sometimes, you just need a clean slate.

we've decided to sell it all and start again.

everything - shares, house, car ... the lot.

i'll be spending between now and the new financial year clearing all my debts and removing any and all financial obligation, including time needed for financial obligation.

i don't care about any future gains i may miss out on.

i don't care that my situation in the future may be hampered.

i need a sabbatical from money - it's all too consuming at present.

after my sabbatical, i will look into how i will be structuring my future and do it correctly, without a fancy-*** accountant, a corporate trustee or an SMSF.

the tipping point has been and gone and the rollercoaster is on it's downhill leg. the momentum is up and there'll be no stopping this now it's started to unfold and unpick all the mess my so-called 'professional' help has created.

i'm not interested in ways i can keep the same old crap and make-do, or take the long road. i certainly don't need opinion disguised as advice on how to get out of it.

so that's it. i needed write this down to assure myself that i was doing it and i look forward to not hearing ways on how to change it.

thanks for letting me waste your time with my bleating.

That's a huge statement to make mate, I hope nothing has gone to catastrophically wrong to catalyse this decision.

Best of luck in the next stage, at the end of the day life's for living.

(or to paraphrase perhaps my most favourite sig on the forum

"You're a long time dead")

Are you going to live a simpler 'money free' life? A debt free life?

Can you elaborate on this "it's started to unfold and unpick all the mess my so-called 'professional' help has created"

I can guess what you mean but just want to confirm.

Ive always had negative views on the influence of so called 'team of experts' (RE agent, accountant for trust, BA, lawyer...on and on and on...all who feed off the property industry.

All they are interested in is money first, daylight second and customer third.

Ooh, that's harsh! Even the house & car? Won't you need to live somewhere and have transport?

While I don't know what has caused this about face, I do know that some of the more complicated type of assistance like structures etc, has set us back a huge amount. If you have had this kind of "assistance" then just let me say that you will feel a heap better once it has been eradicated. I haven't got rid of all of mine yet, although it is something I'm aiming for. Trouble is, I've got a heap of $$ in losses locked away that I really want to use.

Good luck with it all.

Oh, what about your Business. You're not getting rid of that too, are you?

evand said:

Are you going to live a simpler 'money free' life? A debt free life?

Can you elaborate on this "it's started to unfold and unpick all the mess my so-called 'professional' help has created"

Click to expand...

debt free - not money free. living a money free life would involve living a hippy commune.

i'm basically running off an ABN now, and that's it. no trust, no pty ltd, no pty ltd trustee, no SMSF - i've already de-registered 3 of 4 from GST and will be de-listing the pty ltd.

once the stock is sold the trust will disappear.

all assets in the SMSF will be liquidated and cash returned to some crappy industry fund.

skater said:

Oh, what about your Business. You're not getting rid of that too, are you?

Click to expand...

no, i just use my standard ABN for the billing entity. the business rolls, just without the pty ltd. i'll utilise prof indemnity insurance instead - it's actually cheaper than the accountant + ASIC fees.

skater said:

Ooh, that's harsh! Even the house & car? Won't you need to live somewhere and have transport?

Click to expand...

buy a car with cash.

rent.

Not sure on your situation AS, but this does sound very free-ing. I think i know what you mean. Sometimes managing all the 'making money' structures etc that we append as we go along ends up being a headache in itself. Do you feel a bit tied to the debt? I ask because I've been thinking about this myself lately.

Aaron Sice said:

we've decided to sell it all and start again.

everything - shares, house, car ... the lot.

Click to expand...

I think you'll feel great afterwards - it's nice to just hit the "reset" and clear the air.

It's one thing I really noticed after selling off half our IP's and (losing) the shares - so much less mail, less paperwork, simple tax returns.... gives you time to sit back and reflect on what worked, what didn't etc.

Congratulations.

The Y-man

Funny thing is you dont need all the money making structures. A lot of time they are used as a immaterial sign that someone is making progress up the ladder to suck cess.

'I used to trade with an ABN business name, now i have a company, i must be succeeding" "I have a HD trust now, im on my way to being rich" " i'm managing my own super now, aren't i great"

These things in themselves are false signs of success, the amount of money, assets, equity etc is the scorecard. Nothing else matters.

I fell for this years ago and what Aaron is thinking is right on. It gets out of hand and its perpetuated by 'teams of experts' to supply them with ever increasing and ongoing work.

Ms Jade said:

Sometimes managing all the 'making money' structures etc that we append as we go along ends up being a headache in itself. Do you feel a bit tied to the debt? I ask because I've been thinking about this myself lately.

Click to expand...

Aaron Sice said:

buy a car with cash.

rent.

Click to expand...

OK, maybe I was assuming too much.

Note to self: Just because I have an older (Lil would say crappier) car without finance does not mean everyone else does.

Once you divest yourself of "stuff" will you have enough left to purchase (or pay off) the PPOR?

Go for it Aaron!! All the best, I'm sure you won't look back.

Good luck. I think it's not a bad idea.

If I ever get out of here,
thought of giving it all away,
to a registered charity,
all i need is a pint a day...

Hi Aaron

Sounds like you're well and truly over all the paperwork and stress associated that controlling assets entails so best wishes to you in your new direction. I wish you all the very best and am sure you'll feel a lot lighter once the obvious burden of debt you're carrying is gone!

Just curious as to why you're ditching the PPOR - if it's one asset that us Aussies are reluctant to give up, it's the property we live in. Renting can often provide a better lifestyle but it's the uncertainty that doesn't appeal to most of us, in being able to stay in the one place for a certain period of time.

Playing a new game

Good luck with it all Mr. Card.

Only you and your wife know how things are for you (and your young family) and the impact all your structuring, complex advice and debt, etc., are having on your lives.

Nothing right or wrong about it, except how it relates to yourselves and how it can start a process of simplification.

Sometimes the (better) future awaits the burial of the past. A couple of steps backwards, to progress many more steps forwards; in whatever direction that may be for you and your family......

All the best with it Aaron

who needs the damned PPOR?

seriously - it's more trouble that it's worth - CBA are absolute FRUITCAKES and being self employed i can't just up and out, so i'm just going to liquidate and start again.

i don't care about stricter lending criteria for me, either. i really don't. if i have to rent the rest of my life, then so be it. my PPOR status isn't going to change the knowledge in my head.

Aaron Sice said:

who needs the damned PPOR?

seriously - it's more trouble that it's worth - CBA are absolute FRUITCAKES and being self employed i can't just up and out, so i'm just going to liquidate and start again.

i don't care about stricter lending criteria for me, either. i really don't. if i have to rent the rest of my life, then so be it. my PPOR status isn't going to change the knowledge in my head.

Click to expand...

Good on ya Aaron
We all should know security is us not what we own, I for one know you will not look back.

Having meet you once my offsider commented there's a man passionate about what he does, and from what I have read you are passionate about your family.

best of lucky

Aaron Sice said:

who needs the damned PPOR?

seriously - it's more trouble that it's worth - CBA are absolute FRUITCAKES and being self employed i can't just up and out, so i'm just going to liquidate and start again.

i don't care about stricter lending criteria for me, either. i really don't. if i have to rent the rest of my life, then so be it. my PPOR status isn't going to change the knowledge in my head.

Click to expand...

Well best of luck with it all Aaron- I'm sure whatever you do it will be the right choice for you and the family. Life can just get too complicated sometimes can't it?

I'm sure you're feeling of personal freedom after this move will be unbelievable!.

Go for it.

I hope you are okay and things go as you want them...all the best.