My goal is to have enough passive income through our trust that my folks can do all the travelling they want while they are young enough. I also want to be able to choose when/where I work. I will work, cos i will go mental doing nothing at all.
I used to have a goal to own 100 houses, but now I don’t really care how many. I will employ somebody who’s sole task is to manage them for me, and to find more that we can buy together. In this way this person will learn and will also benefit.
I’m also wanting to set up some scholarships, but the more I read/see, the more different things I want to do/help, so I guess I need to get one idea and stick with it, and then perhaps move on from there.
Cheers
MelHey Mel,
what type of scholarships are you trying to setup… just out of interest…
Cheers,
sisHey Mel –
When you are ready to employ someone FT look no further than moi! You’ll never regret it! [:p]
Cheers,
Anthos99Thanks for sharing Westan, it’s postive reinforcement that we are heading the right direction (slowly).
Westan, like your idea of being able to spend more time with the kids (I spend time at the school and after school activities etc but hubby never gets a chance) and fully agree that you need something else to do once you do finish work. That’s not a problme for me but often a big change for those who have worked full time all their lives. Do you feel it took you time to adapt or it was reasonably easy once you’d made up your mind?
PK
PS. Picies, my husband is the boss of our house; he’s got my permission to say so! [
]Fortune Favours the Bold.
Originally posted by melbear:My goal is to have enough passive income through our trust that my folks can do all the travelling they want while they are young enough. I also want to be able to choose when/where I work. I will work, cos i will go mental doing nothing at all.
I used to have a goal to own 100 houses, but now I don’t really care how many. I will employ somebody who’s sole task is to manage them for me, and to find more that we can buy together. In this way this person will learn and will also benefit.
I’m also wanting to set up some scholarships, but the more I read/see, the more different things I want to do/help, so I guess I need to get one idea and stick with it, and then perhaps move on from there.
Cheers
MelHi melbear,
I’m 30 years young and own 3 props and still working and will remain doing so even if i become independent cos i like doing what i do. I like property and looking at them and will like guidance and will do leg work on weekends when im not busy. We could perhaps have an arrangement where i can go looking at stuff where you think is worth it and we can talk about those areas. Whaddaya reckon?, we can communicate via this website etc. and see how it goes
Btw beside westan, i like your insights
Cheers
FJFICM
How many is enough ???
How long is a piece of string ?
seriously though a portfolio of different properties, all with different values and ‘going on’s’ i’d be like Westan and enjoy the journey as well as the Goal..
enough properties or ‘net worth’ to be able to work where and when you want to, enjoy life, once i’ve helped myself i’m sure i’d be a lot wiser for the journey and be able to assist friends and family [
]The investment’s would become the job, travelling around the Countryside looking at opportunities..sounds great to me [^]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
>>PS. Pisces, my husband is the boss of our house; he’s got my permission to say so!<<
Oh well PK, I can see you’ve got things well in hand.
Pisces
I reckon that being comfortable is the best place to be – not complacent and lazy – but able to make choices. Life is very much about other things besides money – so money is not my goal – it is simply a tool to help me into a place where I can do the things I want to to help others – aid work, volunteer work. If one of my friends needed the money for something lifesaving I would not even think about giving it away.
If you strive to hold onto money it has a way of becoming a bitter pill I reckon – well that’s my sermon… I’ll stop eulogising now!!![]Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
I think enough money is when you can do the things in life you want to do without worrying about the cost postie [
]Wow,
2 pages and no numbers. Everyone must be pretty modest or perhaps not vulgar enough to set specific $$ goals.
I personally have goals relating more to total market value and time than net worth or passive income. Based on some pretty conservative estimates and excessive spreadsheeting I speculate that when I hit $1m(it is hard putting that down) in market val in a few weeks I will be able to ‘bide my time’ for 4 years and become a full time rec fisherman at 30.
Essentially I agree with everyone’s comments to date in that $$ is only important in so much as it yeilds freedom(fishing my 30’s away).
Whilst my goals are fairly modest I don’t think you can put a price on being a self supporting Australian Idle from 30 up.
Bit of sand to go through the proverbial by then but so far so good.[^]
Hi James
I think the number of IPs we want to have depends on its total value or its incomes and what we want to do with our life.
I wrote in an earlier post that my husband & I planned to have an IP each and paid them off when we retired. The incomes generated from the 2 IPs would supplement our superanuation pensions so we wouldn’t need any help from our children or the Government. In my old age I still want to Give not to Take. Giving brings us happiness & pleasures. We bought 2 negative geared IPs.
The problem of relying totally on our superanuation pension is although it is CPI indexed it won’t keep us up with the living standards. Rental incomes will.
I’ve retired and paid off my IP but sold it recently!!! With that money I plan to help my son to buy his own house and use the left over money to buy 1 or several positive geared IPs. Because I need extra incomes, acquiring +ve geared IPs is the way to go for me. I’ve been looking around to buy but can’t find any. I think the market is over priced so I wait.
Regards
Huey
SIS, I’m not sure what scholarships I’m looking at setting up. I keep seeing ‘lack of teachers’, ‘lack of GPs’, HECS too expensive etc. and think that maybe I could do something about that.
Then I see the homeless kids and think that maybe I could get some of them off the street, on the condition that they’re willing to put in the effort to learn how to be financially literate, and go on and help some others. I think that’s what I’m leaning towards now.
FJFICM, Anthos99 I’ll certainly keep you both in mind. The very first person I employ though will be a bookkeeper! I so hate filing it’s not funny. I will encourage them to then basically become my partner for future deals, or go it alone, but i would expect that if they were finding me deals, they would get an occasional one for themselves. Share the wealth!!
Cheers
Mel
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