my business mentors would call that "significance" vs sucess, and I suggest that is probably more rewarding most times
ta
rolf
Hands up for those nearing Financial Freedom
- Thread starter stumpie
- Start date
my business mentors would call that "significance" vs sucess, and I suggest that is probably more rewarding most times
ta
rolf
hi Dazz i've always liked reading your posts, you say it how it is. and mate i got to hand it to you on your success with commercials & industrials. well done.
it is very hard right now not to write that resignation letter. and its not because my employers are crap, they are actually fantastic. its just that i've lost that spark.
i am very lucky in this regard, my wife is an awesome woman, i completely adore her and she doesn't spend money like its going out of fashion. she dislikes shopping, she buys her clothes from millers and lipstick from woolies, not interested in cars and the only toy she likes is her kobo.
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Well by the end of the year we hope to have enough monthly income from rents to cover all our basic costs; food, bills and a bit left over for prop maintenance and leisure (and I do mean a bit). Feels good though, will take some time off doing free stuff and go back to work when getting bored or needing a cash injection. Great thread.
Thanks for the kind remarks stumpie.
Indeed. What I found that I lacked in employment was the autonomy of decision making. To me, it's the one thing that business owners have that easily keeps a spring in their step on Monday morning, whereas employees typically drag themselves in.
If Monday mornings are better than Friday afternoons, you're on the right track.
Having the autonomy to build a property portfolio before hours and after hours gave me confidence. Handling large sums of money and being responsible for that is what trains you to break free.
I found at work that my authority levels were practically nil. I was not granted authority to spend $ 100 on the company's behalf. My boss was authorised up to $ 10,000 and his boss had authority to sign off on $ 100K of expenditure. The CEO had a $ 2 million limit, before it went to the overseas committee. It was pathetic.
When you sign multi-million dollar property contracts early in the morning, then go to work and be told that you need to stop what you are doing and ask for permission to order a $ 150 rubber gasket.....you know it's time to pull the plug.
Farmers / business owners / self employed tradies......that's what they all have. They mightn't make the biggest profits or salaries in the world, but they all enjoy the autonomy of decision making.....and when you ask them, and they are honest, they all value that autonomy more than anything.
Indeed. What I found that I lacked in employment was the autonomy of decision making. To me, it's the one thing that business owners have that easily keeps a spring in their step on Monday morning, whereas employees typically drag themselves in.
If Monday mornings are better than Friday afternoons, you're on the right track.
Having the autonomy to build a property portfolio before hours and after hours gave me confidence. Handling large sums of money and being responsible for that is what trains you to break free.
I found at work that my authority levels were practically nil. I was not granted authority to spend $ 100 on the company's behalf. My boss was authorised up to $ 10,000 and his boss had authority to sign off on $ 100K of expenditure. The CEO had a $ 2 million limit, before it went to the overseas committee. It was pathetic.
When you sign multi-million dollar property contracts early in the morning, then go to work and be told that you need to stop what you are doing and ask for permission to order a $ 150 rubber gasket.....you know it's time to pull the plug.
Farmers / business owners / self employed tradies......that's what they all have. They mightn't make the biggest profits or salaries in the world, but they all enjoy the autonomy of decision making.....and when you ask them, and they are honest, they all value that autonomy more than anything.
I dunno if farmers where I live are wealthier than normal, but probably. I'd reckon that most of them could sell up tomorrow, pay back their debts and never have to work again? I know I could easily. Yet why don't they? I might just do that yet if none of my three daughters want to be farmers? But then I really wouldn't want to live anywhere else either? I'd probably just put a bloke on and just help out during the busy periods? Do other stuff between.
The oldies are in their 70's and will never go anywhere else. I'll probably be the same? It really is a good lifestyle despite the whinging farmers tend to do. [not me I might add].
See ya's.
True, sometimes I get the ***** with what I do, I think wouldn't it be nice to just be an employee and not have to worry about anything. Not your money at the end of the day I guess. I have worked for myself for 10 years so it's hard to put myself back in that frame of mind.
It's true though I don't think I could go back to asking permission to do things in the workplace. Would be bloody hard to take orders from someone again!
Yes, I can relate to that . I haven't worked for anyone since I was a teenager . I'm sure I would find it hard to go back to being an employee , as would most business people I would imagine .
My boys haven't shown much interest in the farm so I might sell up one day , probably to overseas investors . I had an idea I would move up to Queensland later in life to enjoy the warmer winters but I'm not so sure anymore . Lots of folk I know who have tried it seem to come back eventually . The tie of family is hard to break . I would want to be near family too .
I read somewhere that there are a lot of lonely old widows living on the Gold Coast .
My boys haven't shown much interest in the farm so I might sell up one day , probably to overseas investors . I had an idea I would move up to Queensland later in life to enjoy the warmer winters but I'm not so sure anymore . Lots of folk I know who have tried it seem to come back eventually . The tie of family is hard to break . I would want to be near family too .
I read somewhere that there are a lot of lonely old widows living on the Gold Coast .
Yeah I know plenty to move to the coast/Qld or both and it all seems great and then they move back to the bush after 10 years. A big rural town is really not a bad place to live. Just so easy and quick to get to everything and not much traffic and congestion.
That's an excellent plan! Can you start something now while you are still working?
I enjoy teaching, so I teach in my "spare time" (after hours or take leave form work). It gives a nice break from the "dayjob" grind (ok I admit, end of semester marking time is a true pain.......)
The Y-man
We are a fair way short of financial freedom, but not too far short of "freedom from employment". Neither my wife or I are the sort of people that could just pull up stumps and say "well that's enough" anyways, because we love what we do with property. I'm pretty sure I need to find a "sponsor" to help me deal with the addiction.
One of the things we love about our "less than small" development business model is that we are the client in basically every aspect. Coming from a consulting background where I answered to managers internally, then clients continually, it is awesome to be the one making the calls/demands and occasionally carrying on like a pork chop if I don't get what I want.
My time is already better spent sourcing deals and speaking to agents etc, but from a cash flow point of view, we need income, so until we have a couple more years of distributions to my wife, and a slightly bigger cash base built up, it will be wage slavery for me.
Just before writing this, we signed a contract on the second sale of two homes in our first splitter projects! Big night tonight!
Cheers all!!!
One of the things we love about our "less than small" development business model is that we are the client in basically every aspect. Coming from a consulting background where I answered to managers internally, then clients continually, it is awesome to be the one making the calls/demands and occasionally carrying on like a pork chop if I don't get what I want.
My time is already better spent sourcing deals and speaking to agents etc, but from a cash flow point of view, we need income, so until we have a couple more years of distributions to my wife, and a slightly bigger cash base built up, it will be wage slavery for me.
Just before writing this, we signed a contract on the second sale of two homes in our first splitter projects! Big night tonight!
Cheers all!!!
hi WM
if i could convince them for me to take an extended leave for 12 months that will be awesome probably just what i need.
i'm curious to know more about borrowing without being employed. apart from rental income and equity we don't have anything else coming in. how difficult is it to get the banks to say yes to 80% loans?
Good one Dazz.
This is a more interesting thread on mindsets. when is enough enough? i'm currently battling this question. I could retire but don't mind my job and have a reasonable amount of autonomy.
I'm on the verge of a promotion which will provide potential for a 7 figure income. I'll know in a few months! I'll probably die in the office, on a plane, or in one of my factories....
.....or I will say enough is enough and spend more time on here
- I'll check in later and let you know.It's a very difficult choice isn't it Oscar.
If you are on a high 5 figure income....it's like selling for free a very high yielding 6 figure property.
If you are on a low 6 figure income....it's like selling for free a very high yielding 7 figure property.
If you are lucky enough to be on a low 7 figure income....it's like selling for free a very high yielding 8 figure property.
....not easy to do when the crunch comes...
If you are on a high 5 figure income....it's like selling for free a very high yielding 6 figure property.
If you are on a low 6 figure income....it's like selling for free a very high yielding 7 figure property.
If you are lucky enough to be on a low 7 figure income....it's like selling for free a very high yielding 8 figure property.
....not easy to do when the crunch comes...
My plan originally was to have it all set up so that I would have those 2 years of data required by banks to prove it all but I ended up pulling the pin early.
I find out next week if I have qualified for a commercial loan for the Blackminster JV. As it's a commercial loan it's a bit less about serviceability and more about risk/valuations/ability.
As Dazz said I was being stifled by lack of autonomy. Great job but I did feel a bit selfish working the extra long hours away from the kids when I didn't really have to. Once I knew that I had an option out it was hard working in the machine of a large corporation.
If you think you have enough, you probably do.
Sounds like you are currently spinning your wheels .....
Knowing you have the means to retire, try thinking of what else you would prefer to be doing before you depart this world.
Time is a very valuable commodity.
Expending your time working for others or pursuing your own personal likes?
For example, if you knew there was a high likelihood that you were going to die in a certain timeframe what would you do?
- 15+ years....... probably nothing immediately but actually set a retire date
- 15-5 years ... ??
- <5 years ........ quit immediately and do the bucket list
If you love what you do then don't change, but 'not minding' what you do is hardly making the most of life.
I wouldn't read too much into it Joe. Your mixing up my connotation with your denotation. By writing "not minding what I do" I actually mean that I enjoy it. I wrote in another thread that I think I have the best lifestyle of anyone I know personally. And I get to schmooze with some very high income earners (in the millions)..... I may even die of having fun.
Back on topic, Dazz puts it well again. The more you make, the harder it is to pull the plug, as the greater is the loss (financially) from leaving active work as an employee.
It's a very personal thing of course, and I enjoy the insight on this from the posters in this thread including yours and hope there are some more.
Well done Oscar!
I gotta admit, I have just taken on a 3rd employer (applied as a bit of a joke and got the gig) so now technically working 3 jobs...... (1 FT + 2 PT) = people think I'm nuts, but enjoying the experience of a new workplace, new faces and no (financial) obligation to stay in any of them......
The Y-man
And surely in a world where it is "who you know, not what you know", you would have a network that gives you access to opportunities that you wouldn't otherwise (and the power to borrow or raise a big chunk of capital if you wanted to).....
The Y-man
