Has property changed your outlook towards money?
- Thread starter Peter Parker
- Start date
Property has NOT changed my outlook on money.
In all the jobs I've had since I started, I have always looked at my income, worked out what I could save. And it always seemed so small, virtually inconsequential to attaining wealth.
If I needed / wanted a car I've had to borrow for it, then it seemed forever that you were paying it off plus looking at the interest that it was costing you.
Then saving for a PPOR while you are paying off a car and renting was mega tough when your incomes aren't that great.
So it always seemed apparent to me that you don't become wealthy by working for someone else. The question was always how the hell (just keeping with the theme here) that you can break that cycle. I had no business Ideas, no capital so starting a business was a no goer. My managed funds sucked and my super didn't exist, property just kinda happened for us. We wanted a house and we were sick of paying rent.
So property didn't change our outlook on money, it made our outlook on money possible.
Maybe it did kind of change it, it made us realise that it was possible for people who had very limited resources, but had determination.
In all the jobs I've had since I started, I have always looked at my income, worked out what I could save. And it always seemed so small, virtually inconsequential to attaining wealth.
If I needed / wanted a car I've had to borrow for it, then it seemed forever that you were paying it off plus looking at the interest that it was costing you.
Then saving for a PPOR while you are paying off a car and renting was mega tough when your incomes aren't that great.
So it always seemed apparent to me that you don't become wealthy by working for someone else. The question was always how the hell (just keeping with the theme here) that you can break that cycle. I had no business Ideas, no capital so starting a business was a no goer. My managed funds sucked and my super didn't exist, property just kinda happened for us. We wanted a house and we were sick of paying rent.
So property didn't change our outlook on money, it made our outlook on money possible.
Maybe it did kind of change it, it made us realise that it was possible for people who had very limited resources, but had determination.
So just along the thread of thinking like a wealthy person and not a poor person in what way have people changed their thinking and actions. An example of how I changed my thinking is that I now believe I am worthy of having a lot of money. Money blueprint used to be I have to work hard to get ahead and to get rid of debt asap. Now I know the benefits of time and leverage and realise anyone can achieve what ever they put their mind to - just believe and keep moving forward. As soon as you change your mindset about money it does become quite easy
I've always been a saver, even as a child I would hold onto anything that could be used up (soap & perfume are a good example - I'd save them so long they'd go rotten ) it's embarrasing to admit.
Prior to 'Rich dad, Poor Dad' opening my eyes. I would save, save, save and have no idea what I was saving for, maybe security? Now my saving's are for investments and my aim is to be financially free enough to give myself and others choices. I don't want to be limited by money.
Even through our limited property investing I feel so much more secure and free. The funny thing is it's the knowledge that has me feeling this way, not the money we've made. Just the fact that we can do it.
Thanks for starting this thread I've really enjoyed reading it.
Rachele
) it's embarrasing to admit. Prior to 'Rich dad, Poor Dad' opening my eyes. I would save, save, save and have no idea what I was saving for, maybe security? Now my saving's are for investments and my aim is to be financially free enough to give myself and others choices. I don't want to be limited by money.
Even through our limited property investing I feel so much more secure and free. The funny thing is it's the knowledge that has me feeling this way, not the money we've made. Just the fact that we can do it.
Thanks for starting this thread I've really enjoyed reading it.
Rachele
I've always been a saver, even as a child I would hold onto anything that could be used up (soap & perfume are a good example - I'd save them so long they'd go rotten
Prior to 'Rich dad, Poor Dad' opening my eyes. I would save, save, save and have no idea what I was saving for, maybe security? Now my saving's are for investments and my aim is to be financially free enough to give myself and others choices.
Rachele
Oh Fish74, I hear you!! All the shampoo bottles in our shower with a few drops left are hilarious, and the drawer filled with sample shampoos/bath gels/lotions from hotel rooms - I feel like Ross from Friends sometimes! I think it's due to my hatred of shopping (for that kind of stuff - shopping for properties, now I'm in heaven
). I figure the longer I can keep those "drops" of soap going, the less likely I have to go out and shop for more In fact, the higher income I get, the less I want to spend it on that kind of stuff, and the more I want to save it for investments. But it's not about the money I don't think - ask me to go out and spend a few extra $$ on a great meal and wine, and I'll jump at the chance, but I enjoy that!!In sum, I think property has changed my outlook towards "shopping" - normally I would say I hate it (not a normal female, I know!
) but you say shopping for properties, and I'll walk around the open for inspections all day long!Cheers,
Jen
Yes, owing property has changed my outlook towards money. Before owning property I felt poor...just a sense of not having anything. When I bought my first PPOR, I still felt poor, probably due to struggling to keep up with the mortgage repayments. After a few years, when my servicability increased, and CG had come into play, I felt more comfortable and a "little" richer.
When I bought my first IP, I felt quite rich...paid $86K...quite rich, eh! Tis all relative. So the tenants paid for the loan...and my income enabled me more freedom, less stress, and feeling more comfortable.
But what really changed my attitude towards money, was changing my attitude towards spending it. I used to begrudge paying every bill. I dreaded writing cheques...it was almost painful. Until I realised that everytime I put money out into the world, out into circulation, I was part of that circle and it would come back to me.
I had to see myself as part of the world, part of the "money" world. Now I write my cheques with a different heart, a different attitude. Every time I write a cheque, I'm contributing to the circulation of money...a circulation where everyone benefits...not just me.
cheers
Sharon
When I bought my first IP, I felt quite rich...paid $86K...quite rich, eh!
Tis all relative. So the tenants paid for the loan...and my income enabled me more freedom, less stress, and feeling more comfortable.But what really changed my attitude towards money, was changing my attitude towards spending it. I used to begrudge paying every bill. I dreaded writing cheques...it was almost painful. Until I realised that everytime I put money out into the world, out into circulation, I was part of that circle and it would come back to me.
I had to see myself as part of the world, part of the "money" world. Now I write my cheques with a different heart, a different attitude. Every time I write a cheque, I'm contributing to the circulation of money...a circulation where everyone benefits...not just me.
cheers
Sharon
i too used to save everything (including the shower caps) but i think that was because as kids, 30 years ago, we never got anything, never had anything so everything was precious. not like kids today.
property has totally changed my attitude to shopping too - in that i don't spend on "stuff" but if i see something i really like then i buy it. to often, in the past, i had ummed and ahhhed and not bought (property included) and then missed out and regret.
i am not a real consumer but yesterday i saw a ring set in the pawn shop that i really loved - so i bought it, at around 1/3 of what it would cost in the jewellars. and today i bought a dress. but in the same vein - we would probably go out to dinner twice a year, the fridge is a 15-20 year old hand down, the video player packed it in so i've ordered a new one with my reward points.
property has totally changed my attitude to shopping too - in that i don't spend on "stuff" but if i see something i really like then i buy it. to often, in the past, i had ummed and ahhhed and not bought (property included) and then missed out and regret.
i am not a real consumer but yesterday i saw a ring set in the pawn shop that i really loved - so i bought it, at around 1/3 of what it would cost in the jewellars. and today i bought a dress. but in the same vein - we would probably go out to dinner twice a year, the fridge is a 15-20 year old hand down, the video player packed it in so i've ordered a new one with my reward points.
thought provoking post Spiderman!
I say absolutely! It has really struck me lately that without really thinking about it we are starting to think 'wealthy' There is also a great sense of security that comes with the growing equity - but I do not think this has made us a 'less cautious' overall with money - we still do the fortnightly budget and do not have Credit card debt - we think of our IP's as our saving (with of course some savings for back up) and have no personal debt (ie car loan - avoid at all costs!!) but in saying this we are getting to the stage that we are wanting to spend extra money on ourselves - we made sure that our recent purchase of a property did not over extend us so that we could start 'feeling wealthy' from the perspective of spending more on ourselves in general- I think this is a important step in thinking and feeling like a wealthy person - money in your pocket and not just in equity. I hope this makes sense!!
I say absolutely! It has really struck me lately that without really thinking about it we are starting to think 'wealthy' There is also a great sense of security that comes with the growing equity - but I do not think this has made us a 'less cautious' overall with money - we still do the fortnightly budget and do not have Credit card debt - we think of our IP's as our saving (with of course some savings for back up) and have no personal debt (ie car loan - avoid at all costs!!) but in saying this we are getting to the stage that we are wanting to spend extra money on ourselves - we made sure that our recent purchase of a property did not over extend us so that we could start 'feeling wealthy' from the perspective of spending more on ourselves in general- I think this is a important step in thinking and feeling like a wealthy person - money in your pocket and not just in equity. I hope this makes sense!!
I agree Sharon - it does not bother me to pay bills, I hand the money over happily - knowing there is more than enough to go around and flow back to you.Yes, owing property has changed my outlook towards money. Before owning property I felt poor...just a sense of not having anything. When I bought my first PPOR, I still felt poor, probably due to struggling to keep up with the mortgage repayments. After a few years, when my servicability increased, and CG had come into play, I felt more comfortable and a "little" richer.
When I bought my first IP, I felt quite rich...paid $86K...quite rich, eh!
But what really changed my attitude towards money, was changing my attitude towards spending it. I used to begrudge paying every bill. I dreaded writing cheques...it was almost painful. Until I realised that everytime I put money out into the world, out into circulation, I was part of that circle and it would come back to me.
I had to see myself as part of the world, part of the "money" world. Now I write my cheques with a different heart, a different attitude. Every time I write a cheque, I'm contributing to the circulation of money...a circulation where everyone benefits...not just me.
cheers
Sharon
So just along the thread of thinking like a wealthy person and not a poor person in what way have people changed their thinking and actions. An example of how I changed my thinking is that I now believe I am worthy of having a lot of money. Money blueprint used to be I have to work hard to get ahead and to get rid of debt asap. Now I know the benefits of time and leverage and realise anyone can achieve what ever they put their mind to - just believe and keep moving forward. As soon as you change your mindset about money it does become quite easy
that's exactly how i feel
every point. couldn't have said it better.