Is full-time investing realistic?

[LucasK]

Thanks for your advice! Its been quite helpful, and I've been thinking over things a bit.


I've decided to stay at uni to finish off a commerce degree, leaving the path open (still a year before I choose major).


Uni, I've found, it a good place to meet people. It seems odd, that I'm likely to benefit more from my friends and other uni students than from the teachers.


Probably the worst aspect is the way everything is so "academic". Even though I can see that a lot of the academic stuff is a foundation for the future, too much of it is unnecessary. Not to mention the horrible "referencing rules" they put on us.

There's some form of creativity in the Arts departments (and even then, it is regulated), but in Commerce, the word "creative" shares the same shelf with "Hitler" or "Satan".



All in all, it isn't a total waste. Obviously, I do have a solid beginning (although with the state of the economy, "solid" might be the wrong word for it), and it will at least earn me enough money to get started.

 

[Aceyducey]

Good luck LucasK,

You can build a really useful network at uni.

I found I got a lot more out of being involved with/organising student groups than the academic side of uni.

Check out AIESEC if it is at your uni - worth putting the effort in, you can get a LOT of value back (I went overseas to conferences with them twice, organised & attended lots of local events & built a good list of business contacts, plus learnt heaps more about business than the lecturers could teach).

Also I can recommend that you sacrifice some of that evening social life & try to get into seminars with the part-time students. They've got more world experience & can bring a lot more to the class than the full timers straight out of school. I learnt heaps from these people for whom university was about learning things to put into practice in their current roles.

Cheers,

Aceyducey

 

[LucasK]

Whats AIESEC? Heard of it before, but never checked to see what it was.

Speaking of which, what are some good business or investment-related groups to join outside of university? The only one I've found is Toastmasters.

 

[Turtle]

LucasK,

It sounds as if you are miles (showing my age) ahead of many of your Uni peers in terms of looking down your life path and trying to ensure that it meets your needs.

One word of advice - make sure you enjoy yourself now. Finish your degree (you may need the income in the future), see a bit of the world and don't fret about being on the right life path too much. Most people change jobs/careers about 7 times over their life. In 20 years time your priorities may change. Finally, as you probably have surmised by now from all the excellent posts on this forum, and as you are obviously doing already, educate yourself financially. It can make a big difference in the long run.

Good luck.

Turtle

 

[Aceyducey]

AIESEC: http://www.au.aiesec.org/

At 17 unis currently (varies up and down a bit over time - was 21 when I was a member).

Investment / business clubs are all around.

Try SWAP (Salesman with a purpose) - good speakers, local venues, great mix of people.

Freestylers - lots of investors & about to be investors....just avoid their junk email

There are lots of other groups around, just do a web search & look for local ones in your area.

Cheers,

Aceyducey

 

[XBenX]

did you say performance cars

im also one who has been bitten by the speed bug

Originally posted by coolstyle
Hi Guys,

It is funny how asking such a simple question can bring such class and 'poetry' from people such as Aceyducey.

I will not try to replicate .. simply give some insight to me...

I'm about to leave work (which I don't enjoy) ... I don't enjoy it because of the subject matter. this point is plain and simple. I'm about to head to the workshop of a performance car business of which I'm the business development mgr (if you will) ... and this I love ... property is an avenue for me to invest cash from activites in cars and earnings from work ... (and i've not purchased my 1st yet)

If I was 5 years younger again - I would still study Commerce, but I would not go into the corporate world. I would save a lot of cash as best I can, and learn a lot more about ways of making money.. I woul get involved in more entreprenuerial projects while at uni, etc .. trying to make money the easy way as I go ..
don't underestimate the value of uni --> it can a free environment to think, meet likeminded people, and learn about what you don't want out of life. On the other hand it can drag you rcurrent thinking down into the low risk corporate approach.

The greatest risk is for you to ignore your current feeling of not wanting to work 12 hr days in a job you don't enjoy from 23 - 65 ... make your own way and you will not risk a thing.

I found study (while young) was great as it kept the judgemental types (family, peers, my own concience) off my back to allow myself time to workout the right directions to travel. ..

The most important point I would make is, DO WHAT YOU LOVE DOING. It is as simple as that. If you love property above any other job - then go for it without thinking twice. But you may find that you cannot invest in many projects without solid cash and solid income streams from other than property.

If you don't know what you like doing ... then goto uni and try everything ... it would be a mistake to start working in a 'dead-end' job while not knowing what you want to do ... get to uni and try everything ... and i don't mean classes .. meet people and experience as much as possible until you find your passion.

Look at the big picture, make those goals, then trace back and it will simple be a scientific equation to success ...if you stick to it you will feel ritch from day 1.

Cheers,
Coolstyle
(a bit wishy washy but I'm all to keen to leave job no. 1!)

 

[LucasK]

Just found the AIESEC group for my university on their site.

I'll be looking into the SWAP and Freestyler groups.


Its going to be quite a busy uni life, balancing everything together while having fun. I guess this is why they were stressing time management before.

 

[coolstyle]

yes XBenX,

Bringing everything together now ..
Refer to www.bmtmotorsports.com.au in a few days (hosting has not been finalised) .. and you will get an idea of what we are about.
A low risk venture for me, but we are going in big (read: investors!). It's a great opportunity for me to have a key role in such a large venture.

Basically its a performance workshop aimed at Japanese Imports and Local Honda's. I have close ties with many car club leaders and cruise / circuit groups ... enough to support 5 f/t mechancis / dyno tuners for the past 2 months! ... currently moving into a 420 sqr mtr workshop in Heidelberg!

PM / email me if you have any further questions.

Cheers,

Coolstyle

 

[Sim]

When it comes to time management, as well as looking at what activities will truely help you become wealthy - two of the best books I have ever read are:

1. The Millionaire Next Door
and
2. The Millionaire Mind

If you haven't read them yet, then you must do so now. They can be quite boring at times as they spend lots of time analysing the statistics to explain their findings - but if you stick with it, it will be very worth your while.

Note that while they do suggest that many people who go to uni to help themselves find a job will actually be putting themselves into effective poverty for life - they do also acknowledge that there are some paths like that which can really boost your future wealth potential. Basically they are not saying that you necessarily have to be in business for yourself to become wealthy - there are some career paths that can work equally well... you just have to understand the differences and choose the right path.

 

[paulzag]

Originally posted by Aceyducey
AIESEC: http://www.au.aiesec.org/

At 17 unis currently (varies up and down a bit over time - was 21 when I was a member).

Cheers,

Aceyducey

Hehehe. Watch out for that one ... Most of the great AIESECer's never finish their degrees. But that have the most amazing fun and life-changing parties!

Oh and Nella doesn't trust any of em (for good reason). Join now if you are at Uni. Best marketing training on the planet. Liver damage optional.

regards

Paulzag
Dreamspinner
AIESEC Sydney Uni LC 1986-1988

 

[Aceyducey]

Hot damn Paul.

I was in AIESEC UTS 1989-1992
Projects Director & LCP.
Century Club member

Went to APLDS Indonesia & GSS in Japan (via Ravi) & did heaps of local conferences.

We probably slept...drank with the same people

Cheers,

Aceyducey

 

[investor]

Originally posted by coolstyle

don't underestimate the value of uni

Hi

I agree with the above comment, but you have to like what you do. If you plan to do law and like it, then you would reach your goal of becoming a full time property investor much quicker if you are earning $400 an hour as opposed to $20 an hour.

The 4-5 years you will be at uni is worth it, enjoy yourself while it lasts.

Why not concentrate on the part of law that has to do with property ?

Regards

Investor

 

[Mr. Fabulous]

Lucas,
In one of your posts you came across as believing that to retire in 10 years, you need a commerce type degree. I assume you mean a large salary will enable you to retire in that time. Nothing could be further from the truth mate. I have a waaaaaaaaaayyyyyyy below average income, but my girlfriend (who only works three days a week) and I have a goal (and plan for how to achieve that goal) of retiring in ten years on 100K p.a. and we are actually ahead of schedule at this stage.
Don't think you need a large salary to be able to retire in a reasonably quick amount of time, you don't. It's all about two things, mate. 1. The ability to believe in yourself and 2. the ability to focus and get to the point where you can automatically picture yourself in the position you want to be in in ten years. I can, it took some work, but I can easily picture myself financially independent in ten (actually, nine and a half, now) years.
Here's a tip: go to Steve Navra's seminar. It'll cost you peanuts, but potentially make you a lot of money. Check out www.navra.com.au for details. You wont regret it!

Mark
'no hat, some cattle'

 

[WillG]

Hi Mark,

Great to hear you have got a plan to make retirement happen. Can you point out some details of your plan that may help others to do the same.

You say 'you're 'ahead of schedule'. Can you explain how you measure where you are ?.

Cheers,
Will

 

[Mr. Fabulous]

Will,
Sorry can't give details, not on a public forum. If we meet one day, I may tell you a little bit about it.
We are ahead of schedule because we break down our major goal into smaller goals. We have a set amount of money we wish to save each year, which can easily be broken down months. It is by this that we gauge whether we are ahead of or behind schedule.
Once we move onto the actual purchase of IP's this will become a bit more tricky, but I'm sure we will find a way. It also helps that we have a good team of people behind us.

Mark
'no hat, some cattle'

 

[paulzag]

If you've played Cashflow 101, you'll notice it is harder to get out of the rat-race (retire on passive income) with a high income than with a low income.

High incomes normally come with expensive lifestyles in order to get the jobs with high incomes. Often they are coupled with high HECS debt too.

Also a high income encourages sloppy spending. I know an IT guy who bought 5 CD's per week. He could afford them but the $100 per week was an average IP at the time.

I buy two cappucino's a day = $5 - $6. My only vice (I think -- I may be in denial).

How can one be a successful advertising creative or up-and-coming lawyer and drive a $2000 car? I'm not sayng that you can't earn $400 per hour and NOT get free. But most well paid professional types can't afford to give up their jobs.

A good comparison is ask a professional how much life insurance they carry.

If GCC were still around he has some great perspective on getting free by not having huge expenses.

Regards

Paulzag
Dreamspinner

 

[paulzag]

Most uni degrees do not prepare you for an entrepreneurial life. They make you a good researcher to work for someone else. That is why recruiters descend on the best students every year.

If the course is vocational then it's even worse as your 3-7 year investment in your career is a huge obstacle to overcome.

That doesn't mean uni isn't worth it. Just keep perspective.

Regards

Paulzag
Dreamspinner

 

[always_learning]

After some consideration and a few excel sheets, it is clear to me that having a good income $400p/h or $20 p/h only helps at the start of your investment plan. Who cares in the end if it takes 10 years or 12 years.

To "retire" which for me is: "to be free of the obligation of work to support your yourself". Actually having a higher income may mean you have focused your efforts on the wrong "coal-face", trying to get rich by after tax income...the most difficult way. To me the easiest and most risk free way to financial independance is by using the "miracle" of compounded growth over time multiplied by the finding ways to add-value and increase returns on investment property.

 

[The Wife]

I've been out of school for a while but I still dont know what I want to be yet, however I did invest in some property while I was wondering what to do.

Is full time investing harder than a job, oh yes! You will work your butt off. If you want a nice cushy life, get a job. Playing outside of the box can get rough.

 

[brains]

Interesting thread this one. I have only one short thing to say and thats a quote from Mark Twain:

"Never let your schooling interfere with your education"