Hi Every one thank you for having the time to read and reply to this post.
My wife and I have would like to unwind from full time to part time work within 9 years time. (we are both 26)Where we are at the Moment?
– We own a Tattlotto shop in Burnside (caroline springs) the bussiness is worth 650k and we only owe (565k). We bought the shop 6 months from today at 510k so in a short space of time the value of the bussiness has grown. We only have a bit of room to grow. From what we have been told maybe our store can reach a point of being worth 700k only.
– We both have a joint income of 80k clear thats after taxed being paid and we have projected to also earn another 20k in profits in a year so that takes us up to 100k a year.
We only owe the bank 110K on the home we live in and we hope to have it reduced to 95k by end of the year. We dont have much expense we dont have flashy clothes, or credit cards, or foxte or anything like that. We just love to go out for dinner and lunch on sundays as a reward for hard work,.If you where in our sisuation what would you do in order to reach this goal? One of our ideas has been once we reach our peak we might consider selling the store for about 700k and do some thing else with the profits?
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi
If you have equity in your home why not use that to buy an investment property that suits your circumstances and then you will have the buisness, your home and your investment all growingBarry
As above, property allowed me to retire at 33. I now give advice on a part time basis. i.e. I work as is required. No 9-5 thank you to property investments.
Hi Johann
I've got to agree with birchcorp and Barry. It's been property that's got my wife and I out of the "job" grind.
We work our investment strategy on the basis that it will be the equity we own in property that will be our real wealth in the future. However we've been sceptical about the whole negative gearing "push" over the recent past. Although it does seem that a large proportion of heavily negatively geared properties have had good capital growth. And, as a general rule for us, the positively geared properties seemed to be in low capital growth areas out in whoop whoop.
We ended up stumbling upon vendor finance. This has allowed us to buy and sell properties with vendor finance and create great cash flow to support our (usually) negatively geared buy & holds, in areas we think have good capital growth prospects over the longer term.
This strategy has worked for us as we're not keen renovators or developers, which are other strategies you can use to generate cash flow. In fact we've been lucky enough to structure our vendor finance business so that it now supports our lifestyle.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi johann22
I would like to help but you are a bit short defining your goal exactly. You wanted to unwind from full time to part time within 9 years.
The key to successfully achieving your goal is exactness or precision.
I got some questions for you and here they are:
- At what exact year you want to move from full time to part time?
- How much cash flow you wanted to achieve or let go?
- How are you going to structure running your business etc.
The more you become precisely you wanted to achieve, the clearly the path of choses you will take.
The more specific you are, you will find, the more people will try to help you in this forum……..exactness.
Cheers Leo
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