I remember when we came here in 2004 as new migrants, I thought we brought enough money to survive for at least 6 months. However due to rent, food, transpo, driving lessons, bills, etc. money was fast dwindling and we still haven't found jobs. We ate chicken wings ($1.99 a kilo at the time) and home brand canned goods almost everyday to lessen the spending. Luckily, after nearly 3 months of looking for work, both of us received news (coincidentally on the same day!) that we have finally been accepted! We were so happy and relieved. A week before our first salary, we only had less than $100 left in the bank.. talk about great timing!
Two years later, we bought a nice new 4-bedder for our PPOR and another two years after we bought another 4-bed IP which we plan to make our PPOR in 3-4 years time. We plan to buy every two years and accumulate around 4-5 IPs, try to pay them off, retire and live off the rent or sell them when needed. That's our strategy now anyway... it may change depending on future circumstances.
We still eat chicken wings and home brand goods occasionally by the way. We haven't changed much since we came here. Those first three months helped us learn a lot.
Inspiring to say the least...does anyone think that most immigrants arriving now and into the future will not have a real go at living here and taking advantage of what Australia does in fact offer to someone who is willing to embrace it...?
Good luck to you lenovo...I admire your resilience and the many others here who have posted their 'brokness' stories....
As far as my broke story...well we never had anything much...dad was a manager of a stock and station agency all his life and Mum worked doing clothes repairs/adjustments at home and they never had any money in the bank or any assets...the car and house were all part of Dads remuneration and I guess they got used to that always being there.
Then dad was faced with retirement and he took on the local agency in return for his entitlements as the company didn't want that particular branch.
In 7 years Dad and Mum worked that business to where they could buy their retirement home at Terrigal and also owned their house in the country where the business was and owned the car. Sold the business and retired happy on the coast...their wish...!
I still think my parents could/should have been self employed all their lives as their motivation in that 7 years was incredible compared to the previous 30 odd years of just plodding along and not accumulating anything at all...?
It did teach me though to get stuck into investing in a positive way to make a difference a fair bit earlier in life than make the mad dash at the end....
I also have been flat stoney stinking broke....and with no hope for the future thinking about people who have a mortgage for however many thousands of $$$ and thinking ...."me...a mortgage...own a house...?...never!"
I'm proud be have got where we are now from nowhere with no handouts/inheritances, just plain hard work and knowledge gained along the way.
But boy...to move to another country and soon have nothing left and face the future unklnown then turn around and start accumulatiing assets...that's inspiring.....good stuff lenovo...!