Hi all, i’m in my second yr at uni and are considering leaving and working full time, and maybe part time univesity. The main reason i want to leave is in my opinion it’ll take me to long to earn the money i want, to continue investing.
I have being able to purchase one investment property which i’m very pleased about, but find it hard as a student to save enough for another. As i saved for a long time to get the first.
I know noone can answer the question whether i should leave or not, but just want to know if anyone else was in my situation could shed some light one what they did, or what any thinks would be a good strategy.
This property i purchased is in new zealand, am i able to access equity to purchase in another country ? As my loan is also there.
Does any have experience with leaving to work or regrets.
Regards Jarred.
I’ve got 3.5yrs left.
Cheap and easy way to transfer money overseas.
http://www.tranzfers.com/refer.asp?r=jarred_spriggs%5Burl%5D%5B/url%5D“The main reason i want to leave is in my opinion it’ll take me to long to earn the money i want, to continue investing”
Hi Jarred,
One question. Why are you then studying??? Seems to me like a huge waste of time and money doing something that you want to rush so you can make investments.
I suspect that I am a few years older than you, however at the moment I too am at Uni, but also holding down a senior full time posi and assisting with the upbringing of 3 kids (my wife would kill me if I said otherwise !!!). I’m Uni mainly because I want to increase my skills and knowledge. If in later life this yields me more income to expand my investment activities then great.
If what you are studying at Uni is important to your future career path then stick with it. Lets remember that the Steve McKnight’s of the world worked very hard in their chosen professions before becoming full-time property investors. I’m not directly suggesting that you want to do that, but I think you should take it step by step. I believe also that it is often better to expand ones portfolio by allowing capital growth to occur, thereby giving you more equity to make more purchases.
Eric
The reason i asked the question was to get advice from other ppl like your self that manage a full time job and uni. And i’m glad you replied cause you obviously find it manageable.
I love my course and uni life, i’m studying Robotic engineering / Computer science and thats why i dont want to quit. And i have a job if i wish to work full time.
Thanks a lot for your reply Eric, i think i will not know how i’ll manage it unless i give it ago. So heres to joining the full time work force / studying as of 2006.
Any other opinions greatly appricated.
So can you access equity in a ip that is located overseas to use in a different country other then the one it is located ??Cheers, Jarred
[suave2]
Cheap and easy way to transfer money overseas.
http://www.tranzfers.com/refer.asp?r=jarred_spriggs%5Burl%5D%5B/url%5DHi Jarred,
Have you determined what it is that you actually want to be, do, and have in life? Might sound a bit philosophical but it is really important in that it provides direction and then from that come plans/goals etc.
Seems like you enjoy your uni course, which sounds fascinating. Why would you want to give this up?
My background is a professional one involving uni, which was great fun when I was there in the late 60’s and early 70’s. I have since found that a degree is useful for obtaining good positions in the workforce to earn a good income, but not for financial freedom, if that is what you want. Passive or residual income is essential in order to have financial freedom. Robert Kiyosaki’s book “Cashflow Quadrant” is great for explaining that.
It was a great impetus for me to start and develop my own “right hand quadrant business” which provides cashflow for investing and also allows me to continue in my profession, which I love, on a part-time basis. Although I don’t have any regrets I do wish that I had this understanding earlier so that I could have started younger. That is why I was asking you the questions above. Having residual income allows you to pursue the things you enjoy.
Best wishes for your future.
pr
Hi jspri,
It would be interesting to determine how many property investors are or have been at some stage, in a proffessional field. I think you would find a few of them.
Uni for me was all the way, 10 years right up to PhD level. Although there is a huge difference between what I studied (medical science) and prop investing, I’m finding that the skills I learned at uni are very transferable to investing and other areas. Having an analytical mind, being good with numbers, graphs, statistics and loads of reading all help in property investing and these are all skills that became second nature while I was at uni.
Does anyone else share my point of view? I know Steve was an accountant and even Dolf De Roos has a PhD. How many other investors on this forum are or have been professionals? And do you think it has helped?
jspri, these answers may help you make up your mind.
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi jspri,
It would be interesting to determine how many property investors are or have been at some stage, in a proffessional field. I think you would find a few of them.
Uni for me was all the way, 10 years right up to PhD level. Although there is a huge difference between what I studied (medical science) and prop investing, I’m finding that the skills I learned at uni are very transferable to investing and other areas. Having an analytical mind, being good with numbers, graphs, statistics and loads of reading all help in property investing and these are all skills that became second nature while I was at uni.
Does anyone else share my point of view? I know Steve was an accountant and even Dolf De Roos has a PhD. How many other investors on this forum are or have been professionals? And do you think it has helped?
jspri, these answers may help you make up your mind.
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi
We have migrated to Aus. in 1988 with $40 in pocket and $4000 debt, two suitcases and two children. I have studied BBus(Acc/Comp) from 89 whilst juggling two children,full time work, new culture, different shifts for hubby and myself…….the whole lot. It was hard, but it helped us save for our first home within 10months of arriving here (fortunuately the home we bought had a huge vacant block of land behind it)Now 17 years later, I am studying for Masters, have 3 houses and are in the process of signing contrcts for 4 more. I love studying and expanding my knowledge. I would not stop doing that for anything, and I also love investing and learning everything there is to learn about it, by reading books. I am also working full time, active in voluntary work, have 3 children and a household to run.
My point, studying is equally important to investing provided you enjoy it. The things you learn studying at Uni are always transferable skills and they are incredibly valuable in life. It comes down to attitude and patience and delayed gratification. so if i were you, I would finish my degree whilst saving as much as i can. Once I got a good job then it is just a matter of years to decide whether “i have to go to the job because I have to pay bills” or “i want to go to the job because i like it”
Hope this makes sense.
Thanks
Padma[grad]I remember being in Yr 12 (and hating it…going from straight A’s to C’s and D’s) when one of the teachers turned around to me whilst travelling on a bus back from a sporting function and asked what are your plans for next year ? I replied I have no idea, except that Uni was definitely out, as all of the big boys at the time (late 80’s) Bonds / Packers / Andersons etc didn’t have degrees, and instead employed all of the graduates to work for them, and thought I’d do the same. The teacher laughed initially, but then said why was I hanging around doing Yr 11 and 12…as the only reason to do them as to go on and do Yrs 13 to 16 at Uni, and I was now too old to get an apprenticeship…It sort of rocked me back for a while.
Anyway, I fluffed around for 2 years after school doggedly determined not to go to Uni. My parents thought I was a prime candidate for committing suicide (found that out 10 years hence) so bought a newspaper deliver round business to keep me occupied…every night and 5 days a week…my life for 2 years put on hold basically.
Eventually worked out Uni was the go and managed to get a scholarship that gave me more money tax free than what I was getting working full time…it finally dawned on me that in life there is a hard way and an easy way. Getting to Uni and seeing all of my age group 2 years in front of me brought home what a waste I had made of my life. It did spur me on to do well at Uni (Petroleum Engineering) ‘cos I knew what was waiting for me if I failed.
The degree is something that I have always been able to fall back on, and I suppose I will always refer to myself as an Engineer, no matter what I do in the future. The concepts and structural units definitely help in the property business, along with the studying of reams of data.
I find, having been out of Uni for 12 years now, the degree has faded into the background somewhat, and employers are more interested in what I can do and what I have achieved, rather than what degree I have. No-one, ever, has asked to see my results from Uni…they simply aren’t relevant in the big bad nasty world of Oilmen.
Due to the large tax free income that the degree allows me to enjoy, replacing that income is extremely difficult via property investing. If I had a normal Australian job paying tax I think I’d be retired now, but it’s just too good to give up at the moment. $ 60 USD per barrel is a wonderful time to be in the industry. Bring on $ 100 USD per barrel oil I say.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
jspri,
I think one can do many things in life- work, study, buy property- in fact, I think they all go together. I have worked throughout my study, studied throughout my work, and see property as a means to an end. I can’t imagine not working, and will probably continue to study at some point- my history has tended to be study every 5 years- in new fields. I’ll probably undertake some project management courses at some stage- to have formal quals in this area- as I see it as an emerging field.
Study shouldn’t inhibit property investment, really- but, just like getting one’s first property is the hardest, so is getting one’s first degree. I reckon after that one, a person can just study part-time.
kay henry
Hi guys, thanks a lot for your replys they are fantastic. Except for Dazzlings “Bring on $ 100 USD per barrel oil I say” lol i’m sure i would love that to if i was in the oil business[jealous]
Pete r “Why would you want to give this up?”
I dont, i’m wanting to gather other perspectives to see if its worth doing full time.Dr. X – Advanced Engineering mathematics is my best subject, i’m certain it’ll help me analyse the deals.
Hi padmaa23108 i respect what you have achieved that is inspirational.
Thanks again Kay, i say again, as i read a lot of your post, hopefully one day i’ll know as much as you in the pi game.
To all that replied this has helped me a lot, i will finish out this yr as i am, uni and part time work. But from next yr no slacking off, i’ll be working full time, and uni part time.
Might even establish my web development business.
http://www.swift-tech.com.au.I put this together before i started uni, in the months i had off. So would like to pursue that area futher as well.
Regards,
Jarred [biggrin]Hi again Jarred,
Great that you want to gather other perspectives but your comment about full time is interesting. What is full time?
When I was building my private practice I was working 80-100 hours per week (crazy I know) – is that full time or double time or what? Isn’t it priorities that determine the quality and the quantity of time that you spend in any area of life – sleeping, family, exercising/health related, work etc?
In my case I had to learn to prioritise my time to my family first because they were most important to me, and then allocate time to other priorities according to their ranking in importance. Everyone has different priorities and time is allocated accordingly. In fact there are sufficient hours in the day/evening to allocate and work towards other things.
We can be very resourceful and once we know what we want we can then find ways to achieve those things, as long as we keep an open mind and have access to appropriate mentors.
Interesting to think about full time in those terms isn’t it. Maybe decide what you would like to do, then prioritise them and allocate the time on that basis. I hope that is of some interest to you.
Cheers
pr
Take a look at what the property cycle is doing atm. I would suggest that there is no real rush to start buying and would bear that in mind when making your decision.
I am not a Uni graduate but am putting my wife through her latest (and hopefully) last degree and I do see the value of tertiary education.
It is a difficult decision – also have a think about which you may regret more later in life. Not studying or not getting into property in 2005?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I also think it is about the kind of work one obtains. For example, what amount per hour one earns. Obvoiusly, one is going to have to work twice as hard (or as long) to get the same amount of income if one is earning $15 an hour : $30 an hour. I think a lot of people “fall into” a job without thinking about conditions and returns. Australians are working harder and harder- I am not sure that’s a good thing. What price leisure?
kay henry
Dazzling’s points are very good. My degree was useful basically only for my first position, and after that it paled into insignificance in comparison with my experience and other issues.
Of course if you venture outside the area of your degree then it may have little significance. At the risk of provoking an outcry on this forum, I believe that too much emphasis is placed on degrees and consequently unneccessary stress is suffered.
The kind of work based on an hourly rate is only relevant if you have a job or an active income where you trade time(service) for dollars. The secret is to learn to work smart. The price for leisure can be high but it doesn’t have to be.
pr
Actually, pete, I think that many property investors are VERY anti-education- as in formal education. Many people in property forums adopt the Kiyosaki line that formal education is a waste of time- Jamie McIntyre has even made a video about it. If Kiyosaki had his way, children would only attend pre-school to sell each other counting blocks.
Formal education is not something to bew stressed about- it’s something to be excited about- it’s learning, and hopefully, learning about something one loves.
I don’t know anyone who is completely passive- not Steve McKnight- pretty much not anyone, in their earnings. If people create some piece of intellectual property and live off royalties, or whatever, then that is a passive lifestyle, but I could imagine it would be boring to do very little with one’s skills and talents. If people are skilled with their minds or hands, then I htink one can use those things- not just to make money- but to get other satisfaction in the world.
kay henry
I think the number of uneducated people who do very well is actually quite low compared to the majority.
People who do very well regardless of education seem to have something that most of us lack. Drive, imagination or something less tangible.
I think I would rather be educated and comfortable than uneducated and less comfortable off.
Off course if you can achieve great things without an education like several do then go for it!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Wow, now the debate starts hehe.
Kay, you may be right about Kiyosaki’s influence and that pre-school kids would be learning to sell counting blocks to each other; however, selling and counting are very important basic skills that all of us rely on. Also, there is an assumption that people who have passive income have no other wothwhile pursuits in life, sort of like a retiree. That couldn’t be further from the truth. I know many people who have totally residual incomes and are retired from “jobs” but not from life. In fact they are busier now than they ever were, but that time is spent with family relationships and contributing time and money to charities and their community. No chance of getting bored because they still have passions. And they use those passions and their skills to great effect. Passive income does not equate with passive lifestyle, on the contrary it appears to become more active.
I agree that formal education is nothing to get stressed about and in fact I am in favour of education, unfortunately formal training course do induce stress in both the students and their families.
Simon, I’m not sure where you got your data or whether you are just expressing an opinion. There is a vast difference between being educated and having a degree. Isn’t education about learning, experience and application of knowledge and skills? One certainly doesn’t have to have a degree or diploma to be educated. Probably all that serves is to develop some skills towards performing certain tasks. The greater the level of specialisation the deeper the level of our understanding but the narrower the breadth of knowledge. You are quite right though, these people do have something most others lack – and that is drive and persistence.
About 18 months ago there was a meeting of some of the most successful business people in Australia and interestingly there was anoverwhelming view that there was no shortage of talent in Australia, but the thing that was sorely lacking was persistence.
There are quite a few who share your view of a preference to be educated and comfortable, although we all know the dangers of developing comfort zones and the inhibitory effect this has on personal development and EDUCATION. The alternative to being educated and comfortable is not being uneducated and less comfortable. There are numerous alternatives of which that is only one.
Education is great and most important but certification as with a degree or diploma is not the only form of education. Nor does it mean that people with degrees are educated while those who don’t are uneducated. All it means is that people have undergone training in the skills necessary for them to qualify to perform tasks in a certain area. It says nothing about their ability to think or act outside of those areas.
pr
Pr,
I don’t disagree but my point is far simpler.
Many people point to successful, non-formally educated people like Bond, Gates etc etc and also quote Kiyosaki etc. I admit that there are many people who will be successful in spite of not having a degree. I also believe there are one or two who will be successful because of not having a formal education.
My point is that these are the minority and I suggest most who drop out of school early will end up less successful than those who persist. Perhaps it is a reflection on their “stickability” and self discipline?
I live in a city which was very working class. I daily see people with and without a formal education. Apart from Tradesmen (who have really completed a form of education in their training) I see very few self made success stories. I see far more people who are educated, have a good career and who invest on the side. I see others barefoot down the local shops with dodgy cars and a limited vocab and I strongly suspect they are not tertiary educated.
This is purely anecdotal and a reflection of what I see.
I have no degree myself however I spent years being educated in a very stringent system and was quite successful within it until injury put paid to that life.
My wife is doing her 4th degree. She will have a very secure and well paying career – very rewarding to her which is what really counts. But as a medical practioner she will probably never be really wealthy – especially given her age and motivations.
But as all of us who are married know that the secret to my long term happiness lies in me keeping her happy so I am thrilled to support her.
I am not trying to say others here are wrong. Just trying to put Kiyosaki’s claims into my perspective.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Simon,
I couldn’t agree more with you that there is no right or wrong here or even what’s best. It still begs the question though, as to what is education and are people without degrees less educated? If a limited vocabulary and grammatical errors are a sign then we’re in real trouble because the media and our political leaders often make grammatical errors as well as spelling errors. javascript:insertsmilie(‘[biggrin]’)
Big Grin [biggrin]Of course the other point is – what is “successful”?
I would doubt that most people would regard success as having material things alone. In fact, sadly, many of my professional colleagues drive nice cars and live in nice homes, but the banks still own the cars and the houses, not my colleagues. If a degree is so good why are there so many people doing more than one degree? Possibly, as you say, it is not so much for financial reasons as for reasons of satisfaction and other rewards. Or it may be that others share the same erroneous view that degrees equate with success.You have obviously done very well and could be regarded successful in a number of areas. I commend you on your attitude and support of your wife and I wish her the best. Medicine is a great career and I agree that through pursuing that both of you will continue to grow your relationships. Just one word of warning – watch the hours spent. There is a tendency for careers to encroach on family life, but probably you have already sorted that one out.[biggrin]
pr
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