Well put Ricardo.
Good luck with achieving your goals, sounds like your well on the way!
At what age do you plan to be financially free?
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Well put Ricardo.
Good luck with achieving your goals, sounds like your well on the way!
That's what they keep telling me.
You're all making me feel positively ancient!
Or perhaps when the younguns get to mid 30s/early 40s they get married, have kids and tack another 10 years onto their plans?
I started young - first IP at 22, first child at 24
But didn't have a PPOR until I was 28.My priorities are more around work/life balance and having some fun experiences with the kids at the moment. I 'discovered' travelling about 3 years ago and it's a serious way to easily spend money
It's a juggling act with 3 kids, my job, changing from 3 IPs to 10 IPs this year
This year is a HUGE year but it is the ground work for my grand plans
If you look back throughout history, you will find that the favourite past time of older generations is to sit on their high horses and look down their noses at the younger generations.
"Back in my day...."
yeah i dont think any one generation can be said to be better or worse than the previous.
i have always found it funny though that a lot of the whole "young people are lazy and profligate" argument has mainly come from baby boomers, the generation that has worked through the richest period in australian history, multiple property and share market booms etc yet over 90% will retire on a pension of some kind.
Wow - you lot almost make me feel old.... almost...
Im 31 in June.
Started investing about 10years ago with absolutely no idea what I was doing (not that I claim to know what Im doing now - but at least I know Im clueless now). Set a 10 year plan about 4 years ago (maybe 5 years ago now). Which was to see me free by 35.
Some poor decisions when I was younger cost me some years - when I lost a best friend (and $100k) in a partnership which went south.
Investing in Macquarie Fusion fund (bye bye $50k).
Then purchasing some vacant land to build on in 2007 just to watch GFC hit and values dropped $100k - and I didnt have the equity to build.
Of coarse then I have my Yokine development which has cost me some time, but looks as if I will get out of that without losing (too much) money - just a lot of time.
Based on the above summary one might wonder why I dont give up and quit property investing - clearly Im not all that good at it...
I guess Im still here and despite all my failures I may actually still hit my 35yo target (though it will be touch and go - I might be a year or two late). And in the meantime I am living quite a life.
I work 6 months of the year and travel for 6 months of it. In the last few years have been to not less than 10 different countries (and some of them I have visited multiple times).So cant really complain.
And people call us youngsters lazy... oh... hang on, thats exactally what I want to be
Blacky
Im 31 in June.
Started investing about 10years ago with absolutely no idea what I was doing (not that I claim to know what Im doing now - but at least I know Im clueless now). Set a 10 year plan about 4 years ago (maybe 5 years ago now). Which was to see me free by 35.
Some poor decisions when I was younger cost me some years - when I lost a best friend (and $100k) in a partnership which went south.
Investing in Macquarie Fusion fund (bye bye $50k).
Then purchasing some vacant land to build on in 2007 just to watch GFC hit and values dropped $100k - and I didnt have the equity to build.
Of coarse then I have my Yokine development which has cost me some time, but looks as if I will get out of that without losing (too much) money - just a lot of time.
Based on the above summary one might wonder why I dont give up and quit property investing - clearly Im not all that good at it...
I guess Im still here and despite all my failures I may actually still hit my 35yo target (though it will be touch and go - I might be a year or two late). And in the meantime I am living quite a life.
I work 6 months of the year and travel for 6 months of it. In the last few years have been to not less than 10 different countries (and some of them I have visited multiple times).So cant really complain.
And people call us youngsters lazy... oh... hang on, thats exactally what I want to be
Blacky
Wow - you lot almost make me feel old.... almost...
Im 31 in June.
Started investing about 10years ago with absolutely no idea what I was doing (not that I claim to know what Im doing now - but at least I know Im clueless now). Set a 10 year plan about 4 years ago (maybe 5 years ago now). Which was to see me free by 35.
Some poor decisions when I was younger cost me some years - when I lost a best friend (and $100k) in a partnership which went south.
Investing in Macquarie Fusion fund (bye bye $50k).
Then purchasing some vacant land to build on in 2007 just to watch GFC hit and values dropped $100k - and I didnt have the equity to build.
Of coarse then I have my Yokine development which has cost me some time, but looks as if I will get out of that without losing (too much) money - just a lot of time.
Based on the above summary one might wonder why I dont give up and quit property investing - clearly Im not all that good at it...
I guess Im still here and despite all my failures I may actually still hit my 35yo target (though it will be touch and go - I might be a year or two late). And in the meantime I am living quite a life.
I work 6 months of the year and travel for 6 months of it. In the last few years have been to not less than 10 different countries (and some of them I have visited multiple times).So cant really complain.
And people call us youngsters lazy... oh... hang on, thats exactally what I want to be
Blacky
If you can afford to loose $200k+ at your age, well... I just wana know what you do and how I can do it too
Even without my travelling (~$100K over 5 years), I still couldn't take that sort of hit.
You're all making me feel positively ancient!
Or perhaps when the younguns get to mid 30s/early 40s they get married, have kids and tack another 10 years onto their plans?
Exactly what I was thinking. A lot of the replies to this thread have been from people in the mid 20's- early 40's range. Which makes me wonder, how many of the respondents have accounted for having kids, wife/husband, going down to one income to support multiple family members, owning own businesses etc in their calculations? Let alone accounting for inflation etc.
Obviously this isn't the case for all, as some have no interest in partners, kids, businesses etc, but a lot will.
If I included my partner and children mine would likely decrease 5-10years as she would be earning pretty good money and if kids were around I would want to spend more time with them
In fairness to the BB's, none of them had the benefit of 24/7 world wide instant education on every single topic you can imagine....
Wealth creation, IP's, leverage, IO loans, LO Doc loans, superannuation, managed funds, bonds, futures, puts, options, equity, offset, redraw, 105% finance, mezzanine lending, subdivisions, fixed rates, Somersoft, Henry Kaye, Margaret Lomas, Rob Kiyosaki, John Fitzgerald, The Millionaire Next Door...these terms were not known like they are today.
Even TV was late on the scene for many.
I was born in 1961 and we didn't even have a tv until I was 9 years old.
Now you carry it around in your pocket
You get the idea....
Bugger-all was available to those people/us back then.
The chances of the majority of folk becoming rich given this set of circumstances was very limited....the rich folk were mostly that way through businesses; not property.
Maybe shares, but I can't comment on them with any real knowledge. I don't know many folk who have become exceeding well off through shares...the odd few I suspect.
You had the local library, and that was it, unless you were lucky enough to go to University and/or happened to fall over someone who was an investor in property who could educate you...not many back then other than yer tradesman etc.
Superannuation was also much later for most; who were really only educated about saving in a bank account...yeah; that'll get you there quick smart.
So, before you slag off the oldies about why they should all be rich yet aren't; take the time to find out why....the Internet is right there for you to do so.
Look at things like diet, smoking, drink driving, drugs...the education available today about the dangers and consequences of them are easily and abundantly available.
Same with wealth creation, yet still there are very few who actually do it...people are stlll getting fatter, killing themselves with cigarettes and drugs and car accidents, and folk don't rush out and buy a swag of IP's every day.
Most are only invested in their super, a few more are directly in shares, and even less in property.
Based on this pattern of human behaviour, how much of a chance do you reckon there is/was that folk would do it (invest in property) way back when with almost no information readily available?
That's not even counting those who knew, but couldn't get finance, or couldn't pull the trigger.
Even as recently as 1985 my girlfriend and I were knocked back for a loan because we were not married....both single and earning pretty decent money.
I think I'll pack up my Milo, slip on the peejays and shuffle off to bed and leave you know-it-alls to it.
It's past my ni-ni's time, yeah?
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Like me you're on the cusp of the BB generation. I know I experienced very strict lending criteria as well as discrimination based on my sex (being single and having no husband was raised with me in the meeting).
It took 2 goes to get a loan and they wouldn't consider some equity I had in a cheapy property I bought a couple of years before.
The manager actually did a kind of mini roll eye when I asked for a housing loan for an IP
.A whole 4 years later - around 1987 and after the property whent up about 70% - I was knocked back again on a second property, although in this case I suspect it was just the tight lending criteria of the day.
Just those things being different allow you to move forward in leaps and bounds.
Investing in the sharemarket wasn't like now either with all the information at hand and ease of buying and selling.
There was no employer super either unless you worked for the government and signed up on a scheme and did some contributing yourself *rubs hands together*, but that was very much the minority.
Many of my workmates now are worth 200K+ with a couple I know sitting on around 500K although both of those have contributed some themselves. These are people that had no super till they hit their 30's.
Those older BB would have had it much tougher than me for a lot longer too, and I dare say would have accumulated some or most of that wealth through frugal living, savings and inheritence (my IL's!, that and sold a business).
Businesses and wives, (or husbands), are supposed to make money for you, so these are actually assets, not liabilities.
I see Bayviews point on not having the instant education and networking we have today.
Have a look at the boys from The Iconic though.
Awesome result, 16 months after launch doing 10 mil/month, biggest online retailer of clothing.
Still so much potential available.
Anyone can do it.
Business is the way to go for fast wealth.
Ha ha - who said I can afford to?
And to be fair its only $150k cos the loss on the land is only on paper at this point.
Im an expat so earn stupid amounts of money. If I was an 'average Australian' I would have gone toes up a long time ago.
If you want to do what I do - sacrifice all your creature comforts, leave Australia, go and get a job in a 3rd world country - and enjoy the fruits of a completely different lifestyle
While I have no intention of getting married - being a 30yo male - Im not sure I have much choice in the matter. More mature gentlemen are consistantly reminding me that men have little choice in that situation. Some woman will pick me (for what reason defy's me) and thats that. Down the shoot (aisle) I go...
Im attempting to make myself as undesirable as possible to ensure this doesnt happen... So far so good
As for the generation gap - I think this forum is probably a poor indicator of the general population. For most of my friends in my age bracket they struggle to pay rent at the end of the month, definitely don't use the internet to for (productive) research, and truly don't understand what I do - and for the most part these people are not stupid nor un-educated. Many have graduate degrees (or higher) and earn above average salaries. We are just living the high life of being in an amazingly 'rich' time of life (especially in Australia) where everything is available now and 'hardship' is when the apple store ran out of stock before they were able to upgrade their igadget.
Yet most of my older friends are running business, investing and are generally reasonably wealthy.
I would like to thank you BB for hacking the rough trail, doing it tough and smoothing the way to enable us youngsters the opportunity to walk down it relatively unscratched.
Doesn't mean we are not so arrogant that we don't f*** it up, but hey, you can only lead us to the water...
Cheers
Blacky
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