How to start if you’ve got no money?

Hi emilypat,

good on ya! for having the mindset i wish i had at your age, not many 19yo's think that way. Seems like your parents are smart and are helping you achieve your goals. 'Carly Crutchfield' I will be buying her home course next week and might go to the workshop in Sydney or wait till they come to Melbourne. Study that course, she's a genius, watch the dvd's atleast twice, and write down any questions you may have, then ask them at the workshop. READ, READ, and then READ some more books. If you haven't already, I highly recommend RICH DAD, POOR DAD by Robert Kiyosaki. That book changed my way of thinking and my life. There are heaps of great books out there. If you want other titles let me know. Write down your goals everything you want to achieve in 1 year, a few years, and long term. Then read them before you go to bed and in the morning. You can always change them later depending on your circumstances. Most importantly "know you will achieve your goals" don't just think it and don't let anyone tell you otherwise. The "burning desire" that sounds like you have and action will get you to where you want to be. and don't get sidetracked by too many things, that slowed me down in the past, everywhere I looked I saw opportunities, shares, marketing, real estate etc…. Choose a vehicle you luv to get you to your goals then drive it baby!, pedal to the metal! and don't look back, b/c when you do, you take you eyes off the destination "your goal". Once you've gone as far as you want to go in that vehicle then get out if you choose and drive another.

Anyway thats my 2c worth,

If you have any questions just ask, if I can help I will

paulyp

Hi emilypat,

From your post, I can't help but feel inspired to see someone at your age ready to take a step out of their comfort zone. As I am in my forties I am hoping to retire in my mid-fifties and be financially independant. Starting at your age, the potential exists to be able to retire earlier than forty – and yes, beleive it or not that is still quite young!

As to where to go from here, I would suggest the following guidance:

1. Take up a mentoring program. Steve McKnights is probably most suitable. Don't necessarily look to buy property immediately, but spend lots of time with a multitude of people who have already achieved what you want to achieve.
2. Spend time with like minded people. The mentoring program mentioned above should supply this. But, don't just do it on-line! Make sure you meet face-to-face and chat with like-minded people. When I first started investing, I had spent a lot of time with such people and, believe it or not, I found I was getting confused as to which way to go. Upon my first purchase, however, I did start to understand a bit more and things became clearer.
3. Establish income. You have mentioned that you are looking at starting a business. Sounds like a great initiative. I had my own business for 5 years and found that I did get some rewards. However, back then the banks seemed a little reluctant to loan to small business. Other non-bank lenders can help but usually at higher interest rates. Consequently, I closed down my business and now work for wages. In your case though, if you have a passion to conduct this business and have set this on your path, then go for it! I had started my business at a later age and had two children to consider so for me it was not a great path to go down. At your age, what the heck!   My partner works in aged care and a common thought the elderly have as they lie on their death bed is they wish they took more risks  (as the rewards either financially or personally will come about and lead to an overall richer and rewarding life).  But finally on this point, apart from establishing income its also worthwhile to be able to show a lender savings – especially if its a deposit.
4. Learn some patience. Others may feel different on this matter, but my approach with property is to retain it for at least 7-10 years before selling it off – if at all. As a 'rule-of-thumb' – the longer you wait, the better the return with property. As well as this, be cautious about reading too much into what is reported in the media with respect to housing values dropping/lifting, etc. Just rely on cold hard figures from such sources as RP Data, etc. My partner often reacts poorly to such news stories about higher interest rates and falling property values on one of the suburbs we have investment property in – but I'm confident in time this will alter as the technical assessment I have done has served me well on other properties. The only constant we ever get is change!
5. The overall learning experience is constant. Just when you think you know enough, something else comes in from left-field that can be very useful. Never get a closed mind – as I did at one stage and missed out on a magnificent deal.

My very best of luck to you in your endeavours.

Glenn1964