Over 1000. I think having PPOR paid off and only debt (other than for IPs) is the current 4K on the card we clear each month (prior to interest charges).
Scored 123 and although I havent any debt I dont have any investments either. I really want to buy an investment property but all the research I've done leads me to believe I should just keep saving more of a deposit. I have saved $10,000 and would really appreciate any feedback as to where to begin. I am not entitled to the first home buyers grant. Kind regards R
I scored in the negatives, which surprised me given that i have four (really five, one set of flats) investment properties no personal loans, credit card paid off in full each month and a PPOR that i have 50% equity in. here i was thinking that i was doing okay. maybe i will just ignore this score and continue on my merry way.
WealthScoreis easy to complete. It should take you about five minutes to work through. Of course, the quality of the information you input will determine the usefulness of yourWealthScore.
3321. I guess thats quite good.
Don’t believe it in the slightest though. With that much liquidity, i’m sure we would spend stupidly and squander it in a few years
Wow! 3491. That was worth all the grind & the going without over the last 20 years!
So that’s my benchmark. I wonder what I can achieve in the next 20 years, but I’ll start with this next 12 months first…….
Thankyou so much Steve McKnight, for sharing your experiences with us & giving us the benefits of your knowledge and wisdom, on which to build our own. You’re a champ!
Cheers,
Liz
My score was -322 but when I calculated it per the caption ( [Investment assets – Personal Debt] / Salary ) it comes out at -1.28?? Am I missing something that the real calculation isn’t that simple?
I know the message is the same (i.e. start obtaining investment assets to fund your lifestyle) but I’m a little disappointed in the way they message seems to be mis-represented. Big fan of 0 to 260+, not a big fan of the wealthscore tool.
I just did it and got 9100. Not bragging but have been a careful and diligent investor for many years.. There is no such thing a genuine get rich quick scheme, except maybe for the dodgy promoters of such things who profit from the gullible and desperate. By applying the rule of ‘Consistent Persistency’ you can achieve your financial goals. Save and invest the savings. Use leverage to gain a slice of increasingly bigger pies. Start small but start, otherwise you will get nowhere. Good luck.. BTW I am doing the course as I realized at the recent seminar in Melbourne that there was so much more to learn and do.
Happy to report that I am right to live thru until 2034 on my current position and I am only just putting in place my 10 year plan leading up to retirement. My goal is to leave a legacy for 3 generations to follow as well as beginning able to look after myself and It appears I am on track to doing just that.
Happy to report that I am right to live thru until 2034 on my current position and I am only just putting in place my 10 year plan leading up to retirement. My goal is to leave a legacy for 3 generations to follow as well as beginning able to look after myself and It appears I am on track to doing just that.
Hi Michael,
on a bit of a different topic I’m interested in how you came up with your 10 year plan for retirement. Is it something you developed yourself or did you go to a financial advisor. My husband and I are both 48 and realise we have to seriously have a plan to put in place but aren’t sure how to start.
Trish
phew. initially i filled the price of my own home in the PPOR section and my score -609 but then i remember we have rented it out and reentered the info and our score is 294 thank you steve this is such an eye opener. I don’t think i will ever move back into our PPOR :0
Happy to report that I am right to live thru until 2034 on my current position and I am only just putting in place my 10 year plan leading up to retirement. My goal is to leave a legacy for 3 generations to follow as well as beginning able to look after myself and It appears I am on track to doing just that.
Hi Michael, on a bit of a different topic I'm interested in how you came up with your 10 year plan for retirement. Is it something you developed yourself or did you go to a financial advisor. My husband and I are both 48 and realise we have to seriously have a plan to put in place but aren't sure how to start. Trish
Hi Trish,
It is something I have put together over the years – I had a 5 year plan that I stuck to for over 5 years and it worked well – I decided to change it to a 10 year plan. Its a list of financial goals to be achieved over time broken down so it can be monitored – I have all my expenses and income listed into a spreadsheet. I have been toying with the idea of teaching people how to do it after speaking at the Mega Conference – Would that be something you might be interested in learning about ?
If you want to start I suggest you work out and list all your expenses and put them in a spreadsheet month by month – That helps you see when your bills are due and your high and low expense months.
Being aware of what expenses you have will give you a starting point from which to work.