At what age do you plan to be financially free?
- Thread starter investor2009
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You are correct in that it is not financially wise to pump 700k into converting a 300k old house into a medical centre but thats what it costs.
The DA can cost up to about 50k. Then the building costs are the real killers. The local council has various regulations. The outside ground needs a certain drainage system to accomodate cemented parking spaces. This alone can cost 150k. Disability legislation means that access to the building from outside requires various ramps and internal passageways need to be able to accommodate wheelchairs. Suitable toilets for the disabled need to be installed. The internal walls of the house cannot be easily moved. There needs to be substantial rewiring and replumbing.
I have seen this process done several times and 700k is the average cost and it is not a Taj Mahal result. Just a medical centre approved by council for a maximum of two doctors at a time.
*sigh* more "it cant be done" "its too hard" "it wont work" mindset. Do you think investors like dazz turned down commercial investment opportunities because they needed a DA or had to put in a drain?
Just buy shares in Telstra and BHP and be done with it, since your openness to anything other than zero risk has you paralyzed.
...and very vague about what he does for a living.
Sort of explains things.
So fearful of losing money that he doesn't want to let anyone know what he does in the fear that one of us decide to do the same thing and become a competitor and ruin his living.
I think the safest form of investment for him is to lock it all away in the bank for a long term deposit. I'm sure banks would cream themselves getting that sort of easy money to turn into many times more and then hand it back after the term for a paltry interest.
My mates family owns 6 of those. They are doing exceptionally well.
Maybe so if it yields more, has lower risk and requires not too much effort. Why go for high risk with much effort?
You tell us... you are the one who came here with investment questions and seeking advice, not vice versa.
All your threads and posts can be boiled down to a single sentence....
"I have lots of money and want to earn more without any effort or risk from my end, show me how for free".
My suggestion is to take your million in cash and go spend some seeing a financial planner who would be more than happy to take bucketloads of your cash answering your million questions and changes of mind.
People here are tired of offering you advise time after time for free and trying to help by spending time giving great information only to be ignored or told its no good or wont work (when it clearly will), then insulted by your elitist crap in other threads.
Plenty of sentiment from many others to the same effect, whether or not you are that oblivious to it all, who knows. Whether you take any of it onboard, thats up to you.
Why be apart of the forum? Why bother readin each day?
You never take anything on board, you are clearly stubborn and scared... You will remain this until you are old.
Please do everyone a favor and start taking just a tiny bit of what so so many people are saying or find a forum that talks about term deposits!
Not to sure that many things are low risk and low effort. Otherwise there would be millionaires/billionaires everywhere on the street.
Please guys, stop filling this thread with bullocks. It was a great read, lets keep it that way
Yes very much agree.
For me, I am 34 now so inside 10 years I am planning to be retired, so I voted 40's.
I have enough IP's to give a good 6 figure (at todays rental value) income and will spend the next 10 years paying down IP loans (mix of direct paydown and development/subdivision).
I also have my business which is able to be sold at some point if I choose or I can take a purely management or hands off approach with it and use it for income.
That's why some earn 6-figure passive rental, self-made income at 27 and you don't.
Haha loving the thread so far, too good.
Well anyway. Id like to be retired by the time I'm 45, worst case. things go well 35 would be nice. 25 now. And a Ferrari could be nice aswell
I'm a year older then you blair, FIFO as well, roughly the same goals, haven't made a start yet but its great seeing someone like yourself doing alright.
What sort of work/roster are ya doing Deuce? I'm 3 and 1s doing electrical maintenance at some camps in Hedland. Our contract is coming to an end soon but trying to get to Barrow Isle with my gf, hopefully works out for us otherwise it will stunt the growth of our portfolio
The good thing about being young and investing in property is that you have time on your side. Mind you from reading through this thread it seems like half of SS are our age What sort of work/roster are ya doing Deuce? I'm 3 and 1s doing electrical maintenance at some camps in Hedland. Our contract is coming to an end soon but trying to get to Barrow Isle with my gf, hopefully works out for us otherwise it will stunt the growth of our portfolio
Because all the oldies have moved onto sipping coffee on their private beach watching the sun rise
Doing 2/2, trying to get back on 4/2 4/1 tho. Investment wise I think 4/1 perm night shift is the greatest thing in the world, I was saving around 82% of my wage. Its getting a lot harder to find those non-family rosters these days which sucks. Hopefully once I'm swinging a digger I can dictate my terms better. Runner up plan is OCE ticket but I really don't want to enter the OHS world because people seem to be getting more and more brain dead every year.
Is the GF already working on barrow? I did a stint with a girl who had to take a opposite shift to me let say it was a short term thing after that
I'll be 35 in a week
It depends on ones definition of financial freedom. For some, it might mean deciding today that they can quit their job and never have to work ever again. For others, they still have to work, but have enough assets that they are secure and can put food on the table without too much stress.
For me, financial freedom means doing what I like, when I like, and not having to do anything because I have to or someone else wants me to.
If I stopped working right now I would be ok if I kept expenses under control. That gives me a lot of freedom, but not quite there yet.
Wanted to be financially free by the time I was 30. Being young, optimistic, over leveraged and stupid, along with a global financial crisis; it set me back a bit, but taught me how to manage risk.
When you are in your 20s, watching shares drop 100-200-300k in a few weeks is no big deal, you can come back from it. If I lost money, it is no one else's problem, but that changes when you have kids or a family.
I have a week to go till I'm 35, and at this stage, all properties are cashflow positive. Plenty of cash on hand (15%), property (25%), and shares (60%).
I still want to keep up my skills and work for interest (I'm a doctor), and slowly add to the portfolio, regardless of where I'm at financially.
It depends on ones definition of financial freedom. For some, it might mean deciding today that they can quit their job and never have to work ever again. For others, they still have to work, but have enough assets that they are secure and can put food on the table without too much stress.
For me, financial freedom means doing what I like, when I like, and not having to do anything because I have to or someone else wants me to.
If I stopped working right now I would be ok if I kept expenses under control. That gives me a lot of freedom, but not quite there yet.
Wanted to be financially free by the time I was 30. Being young, optimistic, over leveraged and stupid, along with a global financial crisis; it set me back a bit, but taught me how to manage risk.
When you are in your 20s, watching shares drop 100-200-300k in a few weeks is no big deal, you can come back from it. If I lost money, it is no one else's problem, but that changes when you have kids or a family.
I have a week to go till I'm 35, and at this stage, all properties are cashflow positive. Plenty of cash on hand (15%), property (25%), and shares (60%).
I still want to keep up my skills and work for interest (I'm a doctor), and slowly add to the portfolio, regardless of where I'm at financially.
I was just going over our goals on paper and thought I'd share them here so others can see our numbers and make more sense of our particular goal(s)
In other words, right now I'm spending 80% of my cash on investments..
NOW
Mortgage $35,880 I/O
Food $11,500
Fuel $6200
Cost to run 2x vehicles inc 1x car loan $8,600
Home Insurance $1,000
3x Investment properties $19,000 ($10,000 after tax)
Rubbish removal $330
LPG $100
Power/water $2,400
Rates $950
Total: $85,960 or $1,653p/w ex "fun money", which is $18k left over before tax back, $28k if counting that (although feels nothing like this much!..)
Scenario with no mortgage
Food $13,000?
Cost to run 2x cars (no car loan) $3,400
Home Insurance $1,200
Rubbish removal $330
LPG $120
Fuel $2,500
Power/water $3,500
Totals $24,000p/a or $460p/w ex "fun" money (72% difference between old figures). Total difference of $51,960 (or $1000p/w) after normal working years tax refund including mortgage and all 3x IP's. $61,000 before tax or $1,173p/w
In other words, right now I'm spending 80% of my cash on investments..
NOW
Mortgage $35,880 I/O
Food $11,500
Fuel $6200
Cost to run 2x vehicles inc 1x car loan $8,600
Home Insurance $1,000
3x Investment properties $19,000 ($10,000 after tax)
Rubbish removal $330
LPG $100
Power/water $2,400
Rates $950
Total: $85,960 or $1,653p/w ex "fun money", which is $18k left over before tax back, $28k if counting that (although feels nothing like this much!..)
Scenario with no mortgage
Food $13,000?
Cost to run 2x cars (no car loan) $3,400
Home Insurance $1,200
Rubbish removal $330
LPG $120
Fuel $2,500
Power/water $3,500
Totals $24,000p/a or $460p/w ex "fun" money (72% difference between old figures). Total difference of $51,960 (or $1000p/w) after normal working years tax refund including mortgage and all 3x IP's. $61,000 before tax or $1,173p/w
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