hi jenny1
congratulation to your nephew…well done.
we could have the next bill gates in our midst.
bill can now buy as much property as he wants, but i don’t think he made his wealth from it.
stick with what you know best.
a mate of mine, came up with a idea., first one in sydney spent $70,000 on p&e, hire big warehouse, turnover over $1M in 8 months CASH.
stuck 300k under bed, sold business made the money,
then went into property deveopment.
he’s now a bankrupt.
buts he’s said…i had fun doing it
and isn’t that what its about….fun doing it
after all it must be boring being bill and knowing that every computer$$$$$ going out have your OS $$$$ on it
what really surprises me is how much energy some people put into real estate.
like the person whos done a massive makeover, at what seems like 10’s of thousands of dollars to just make an extra $60 a week.
your nephew sounds like he’s on a winner….a weathy business, don’t you just love it
harryhi all
nice post not sure about getting to a level to retire but if you aim for 2.5 mil in equity with a investment structure that gave you 10% return your there.
I like what I do and no I don’t sell books nor do
I write them and as for retiring full time not sure yet, similar to dazzlings guy I enjoy what I do and it gets alot easier when you know what your doing.
when you get to 30 with 2.5 mil equity you also won’t want to retire you will want to use the equity and not sell.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Ps Dazz how did you find your mentorOur group bought some of his industrial holdings off him. We got down to some heavy face to face negotiations. During that he said he wished his son was as interested in ‘the business’ as I seemed to be. In his words he said he liked the “cut of my jib”. It went from there I suppose. His grandson is 18 and exactly like how Jenny has described her nephew. I think ‘it’ skipped a generation maybe ??
His knowledge and thinking / viewing level are worth an immense amount to us.
I think money gives us choices.
I look forward to being able to make my own choices and not rely on an employer to agree with me.Originally posted by Jenny1:My nephew started his business from his bedroom at 16yrs he expanded and rented a small commercial property. At 17yrs he has his own company but couldn’t be Managing Director until his 18th birthday.
His business has expanded and he moved to larger premises. He turned 18 in May has legally become Managing Director of his business and employs 8 full time people.
His business turns over $40,000 per month and is still growing rapidly…am I proud of him? You bet,[biggrin] he works very hard to get where he is, and is now asking me for advice on property investment.
He has no intention of retiring as he loves what he does.
Jenny1
That is so impressive! Can I ask what type of business it is?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
24 years old
40 foot boat
porsche
and a two story penthouse in cbd
at the age of 24and all from shares
ohh to be young and daring again
old harry
Hi Jenny, Simon,
It sounds so exciting to hear about young kids achieving so much at such early stages in their lives. I love to learn from kids like them and would love to meet them one day and watch and observe what they do.
Keep up with all the great comments!
Tyrone
Tyrone | Property Investory
https://propertyinvestory.com
Email Me | Phone MeHear from the experts and join the 33,700+ listeners today
A favorite subject of mine , thanks to everyone for talking about it.
l know a few people , one owns 5 Macdonalds resterants , he came here with nothing 12 yrs ago . Another friend started collecting houses at 21 -20 yrs ago [nice and cheap so they’ve all been payed of buy rents and he lives of that now at 41 – does what he wants .
Me l got a late start due to traveling but l hope to be doing nothing within a few yrs = what l want to do instead of what l have to l’d be 45 then . l tried to find a property with built in rentals & future subdevide potential as well as lifestyle which we’ve bought now & hopefully we just have to get all that going which will take afew yrs then everything should pay for itself and us , atleast that’s the plan.
Cheers
MkcOriginally posted by hb:hi jenny1
congratulation to your nephew…well done.
we could have the next bill gates in our midst.
bill can now buy as much property as he wants, but i don’t think he made his wealth from it.
stick with what you know best.
a mate of mine, came up with a idea., first one in sydney spent $70,000 on p&e, hire big warehouse, turnover over $1M in 8 months CASH.
stuck 300k under bed, sold business made the money,
then went into property deveopment.
he’s now a bankrupt.
buts he’s said…i had fun doing it
and isn’t that what its about….fun doing it
after all it must be boring being bill and knowing that every computer$$$$$ going out have your OS $$$$ on it
what really surprises me is how much energy some people put into real estate.
like the person whos done a massive makeover, at what seems like 10’s of thousands of dollars to just make an extra $60 a week.
your nephew sounds like he’s on a winner….a weathy business, don’t you just love it
harryHey Harry.
Mate could you explain the sydney mate thing abit more , l have a big shed myself and looking for ways to use it ? [lf l got that right }
Thanks.
Mkc
PS shame he went broke , amazing what can go around comes around in business isn’t it . Sounds like a guy l met , he was rich all his life but then at 65 starting messing around with something else and now his 78 and has lost the lot and rents a unit .
Gotta watch it .Gross, you are correct, but how about doing it without investing the all that money and not selling books?
So what about having pasive income without the investment in cash terms, would this be better than having all the money invested, cashflow is king, and it doesnt matter how you get the passive income as long as you get because at some point you will need it, eg lose you job, get sick, some cris hapens etc. DIG THE WELL BEFORE YOU NEED IT
My thoughts are that if you can buy your time back eg through passive income then you can do what ever you want, eg I am just about to go on holidays, but it would be great if the holiday was a little longer.
People need to open their eyes and look around at all options and stop being blinded by what other people think, have some courage, have some guts.
I strongly belive I will be retired by 30, this was reinforced this week by meeting someone that is 45 has 2 kids and earns as much income in their job as me, boy was it a wake up call.
If anyone can show me a faster way to earn 40K passive income in under 12 months than what I did please contact me, my email is [email protected] or pm, i am welcome to hear how.
Pipelinebuilder,
You are so right, with your comment about maybe needing passive income if a crisis comes along!
Exactly what has happened to me. Myself, I suffered a serious back injury at work and have out of work and unemployable since ’95. My wife wasn’t working at the time due to us having kids but just as she was about to go back to work her arthritis & lupus flared and she couldn’t. We only had two properties, at the time, and survived off my workcover payments (slightly less than the dole), family payment and one small rent.
However, through creative financing and judicious (?) purchasing, within 7 years we owned 6 properties plus a business (cashflow) and our own home and now all are worth 3 times what we paid.Getting to the real point of my writing – your point about a crisis happening – about 14 months ago my darling wife passed away from her afflictions. This means that now I, an invalid who can’t work, have to look after our 4 young kids. Thank heavens we bought where we did when we did.
I guess what I am trying to say here is to reinforce what you said and to add that, whether your aim is early retirement or crisis cover, that no matter what your present income is – it can be done. Creative financing and buying the right property at the right time in the right place. I hope this is intelligible and helpful to someone.,Regards,
Forklift.ps. I most certainly haven’t stopped building my portfolio, in property and 1 or 2 other fields. I must sell the business because now that I am solo with my kids, I can’t run it by myself. But, in effect, does this make me retired? (No slight intended).
Pipeline builder wrote:
I strongly belive I will be retired by 30, this was reinforced this week by meeting someone that is 45 has 2 kids and earns as much income in their job as me, boy was it a wake up call.
If anyone can show me a faster way to earn 40K passive income in under 12 months than what I did please contact me, my email is [email protected] or pm, i am welcome to hear how.
Sorry pipeline builder but how may I ask do you intend to retire by 30? I couldn’t really find a post with the $40K passive income strategy you were talking about. Are you referring to your FT job?
Yes I have a job, no the 40 K is passive, its not income from my job.
It is inspiring to read the posts of this topic!
Like many of you, I am just at the 30 mark and have a goal to be financially independent withing the next 5 years. My husband and I are working at our trained professions at the moment to bring in cash for PI….It is rewarding to go to work and to know that it is helping us to get to where we want to be. We love PI and hope to continue with it even when we are financially free!
Thanks for the upbeat comments and for sharing those great stories!
Mapleleaf
Achieve the Dream!
Originally posted by pipelinebuilder:Yes I have a job, no the 40 K is passive, its not income from my job.
$40K passive and I gather thats not from paid up IPs or dividends either. Congratulations. Sounds like ur well on your way already. Care to share with us what business ur into?
Pipeline builder, it would be great to retire early and live off passive income. However i’m only 17, unemployed and about to start uni, thinking about retiring seems impossible. I do want to retire and early
The people that i surround myself, seem to use two “products” to help them retire
1) business
2) propertyi hope this helps. Good luck
Hi
i think this is the way to go………“CEOs pocket $65,000 a week
A new report shows the nation’s most powerful business leaders earn more in a week than the average worker does in a year.The report by John Shields from the University of Sydney is based on 51 companies listed on the Australian Stock Exchange whose chief executive officers (CEO) are members of the Business Council of Australia (BCA).
It says the average weekly wage for a CEO is more than $65,000 and their pay has been increasing at a rate well above inflation
makes that $250/wk from rental income look dismal[confused2]
got to go…of to buy Financial review….see if there’s any jobs for CEO’s going….quite happy to take half……$3250/wk….
hb
I was reading the paper yesterday, business for sale section.
There is a cleaning business for sale, 190K + SAV with the owner working 10 hrs/wk and his net is 90K/annum.This might be a way to get a reasonable passive income for the cost of an IP.
Just remember, if you love what you are doing, you will never work a day in your life[thumbsupanim]
CATA
Asset Protection Specialist
[email protected]totally agree with you cata
my cleaner works 1/2 hr a day 5 days a week makes $13k a year
thats $100/hr cleaning……. ridiculousthe sooner these IR laws come in the better
i reckon…$1.50/hr is heaps…thats double what they get in China….
There is a cleaning business for sale, 190K + SAV with the owner working 10 hrs/wk and his net is 90K/annum.This might be a way to get a reasonable passive income for the cost of an IP.
Hmmm, with a P/E ratio of 2.1, this business is either a steal, or something is not quite right.
90K p.a. for 520 hrs work is $ 173 / hour nett…after costs….I don’t think so, unless they are scrubbing off the green nuclear waste off Lucas Heights reactors and no-one else wants to get fried.
Methinks the easy money ain’t there…..I’d go the 190K IP and be happy with the $ 173 / week, not hour.
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