Making the Transition.....

[Splinter Wood]

Gee Duncan,

Sorry for jumping on the 'soap box' Perhaps you shouldn't invite anyone to contribute in the future(Q2). Apart from that, the post was for Sbe - not you. As far as acheiving the status the thread is about - maybe I have done so wise one. Did you bother to think about that ??

If you don't like my post - fine -no sleep lost here. No need to reinforce your ignorance though - as you obviously missed the point. The advice requested, and hence shared / given - has substantial value to most individuals.

Many of these people however, may not yet realize the value of setting plans - and even less, the importance of underpinning any plans with values. You have quite succinlty demonstrated you are one of these people - especially if you took offense.

Now you have a reason to send a nasty reply. Quote away !!!

SW

=======Relevant quotes============


QUOTES
Q1. Of course, anyone who hasn't done it yet, but thought out strategies - feel free to contribute.
Simon.
Q 2. So does anyone have any more realistic thoughts or stories to relate on the subject?
Duncan
Q 3. Maybe its just me, but why do have a constant barrage of people who feel the need to step on the soapbox and sprout forth the above advice as though they have some deep and profound insight into life and money..
I see no value in your response Splinter.. what have YOU done and what is YOUR plan.. thats what the original thread was seeking; specific advice about how other people have gone about doing it.. Coming in late in a discussion and seeking to second guess peoples lack of goals and questioning their maturity about wealth offers no value and borders on being offensive in my humble opinion.
Duncan.
============END QUOTES============

 

[sbe]

Splinter wood (how did you get that one?)

Relax - I for one didn't take offence at your post. It is a reasonable post to question plans (although you did assume a little - like that I didn't have one. I did - just didn't advertise it).

The thread was as much for me as anyone else.

I deliberately left it open and little detail to get everyone thinking. I think we got a good cross section of covering the basics (ie a plan!), to more advanced stuff.

While I knew the likely outcome, I just thought I'd see if anyone had an angle I didn't.

For example, using cap growth into cashbonds or simply borrowings to support myself.

No harm in getting you guys thinking outside the square. It helps everyobne, as this is a public forum. We all grow together

Cheerio

Simon.
(Who has to work a while yet..... )

 

[Splinter Wood]

Thanks Simon,

Understood anmd appreciate you feedback. It's OK I am relaxed, occassionally need to fire off the odd angry shot.

One important thrust on my initial post (When Johnny came late) - was that if you have your values in place, all the decisions i.e. what to do, how to do it, and when to do it, will appear. Hence maybe one of your motive behind the thread.

One real gem and often unheard advice was that you need to establish that passive income. Many retirees and would be retirees don;t understand this and they retire with a lump sum with a light calculation of cost of living over and estimated time frame - but they often come to grief realizing the increased cost when you are not working. Obviously you would be working still, but in your own show.

The idea to start off small and let time take care of the natural increases the property business will afford you. As such you need to survive this period, and still enjoy life and your family i.e. without the stress of 'we haven't made it yet' or 'we are going to be on poor street for a while' kinds of fears.

Having solid values in place will prevent you swaying from the mission and avert poor decisions which are commonly made when people are under duress i.e take too big a risk, jeopardize the business.family, investments etc. It will also give you peace of mind and confidence that you are doing the right and not wasting time (also refered to by a poster in this thread)

Being your own Property guru is still a business and so should be treated as such. Note the number of new business failures is very high (75 - 85%). Main reason.............. cash flow.

My philosophy on this is work out an 'optimal' level of any business and aim to stabilize your business at the optimal level. If you need to expand, then set up a separate unit and set it running with same view. Bit like a mum n dad corner store which is always busy and lucrative. They don't usually buy the house next door and build a bigger shop. Most suffering and failure, is due to over expansion. I know I am dreaming - but the world would be a better place if this was a standard business principle.

One thing at least is we would have lots of nice corner stores. Wouldn't it be nicer if we have to go to supermarkets ??

I miss the family run butchers and bakers days.

All the best.

SW

 

[crusty]

Paitence.....

Thats all it takes and before you know it your baker will be back down the end of the street not in some huge Lowy shopping centre ...

We have to remember that life is a cycle, at the moment your baker is in a shopping complex or is that everyones Bakery , as all the malls are now excactly the same.

So a few more years and we will see the local Baker back on the strip shop with an individual identity and no doubt much cheaper rent than our 3 richest person in Australia charges, and a Face to greet you in the morning ......


Thats my DREAM as i own a local Bakery and i hope that is why People want to come to my Bakery.



Crusty

 

[kierank]

Originally posted by crusty
Thats all it takes and before you know it your baker will be back down the end of the street not in some huge Lowy shopping centre ...

Take it easy . My kids own shares in Westfield Trust (bought with their child endowment money) and they have made some very good dough (all pun intended!!!) from these shares over the last 18 years. Same as my thoughts on the banks - don't put your money in their savings accounts as a longterm investment - buy their shares instead.