.
Did it do what you thought it would?
Has it delivered?
What could of have been better or worse?
Would your decision making be different taking into account various things like tax etc.
regards
alfI’d be interested to know if anyone here had a plan written down for property investing.
A trading plan is essential for the stockmarket, what about the property market?
Josh
hi Alf and Josh
josh i agree a plan is essential, but it also needs to be flexible and reviewed often, as i said in another post recently, i wrote a retirement plan last year, the plan to retire aged 45 (7 yrs away then). i kept this plan in my mind the whole time and soon realised it was way too conservative. i beefed it up and bought more cash positive properties than i initially thought i could. fortunatly the plan worked in 18 months, so i’ve reached my goal already. now that i will finish work in 23 days[
], i need to formulate a new plan.
alf i suppose that answers some of your questions, one mistake i made 6 yrs ago was i purchased a property through a company i owned and should have used my family trust, as all the rest of our properties. the mistake here is i will not get the 50% discount on CGT.[] I’ve made heaps of other mistakes also, but property is very forgiving and haven’t lost money on any property unlike some shares.[]
regards westanHi westan,
I’ll agree with flexability and reviewing your plan every so often. I think for property this is probably the best option, however for the stockmarket a more rigid plan is needed. Changes should only be made with future buys, preferably with no money in the market as this may cloud your view. Fortunatly with property a slower choice doesn’t always spell disaster.
Maybe It’s time i start writing a plan for the property part of my portfolio.
Josh
i have basic strategies and there workin fine,
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”still at school
thats a good point
i tell the kids at school that, when we are talking about smoking and why the tobacco companies want them to start because over the life (shorter i know) of a smoker the tobacco co’s know they will make a $1,000,000 from each smoker.
regards westanHi Everyone
I have a plan. Here it is and a combination of things that is needed for someone to become successful.First is desire. A burning desire to be successful.Belief in your ability and yourself.An organised plan of how you will achieve your goals. This plan should be read twice per day.Definate decision making dont be a procrastinator.Specialised knowledge of the real estate market.Persistance to keep going even when you think of giving up.Have faith in what you are doing is right and most importantly keep your own business. People will always knock what you are doing. Investing in property is no good please dont listen to these people because 98% of the time they dont understand what you are doing.
The main reason people fail in any business is lack of planning FAIL TO PLAN PLAN TO FAIL.
Thats me and how I do it.
], i need to formulate a new plan.
] I’ve made heaps of other mistakes also, but property is very forgiving and haven’t lost money on any property unlike some shares.[
]
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