All Topics / Help Needed! / Motivation for life partner !

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  • Profile photo of latormorlatormor
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    @latormor
    Join Date: 2010
    Post Count: 76

    Hello property investors !

    I hope you’re doing millions of dollars right now !!!

    I came up with this Topic due to a personal situation, this is not a technical topic!

    I started reading one of the Robert Kiyosaki’s books, then another one , another one, etc, and I got very motivated to do something different to reach my personal goals. Then I started to read about property investment and I see many good opportunities out there, I am in the phase of educating myself and attending to free seminars here in Adelaide. I have told my partner about what I have read, he seems to agree with me but still he hasn’t read anything at all. We agreed to go with me to another seminar this week, he gets excited about numbers, or other’s people experiences that I have told him, but again I don’t feel the energy and motivation required to make things happen. HAS ANYONE HAD THIS SITUATION??

    I want we both create wealth and reach things together, but I still struggle to find the right words or strategies to get more from him. We are new migrants, and during the process of planning the move to Australia we worked PRETTY WELL together because we had this goal of getting to Australia, a lovely country, etc etc but now I want more !!! I don’t wanna rely on a job in the future. I told him that we should do a Goal Setting exercise together, somewhere (the beach , I don’t know) and he agreed, I just need to plan it very well to get good results.

    I would love to here other’s experiences and figure out what I could do to get him motivated without making him to do it as an obligation.

    Cheers

    Alex

    Profile photo of newarkenewarke
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    @newarke
    Join Date: 2009
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    Hi Alex

    Unfortunately motivation comes from within.  We can be inspired by external factors such as reading or listening to other peoples' successes but until we (as an individual) decide to take action no amount of encouragement or coercion will work.

    Without knowing your full situation it sounds like you and your partner worked hard to achieve your goal of moving to Australia, however, your partner may now be comfortable in their current situation here (work, house, friends, etc) and the thought of starting a new journey on property investing could be taking them out of their comfort zone and the pain of hardwork could be turning them off, thus their reluctance to 'get-on-board' so to speak.

    One suggestion may be that you do all the research and then present him with some numbers to crunch on some deals and see how that goes.  Get him involved with something that he enjoys doing like the number crunching and ask him to show you how to calculate profits, yields,etc, etc. You mentioned that you both worked pretty well together – you may need to compliment each other's skills.  As I said before, you do the research he crunches the numbers.  This approach could just be the trick that gets him motivated.

    There could be many reasons why your partner doesn't seem overly keen or motivated to get involved. This is just my opinion and my experience in goal setting and motivation. People are naturally motivated when they are doing something they enjoy and doesn't involve any emotional pain, i.e., the hardwork that is involved with property investing.

    Regards
    Damien Clarke

    Profile photo of thecrestthecrest
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    @thecrest
    Join Date: 2004
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    You shared motivation on the previous goal, reaching Oz. .   
    Can you help him find another goal to share with you ?
    He may want to lead, not follow, depends on the culture.
    Ask him to list his goals or preferences in order.

    Damien may be right too, about him liking numbers, and your own talents may harmonise without being identical, complementary  talents, which adds more talent to the team.

    Good luck
    cheers
    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
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    selling motels in NSW

    Profile photo of latormorlatormor
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    @latormor
    Join Date: 2010
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    Thanks Newarke and thecrest for the feedback !

    You both are very right ! The most strange thing is that he should be more motived than me because I have the same working hours from Monday to Friday in an office, but in his case he does physical hard work and he has to cross fingers everyday to get a call from him work so he can go to work the day after! But being tired is not an excuse, because he easily find time for reading and doing other things.

    Based on what you said I totally agree that It could work that I do more research (as I’de done so far) and try to work our the numbers with him. He can do numbers mentally faster than me, and that could definitely attract him to this world, and much more when we start to DO SOMETHING. I have noticed he’s very interested in renovations by the way, maybe that could be a good start point, because I like it too.

    Also, do the goal setting is must-do ! Writing them in order will be beneficial with no doubt !

    Thanks people

    Cheers

    Alex

    Profile photo of Jacqui MiddletonJacqui Middleton
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    @jacm
    Join Date: 2009
    Post Count: 2,539

    You can't force him…

    But also, if he is really not interested, it doesn't mean you can't just invest without him.

    You mentioned his work is quite unstable.  Perhaps in that regard, taking on debt frightens him.  Perhaps this can be dealt with by creating a buffer (savings in the bank that can be used to make mortgage payments if he is without work for a few weeks).

    Personally, I am more afraid of retiring on "superannuation".  Recent times have shown that retiring with only "superannuation" as income, is a very very scary proposition.  Property is a great complement to this.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of latormorlatormor
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    @latormor
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    That's exactly right JacM ! We can't rely on Super, especially us that we became members this year , and I'm 29 and he's 28, we have much less savings there than a local of our same age who had worked since the age of 20.

    Let's see how it goes this week, I reckon it will be much better. I know there's a little bit of interest, I just need to convert it into  BIG BIG INTEREST capable of moving mountains hehehe I'll let you know all the results.

    And of course, I am still open to listen to more opinions and suggestions.

    Cheers

    Alex

    Profile photo of MosicLandscapesMosicLandscapes
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    Hi Alex,

    This is my partner and I. It's not that he is not interested per se (although I'm sure that his attention span has something to do with it!) but I am just much better at finding real estate and seeing what it COULD be, not what it is or what it is being sold as. I don't usually talk to him about anything until I can package it all up and present it to him neatly. That is when he takes over.

    He is so good at motivating tradies (in the case of reno's or building) and keeping me motivated (when it comes to dealing with council etc). So you don't have to have the exact same skills to make a good partnership. In fact I think it is better if you both bring different things to the table.

    Good luck with it all.

    Jess

    Profile photo of latormorlatormor
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    @latormor
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    Post Count: 76

    Hi Jess,

    Thanks for sharing your personal experience with me. It gives me more ideas now, we are certainly very different, that's why we are together by the way, we could do a lot with his skills for negotiation and persuading people, he's brilliant for that. I'm not as good as he is, but instead I am the kind of reading the magazines, reading the news paper, doing lots and lots and lots of excel spread sheets , even for planning our budget for holidays lol 

    I will include a list of skills he has that I don't  in the Goals Settings activity that's we'll be having soon

    Cheers

    Alex

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
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    Remember to look into SMSFs (Self Managed Super Funds).  You can buy property through them.  A big benefit being that money going into a super fund is taxed at only 15%, and once it's there you can use it to buy property.  Conversely, money spent on property outside of a super fund is taxed at your marginal tax rate.  If you are in a high tax bracket (eg 37%), I'm sure you will already be developing a sudden interest to learn about SMSFs.

    The current ruling is that you're allowed to dump an extra $25k per year into your superannuation fund if you wish (in addition to the compulsory amount).

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of ducksterduckster
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    @duckster
    Join Date: 2004
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    You need to plan  backwards.
    For example
    In twenty years time we (you and life partner) want to earn as passive income $200,000 a year and based on a yield of 5% we would need to accumulate $4 million in property equity by twenty years time.
    $200,000 in twenty years is most likely be about $110,000 a year in today's figures using 3% inflation

    Profile photo of latormorlatormor
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    @latormor
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    Thanks JacM and duckster,

    Definitely, after having our goals very clear we will have to make a plan considering different options (e.g. Super) and follow it, or improve it if neccesary, and so reaching the financial freedom in 10 years time or sooner !

    Thanks guys

    Cheers

    Alex

    Profile photo of Ryan McLeanRyan McLean
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    @ryan-mclean
    Join Date: 2010
    Post Count: 547

    I have this situation. My wife doesn't care about investing or business or anything to do with money really (except maybe spending it).
    Luckily she is supportive of me and lets me invest our money.

    It's much harder doing it by yourself, but maybe with the support of your partner (but maybe you the help of your partner) you could achieve great things. Then once you get started and start seeing some results I am sure he will want to join in.

    When money is being made and you are having a great time, people can't help but want to get in on the action

    Ryan McLean | On Property
    http://onproperty.com.au
    Email Me

    Profile photo of latormorlatormor
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    @latormor
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    Thanks Ryan !

    So you understand me PRETTY WELL ! I agree with you, having one partner’s support can help to many great things !

    We went together , for the 1st time, to a seminar, and he got more interested now ! He’ll even read Rich Dad Poor Dad ! That’s good !

    So I think things will be much much better in short time.

    Cheers

    Alex

    Profile photo of Ryan McLeanRyan McLean
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    Haha, I bought Rich Dad Poor Dad for my wife (when she was still my gf) and tried to make her read it. She got about half way through and gave up.

    For some people investing is in their blood and they LOVE it, for other people not so much. I just gave up trying to push her, I will go ahead and let her come along for the ride.

    Ryan McLean | On Property
    http://onproperty.com.au
    Email Me

    Profile photo of latormorlatormor
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    @latormor
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    Oh Ryan !

    It's a shame to hear (read) that ! The good thing is that you haven't stopped at all.

    I can tell now that appart from the seminar last night, few days ago we booked tickets to fly to a bootcamp !  And I didn't push it at all, I think my partner is still in the phase of being "curious" and he wants to find out "what else" is out there. So, no I feel we're doing well.

    In your case, it seems that you will have to show her results $$$ , that would probably change her blood into the money-making type.

    All the best Ryan, and never stop !

    Cheers

    Alex

    Profile photo of latormorlatormor
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    @latormor
    Join Date: 2010
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    Still having this issue :s Not easy to manage, but I keep educating myself at least

    Profile photo of PaulliePaullie
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    @paullie
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    My wife was not as motivated as me. When she was in hospital delivering our third child I bought our first IP. Was she pissed ,yer a bit, but now shes happy, and shes telling me where to look for real estate.

    Profile photo of Jess_L_27Jess_L_27
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    @jess_l_27
    Join Date: 2011
    Post Count: 2

    Alex,

    I understand your pain. It is hard to motivate someone if it is not the path they truely want to go down and they may end up resenting you down the track.
    Remember though even if he is not motivated it doesn't mean you can't do it. I am 27, single and I own two properties. Sometimes it is hard but it is worth it in the long run. Start small and work your way up, he will catch on soon enough if he is the right one for you.

    Jess

    Profile photo of latormorlatormor
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    @latormor
    Join Date: 2010
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    Hi Jess,

    Thanks for your words, I’ll definitely won’t stop. I keep reading. We save money, but I normally have to find external people to discuss things I find on the internet. Who knows, things might change along the way….

    Alex

    Profile photo of lbluedentolbluedento
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    @lbluedento
    Join Date: 2009
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    I know where you are coming from Alex. My partner isn’t overly interested in property, he wants us to use it as a means of early retirement but he doesn’t have the excitement or addiction (at some times) to searching for property and reading to learn about investing. In fact I bought 2 of our properties while he was away on fishing trips. I know if there were less fishing trips I’d have more properties but I also know I have to work with what I can and hope he catches on soon.

    I am looking at investing with my sister as she too is super into property, don’t know whether to go that way or not though as I have endeavoured to always keep family and finance separate.

    Cheers

    Ruth

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