What advice would you give yourself 10 years ago that you know now?

[geoffw]

Another very good question sent in a private mail- again, one I thought would be worth some responses.

My own response:

Ten years ago, I was just starting to pay off my PPOR. Six years ago, I bought a DHA property, and never intended to buy any more.

I got motivated 2 1/2 years ago, and bought the wrong property for all the reasons.

I'm really happy about my more recent purchases. And I'm really happy about some of the growth which has occurred recently- though I don't expect that sort of growth to happen again for some years.

So ten years ago, knowing what I know now, I would have said, "buy something, for goodness sake. Get into real estate. Be careful- but not so careful as not to buy".

If someone was going to buy another property, I would be suggesting, as Rolf de Roos does, to at least aim to look at 100 properties.I'm not sure about his other figures- but, at least, if you look aim at looking at 100 properties, you'll start to get at some ideas of good vs bad value.

[dtraeger2k]

Hehe

10 years ago I was in grade hmm **** *counts on his fingers*, grade 5 or 6.

No point saying what advice I'd give me because I wouldnt have listened, and neither do most kids that age still now. :p

[suggo]

Read some of the books that started me on the road to a comfortable early retirement(hopefully I'm on the right road now!)

If I had taken that advice ten years ago I would be able to retire now or at least been awful close to being able to retire.

*Looking around for time machine*

[XBenX]

Great post Geoff - everyone should post a reply to this, it will become another knowledge bank style topic.

Ummm for me ten years ago you could of told me whatever you wanted and I probably still would of just bought footy cards :P

Lets for this exercise pretend Im a bit older and giving advice to myself after just finishing school.

A/. Get a real education, a financial education, forget academic studies - even if its finance related (I should take this advice now, but Im too fond of those pretty letters after my name on my business card)

B/. Read as many books on financial topics as you can.

C/. Compounding/Growth/Time makes you forget all mistakes - time in the market is important - timing the market is not (but its a nice bonus if you do)

D/. Your borrowing capacity is not a problem (if you know the rights things and speak to the right people)

That will do for now....

[Bill.L]

10 years ago had been in a newly purchased business for almost a year and was heavily in debt on vendor finance. Thought we would be doing it forever. Sold it about 4 years ago. Oh well that's life, move on.
If I knew then what I know now, I would have bought all the call options on the dot coms that I could during the late 90,s then shorted the lot in early 2000.
The other thing I would do would get into ......er that's my little secret. In 2013 you can all say, Gee if only I'd got into.........10 years ago. :D

bye

[PEI]

The advise I would have given myself 10 years ago

1) Educate myself on all things financial, Property, Tax, shares etc.

2) Invest as early as possible as time is the essence of good investing

3) Do not be suckered into public or media hype or fear.

4) Device a plan and stick to it.

5) Keep all things in perspective

6) By all the property you can! "now"!!!!!!!!

[adrian_see]

What advice would you give yourself 10 years ago that you know now?

Even if I gave myself great financial/business of life advice I probably wouldn't have made use of it at age 17 because that was not what was important to me at the time.

I bought books like Anthony Robbins, Think and Grow rich, tape sets by Jim Rohn, Dennis Waitley all about 10 years ago but only got around to really using them about 1.5 years ago when I woke up financially. I was basically not ready for them at that early stage of my life journey.

Even though I have not achieved great sucess to this stage of my life I don't think I would change a thing. It's what I do today that matters and the road to financial freedom and sucess gets closer every day.

If I was to give myself advice for 10 years ago it would probably be to put into practice the principles from the book The Richest Man in Babylon. I think the hardest part when you're young and earning very little is to save money because the temptations to spend are so great, so you end up spending every last cent. When you grow older and earn more, saving becomes easier.

Regards

Adrian See

[Pedro61]

What would I have told myself ?

Not sure?

FINANCIALLY – Educate yourself. Don’t follow the crowd. Take a chance now and then.

MORALLY – Stubbornly believe in your abilities and be good to those less fortunate.

For one thing I would have hugged and kissed my mum a lot more often and not taken her for granted.

Life is far too short and soon I’ll be in the situation she was in then – scared, hoping that my kids will do well in life and not want for anything when I’m gone, and thinking that I should have laughed, played, and smiled more. I’m now trying to do those things.

At the end of the day all that matters is wether you made a difference to someone else’s life.

Man strives for fortune, glory, fame,
that all the world may know his name.
Amasses wealth by brain and hand;
Becomes a power in the land.
But when he nears the end of life
and looks back o'er years of strife,
he finds that happiness depends
on none of these, but love of friends

Unknown

[Carmel]

Advice to self 10 years agaO?

1. First, last, foremost: Educate yourself financially, friend. Read some good books, it's not really difficult, get to know the basics and understand how this money stuff works!! Learn, learn, learn so you can work smarter, not harder.

2. Spend less. Those doodads add up. Did you know you can afford a property on what you spend on lunches/coffees/etc?

3. Use 1 and 2 to buy effective investments. Buy property now. Don't wait to 'save up the deposit', don't wait 'to pay off your mortgage'. Use the house equity & buy now. Balance negative geared with positive cashflow.

If I had taken that advice ten years ago I would be able to retire now or at least been awful close to being able to retire.

Oh, me too. Me too.

[AlexE]

If I had taken that advice ten years ago I would be able to retire now or at least been awful close to being able to retire.

Although 50+ I think it is never too late and since I am a bit more educated now than 10 years ago, I now know that I will be retiring in 8-10 years. So, it all comes to lerning, beeing discipline and have goals and work towards them.
Hopefully in 10 years I will be able to say that I am at last financially independent, Because...... I have started.

A.E

[Fester]

Gee, ten years ago, and knowing what I know now ..... I would have got into property and not share traded or bought into managed funds like I did then!! That is for sure!

The Fester

[Glenn]

Hi All,

10 years ago I was 23, had already gone broke from being self employed without discipline and a love of doo-dads, but had just about paid out the last of my creditors.

After pulling myself out of the poo, I purchased my first property in a low growth area. The income was great but I did not know about the tax benefits available to investors and was probably missing out on around $3,000 per annum in tax benefits.

What I would do differently if I could go back would be to purchase a property as close to the beach or city as possible, take interest only loans for 90% of purchase price (and pay the LMI), wait 6 - 12 months to see the effect on my cashflow and use surplus savings from my income to fund the next purchase....quite a conservative strategy but one that would have me sitting on at least 5 properties that as a group would be putting cash in my pocket and worth substantially more than my purchase costs. I would have my current accountant preparing my tax returns and give me advice on how to structure investments.

Glenn

[TheBacon]

1. Study less. Uni qualifications do not make you a better person, richer, etc., etc.

2. Spend my time on the things i love doing, the money will follow.

3. Buy an IP whilst lving with the folks.

4. i would also tell myself where to go to meet the future MrsBacon.... ;)

TheBacon

[ivankram]

What would I say to myself 10 yrs ago....

1) Go to the bank

2) get a loan

3) buy a home

4) Learn (from mistakes and books, seminars)

5) Go to 1 and repeat process, until I retire in 10 years.... Hay, wait a minute ... That would be NOW!...


Also I would say to myself that there is no such thing as should (like, I should really get into IP), .you are either doing it or not

Love the responces

Ivan

[Kevin Hockey]

10 years ago I was 28 and had a furniture business which was about to go downhill fast through my own lack of business skills. The business grew faster than I could handle and we lost everything including our home, cars, money everything. We ended up selling off our homewares through garage sales just to buy groceries. I learnt more about business during this period than I had learnt in all the years I was trading.

I wish I had read the book E-Myth by Michael Gerber back then. The best book for business owners I have read.

My current business has no debt, I don't have a credit card, I only spend the money I have. I invest in what I know, which is real estate and I always have a plan "B", my what if it doesn't work plan. I have written goals, a business plan and I let those around me know what they are and try to keep them focused on them also. Being part of a great network is a very big help, I now know the advantage of franchises although I had never before been an advocate.

If I could give myself advice 10 years back it would be about those things, but probably just to get out of furniture and go into real estate.

Kev

www.nundahrealestate.com.au

[richardg]

The most important thing I could have done ten years ago?
Make a financial plan!

[Lotana]

The most important thing I've done 10 years ago? Came to Australia!

Cheers,

Lotana

[brains]

Advice to self 10 years ago;

1..Dont blow $25k made from a small business venture backpacking across Europe and the States for 6 months (twice). Great times and memories but what i could have done with that money if i thought like i do now.

2..I owned an IP 10 years ago (cost $170k) but just didnt realise the wealth implications. A 2 story terrace in Annandale bought in 89 and sold in 93 for a profit of only $17000 (now worth conservatively $5-600k). Should have hung on to that one.

3..Dont buy expensive cars that are non tax deductible (they depreciate before your eyes) what a waste of money but i still do it.:D cause i love cars.

4.. Should have educated myself financially, everyone has said that, but its fundamentally important.

One good thing i did listen to myself was to leave an electronics engineering degree 3/4 the way through to work for myself, ive never been the academic type anyway.

Lots more but i can hear the yawns already...:)

[geoffw]

Originally posted by ivankram
What would I say to myself 10 yrs ago....

1) Go to the bank

2) get a loan

3) buy a home

4) Learn (from mistakes and books, seminars)

5) Go to 1 and repeat process, until I retire in 10 years.... Hay, wait a minute ... That would be NOW!...


Also I would say to myself that there is no such thing as should (like, I should really get into IP), .you are either doing it or not

Love the responces

Ivan Just to let people know- it was Ivan who asked me this question, as well as http://www.somersoft.com/forums/showthread.php?s=&postid=43802

Two excellent thought provoking questions.

Thanks Ivan!

[Topnotch]

10 years ago...........

Still picking myself up after failure of marriage and losing pretty much everything.

Only could have wished that the internet was around then and that I could have learned as much as I have in the last 12 months about the road to financial freedom.

No good in crying over spilt milk, just pick myself up, dust off and take another step forward

March on the next 10 years.......I've got it made mentally, now the simple part to put it all together in a positive manner.

[JoannaK]

ten years ago I was 19 and I had already purchased my first property.

On my father's advise and experience (who is quite conservative by nature) we did everything backwards (in my opinion)

If I knew then what I know now I would have advised:

*make sure you are armed with information
*develop your strategy and then make a move
*don't blindly follow the advise of someone else
*don't be complacent, know what's going on at all times
*use the rental income to your advantage
*do everything possible to avoid selling

[duncan_m]

This whole thread reminds me of a great quote:

"The time for extracting a lesson from history is ever at
hand for those who are wise." Demosthenes

Duncan.

[Aikido]

Advice I would have given to myself 10 years ago.........

1) Don't go to Uni
2) Read investment books
3) Eat all my vegies
4) Find successful people to learn from
5) Ask that girl out
6) It is ok to make mistakes

[geoffw]

I'm impressed by the number of people who had made bad mistakes, but who pulled themselves out of the mess and started again.

I was in an ATO mess a few years ago- not nearly as deep as some of the problems people have had, but it still cost me $53K, and counting.

I learnt, going through it, that I could do without a lot of the doodads I thought were necessities, and I'm the better for it nowe.

[Lotana]

I am shocked with a number of people regretting going to the uni. May be you went to a wrong uni amigos? I enjoyed my uni years so much! My degree is in Computer Science and Applied Mathematics, I got it over 20 years ago. There was a new depth of knowledge opened for me by my teachers and the uni environment. It was challenging. I found close friends their, who are my sole mates even now 20 years later. I developed self-learning skills apart from a lot of fundamental knowledge in my area that allows me to survive in bad times, such as current IT industry downtrend. I've learnt how to research new areas and think independently. I believe education helps people develop their best potential. Yes, if I didn't go to the uni I would probably have more investments and more wealth, but my life would not be as full as it is now. And I wouldn't probably know how much I missed, like a blind person.

Cheers,

Lotana

[XBenX]

True Lotana - there are benefits of university - I think all of us were considering how much better off we would have been if we studied property investing instead !

But we forgot all the other perks of uni :P

[Kathryn]

My uni days were some of the best times as well. Had I to do it over again though I probably would have studied and paid a bit more attention. I only went because it was the next step after high school and it was just expected that I would go. So I joined a sorority and partied my way through the first two years, then went on a study abroad to Europe for a quarter, then decided to apply myself to finish. After 6 years and changing majors about 3 times I finally finished with a B.A. in Business, not that I did much with it. Ten years ago I never even wanted to own a house.....thought it was a noose around your neck and you couldn't just pick up and go if you wanted. If I had started then, what we started about 6 years ago I could've retired by now. Although Kiyosaki gets slammed and, I agree, he only glosses over things, it was RDPD that actually got me motivated to do something seriously a few years ago. The best book that I've read for those wanting to get started is John Burley's "Australia's Money Secrets of the Rich". Had I have read that many years ago it would have helped tremendously. Sorry for the long post, I was getting nostalgic :cool:

Cheers,
Kathryn

[Aikido]

I think the regret with uni is that most of us only went because we didn't know any better. My appreciation of it then would not be as good as it would be if I was attending something I am interested in learning now (did that make sense? :p )

being able to learn what you want is always more enjoyable than having to learn something.

[darren b]

Pretty simple. Dont negative gear. I would of been millions ahead if I didnt waste the first 7 years blindly following this path. I made a bit of money, but nowhere near what I've made in the last 3.

[pjb89]

Hiya

For me personally, I think that the path to financial literacy was something that I wished I had pursued 10 years ago in addition to actually starting.......starting anything instead of procrastinating and using feeble excuses to make me feel good.

The reading of Jan's books in addition to this forum has been the turning point in my now planned financial turn around. As soon as I read Jan's books, the penny dropped as I now knew that I had found what I had been searching for.


Pedro

[dwyerfam]

My advise to myself ten years ago, would have been to "get" that Jan Somer's 1st property book when it was mentioned in a write-up in Brisbane newspaper at the time. If I had done just that, I reckon I would be where Jan and Ian Somers are today.

Danny D.

(Did anyone else remember seeing Jan's story in the Brisbane/local newspapers around 10+ years ago?)

[dtraeger2k]

I really hate to break the topic here,

but Darren B, can you elaborate on how your strategy changed to make you more in 3 years than in the previous 7?

[WillG]

10 years ago ...

Just out of Uni (Electronis Engineering)
More interested in paying Guitar than investing
Saving up to buy first car
Trying to move out of home

My only regret is not talking to enough financially independant people. Perhaps an Accounting degree would have given more opportunities to talk to smart financial people

[john doe]

removed

[geoffw]

Originally posted by john doe
My advice to her would have been to have told everyone to go to hell and just given finance a go. And stop listening to your parents and do what you want to do. It's your life.John,

Excellent advice! And I can identify with it now.

Except that I did not follow their advice to buy my own house 25 years ago :D

[rickmick]

10 years ago we had well and truly started the "journey" and had just purchased our third property.

This last purchase ultimately caused our strategy, or lack of, to stall for the next 7 years.

So advice to self would have been more speed, less haste.

All the information to avoid this purchase was at hand but I was in too much of a hurry to consider it.
Of cause, this ended up being a very good lesson, albeit an expensive one in terms of time lost.

We have since made up for this error, and now look forward to some exciting times ahead.

Rick

[Mark Laszczuk]

What advice would I have given myself ten years ago? Absolutely none! Why? Cause I have no regrets and I would not want to have done anything differently because I would not be where I am now if I had.
I am in a really great position in my life at this point in time, all due to the fact that things have just slotted in real nicely at the right time, right when I was open to accepting them. Since I was fifteen or so, I have been doing a lot of 'soul-searching' you know, looking within myself, being open to change and doing things at my own pace.
In the last two and a half years and especially the last twelve months all that work has really paid off. I couldn't ask for things to be better. I have an absolutely wonderful life partner (who planted the seeds of financial independence in me), fantastic future employment prospects and a future that is going to be well taken care of.
I could say that I would have done this, I could have done that, but then that would mean that I would be a different person to the one I am today, and I wouldn't want that for all the money in the world.

Mark
'no hat, some cattle'

[Sim]

I'm with Mark on this one... I wouldn't change a thing, since I wouldn't be who I am now if I didn't do the things I did.

I do suspect that we both have the advantage of age on our sides though... we're not old enough to have major regrets for lives not lived.

[Mr Turkey]

My father was poor dad. Bought a farm and sold it back to the seller a year later for half price. Never invested in anything. Nobody in my family had investment real estate or shares.

Eight years ago I found myself in the computer industry. But realised my computing skills kept needing to be updated. They were a decaying asset. So I was motivated by that. With my home paid off for the first time in my life I had some money to invest.

About that time the internet was becoming more available and I finally got connected. I searched for "invest" in the newsgroups. The first thing I read was someone flaming someone else for being "crazy". "You cant recommend people buy that. Its illiquid." he told crazy man. But crazy man defended himself with logic and I saw he made sense.

So I emailed crazy man and he taught me his methods by email. Hundreds of them over years. We are still in contact. He became my rich dad.

Mr Turkey

[Kevin Hockey]

Hi Mark and Sim,

I agree with Mark entirely, however, this is a hypothetical. No-one can even if they did want to, change the past. However we should, through years of wisdom be able to pass on life lessons learnt. I most certainly don't want to change who I am, but if I knew then what I know now....... the fact is I would have done things differently.

If anything had been different I may not have met my wife and I can't imagine being without her. So I'm not interested in changing anything. As I said earlier though, man I made some mistakes.

This is one of the most interesting posts I have read, keep them coming. And Mark, I'm sure you have some wise words for us to learn by too, so don't be shy.:D

Kev

www.nundahrealestate.com.au

[Les]

What can I say except that some people have thicker skulls than others. Some 30 years ago, my wife and I bought our first home - cost $15,000 - within 6 months we were offered $23000 for it (anyone else remember 1973, when prices screamed upward? including gold - which hit something like $800 per ounce...... ???)

8 years later, we sold same home for $45000 (200% in 8 years - sometimes I cringe when I think of it...), we rented for 3 years, then moved to Brisbane, and bought where we could afford for $45000. THAT home screamed upward when Expo88 was on - worth $95000 around '88/'89. Wife sold RE between 87 and 91 - and, early in the piece, we bought our very first IP ($48000), did it up over 2 weeks, rented it at 15% yield, then sold as mortgages hit 18% - sold it for $72000 just 18 months later.

Had a few abortive, (half-hearted?) attempts to "recreate" this over the years - time went on, kids grew up, etc.

Where did all the time go?????

In 1997 wife heard of a radio interview where Robert Kiyosaki was talking about his newest book. I bought RDPD, went "Doh!" - and started searching (slowly) for our future (the age of 50 had also hit....) - since that time, my time and money has been spent on "future benefits": - i.e. buying good books, attending seminars, purchasing IP's, and frequenting forums.. ;)

So, what would I tell myself 10 years ago? I'd say "You ALREADY KNOW the answer - just KNOW that you know, and go out there and make it happen again, and again. Don't take NO for an answer, don't let up - keep on swinging the bat, something will connect." Be confident, be persistent - just DO IT !!!!

PS - by the way, wife and I visited that same FIRST home 6 months ago (door-knocked, and talked our way into the place). It had changed hands again after we sold - for $99,000 in 1992 - today it is worth $200k. And we'd paid $15k for it way back when - but didn't keep it!!!! Forget about "knowing what we know now" - we probably knew it in 1974 - but just didn't know that we knew!! Same in '84, and '94 ...... (I think we know now...... :o )

Anyone else THAT thick????

Regards,

Edited later:- I'd said "40 years ago" but it really was only 30 years back !! Changed it to reflect reality :D

[Sim]

Not thick Les, just not looking.

The one reason most people don't do more with their opportunities (or don't even see that there are opportunities) is that they are simply not looking for them. That is either through ignorance, or inexperience, neither of which is a sin !

[rickmick]

Yeah, your right Mark and Sim, I wouldn't want to change any of the fundamentals either. I believe everything happens for a reason.
Taking on board the lessons learn't along the way are the important things and the more you have under your belt the better armed you are to succeed in the future.

Rick

[perky29]

I am enjoying this thread.
10 years ago, advice to self -
DONT BUY THAT SE QLD townhouse WORTH 136K!! (which has only now over 9 years later caught up with the purchase price thanks to big growth over the last few months).....buy next door in Holsworthy - small 3 bed fibro at 115k - now worth around 300k 9 or 10 years later.....that one burnt us for over 8 years until the courage was found to invest again....
never mind....still in my mid 30's !!!
Love this forum!!!:)

[geoffw]

Originally posted by Kevin Hockey
I agree with Mark entirely, however, this is a hypothetical. No-one can even if they did want to, change the past. However we should, through years of wisdom be able to pass on life lessons learnt. Absolutely Kevin!

This question was asked of me by someone starting out- a newbie asking for pointers, and hoping to learn from them. I thought the question was so good that I passed it onto the forum- and the answers have been great.

I've made plenty of mistakes. I've learnt from all the mistakes I've made, and I believe I'm moving forward. I'll still make mistakes- and I'll still move forward.

But If I can pass on some lesson to someone else as a result, the lesson learnt from the mistake becomes even more valuable.

[Kevmeister]

10 years ago (well, maybe a couple extra):

1. Invest whilst you are living at home with your parents. It would seem to be the easiest way to gain a good foothold for achieving financial independence.

2. Buy property that you can rent out, not land. I bought land at the age of 21, with the intent of building my future home on it in X years time. Would have been much smarter to buy a rental property, especially one I could live in later, perhaps.

3. Obtain financial education - not from your parents because more likely than not their "advice" will be ultra-conservative and keep you in the rat race (but you still gotta love your parents).

4. Get into the habit of saving a'la Richest Man in Babylon. Material possessions are not everything.

5. Balance your life and your work, and value your health.

Mark/Sim, not everything you might have been able to change in your life necessarily has negative consequences. Had my wife and I started on the road to financial independence earlier we may have reached a position to have children earlier (certainly a blessing), perhaps been able to travel more, etc.

I too wouldn't want to change anything where I might not have been able to meet my wonderful wife, but there are plenty of other things I could have changed after I met her that wouldn't have affected our relationship - perhaps even improved it.

[Kevin Hockey]

Hi Kevin,

For most of us, having financial freedom whilst we are young is the time we spend our money less wisely, yet we have no mortgage and a lot less commitments than we will later in life. It's the perfect time to save.

I'll print that one out for my boys to read.

Your advice was excellent....... and a great name too.:D

Kev

www.nundahrealestate.com.au

[rob paul]

HI everybody who have replied to this thread

My computer has been out of action for the last week ,spiked by a storm here in Sydney last monday,dont realise how much you rely on the pc until its gone.
This thread is great but for those old enough (40+)could re-phrase it to ask 10 OR 20 YRS AGO.

I read a book by Bob Jones(Kiwi investor)20 yrs ago called "capital gain "
It impressed me, and covered how to leverage residential real estate ect...however when your 20yrs old hormones and sex,soon get you sidetracked and the last thing on your mind is investing for the future.
So after a failed relationship and many failed ventures later,I would narrow my advice down to the following,
*You must do what you like for a living
*You must find a partner who thinks alike
*You must invest in what you understand
*hang out with people who have the same values and ambition as yourself
*If you act in haste ,you will repent at your leisure
*However ,It is better to act and make a mistake, than do nothing
* Keep focussed no matter what!

like many others who have replied to this thread ,it is only the last 4/5 years or so that things have gone extremely well,however it is only that past mistakes have paved the way.

This is the irony of not acting when you are young,today I work (albeit part time managing one of Bob Jones many buildings).

[Tibor]

What advice would you give yourself 10 years ago that you know now?

Your house is not an asset (in your books at least)

An asset puts money into your pocket a liability takes out of it.

Your main financial aim that your passive income exceed your expenses inflation indexed for life.

Do not study computer related stuff, but about how to invest.

Do not let the bank to pressure you to sale your golden eggs.

Do not listen to negative geared and tax effective rubbish.

Do read about investing whatever you can get hold of.

Get to know the right people and employ the right strategy.

Why?

Being able to spend more time with family and friends, travel, enjoy life considerably more.

To avoid being downsized, rightsized, anysized and worried what to live on without having an not so excellent J(ust) O(ver) B(roke).

To do with my life what I want, when I want, where I want and how I want without being concerned about economic factors.

Be generally a much much happier person, be able to help much more people and get a great kick out of what I am doing EVERY DAY.

Am I upset about it?

No, but a bit sad and annoyed as I have missed out on certain things that will not come back. Pleased about the learning path, I usually enjoyed (and still enjoy) it and also it allowed me to meet lots of people with similar interest.


Tibor

[Ekka]

Hi,

I just want to say that I have really enjoyed reading the posts on this thread and this is my first post so I'll do my best.

Quick History:
I bought my first property in 1986 when I got married for $75K. I was 20 years old. I sold it for $149K in 1989 after the boom.

Until last year I bought and sold properties (family homes) and did ok along the way. These were primarily renovations until I owner built the place we currently live in about 5 years ago.

All this time I ran a successful photographic business in Sydney's west.That was my biggest problem.I wanted to persue a career in property renovations/development whatever etc. but I was afraid to take the step.

Since July last year I have done 2 renovations and in the process of one small sub-division. I had to go into debt to do it but it has really all been worthwhile.

Family and friends had me convinced that I was crazy.(not anymore)

After 14 years I sold that business(June 2003). Now I enjoy getting up in the morning and going to work, whatever that may be today.

I finally followed my heart, and if I only did it 10 years ago, I'm sure things would have been a little different. I see more of my children and not my staff 7 days a week. You find out how really important the other things in life are when you take time to stop and smell the roses.

My main lesson I have learnt is " Don't doubt yourself ". Just believe in yourself no matter what your situation is, only now do I truly feel success and I have only just begun.

Thans and look forward to you posts.

[Mark_B]

I think this is one of the most important threads I have ever seen on this forum - thank you to all who have contributed.

If I bumped into an 18 year old version of myself I would say this:


I know you can be ignorant, but please listen to me.

(If that didn't work I would get myself in a headlock and say "I am stronger, older and smarter than you!")

For what it is worth, my advice to myself would be that if it is wealth you desire, then:

- withdraw from full-time university study and study part-time (if at all)
- get a job in a bank (I did work in a bank straight after uni, but the opportunity was lost on me at that time)
- listen and learn to those around you
- watch the financial practices of customers and fellow officers - both good and bad
- ask questions about financial management and plenty of them
- annoy the lending officer / bank manager as much as you can and learn all you can about lending and real estate
- find a good accountant who understands both property and legal structures
- save and save and then save some more
- read books (in early 1994 it would have been "Building Wealth Through Investment Property")
- spend more time with people you can learn from
- buy as much property (houses with land) as often as you can and hold onto it
- I know that car is fast, but it will cost you $$ - look for affordable reliability

To be a better person:

- value every second you spend with friends and family
- listen more and take a genuine interest in those around you
- spend more time with people who inspire you

In general:

- back your own ability
- think outside the square

MB

[Aceyducey]

I have no idea what I'd say to my self of ten years ago, once we got past the 'hey aren't you me from the past' and the destruction of the entire space-time continuum bit.

Because there's really nothing I'd want to change or give myself a heads up on.

A lot of what I know now I wasn't ready for 10 years ago...it would have been worse than useless to me, it would have probably sent me off in the wrong direction.

My journey thus far has been as important as the destination (present). I expect my future journey to be at least as much fun!

I've had a fantastic journey so far....knowing the potential future would spoil the surprise.

Cheers,

Aceyducey

[Ecogirl]

10 yrs ago hmmm... just starting uni in bris vegas - what would i tell myself

- move out of home b'cos the 1.5-2 hrs travel each way to uni everyday is valuable time i could have used for working (cramming for exams still works so who needs regular study). How I did that for 4 yrs I'll never know.

- don't try so hard for great marks b'cos a pass degree is just as good out there in the real world (as opposed to studying really hard and getting honours).

- read the Richest Man in Babylon and actually apply the info

- try to find like minded people who have a passion for being financially independent before 40 (I still haven't met anyone of that ilk - face to face that is :) ).

- don't always put work above having a healthy balanced life - I'm only just learning how to do that. :rolleyes:

- get a good education (going against the grain here by reading the above posts). This enabled me to be in a high paid job straight from uni - where did my $$ go????? See book recommendation above.

- eat healthier, drink less, party less and invest in your spirit (not the acoholic variety)....

End of sermon to self.

Ecogirl

[Gee Cee]

:cool: Nice to see that some people can still have a great time. (Off Their Face)

Relate to growing Forward & stiil have a sence of humour :p

I think that in the end we all want to have Fun. Do heaps of things. Have great friemds, travel, etc.

Be financially secure. :)

Have a loving Family. :D

Be Confident in our selves :eek:

Basically I had a very limited education. My parents set me up on nothing. I did not go to UNI but met a few property developers & investors out DOING IT ALL in the early 80's. They had No degrees but certainly Knew about the Real World / & how to make BIG BUCKS.

Their information & mentorng served me much more in the 80's than any degree with Distinctions.

Gee Cee

( :D Dumb Retired 40 yr old) :rolleyes:

[J cHAN]

Ten years ago ...

I would say 'wake up' to myself earlier, listen to people who have made it. Read sensible books by Kiyosaki, Somers, etc.

Join the forum, home network, listen and read, even the spruikers must have a certain patch of good run. That is if one approach skeptically and find the part that works.

Then try and evaluate what really works. I tried both properties and shares. At the evaluation after a good number of years (too long), I realised that my greatest and consistent gains were from my properties.

Do what is enjoyable and gain at the same time. For example, not all new cars are liabilities if you know how to approach it. Not all overseas holidays are liabilities if you know how to arrange it cost-effectively.

Yes, start early and recognise what works earlier. (A message to those who had uni education and is biased towards shares. Read Dolf de Roos' book on real estate.) Shares also work (as at present), but properties give the leaps.
:)

[Robyne]

I would tell myself NOT TO SELL MY LITTLE UNIT!!! A better idea would be to use the equity and buy another property.

I would also tell myself where to find my husband a couple of years earlier.

I would also tell myslef to spend more time woth my mother.

I would also inform myself that both butter chicken and pop corn you buy at the movies are very fattening.

Robyne

[asy]

Hmmm...

What would I tell a 25yo me...

Can I go back an additional 4 years please, and say: "DONT MARRY HIM!!!!!"? Please?! :rolleyes:

I'd also say, SAVE SAVE SAVE, Don't buy that! and BUY PROPERTY...

By the age of 25 I had bought my first IP, AND sold it at a loss... (Damn those 21% interest rates... :( And losing my job during them :eek: )

Hmmm...

What else...

Well, I had just had baby #1 10 years ago, The advice I would give me on that one would be: Don't take the doctor's word as gospel... GET HIS EARS CHECKED!!! May have saved him some deafness, and some speech therapy, and I have to wonder whether it contributed to his autism...

With respect to property...

The answer is: BUY IT!

asy :D

[jahn]

Hi
Great thread. Good reading.
Most thought provoking.
Very much inclined to agree totally with Mark, along the lines , glad to be here where I am. But it would be good to be doing it all easier. :)
I seem to be one of those people who had their blinkers on for most of their life and lived in their own little world, as the rest of the world did other things.
10 years ago I could not have learned what I have in the last 12 months from reading this forum. (didn't have the internet etc) and as much as I have been striving to learn for most of my life, in the past I struggled to find info on what interested me.
Catch 22 - Learning about life and all the what for, what if, and why questions take time and you need money to survive. Because money has never been my priority (and still isn't), it is a necessary and very handy thing to acquire. :rolleyes:
So advice given 10 years ago to self.
1/ As above posts re financial information (and remember the quote "If you think education is expensive, try ignorance.")
2/ Don't be bluffed by louder people
3/ Be more determined
4/ Work harder for me, rather than for my employer
5/ Be more determined
6/ Be more confident in my own ability
and 7/ Have faith

BTW Are there many people you would listen to just because they are 10 years older than you. ?

jahn

[XBenX]

I just re read this thread, I didnt realise I had already contributed...

Id like to make an addition to my earlier post;

Babyblack will win Race 4 in Dubai tommorrow - I know absurd to think a donkey could win a horse race but @ 1m:1 dont you think you should have a few $$$ on it.

:P

[wish-ga]

I would say to myself "don't get sidetracked or frightened by other people's opinions".

"Listen here", I would say to me, "YOU GO GIRL!!!!"

[yadreamin]

Great thread and great posts.

When l think back l tend to get angry at myself,
l then get a bit depressed at how much has slipped through my fingers and my brain. gotta get over it!

I am enjoying this journey in property.
I enjoy seeing my net worth grow with what I HAVE DONE because l chose to finally believe in myself.

It will be nice in about 5 years to reap all my rewards whilst those l DID listen to will still be plodding off to work or reading up on yet another lot of new superanuation rules and taxes.
cheers yadreamin

[Peter 14.7]

Great Thread Guys

OK I am not going to say read this or that because I was doing it. ( I needed that advice 20 years ago at 17 but being working class you don't even know these books exist!)

I ALSO WILL NOT SAY RISK MORE I was building a business, buying and developing property, etc. soon to move to Sydney (2nd best financial decision ever)

GET A LIFE PARTNER already had one here (1st best financial decision ever)

So here it is, my best advice to 27 year old Peter...

DO NOT GIVE UP BEING A PART TIME AEROBICS INSTRUCTOR BECAUSE YOUR GUNNA GET FAT!!! :eek:

Ahhh, some things, regardless of the money you have, are hard to change back. :(

Peter 147

[wish-ga]

Peter, your aerobics instructor post made me laugh!!! :D :D :D

[Thommo]

Easy! I'd tell myself to trust my broker and buy all those overpriced tech stocks. (Ride the biggest stock boom in 30 yrs), cash out and buy into the greatest housing boom in my lifetime.

But how can anybody know?

Agree with Peter here "GET A LIFE PARTNER already had one here (1st best financial decision ever)"

Thommo

[Peter 14.7]

HI Thomo & Wish Ga

Glad to see others recognise the importance of having a life partner both financially and emotionally.

Off to brekkie with mine, Peter 147

[jahn]

Hi Peter
From someone who has been married for 34 years, the word I use is essential :D not just 'importance'. (yes I do have a mother :) )
jahn

[Peter 14.7]

Peter, your aerobics instructor post made me laugh!!! :D :D :D

Was telling Friends and Wife about my post and your reply at Dinner last night.

Friends were stunned by my "dark" past. I replied (in all honesty) "maybee I should get back into it" Then wife was stunned. I think she mumbled "checking life insurance policy" and the dinner went on. LOL

Peter

[House_Keeper]

Great thread! Lots of great advice and perspective in there. I guess it's never too late too contribute, so here are my few cents worth. :)

10 years ago I had just migrated to Australia. The things I wish I knew then include:

1. Get a financial education. Don't assume that all you need is a job. Learn about investing, as much as possible.

2. Start investing now. Don't wait or overanalyse. Start small, learn from your experience and keep fine tuning as you go along.

3. Don't expect the government or your employer to look after you when you're old. You need to take responsibility for your financial independence.

4. Understand that making mistakes is part of the process. Don't beat yourself up. Just learn what you can from it and keep moving forward.

5. Learn, learn, and learn more. Keep an open mind. Don't assume it's impossible. Seek like minded people to travel with through the journey.

6. Balance wealth with other essentials like family, health, and friends.

7. There is no guarantees when investing. You are always taking risks. They key is to be able to take the right risks, ie, the ones that you are comfortable with, and avoid risks that could wipe you out.

8. Investing is a personal thing. What works for Jane does not necessarily works for Bob. You need to work out what works for you, given your unique situation, characters, and skills. You may not be able to apply what the 'gurus' have been able to do.

That's all I can think of at the moment. I have found this forum one of the best source of knowledge and inspiration, even though I have only discovered it a few months ago. Thanks to everybody who have contributed to this thread.

Cheers,

[Mark_B]

*bump*

M

[alexlee]

If I was more poetic I'd say something like 'Believe in yourself!' or 'Trust your instincts!' or something. However, I didn't do too badly even WITHOUT such emotional advice from my future self, so I'll stick to the practicals.

My advice would include 'buy Solution6 at 8 cents and sell at $18', 'long NASDAQ until 5000 then short it' and 'short Enron at $80'. 'After Enron collapses buy Perth property'.

*drool*
Alex

[luce.rocks]

advice to myself, if i were still 17:
- don't go straight to uni. take a year off to work, save a deposit and buy a house.
- dump garth

[Tim]

Hi All,

great thread. Interesting how many people have said that reading books and learning would have been a priority.

My Top 10 advice to myself 10 years ago would have been similar to what I would say now:

(1) Try and work out as many larger concepts about what really goes on in the world as you can - look at the facts of what happens not what the mass might think

(2) Educate yourself on assets, finance, leverage, compound growth

(3) Think 100 times bigger than you do currently - expand your consciousness

(4) Place in perspective what your employee job is and where it fits into the schema of things

(5) Buy property that will appreciate and hold for the long term

(6) Buy shares and don't sell them

(7) Use investing to generate time freedom, and use that time freedome to do the things you want to in life

(8) Be the best you can to your family and friends, love and appreciate them

(9) Look after your health

(10) Have balance, be compassionate, appreciate life and be happy


Cheers,

Tim

[luce.rocks]

and, to borrow a slogan:
- just do it. this will be the one thing i think i'll drum into my kids when i have them. ideas are great but without action they'll never come to much. i'd tell myself to hurry up and get on with it. learn to take action.

[sailor]

I'm really enjoying this thread.
So what advice would I have given to myself 10 years ago...1997:

1. Dump the b/f at the time...too much negativity.
2. Read the Jan Somer's book I'd been given that was still sitting on my bookshelf.
3. Stop spending money on doodads.
4. STOP BEING AFRAID...of EVERYTHING!
5. Save and invest in IP's.
6. Value myself.
7. Pay myself first.

However, having given myself all that advice, I would not be where and who I am today, if I'd not travelled the path I have. All the meanderings and side-tracks have added to my personal growth and development ... can't get that out of a book or from a uni degree.

So I would give myself one more piece of advice:

Regret nothing...tis all grist for the mill. Happy with the mill!:D

[Colin]

1. Don't look down
2. Wear a smile
3. Say hello, please and thankyou.

[Mark Laszczuk]

- dump garth

Hey luce,

How could you say no to that face?

http://www.filmsnobs.com/www/pics2/garth.jpg

[Georges]

"Don't use that credit card!"

"Buy property now!"

"Life is precious, Take your chances!"

[Ol School Skata]

get started now on what you can afford

have the end result determined before you start

OSS

[luce.rocks]

Hey luce,

How could you say no to that face?

http://www.filmsnobs.com/www/pics2/garth.jpg

hehehehe... yeah, garth algar = much cuter than my sour-faced high school boyfriend... hehehe

[redwing]

Seriously I'd pass on this advice as i think it's great (especially the sunscreen after having a few chunks cutout of me by Dr's) due to a childhood in the far north of WA.

Wear sunscreen.

If I could offer you only one tip for the future, sunscreen would be it. The long-term benefits of sunscreen have been proved by scientists, whereas the rest of my advice has no basis more reliable than my own meandering experience. I will dispense this advice now.

Enjoy the power and beauty of your youth. Oh, never mind. You will not understand the power and beauty of your youth until they've faded. But trust me, in 20 years, you'll look back at photos of yourself and recall in a way you can't grasp now how much possibility lay before you and how fabulous you really looked. You are not as fat as you imagine.

Don't worry about the future. Or worry, but know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum. The real troubles in your life are apt to be things that never crossed your worried mind, the kind that blindside you at 4pm on some idle Tuesday.

Do one thing every day that scares you.

Sing.

Don't be reckless with other people's hearts. Don't put up with people who are reckless with yours.

Floss.

Don't waste your time on jealousy. Sometimes you're ahead, sometimes you're behind. The race is long and, in the end, it's only with yourself.

Remember compliments you receive. Forget the insults. If you succeed in doing this, tell me how.

Keep your old love letters. Throw away your old bank statements.

Stretch.

Don't feel guilty if you don't know what you want to do with your life. The most interesting people I know didn't know at 22 what they wanted to do with their lives. Some of the most interesting 40-year-olds I know still don't.

Get plenty of calcium. Be kind to your knees. You'll miss them when they're gone.

Maybe you'll marry, maybe you won't. Maybe you'll have children, maybe you won't. Maybe you'll divorce at 40, maybe you'll dance the funky chicken on your 75th wedding anniversary. Whatever you do, don't congratulate yourself too much, or berate yourself either. Your choices are half chance. So are everybody else's.

Enjoy your body. Use it every way you can. Don't be afraid of it or of what other people think of it. It's the greatest instrument you'll ever own.

Dance, even if you have nowhere to do it but your living room.

Read the directions, even if you don't follow them.

Do not read beauty magazines. They will only make you feel ugly.

Get to know your parents. You never know when they'll be gone for good. Be nice to your siblings. They're your best link to your past and the people most likely to stick with you in the future.

Understand that friends come and go, but with a precious few you should hold on. Work hard to bridge the gaps in geography and lifestyle, because the older you get, the more you need the people who knew you when you were young.

Live in New York City once, but leave before it makes you hard. Live in Northern California once, but leave before it makes you soft. Travel.

Accept certain inalienable truths: Prices will rise. Politicians will philander. You, too, will get old. And when you do, you'll fantasize that when you were young, prices were reasonable, politicians were noble and children respected their elders.

Respect your elders.

Don't expect anyone else to support you. Maybe you have a trust fund. Maybe you'll have a wealthy spouse. But you never know when either one might run out.

Don't mess too much with your hair or by the time you're 40 it will look 85.

Be careful whose advice you buy, but be patient with those who supply it. Advice is a form of nostalgia. Dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it's worth.

But trust me on the sunscreen.

As for Financial advice.....not sure I would've listened or been able to apply it anyhow as I probably wasn't ready for it; I'm still learning

Having a safety buffer and not selling, but rather using the equity gained would've been great advice though ;o)

[our obsession]

Love that letter of advice RW...agree on the sunscreen, partner is regularly having similar chop chop, he is fair skinned, red haired variety and an outdoor man. We keep a close eye on what can stay and what must go with his skin.

Australia has the highest incidence of skin cancer in the world, a sad price to pay for our lucky country, we must be pro active and vigilant.

Advice for me for 10yrs ago?

Nice life, nice choices...you are one lucky buggar, well done.

[Kevin Hockey]

My Advice to me - spend more time with your Dad and don't wait til now to make him feel special. On Friday the doctors told him they had cancelled his operation and to just go home as he has just a couple of months left to live.

Considering he has Melanoma and is going to die of suncancer I'd suggest using Sunscreen as very bloody good advice.....

Kev
www.gogecko.com.au

[geoffw]

Kevin

Ouch.

A painful experience in all senses.

Your quote ("It's not what you leave for your children but what you leave in them") becomes especially relevant- but from a different point of view from what you intended (perhaps).

BTW, your "GoGecko" ads are becoming prominent on morning drivetime radio in Canberra (usually very close to my business ads). I hope both sets of ads are successful.

[lizzie]

don't get married just as a reason to get out of home ... don't marry that domineering idiot ... don't be so negative about everything just to get attention ... grow up!! but then again - don't think i would've listened.

oh, and don't sell that large townhouse block for a short term cash gain.

[jahn]

H
The words "I told you so" keep ringing in my ears when I tell my Mother I have another appointment in 2 weeks with the skin cancer people.
Can't add up the times I heard "put a hat on" etc (that was 40 years ago :o )
Now our son has heard from someone at work that there is a unit in Newcastle he could buy for a good price, and he is really keen. You would think we haven't done or said a damn thing ourselves about property etc, but someone from work, thats different. :eek:
Just goes to show, when you are ready to listen, you will hear the advice that you need/want to know. (I will apply for hearing aids tomorrow)
Ten years ago I heard a lot of good advice, but didn't ACT:mad:

jahn

[Kevin Hockey]

I've had this archived for awhile and found it rather reflective for me and thought I'd share. John McGrath first passed this onto me.

EVERYTHING IN LIFE IS A GIFT

I’m thankful for my teenager who is complaining about doing the dishes because that means she is home and not out on the streets
I’m thankful for the taxes I pay because that means I am employed
I’m thankful for the mess I have to clean up after a party because that means I have been surrounded by friends the night before
I’m thankful for the clothes that fit a little snug because that means I have enough to eat
I’m thankful for the lawn that needs mowing, the windows that need washing and the gutters that constantly need repairing because that means I have a home
I’m thankful for the complaining I hear about the Government because that means I live in a land that has freedom of speech
I am thankful for the parking spot at the far end of the parking lot because that means I an capable of walking and have been blessed with transportation
I am thankful for the huge heating bills because that means I was warm
I am thankful for the pile of laundry and ironing that pile up because that means I have clothes to wear
I am thankful for the weariness and aching muscles at the end of the day because that means I have been capable of working hard
I am thankful for the alarm clock which goes off in the early morning hours every day because that means I am alive

How many people would love to have our challenges.

There may be some good advice to ourselves in there.

Kev
www.gogecko.com.au

[phil]

[QUOTE=EVERYTHING IN LIFE IS A GIFT

I’m thankful for my teenager who is complaining about doing the dishes because that means she is home and not out on the streets
I’m thankful for the taxes I pay because that means I am employed
I’m thankful for the mess I have to clean up after a party because that means I have been surrounded by friends the night before
I’m thankful for the clothes that fit a little snug because that means I have enough to eat
I’m thankful for the lawn that needs mowing, the windows that need washing and the gutters that constantly need repairing because that means I have a home
I’m thankful for the complaining I hear about the Government because that means I live in a land that has freedom of speech
I am thankful for the parking spot at the far end of the parking lot because that means I an capable of walking and have been blessed with transportation
I am thankful for the huge heating bills because that means I was warm
I am thankful for the pile of laundry and ironing that pile up because that means I have clothes to wear
I am thankful for the weariness and aching muscles at the end of the day because that means I have been capable of working hard
I am thankful for the alarm clock which goes off in the early morning hours every day because that means I am alive
[/QUOTE]


I posted that on my fridge so every morning when it's cold and dark, and I really don't want to go to work, I have a quick read and realise that at the end of the day, I have it pretty good and there are a lot of people worse of than myself.:)

[Lucyinthesky]

10 years ago I wish I had taken advice and bought every perth house I was approved for. I would have researched and educated myself in stockmarket purchases back then. I would have rented out the ppor and headed north for work and invested every cent BEFORE having kids.

Oh well, no point looking back and wishing, just means I am more aggressive today to reach my goals.

[Easton]

Just one:

"Ask that girl out :mad: "

:D

[HandyAndy888]

Buy that unit for $15,000 that is now $180,000.

[wish-ga]

I would think of scenarios where I got rattled by other people's opinions & say to myself: "Don't listen!"
Then I would think of other scenarios and think "You shoulda listened!"

Pah! Ya live 'n learn huh?

:D

[wylie]

Having mainly queenslander IPs I always paint doors in oil based paint with a brush because of the fiddly panel doors.

BUT..... having just painted the whole inside of a 1950s house with flush doors and multi-door linen cupboards I wish I had known ten years ago to use a small six inch wide roller to roll the paint on rather than just using a brush (even for a panel door it is faster).

I have just painted 24 doors of varying sizes (back and front) and did it much more quickly with the roller (followed while wet with a brush for a nice finish) than just a brush..... DOH!!!

Also learned that two cutting in and two rolling means a plaster walled room can be done in under ten minutes, but I actually already knew that.

Wylie

[Dazzling]

Keep going with your plan. It works out. Don't get scared as the numbers get bigger.

[sailor]

Don't get scared as the numbers get bigger.
Thanks for reminding me Dazz. I remember buying my first house. Cost $19,500 in Rosalie (Bris) in 1981. Boy was I terrified. What a huge mortgage....$40 pm in repayments. Last house I bought in Cairns for $490K...even huger (is that a word?) mortgage repayments.

Somewhere along the way....the dollar amounts just became numbers. So long as the spreadsheet crunched them with the right percentages, the head just coped.

We human beings are a very adaptable lot. We can adjust to just about anything, given time and patience. Sort of like when microwave ovens came in...we had to change our mindset about how we cooked food. That took time and patience. And I think thats the key to changing our mindset from "dollars" to "numbers". The dollars have an emotive context, whereas numbers are just numbers. To make that transition just takes time and patience and a good spreadsheet!;)

[pendo]

10 years ago? Resolved never to stop borrowing OPM. And got out of the cycle of paying off debt with an asset. DOH!!! such a slow learner!

[HandyAndy888]

I love this thread..thanks everyone!!!:)

[quoll]

Also learned that two cutting in and two rolling means a plaster walled room can be done in under ten minutes
What the

It takes me hours to do the edges with cutting brush, then roller, then cut, then roller. With a 2 hour touch dry, I busy constantly for 6 hours.

Please expand on this??

cheers
quoll

[wylie]

We were rushing to finish a bedroom so we had two cutting in and two following with rollers. My hubby and two oldest boys. We whipped through the room in about ten minutes. It was only one coat as we were painting the room in a very similar colour. But with acrylic paint, we would have recoated the room in probably three or four hours at the latest.

Wylie

[rodimus]

cut those credit cards. Never buy if you can't pay off at the end of the month.

[Gee Cee]

I found this post on what people had done 10 yrs ago. Now over 15ys.

Wonder how alot are going. Some still here:)

Older and wiser:D

Gee Cee

Older definately:eek:

[RumpledElf]

10 years ago it would just have been don't sell that house you bought in inner Adelaide for $40,000 because prices are going to go up ...

[kum yin lau]

Steve Mcknight's book wasn't published then, was it?

Advice? Read, Kum Yin, read! Don't sell, always buy.

I read Steve's book in 2006 for goodness sake! It was outdated by then. I scurried to buy Jan Somers & some others, passing up 'ordinary millionaires'. Big mistake!

In my ignorance, I did some things wrong like not getting depreciation schedules done early enough, not following through my original intention which was to live in one, sell keep cap gains, move to the 2nd, live in, sell keep cap gains & so on.

In my ignorance, I also did one thing right & oh, how very very right. I refinanced almost every other year & each refinancing gave me more money to buy. I revalued the houses & pulled out the remaining equity to buy SHOPS. Playing Monopoly - 4 green houses to make 1 red hotel.

Today that's my pension fund my magic pudding that never runs out. [touch wood no recession!]

So my advice to myself & to others? Buy as quickly as you can 4 green houses & then change over to 1 red hotel.

KISS C'est simple, n'est pas?
KY