I like “The Richest Man in Babylon”; point of order though, it speaks of living off 70% of your income, putting 10% towards investments, 10% towards ADDITIONAL debt reduction and the final 10% into charitable giving.
The last point scares a lot of people I have spoken to, “why should I give away my hard earned cash?”, simple give and it will be given unto you! And it seems to work very well! My wife and I had 4 credit cards (believe it or not) three personal loans and car finance two years ago. Using the principles in TRMiB, we have one credit card, one personal loan, one interest free loan with a Retailer (grumblegrumble!) and soon our first mortgage (hiphip-hooray).
TRMiB will address your financial sins and help you overcome!
IMHO.Cheers
C@34
Sorry Pursefattener- let me change that Datsun 120Y into a Ford Escort :o)
kay henry
i drive a 97 hyundai excel! (called the maxmobile). mag wheels, a dancing elvis on the rear view mirror. if you dont believe me, ask melbear!. i must admit TRMiB did change the way i spent money. i was also very fortunate to go off to war zones and earn heaps of tax free dollars, add onto that the CG on property over the last couple of years.
save, save, save. i still do it today. i buy in bulk which helps (again ask melbear how much laundry detergent i own!) i live as cheaply as i can and try to get all my money working for itself in one form or another, be it one dollar or a thousand dollars.
cheers
shaunLead, Follow or get out of the bloody way
Hi emcdonald,
I think the first thing you must do is determine just how serious you are about buying your first ip.
Then if you are really serious set a goal and then work out a strict budget.
You will be surprised just how much you most likely waste each week on unnecessary items.
Stick to your budget and save, save ,save.We have an ING direct savings account which we have set up with a regular transfer from another account, we dont miss the money and it builds up very quickly and is earning 5.25% with no fees.
You will have your deposit in no time.
Cheers
FostonLife is a series of new beginnings
I worked up north to save for my first property thinking of doing it again for the second but for now I am sticking with the little things. As others have mentioned ING saver is a dream 5.25% and no keycard to tempt you. I used to buy easily 6 – 7 mags a month now I borrow them from friends or read stuff online. Coffee and a muffin each day $6.00 skip that and drink the terrible nescafe at work easy to save an extra $150 a month just by cutting out those 2 things.
hi housemouse and foston,
you’re absolutely right on how much money is wasted on frivalties, my main cuprits are:
magazines, haircuts, clothes, coffee, lunches…
I worked it out at around $200 per week – youch! but you’d be suprised how easy it is to spend it.
I’m seriously thinking it’s much harder to save as a girl, far too many pretty things out there to tempt us…
what’s everyone else’s thoughts?
e xI got a wife and two daughters ………….
Perhaps a wealthy boyfriend is what you need?
When my wife is working again I plan to start my new career as a trophy husband [blink]
Seriously saving is one thing. You will find a point after you start investing that your asset base should grow faster than your ability to save. It is a good feeling when you hit that!
All the best
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
mortgage hunter
he’s not necissarily wealthy but all the other boxes are ticked:
*kind
*generous
*often mistaken for jamie durie
all power to you with the trophy husband career choice, now you’ll have time to do all those things you’ve been putting off:
*learning to cook the perfect steak
*turning pro on the golfing circuit etcthen again i’ve never met a true ‘trophy husband’ what do they spend their time doing?
e xHe sounds just like me!
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by **PropertyGuRu**:Hi emcdonald,
There are ways to buy IP properties with little or no money of your own. Yes but that doesn’t mean that you can keep spending your money.
Good luck!
Cheers
PropertyGuRu
[sultan]Mortgage Consultant
Hi Guys,
sorry but i totally agree with this comment, and many of Robert Kiyosake material has helped me proper forward and push further boundaries, due to the fact of not having to save, but in how the deal was completed, with no money and the strategy used.
if you really are going to save, your doing the same thing that everyone else is doing, and that is why you get normal results, but if you put deals together, through doing partnerships, using guarantors and security, your going to fast track yourself, but at the same time, not tie saved money into a deal…
sorry guys, but if your saving and the market keeps moving forward, your never gonna get that deal, be creative and put deals together.
Cheers,
sisalso saying, that is, if you cant get guarantors, use someones else equity or do partnerships and JV, you can almost get a loan from most non-confirming lenders, dont limit yourself, by saying i have to save, but how else can i get that property deal.
Cheers,
sisemcdonald..
And SiS know’s, he’s a youg guy going great guns!
Hey MJT..
I remember Dick Smith wanting to set up a Uni Scholarship, and thelucky person had thier fees paid , but had to wear Dick Smith logo’s, a car would be provided complete with logo..but all got knocked back by the uni.
some Real estate vehicles in our area look like touring cars with thier logo’s etc.
I think the company you talked about set up a GPS orsuch in our vehicle and you have to ravel acetain amount of K’s each week, to make sure logo’s are visible..
The Richest man in Babylon was a great read and ‘very’ easy to read and re-read.[thumbsupanim]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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