WealthScore…. How Did You Go?

Is score of 453 for a person age at 30 a good sign??

213 But its been a rough year. Chance for a 'new life' and very happy to have found you all here to read up and learn.

I got a score of 2961.  If I complete a development I'm considering doing my score is 3286.

hmmm 2350  – will be great to see how I go in a years' time, and is really good to have something to benchmark myself against… 

For me, I think this would be less if it took into consideration the sale costs of multiple properties which would significantly cut back the end figure to play with.

Well I got minus 300 and something saying I would survive until today. I did it twice in case I made a typo or something.

Which seems a bit silly realy. I owe about $100, 000 LESS on my flat than it is worth. I have about $20,000 just on redraw.

I have over $12,000 (after tax) in long service leave etc. So If I quit work today I would have about $32,000 CASH available without selling anything.

IHey I am me. I could do it. But they wouldn't even give me all the money that quickly. But well If I realy tried hard I could probably spend that money before midnight tonight  ;0)

So the progam that works this out is just crap. I know about programming and I know a bit about money.

However that being said. I have read a bit of Steve's new book in a free sample I got in my mailbox.

What can I say except that it's good advice?

It's not rocket science though. Pretty much what I think and do anyway. Common sense.

There might be a point in using some of the equity in my flat to invest again. Rent it out etc. But I am at heart a bit lazy. I wouldn't mind the money. But I don't want to do the work at this time in my life. Maybe later when I have more equity and I won't have to work so hard to pay off the other flat. Yes I know I can rent it out for close to the bank payments on a mortgage. But then there is Body Corp, water rates, Council rates. The list goes on. $$$$$

Yes there are ways to make money in property investment. But be carefull please. People, it's not for those that think they can make EASY money. It's for those who want to work hard to reap the rewards. And make sure you can afford to make the payments. People with with solid jobs can get retrenched.

I quite like what Steve says about this stuff. But only you can do your thing, Beware. You risk your future.

Stew

Hi Everyone, great tool Steve.  I scored 6573 and when my next DA gets approved in about 6 months it will go to well above 8000.  I'm 29 and I'm proud to say that I have reached my hard earned short term goals before the age of 30. If I could give one piece of advice to budding property gurus.  "Knowledge is power and the more knowledge you have about something means that will you minimise the risk involved". Always remember that anything is possible and it is never to late.  So whether you have scored minus in your wealth score or are well on your way, don't give up.  Learn as much as you can from people who are positive and have done it and don't listen to, or take bad advice from negative people.

Hi Millions
Mate I think it said I could survive until about 2025 and I can't remember what the 8000+wealth score gave me. That was worked out on a $100,000 income as well, which could quite easily come down to $60,000 a year to survive.  I'm only 29 though so I still have a ways to go working on the assumption that I might live to 80+.  Thinking about it maybe I could retire totally from having to work, but what do you have to live for then.  Family and friends yeh, but there also has to be more of a purpose to life.  For me it is about the challenge and the outcome.  I am a little bit worried now about the outcome of the election though.  I'm not so sure now whether this boom will continue or not.  I suppose as long as you follow the rule of making money from property when you buy (getting it at the right price that is) and value add if you wish, then the money you make when you sell the property is just a bonus.  So if and when the market softens anymore you should still be ok.
cheers

We got -254 and can only survive today!!!  I am going back to see what my score would be if we rented out the home we live in and rented ourselves as it is the plan to make it an investment property eventually although kids may be disappointed as we just put in a swimming pool!!!

Congratulations on the mental shift!

This is a huge turning point for you, as most people are too emotional about their PPoR to move out and rent themselves.

We have done it as a necessity while over being here, but when we return to Aus in April we are leaving our tenants in the house and renting ourselves as we can see the benefits of this strategy. We don't have a mortgage on the PPoR which helps, but even if there was, the tax benefits are enough to make the whole thing attractive.

If you can manage to find something nice, and for less rent that you'll be getting for your place, then so much the better.

There are lots more people these days who are even renting and not owning a PPoR at all, but own several IP's. That may be an option for you too.

A house is an item, and can be replaced easily with another one. I'm up to PPoR no.4 at the moment, and no.5 will start being built in about a year's time.

Got a score of 4,320.  I see this as a neat, simple tool designed to get you thinking about how you live and how the choices you make today can impact into the future.  Also, don't forget that nasty little thing called CGT!

Cheers

M.