Can you tell us how you managed to save to get your deposit? What made you guys invest? Did you know someone who has done well with property? Any plans for the sharemarket? My husband and I moved home to his parents when we were married in order to save money. Did anyone live with their Mother-In-Law like I did?
Regards Jo
I played a high level of sport going through high school, missed a quarter of year 10 at an Australian camp up at QLD which naturally left school last on my list of priorities. It was not suprising that a year later I found myself dropping out a few months into year 11, on the condition that I could only leave having organised a full time job (thanks mum & dad)
Part of the deal also was that I either paid my parents $100 bucks a week in rent, or setup a direct debit each week of $100 into a savings account. Being the selfish genY that I am the latter was a much better option and at the age of 16 I was inadvertently (although I think my parents planned it) saving for a deposit on my first IP. As the ball gathered momentum, and I could start to see the merit in the savings I started to put more away each week. My mum told me that if I were to make withdrawals from this special account the bank wouldn't give me a loan, so I didn't!
(thanks again mum) 2 and a half years later, at the tender age of 18, I was ready to purchase my first IP. My mates had just finished school and thought I was a nutcase, do you know what sort of car I could buy for 35k ? *grin*
In summary some things really helped me
good parents;
- guidance about money & investing and subliminal messages of them playing kiyosaki tapes at a young age
- compulsary savings, not giving me a choice of whether I sacrifice money or not, rather whether I sacrificed it to myself or to them
sacrifices;
- Putting away 70% of your wages at such an early age was even harder than it sounds (especially working 5 days a week in a physical job)
- Not ever being able to buy my own car. Even though I could afford one today, I am blessed with a work vehicle which is a godsend.
desire;
- i think not ever making it in a sport I dedicated so much time to left me with a new outlook on life. I had been training every single day for 3-4 years straight and this discipline and determination didn't go away, I think it's just changed focus.
All in all, im proud of my achievements. Proud of the fact I've never needed to borrow money (except the shitloads from the bank
), I've been financially independent since I left school. I have lots of friends that always tell me they are going to invest, but it never happens. For me I'm glad my parents gave me the guidance but gladder that I had the determination.
