change of direction



From: David Pallone

I have just received some very sobering news, I with all my fellow employees are to be retrenched next month. I'm a financial accountant for a software development company which until today had weathered the tech wreck. Funny thing is I was badgering our CEO for the last month that we only had two months of funds left, I was right. Which brings me to my question. Apart from being an accountant I am an avid property investor who has enjoyed many months of reading everyone's queries and responses. I am taking this as an opportunity to turn my attention to the one thing I enjoy most, property!. But, which way to turn, I only received the news an hour ago and am still pondering in which direction I should head. I certainly have no intention of becoming an estate agent. Does anyone know of any property development groups looking at employing enthusiastic individuals passionate about property and its possibilities (ah just another thought). Anyway I think its time to ponder this over a beer at the pub.
Last edited by a moderator:


Reply: 1
From: Anonymous

May I take this opportunity to wish you well for the future. Perhaps this is the move that will change your life. Why contemplate 'working' for someone, this could be your time. I don't know if you have read Richard Kiyosaki's books but now would be a good time to start. Sorry I can't come up with anything more positive, but I firmly believe in thinking the cup is half full not half empty.
Last edited by a moderator:


Reply: 1.1
From: Chris Legg

Believe it or not this may well be the best thing that can have happened to you.
It has forced you out of your comfort zone
and you may well find yourself doing something that you really enjoy.
Best wishes for whatever you decide to do

Lifes a beach at Caves

Last edited by a moderator:
Reply: 2
From: Astro Boy

Hey David,
A familiar story... I too got the golden boot a few weeks ago (although half of my company still remains - for now anyway). Can only survive so long with the books in the red...

It seems that a large (and growing) percentage of friends in my industry (advertising - very flat at the moment) are in the same position.

I'm looking at it as an real opportunity:
- dont do a job I wasnt enjoying any more
- forced to make some decisions I should have made a long time ago
- got a reasonable payout, more than I was expecting - not that I was expecting it ;-)
- Get a long overdue holiday!
- and possibly the best one - what I have learnt! 10 employees when I started, 150 at the peak, now about 20. Shareprice from $0.50 up to around $7.50 and now at about $0.05 - talk about a rollercoaster!

If you haven't read it - might be worth taking a look at "Who moved my cheese" - you'll find it at any bookshop, good book on dealing with change.

I thought seriously about doing something to do with property - no boss etc. but I'm (only?) 25, so have decided I'll work for the man for a while longer (I kinda enjoy what I do) and keep up the research and personal investing etc.

Another 5 years or so and I should have worked out my little property niche to support my "masterplan".

just realised I haven't gone close to answering your question David - sorry, just thought I'd throw a similar example in.

Oh - and if you do come up with a wonderful property opportunity/idea, I haven't started a new job yet...

cheers and good luck!
Last edited by a moderator:
Reply: 3
From: Michael G


You may want to investigate cashflow properties at the moment? and generate an income to sustain you. With out a income you may need to talk to a broker about No-Doc Loans, which means 20% deposit + 5-8% in purchase costs. A lot of little deals with high yields would create that safety net, while you look for the flip and capital gain properties later.

Just a thought

Michael G.
Last edited by a moderator:
Reply: 3.1
From: Jakk Bass - The SLUM LORD

G'day all,

Is Richard Kiyosaki related to Robert in any way??


"A Rose by any other name, is still a Rose"
Last edited by a moderator:


From: Anonymous

Perhaps you might want to read this if you haven't already. It's posted in Caveat Emptor.

Do you know the saying " Wouldn't touch it with a 10 foot barge pole?"

The former Victorian chairman of Crime Stoppers has been charged with dozens of criminal offences after the $20million collapse of an investment company.
John Caust, who worked more than three years with the community crime-fighting program, has been charged, along with the Kew company's former managing director, Jon Melville McKenney.

Mr Caust, 51, was general manager of Lifestyle Property Investments Pty Ltd, a luxury residential property developer, when it collapsed last year. Many of the 100 investors in Lifestyle's 54 subsidiary companies, marketed mainly to Victorian and interstate investors through financial planners and brokers, have lost their life savings. The collapse caused losses in excess of $20 million.

Mr Caust and Mr McKenney, Lifestyle's former managing director, are expected to appear tomorrow in Melbourne Magistrates Court for a filing hearing. Mr Caust and Mr McKenney were charged by officers of the Australian Securities and Investments Commission.

Mr Caust faces more than 50 charges, which include offences alleging failing to act honestly in his duties, obtaining property by deception and obtaining a financial advantage by deception.

Mr McKenney faces a total of 26 charges, which include allegations of knowingly and intending to deceive and failing to exercise duties for a proper purpose.

The Age reported in July last year that investigations began the month before into the Lifestyle group of companies when the Tax Office applied to the Victorian Supreme Court to liquidate the group over debts of $205,000 to the ATO.

Justice Marilyn Warren ordered that most of the 54 companies be liquidated under the control of Clyde White, of the chartered accountants MGI Meyrick Webster.

Mr White told The Age yesterday that he was not yet able to say whether any creditors would see any of their money. He said he had issued numerous writs against people in the hope of retrieving or ``clawing back" assets.

Mr Caust was appointed to Crime Stoppers in December, 1996, and was variously its Victorian chairman, chairman of Crime Stoppers Australia and a director on the board of Crime Stoppers International.

He resigned his positions and from the program in July last year, the same month that ASIC and ATO began investigating Lifestyle.

Police said at the time that Mr Caust had resigned for personal reasons.

*Jon Melville McKenney is currently involved with The Investment Institute.
Last edited by a moderator: