Stepping stone # 5175 - this is it

[Nathan]

My property journey to freedom took 5,175 days.


5,175 days of juggling two jobs - the standard job and the 'build a property portfolio' job.


Each day a step towards a passive retirement from any form of paid work.


As the portfolio got bigger, the job became harder as I continually had to feign interest. Wearing the hat of 6 or 7 CEO's in the morning, and then taking them all off and walking into an office and being a numpty where I had no financial authority and not invited to any decision making meetings was difficult to swallow. I didn't like wearing the worker hat.


I struggled alot with the duplicity and having to "not tell the truth". When sitting around at the meeting table on a Monday morning, 5 or 10 minutes before it starts and your boss leans over and asks : "So what did you get up to on the weekend ?? We went down to the wineries and had a fabulous time" Leaning back to him and saying "I spent the entire weekend closing a deal to buy a huge inner city factory on a few acres so I can eventually get the hell out of here" doesn't go down so well, so you end up looking like a wet soppy blanket and saying something like "bit of gardening, had a BBQ with the rellies over"


Anyway, that pathway with the 5,175 stepping stones has been trod. I'm at the end of the track, and looking around at all of the lovely tracks stretched out before me. They all look great. I reckon I might hang around here for a while before striding off along one of them.


It's quite sad to look back down the track, as I have alot of fantastic memories striding down the track, but it is extremely daunting when you attain your major life goal. Financial freedom is quite onerous when you have it in your hands.


Some observations that I made along the track, for those that are treading it still, or are about to start. Note well....many people are doing the exact opposite to what I did and are doing extremely well, so discard what doesn't suit you ;

• Priortites need to change as life's big moments come along - marriage, kids etc.
• Your CV at work becomes less and less important. Courses done, degrees attained, titles on business cards - they all fade away.
• Things ramp up - don't get despondent in the first couple of years. It gets parabolic in the middle years and hyperbolic in the latter years. I found years 13 and 14 were far more productive than years 1 through 12 combined. Compounding really does kick in.
• You need to change your thinking.....what worked early on doesn't cut the mustard anymore.
• Contracts become central to everything - get to be excellent with them - nothing happens without them. Don't delegate your contractual knowledge to lawyers / PMs / REA's. Know the law that governs your business.
• Negotiate hard. 1 hour of tough negotiations can be worth 2 years of working hard.
• Forget these jobs that you love but don't pay anything - go for the job and industry that pays the most. If you get your act together, it won't be for long. The sacrifices made were well and truly worth it.
• Don't get divorced.

That'll do for now. This Saturday arvo feels quite normal, but I reckon Monday morning it's gonna hit home that I am not going to work.


The first thing I need to work out now in my 30's is when people ask me "so what do you do for a living". I don't want to say a rent collector, but that is what I have become.

Congrats Dazz,

things get busier and busier, and as we both know it becomes an addiction... good to see your at the end of the game.

Life is like a mirror, we only get back what we put in.

your results are a reflection of your efforts. along the new path you have made, plant some daisys etc... so its all rosey like the old path but better.

regards,

nath.

 

[Nathan]

Just curious Daz, what made you decide you were financially free on day 5175 and not day 5174?

Was it a net worth amount or something else? I'm only starting out but having trouble defining an end goal of when enough is enough.

the day comes when you turn around and the penny drops and you go, i have had enough... and your figures look pretty to make a decision of such calibre.

im at the x roads at present... decided to follow my pasions and aline myself closer with my goals at the same time.

 

[redwing]

Plus................Day 5174 was a Thursday

 

[Horizon]

Hi Dazz,

Let me add to the list of congratulations. Terrific to hear of you reaching this monumental milestone!

No farewell party. Old guys don't farewell young guys retiring. It don't happen. I quietly took the cash and left the building. Some things aren't meant to be...

I am hopeful that at least the chocy milks came out on Friday night!

I struggled alot with the duplicity and having to "not tell the truth".

That would have been very difficult.

Whilst your posts here are highly regarded by those of us learning from your experiences and applying these to our own situations, I could see that it would be fantastic if you could converse with people around your rung on the ladder, and those just above.

Hopefully with your new role, you will have time to meet these likeminded people to "shoot the breeze"

• Contracts become central to everything - get to be excellent with them - nothing happens without them. Don't delegate your contractual knowledge to lawyers / PMs / REA's. Know the law that governs your business.

This is the area that I am most confronted by with our journey. It's the not knowing what I don't know that has me anxious. Do we walk into a tier 1 law firm and ask for the "standard" include everything boiler plate commercial contract? We will discover more about this in this calendar year as we unlock some equity to look at larger CIP's than we can at the moment.

The Horizon family will have a chocy milk toast for Dazz family, here on the East coast.

Keep the great posts coming, you have an avid reader / appreciator here.

Cheers,
Horizon

 

[Perp]

Just curious Daz, what made you decide you were financially free on day 5175 and not day 5174?

Was it a net worth amount or something else? I'm only starting out but having trouble defining an end goal of when enough is enough.

If you read the Market Rental Review thread, I think you'll see that it was when Dazz's income from property - as a result of said rental review on one of his main properties - underwent a large increase and the positive cashflow then dwarfed his salary.

If you'll excuse my presumption, I don't believe Dazz had set a particular point; it just became obvious when the above happened that the job was expendable. Awesome!

 

[GIDDO]

Me Too

My heartiest congratulations as well Dazz.

I had thought you might pull the pin a while back, when you were overseas with your job and times were real hard for you.
But of course the mongrel in ya wouldn't let the b@stids beat you!

As others have said, you have been an absolute inspiration to me as well.

I love your BS filter, and the way you are able to run your own race in all things.

Some of your more candid tirades on SS have surprised me, but i console myself that I am not married to you or locked in a lease contract with you!

Your posts have taught me a lot and I especially enjoy the ones about commercial property leases.
I did also love the thread about your grubby industrial tenant and the mess you had to clean up.
Yes please do the book when you feel able, and keep on participating on SS.
The site would be poorer if you started lying on the beach getting fat. As if!

I for one will be watching to see what comes next in your life. I am betting on bigger and bigger things.
Congratulations on this early milestone from GIDDO.

 

[Dazz]

I love your BS filter, and the way you are able to run your own race in all things. Some of your more candid tirades on SS have surprised me

Having an each way bet is OK on the horses, but not when dealing with humans. I don't particularly warm to the "bucket & spade" brigade telling me how to conduct my commercial affairs based on feelings, ethics or morals - for I exhibit none of these qualities when conducting business.

I console myself that I am not married to you or locked in a lease contract with you!

So am I !! I couldn't imagine being married to myself - what a nightmare.

As for my tenants - well - what can I say, they still wish to rent the premises off me despite knowing how cr@p I am as a Landlord.

 

[Dazz]

it just became obvious

Yes - that, and my accountant constantly calling me up saying "What are you doing still there.....FFS get out of there or you'll have to start paying income tax."

That was good enough for me.

 

[ArJay]

Congrats Dazz....
Now that you've got the time....when is the book coming?
Know I'd snap up a copy...

All the best
R

 

[Dazz]

Your experience supports the view that it is lonely at the top.

I wouldn't describe myself as such, as most of my neighbours are far wealthy than myself, but then they have had good financial principles compounding for them over 60 or so years. You just can't beat that compounding effect.

All of the elderly men in my street, mostly between 65 and 75, kindly invited me last night to join them now that I am retired to their bi-weekly luncheons where they discuss business tactics and investments etc. Should be fun, other than being called "son" all the time, cos once again all of their children are older than myself.

Australian culture does not encourage exaultation for those who attain real financial freedom.

That is an astute observation NR. I would agree with that wholeheartedly.

You are about to find out who your real friends are Dazz.

It's already starting to happen. People in general do not like to hear that you do not need your job's income....especially the other father's at school.

 

[jaycee]

Wow we really lack it in being able to express sentiments honestly don't we ?

I wish I ws in Dazz's position, but I am not due to me not doing what Dazz did - get out there & do it... too hard to admit, so instead, I look around, see 100000's of other people in my position rather than Dazz's and say "see I am right" doing what I'm dong (ableit nothing possibly)..thefore Dazz's success must just be good luck at best, nothing to be as proud of as hard work... sigh...

problem is I am seeing more & more peope who have developed degrees of success all the time, they aren;t charlatans/theives, it is hard work/wokring smarter if you will, just another kind than 37.5 hours M-F in an office.... So I find it hard to think that they shouldnt have what they have...

hats off to you Dazza

 

[Joe D]

Well Done

People in general do not like to hear that you do not need your job's income....especially the other father's at school.

Not this father .......well done Daz!!!

 

[cu@thetop]

Congrats on the milestone but I think you will find something else to occupy yourself now that you are a man of leisure. Don't own up to that at school or you'll be expected to give lifts to all and sundry during the school week etc etc.

My only question is not so much day 5175 but day 1. What was the incident or turning point that occurred and how do you remember what day it was?

 

[MTR]

I say enjoy the moment, do you really think people are so concerned? Find a passion and it wont matter, just make sure it an't only property otherwise you will bore your family and friends silly, more to life than property.

All the best.

 

[Dazz]

Thanks jaycee. Luck, as you know, plays almost no part in it.

Thanks Joe.....both the wife and I are both impressed with the pace of your running. I have a plan to catch you one day. Look after that knee of yours.

Hi cu@the top - Day 1 involved purchasing our first strata titled unit....and what a shocker it turned out to be. Wasted over 2,000 days on that box for bugger all capital gain and a bunch of income losses and lots of headaches. Bit of a slow learner really looking back. Tenants loved us propping up their lifestyle.

You're right on both accounts MTR, no-one else really gives two hoots really what I'm up to and the next passion has to involve something else. I bore the family stupid now with property. As you advised previously, just shut up and stop being so boring.

I have a few ideas of what I'd like to do, but they all involve lengthy periods away which don't mesh well with either family life or running a substantial property stable.

• Walking the full length of the Bibbulum Track.
• Doing a lap of our paddock on a push-bike.
• Cruise on my Fatboy up the east coast of Oz.

 

[jaycee]

Man, that's a hell of a walk !!

good "luck"

 

[our obsession]

An interesting journey alright, and thankyou for sharing it.

May the new path(s) be everything you want.

TPFKAD:

I have a few ideas of what I'd like to do, but they all involve lengthy periods away which don't mesh well with either family life or running a substantial property stable.

Walking the full length of the Bibbulum Track.
Doing a lap of our paddock on a push-bike.
Cruise on my Fatboy up the east coast of Oz.

Hope this all eventuates, sounds like fun.

 

[willair]

Hi cu@the top - Day 1 involved purchasing our first strata titled unit....and what a shocker it turned out to be. Wasted over 2,000 days on that box for bugger all capital gain and a bunch of income losses and lots of headaches. .


I have a few ideas of what I'd like to do, but they all involve lengthy periods away which don't mesh well with either family life or running a substantial property stable.

• Walking the full length of the Bibbulum Track.
• Doing a lap of our paddock on a push-bike.
• Cruise on my Fatboy up the east coast of Oz.

Dazz well done to you and your wife,at least now you can watch your family grow up,stay up all night,listen to the birds in the morning without ever being worried about ever going to work again,just take one day at a time there is nothing like standing outside the school each day and afternoon watching your kids grow up, while all the trendy mums and dads renting with 20 cents in their back pockets think how do you manage to have that lifestyle, must have ripped of someone as they talk behind your back as they watch you at the school gates,and they will talk DAZ ??every private school has them ,but who gives a stuff what anyone thinks you have paided the price for fin freedom..willair..

 

[Perp]

Don't own up to that at school or you'll be expected to give lifts to all and sundry during the school week etc etc.

Somehow I can't picture Dazz as the local car pool Mum.

People in general do not like to hear that you do not need your job's income....especially the other father's at school.

Our kids' school is funny like that... it's a really free-thinking alternative school, and I wondered if we'd be fish out of water there - the only capitalists amongst a bunch of hippies. As time goes on, I'm staggered to find out how wrong this perception was; many parents are independently wealthy through property, business, or other investments! I'd say a good third of all parents don't have (or don't need) jobs. It's so interesting to me; I've thought about it a lot, and I don't think it's coincidence. I think that the kind of parents who'd consider sending their kids to this non-mainstream school have precisely the qualities of successful entrepeneurs: thinking outside the square, not just doing what's "expected", not caring too much what others think of your decisions, valuing innovation over conformity, valuing substance over style, etc.

You're right on both accounts MTR, no-one else really gives two hoots really what I'm up to and the next passion has to involve something else. I bore the family stupid now with property. As you advised previously, just shut up and stop being so boring.

Might I point out that this is a PROPERTY INVESTING forum? So I hope you'll continue to "bore" us with your adventures, Dazz. And if MTR finds it boring, he can either ignore it, or contribute his own, more interesting stories.

 

[ruroshin]

Congrats again Dazz on achieving the Financial Freedom. I think Alex Lee once commented that you need similiar friends when you retire otherwise you'll just be bored stupid not having anyone around. Maybe your next quest is to find other FF friends.