Just something I am thinking about; we are all in property for profit. we speak of high risk strategies such as flips and wraps. presumely we all need cash and lots of it but how much is enough. I have just sold one of my properties, purchased befor the boom and as a result have a healthy bank account. What does it all mean; when can you retire; what is there to retire to?? I am quite content, I have found myself looking at property as a bit of sport, something to do rather than strictly income. Or to say it another way the jurney is more fun than the destination. Anyone else feel this way???
I think from what I am reading to enjoy the present is so important. Theere is no better way than to realise some capitial gains to begin. The important thing is balance. Do you spend the money on lifestyle or reinvest it to get more. I have bought a boat; it is definitely not an investment and seems to cost me heaps, far worse than houses and not tax deductable[
]But so much fun it is definitely worth it. I am thinking I need another IP to fund my new habit[] such is life. It is a pity you carnt get the same amount of fun out of houses.I am in property and any investing for enough income that I don’t have to work unless I choose to.
At that point, I will continue to invest until I am at the point where all my family is taken care of, and at the same time I will be hoping to help others in whatever way that I can.
At that point, investing will definitely be sport![:p]
Cheers
MelHi Monkeybam,
For me personally, until i can get myself and family financially free, after that, will take property investing very slow, or find a new liking.
Property investing is like a game, but very challenging at the same time.
Cheers,
sisuntil I don’t enjoy it anymore irrespective of money
Monkeybam,
Which comes to my point….Do you keep buying positive cash flow properties in retirement as if you are making money you don’t have to pay off the debt or do you consolidate prior to retirement.
Spider
Too much is just enough!
Too much money is when your Elvis Presley and still making money 20 years later and your already gone and buried. [:o)][
]Cheers,
sisThanks for the question, monkeybam ;O)
I was thinking this myself on the way to work this morning. Part of Anita Bell’s strategy for wealth is to drive a tragic old car around – because a car is bad debt, and will drag you behind. I guess people imagine this life of when they are old and rich due to all their pozz cashflow investments… but when do you enjoy the fruits of your labour (or the fruits of your tenants’ labour)?
I bought myself a great car on loan a few years ago- still paying it off, but I can do that now due to a CG on a property. I don’t wanna live like a pauper. in my 20’s, I was poor due to being a student and consolidating my career. Now that I’m in my 30’s and I have some money, I want to realise a lifestyle.
for the folks who have the dream of being financially free and being able to retire, I hope that works out for you. Because if it doesn’t, you’ll spend years sacrificing holidays, and sacrificing the enjoyments of life, and the dream may not occur anyway. you could work your fingers to the bone to be financially free and global markets and a range of things could occur in life that could raise interest rates, bottom out the market of RE, or any old thing.
It reminds me of those people who spend their lives waiting to get to Heaven, and miss out on the things on earth because of it.
If you are gonna retire rich, you probably are already rich. This is not me being “negative”, this is me being real.
I want to live my life now- enjoy it while i’m in my 30’s, and then 40’s, and 50’s. Then when i’m in my 60’s, I will be enjoying it too :o)
I think because I like my job, I don’t see it as being “financially free” to just invest in RE. I am already financially free- I have a job *plus* RE. I tend to think some people will have 30IP’s and still nenver feel free- freedom is how you feel inside- not just having a few regional properties.
kay henry
I am another one who would like to be financially free. This means that my husband doesnt have to get up at 5.30 every morning and go to work. I am relatively lucky I am a stay at home mum and love it. I have no desire to go back to the workforce and so must find an alternative job which brings in money, I do this by PI and shares. Unlike my husbands job I am working hard now so that my work will oneday pay me without me having to work and I dont want to wait until I am 65 (like super)for this either.
But I guess the main thing is I enjoy PI and share trading, so I feel I am blessed to have found a job that I really like and gives me some freedom to decide my working hours.
ErikaI am with kay henry, life is to short, money is our vechile thru life, service it regularly and your sure to have years of trouble free living.
enough is when you know you have enough to retire on…. and if that means retiring at 30 and finding a hobby to last me 40+ years so be it [
][]Cheers Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
I once read somewhere that the definition of wealth is,
if you were to quit work today, and didnt have to change your lifestyle… how long would you survive?
for me its about 3 months..
so when i get to 10 years or so, that will be enoughshaun
Lead, Follow or get out of the bloody way
Originally posted by shaunwalker:I once read somewhere that the definition of wealth is,
if you were to quit work today, and didnt have to change your lifestyle… how long would you survive?
for me its about 3 months..
so when i get to 10 years or so, that will be enough
shaunNope, Shaun it needs to be infinite! So you need your properties and um, other investments to be paying you money every month that covers all your expenses – and you don’t have to do a thing other than to go to the bank and withdraw it.
Cheers
MelBu Mel,
What if you have a job you enjoy (and that pays pretty well) and you have RE? That means you have *twice* the wealth, yes?
What would you do Mel, if you didn’t have to go to work? Seriously? How would it improve your life?
kay henry
haha, kay this has come up quite a lot, i am very curious to know where u work??? u always say u enjoy ur job [
]Cheers Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
Mind opening stuff!
Some people would think just having a job would represent wealth.
Enough is when you can balance work, leisure and still be able to give to another worthwhile cause – either with time, money or knowledge.
That’s why I bought Steve’s book. And that’s why I am researching this well – to get it right.
Right now I probably have “enough”, my needs are supplied.
I really am not sure about my wants …
IvanOriginally posted by kay henry:What if you have a job you enjoy (and that pays pretty well) and you have RE? That means you have *twice* the wealth, yes?
Kay, valid points – I should have pointed out that you now have the CHOICE to do what you like, and if you like working, then do it. But you are there knowing that you want to be there, rather than you need the money.
What would you do Mel, if you didn’t have to go to work? Seriously? How would it improve your life?Mate, I have not been to work since April last year (for a half day), and February was my last full day at work.[
]What I have been doing is working out my structures/strategies/plans etc. so that a. my Mum has income of her own in retirement (and doesn’t have to ask my Dad which gets uncomfortable for her after a while), and b. getting things sorted such that any member of my family who chooses to work, can do so, but if, for instance, my sister wished to stay at home for a couple of years to raise my beautiful (but crabby) godson, she can do that without having to worry about $$$.
Have achieved a., am now working on b. But now I have to face the problem of whether or not I can afford not to go back to work myself[
]. I’ve got a few things to sort out with my boss before/IF I go back. I don’t think I will!Cheers
MelMel,
It sounds as if you have a number of pressures on you. You obviously love your family a heap- they’re lucky to have you :o)) I understand that responsibility stuff. I just hope you’ll be able to relax at some point and feel your goals have been reached before you kark it!
Matt, why I love my work so much is that I’m able to be myself there. I write papers and policies and deconstruct things, and I am able to be free. That’s what I seek in life- freedom- and I think we can get that in a variety of ways.
I wonder sometimes if we become slaves to our properties! We move from being slaves to work, to being slaves to IP’s? Waddya think?
kay henry
kay, i am glad u enjoy your job.. i just hope when i have to i will find something i like [
]Cheers Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
]But so much fun it is definitely worth it. I am thinking I need another IP to fund my new habit[
] such is life. It is a pity you carnt get the same amount of fun out of houses.
]
]
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