I was gonna invest more in IPs..but then I found a bustle in my hedge-row..
dont be alarmed now, its just the spring clean for the may queen. go right ahead investing...
Conversation with a colleague....
- Thread starter monalisa
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dont be alarmed now, its just the spring clean for the may queen. go right ahead investing...
This is exactly what we did when we were younger, and now we are the people having yearly holidays to the US, driving new cars and living in our 500sqm home.
It worked out pretty well, all things considered.
What you have described below is the years of brainwashing that even the Stasi, the Communists, and Nazis would be envious. Most people in Australia have EQ (Emotional Quotient) and IQ (intelligence)....but very few people have FQ (Financial Quotient) to be truly wealthy. This is why rich people know and understand the value of a dollar. Some of the tightest people are are also the richest...I even know some on SS....I am not telling though!
People are happy to keep swapping jobs (particularly when they are young) in order to earn fabulous salaries. I know quite few 28 year olds on over $150k pa. and some 40 years olds on over $250k pa. But should their incomes stop....they are on a house of cards with debt!
This is great but unfortunately ....they are too focused on their stressful jobs to realise that whilst they are earning good money they also need to invest to keep their livestyles up. They seem to wake up in their mid to late forties and realise that they have less than 20 years to retirement and their financial planner has told them they will not have $1m in super to retire..so that they can have $50k pa in income.
You will hear the screams, the whingeing, and grumbling when they are put out to pasture at say 50 via retrenchment.
Keep doing what you do.....buckle down in your 20s...and you will have a carefree life in your late 30s on. I know...because I did this....now if I can only convince my employer to retrench me!
This post really motivated me.
What you have described below is the years of brainwashing that even the Stasi, the Communists, and Nazis would be envious. Most people in Australia have EQ (Emotional Quotient) and IQ (intelligence)....but very few people have FQ (Financial Quotient) to be truly wealthy. This is why rich people know and understand the value of a dollar. Some of the tightest people are are also the richest...I even know some on SS....I am not telling though!
Me too! Can I ask or suggest SASH that we either here or in a new thread explore FQ and how someone (say me for example) could go from a lower FQ to higher. I have been reading books, invested a bit, been to few seminars. But my family background is definitely go to school to get a degree to get a job and keep it. As much as I am trying to immerse myself in this I wonder if my childhood programming is still fighting the wealth concept.
That's a good idea. I can get caught up with analysis paralysis and logical thinking and would like to be more aggressive and be able to keep pushing the boundaries of the comfort zone.
It was definitely mine too. The reality is I still want my kids to get a degree and a job first. After that they can do what ever they want.
I listen to everyones opinions. I even stop and consider them seriously for a minute no matter how hairbrained they are. I run through 'worst case senario' and then make my own assessment. Other peoples opinions are good. Even the idiots occaisionally come out with something that is worth taking away.
But at the end of the day my strategy and my goals work for me and my family, and what other people think about the housing market really doesn't matter.
Then again, my strategy isn't about becoming 'rich', it isn't agressive, and doesn't even rely on market increases (they are just an added bonus). I invest to 'live' and retire.
I am a very risk adverse person, so I base everything on the worst case senarios - and live comforted knowing that even if that were to happen, My family and I would survive, get up, brush ourselves off and try again. I don't bite off more then I am comfortable with, and if I'm feeling uncomfortable I stop and ask myself 'why'.
I like people challenging my veiws, it helps me reaffirm what it is I'm doing and why I'm doing it in the first place.
But at the end of the day my strategy and my goals work for me and my family, and what other people think about the housing market really doesn't matter.
Then again, my strategy isn't about becoming 'rich', it isn't agressive, and doesn't even rely on market increases (they are just an added bonus). I invest to 'live' and retire.
I am a very risk adverse person, so I base everything on the worst case senarios - and live comforted knowing that even if that were to happen, My family and I would survive, get up, brush ourselves off and try again. I don't bite off more then I am comfortable with, and if I'm feeling uncomfortable I stop and ask myself 'why'.
I like people challenging my veiws, it helps me reaffirm what it is I'm doing and why I'm doing it in the first place.
Take a view on the macroeconomic condition - inflation, interest rates, debt meltdown, job losses etc.
Then take a view on the condition of the pocket you wish to invest in - vacancies, stickiness of rent, how easy it s to rent the place out, demographics, price compared to suburbs marginally better, how tightly held the place is, 'financial strength' of your neighbours etc.
Glad to be of some service ...danielle....
That knightm....is gold. You have hit the nail on the head. It is indeed the childhood programming of most people. Just realising this or wanting to questoin the status quo puts you in the top 5%.....take action to change you situation you will probably end up in the top 1%!
You would think a free democracy like Australia would ask things are done like they are? Unfortunately....most people don't so they wear their Rose coloured glasses and continue to believe what the media and governments feed them!
I note that you have started a new thread will contribute more there....
This post really motivated me.
That knightm....is gold. You have hit the nail on the head. It is indeed the childhood programming of most people. Just realising this or wanting to questoin the status quo puts you in the top 5%.....take action to change you situation you will probably end up in the top 1%!
You would think a free democracy like Australia would ask things are done like they are? Unfortunately....most people don't so they wear their Rose coloured glasses and continue to believe what the media and governments feed them!
I note that you have started a new thread will contribute more there....
My wife and I have basically decided to keep our investing thoughts to ourselves.
My father, with the best of intentions I'm sure, always points out every possible negative scenario with any sort of investing/money making idea. I put it down to the fact that he lost some money in the markets years ago and has never recovered from it.
As for the rest of our family, pretty much all of them either think its all too risky or think they know best about everything and will lecture till the cows come home about why what we have decided is wrong. Only her sister has any IP and then only 1 and she bought around the corner from where she lives because she likes the neighbourhood but that doesn't stop her from thinking she knows it all, knew it before we did and knows it better than we do!
We both realise we need to keep motivated, positive and focused, especially just starting out, and we just don't need the negativity.
My father, with the best of intentions I'm sure, always points out every possible negative scenario with any sort of investing/money making idea. I put it down to the fact that he lost some money in the markets years ago and has never recovered from it.
As for the rest of our family, pretty much all of them either think its all too risky or think they know best about everything and will lecture till the cows come home about why what we have decided is wrong. Only her sister has any IP and then only 1 and she bought around the corner from where she lives because she likes the neighbourhood but that doesn't stop her from thinking she knows it all, knew it before we did and knows it better than we do!
We both realise we need to keep motivated, positive and focused, especially just starting out, and we just don't need the negativity.
Glad to be of some service ...danielle....
That knightm....is gold. You have hit the nail on the head. It is indeed the childhood programming of most people. Just realising this or wanting to questoin the status quo puts you in the top 5%.....take action to change you situation you will probably end up in the top 1%!
You would think a free democracy like Australia would ask things are done like they are? Unfortunately....most people don't so they wear their Rose coloured glasses and continue to believe what the media and governments feed them!
I note that you have started a new thread will contribute more there....
I agree there is a need for macro change too, but like robert kyosaki and others I tend to get more cynical rather than less about the chances of education systems changing to teach real world finances. Working for state gov I see the pendulum swing one way with minister A, then back again with minister B, etc. I struggle to see how major shifts or progress can occur in that environment.
As a result I want to work as hard as I can to improve my own FQ, including reprogramming the parts of my childhood mind that are no longer useful, then find ways to help others learn and grow too.
Nothing wrong with go to school, get degree, get good job and keep it...at least for a while. Kiyosaki is very short sited with all his J.O.B jibes. At some point he'll need a well educated doctor or surgeon to fix him up. I'm happy we still value degrees, hard work and innovation. It would be a sick old place if the world was full of LL's.
Come on Bob, someone has to serve me at the restaurants I go to...
I would rather be served by a pimply surly useless teen, with some prospects,
than a pimply surly useless 20something, with no prospects, no chance of getting my order right, a waste of oxygen,
My wife finally had a gutful yesterday and spilled the beans to her dad.
Before her mum passed, they were told about our first IP which was OK with them as they have had one for years. They did not know about the many other properties we have bought and sold over the years.
My FIL has sold his place (too many memories, I guess) and looking to buy a new place. It has essenitally fallen to us to help with the sale (even though he didn't really listen to what we were saying) and now with organising the packing etc. My wife's brother is a 35yo stay at home bum (depressed or whatever, no-one knows and he won't tell) and a sister that is so caught up with herself and wants as little to do with us (even though she has a room full of stuff still at her dad's place that she won't clear out, because she gets upset going back to get it) that everything has fallen on our shoulders.
Now we are looking for a place for him to buy and telling what he should be watchful for and he still does not listen and loading my wife up with stuff to do because he thinks she does nothing as a stay at home mum (I hate people who think that). He wants something about $400K cheaper than what he sold his place for and then give money to his kids/grandkids. Also wants to move closer to my wife's sister (who wants little to do with him) and further away from us (who run around and do lots for him).
Enough of the back story.
So she had enough yesterday and told her dad that we have a multiple property portfolio worth in excess of several million and she spends the majority of her week (when our youngest is at school) managing the portfolio (even though we use PMs etc) and that she does NOT have all this free time other people think she has.
My wife said that he finally clicked after all these years and is now actually listening to us, and sworn to secrecy!
Also, aggrevating that he told her that he will be giving money to his kids, being two ungrateful ones and my wife. We have told him that he can keep his money (in a nice way as we don't need it, but he will one day). Her brother will just blow it on his car (which her dad essentially pays for) and her sister is a money grubber (she, well he husband actually, borrowed about $200K from her dad to buy their "dream" home and now wants little to do with him and won't help).
Just hope the healing begins soon.
/rant
As one who did a Creative Arts degree with an acting major and now works as a fire fighter I would still say that my degree was good.
There is nothing wrong with following ones dream even if it doesn't work out. Nor is there anything wrong with studying a subject for the enjoyment of studying.
I'm of the view that education and learning is good regardless of whether or not it leads to a financial benefit.
