Good afternoon,
I first joined this forum over a year ago – like many I’m sure – after reading Steve’s 0-100 book. This is my first post and my fist visit for well over 6 months…
Over the past 12-18 months, my situation has changed significantly. I’m going to bullet point it below, and would be interested in hearing other’s FIRST HAND experiences if similar, or suitable advice that I’m hoping will either inspire me to take a step to investigate, or quash this nagging force that keeps me gravitating back to an investment mindset, to what extent I’m unsure.
Thank you in advance,
simmony- I’m 32 next birthday and never owned property – eligible for FHOG
- I’ve left my employment a few weeks ago along with a six figure annual package
- I have a novated vehicle lease that I must now cover myself, $904 pcm
- I have rented the same inner north-west Melbourne suburban Victorian from a personal aquaintance, privately, for 5 years now, paying $230 pcm
- Changed living arrangements around 18 months ago set me in the red. I’ve since been blasé with rebuilding house contents, my gadget, living and shopping expenditure
- I have unsecured lending totalling around $20k (currently moving around to lowest cost of funds readily accessible to minimise cost of debt)
- I have cash on hand and am disposing of shares enough to cover my living expenses until end February, in case of scenario of no income from hereon
- I have no credit issues (other than the fact I’ve been using too much of it for bad debt!)
Whilst somewhat skilled and highly employable, I am torn between returning full-time to a career in either of the 2 main industries I’ve spent my last 13 years in – with little satisfaction – or investing in myself and my own potentials.
My expectations are not of a get-rich-quick scheme – just to set the record straight. I’m up for a hard slog, but at this stage of the game – am I totally out of the race or is there hope taking the booby prize?
~simmony~
Hi Simmony,
Well done for posting your personal details for all to see. It should serve as a very valuable exercise for you if the forum members are keen to chip in and give some advice, good, bad or otherwise.
Your situation caught my eye because we are the same age so maybe we have at least that in common.
I don’t have all the answers for you but just have a couple of things that might help.
Yes! There is hope. With a big chance of sounding wishy washy I just want to say that making the decision and doing some serious planning is the hardest thing. It really is.
Work: I read an article in a mag yesterday about people would love work that much that there weekends tend to drag on because they can’t wait to get back there. Some people obviously get to involved in there job that they have no time for anything else.
The reason I mention this is because you obviously need some income to start investing.
How about this for starters;
1) Get a plan
2) Return to the industry – give it all of your time when you are there and none of your time when you are not. Work with a purpose in mind ie and end goal of getting out of the place and investing full time if that is your goal.
3) Reward yourself along the way!
4) Ditch the car and the gadgets and downsize a bit. This short term sacrafice will pay off ten fold. This is the hard bit so this is the reason you need to reward yourslef along the way.
5) Get business like about your investing habits and record and plan the hours you spend looking for and managing your new properties – you might find that you work for six months virtually part time on top of your normal job and then “boom”it all falls into place. (If you don’t devote a specified time your will burn out)Imagine if you couold buy two excellent properties with strong fundaments per year for 4 years. You would probably find that you would double this if you learn the necessary lessons along the way. Without a crystal ball if you already own them by the time we are next blessed with serious across the board capital growth there will be no need to to ever consider working again.
Buy your straw hats in the winter time!
Good Luck
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