March on the next 10 years

[Steve Navra]

I have followed the "10 years ago" thread that was posted by Geoffw with fascination.

My thoughts are:

That we can't change the past, but that we certainly can learn from it

We can't fortell the future, but we certainly can plan for it.

We can act NOW: based on what we have learned, thus setting our future plans in motion.

I start off this thread then by posing the following questions:

1) What was the prime motivating event in your life that created a focus on the need to invest?

2) What have you in fact done about it since then, and rate your achievment.

3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)

4) What are you currently doing to improve your plans?

5) What is your ultimate goal; and will it make you happy?

6) Which is more important: The goal or the journey?

I have based this list on the many personal questions I get from the attendees at my courses . . . I have found that a vital part of future planning is to set specific, realistic and attainable goals.

After those of you who wish to respond have posted your replies, PRINT YOUR OWN RESPONSE OUT, frame it and read it every night before you go to sleep. (It makes for great dreams )

Regards,

Steve

PS: credit to Topnotch for the title of the thread.

 

[Pedro61]

1) What was the prime motivating event in your life that created a focus on the need to invest?

There was no single trigger. Rather it was a gradual realisation over about 12 months that I was getting older and still running on the treadmill with no prospect of getting closer to my "dreams".

2) What have you in fact done about it since then, and rate your achievment.

(1) Read lots, (2) one to a couple of seminars and MOST IMPORTANTLY (3) Decided that I WILL NOT DIE A POOR MAN.

3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)

20 Yrs at best - NOT BLOODY GOOD ENOUGH

4) What are you currently doing to improve your plans?

Going to See Steve Navra this weekend (hi Steve) . Reading the Property pages of a couple of papers every saturday, Reading every property book I can get my hands on. Learning about Trading Options on the sharemarket. Pushing my luck with my employer to the limit by spending inordinate amounts of time on the net reading this forum. Aiming to buy at least 1 IP per year for the next 10 years. And lots of other stuff.

5) What is your ultimate goal; and will it make you happy?

To quit my job before 50yrs old (I'm now 42), knowing that My family (Mrs Pedro and 2 midgets) and I will be extremely well covered financially at least until I die and well beyond. Happy ? You betcha.

6) Which is more important: The goal or the journey?

mmm . . . Not sure. The purists would have you believe "success is a journey not a destination" but at some point it would be good to arrive . . .

 

[D.T.]

1) What was the prime motivating event in your life that created a focus on the need to invest?

A combination of things, including me going through "depression" and getting some very good insights on a world i never knew existed from authors such as Kiyosaki, Hans Jakobi, every book in my local library without exagerating, etc. This combined with me seeing how poor my parents are, and knowing that with the ageing demographic the gov't won't be able to pay anyone a pension. I'm a full believer of delayed gratification and am willing to do the hard yards now for the easy life later

2) What have you in fact done about it since then, and rate your achievment.

Educated myself with the books mentioned above. Spoken to quite a few real estate agents in my area. Read every real estate section of both Newspapers, read reiwa mag, read every website that has anything to do with real estate (yes that includes this one) once a day. Mixed with quite a few like minded ppl. I rate my achievement poorly, I still haven't found a property and want to get in on the action!

3) Based on your current performance, how long will it take to reach financial independence (FI)? (Whatever this might mean to you)

Based on my current performance (read question above), It'll probably take 15 years. With some action I hope it can happen in 10 tho. To me, financial independence (FI) means an passive income that increases at the very least in pace with inflation, while doing absolutely no "job".

4) What are you currently doing to improve your plans?

This is basically answered in the last 2 questions. However, I'll never stop to educate myself on the legal use of OPM, OPT, and the tax system.

5) What is your ultimate goal; and will it make you happy?

Ultimate goal is to have FI as defined above. I'm 20ish now, and if I can leave work by 30ish, and if FI can happen before I'm 35ish then it'll make me happy to provide a life of options for my future wife and kids.

6) Which is more important: The goal or the journey?

I'm not really sure. I guess I (and just about anyone else that comes to a forum like this) can say that I'm already on the journey, and that the goal is to get a long way in that journey, but that won't mean the journey has ended.

 

[JoannaK]

1) What was the prime motivating event in your life that created a focus on the need to invest?

When I was 16 my parents divorced, I went to live with mother. My mother had a part time job and I was unemployed, and I can vividly recall looking at her while she was on the phone one day complaining about how little money she had, and I thought to myself - I do NOT want to be her!

2) What have you in fact done about it since then, and rate your achievment.

After my "lightbulb" moment I promply got myself a job. Since then I've worked, educated myself, and worked some more. I purchased property at a young age, and I learnt alot. Up until about 2 years ago I would have said that my achievement was virtually non existant, going backward and very frustrated, now I rate my achievement as pretty bloody good.

And I started reading the Sydney Morning Herald. I remember when I first read the business section and I read all these properties for sale, blocks of units and the like...I thought to myself...so this is how people make money!

3) Based on your current performance, how long will it take to reach financial independence (FI)? (Whatever this might mean to you)

We have reached a very good level of FI now and can stop now if we wished, but we will most likely retire completely in 3 or 4 years from now. That is when I will have realised total financial independence that will well and truly last me, my husband and my (future) children for the rest of our lives.

But, I probably won't - I'll get bored!

4) What are you currently doing to improve your plans?

Continually fine tuning our strategy and paving the paths for our next steps.

5) What is your ultimate goal; and will it make you happy?

Well, aside from total self reliance for me and my family, my goal is to set up some sort of "life school" for troubled teens, and kids who've been dealt the raw end of the stick.

Will it make me happy? The self reliance will make me happy as I know that my future is secure. But the school will definately make me happy - I want to know that I've had a positive influence on someone's life and helped them achieve what they want to achieve.

6) Which is more important: The goal or the journey?

They are both equally important, but the journey is the best bit.

The journey is my teacher. The journey shapes me and moulds me and educates me. I am the person I am today because of where I was yesturday.

It's our job to draw meanings and lessons from each and every situation we encounter. These lessons prepare us for our next step in our journey.

And when we reach our goal we'll be able to step back and congratulate ourselves and think "I did it". That is the ultimate reward for your journey.

 

[INVESTRON]

my prime motivation was to reduce my tax, i decided it was better to pay interest instead of paying tax, at least you end up with something.

now i have many i p's and am still adding more to have enough to get my family started.

i have realized that by the time you have enough to retire on, you want to keep going, because it gets easier and easier each time.

 

[sanchez]

Does anyone here think that they will get to a "destination" and then sit on their arses? I think the types of people on this forum will be looking for the next deal, regardless of the destination they have reached, but that's the nature of the beast.

I think the important thing at the end of the day is to be enjoying the journey, or at least to recognise that the destination is a continual process of learning to enjoy the journey more!

 

[AndrewG]

What a fantastic and interesting thread. Here are my answers :

1) What was the prime motivating event in your life that created a focus on the need to invest?

My wife got a job at a real estate office (through me actually, as I look after his computer network and mentioned she would be an excellent office worker!). One of the landlords mentioned he was going to sell two of his units, and I started speaking to him, and in the end we bought two units - I was 30 at the time.

2) What have you in fact done about it since then, and rate your achievment.

Since then, I have purchased 4 more properties. I am now 31, and own 6 IPs as well as having paid off our own PPOR (and no I don't earn a great deal, its by being careful I have done this). I reckon I have done pretty darn good, but I'm very hesitant at patting myself on the bank too much... (except for now )

3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)

My mortgage broker was laughing and shaking his head when he said I'd retire before him!!! He also said that he should be doing what I am!!! He was at least 20 years older than me which made me feel pretty good. In answer to the question though, I would say 10-15 years, depending on whether my goals change in the mean time. I'd like to be FI by 40 but thats only 9 years away :-(

4) What are you currently doing to improve your plans?

I don't have a great deal in cash reserves at present. Probably enough for 1 more, but I'm sitting tight for now and just reading and learning as much as I can to improve the way I do my financing/tax/research/anything else.

5) What is your ultimate goal; and will it make you happy?

My ultimate goal would be to be able to ENJOY my life by doing whatever I WANTED to rather than have a job which is what I HAVE to. Mainly, to free up my time, as I cannot buy time.

6) Which is more important: The goal or the journey?

Both - the goal is important or you just end up never getting out of the rat race! The journey is also important as if you can refine this part and be successful, then your goal will be achieved sooner, or at all!


Great thread!!!!

Andrew.

 

[natmarie73]

1) What was the prime motivating event in your life that created a focus on the need to invest?

It happens every morning when the alarm clock goes off at 5:30.

5) What is your ultimate goal; and will it make you happy?

Being able to say to my older and better paid workmates - "See ya suckers! I'm retiring to travel the world!" My extremely well paid boss was already envious when I told him I was about to buy my third property in 12 months. Yes it will make me VERY happy to walk out the door before they do.

 

[INVESTRON]

I'm 45 years old now and have enough ip's to retire on but I'm still going on for various reasons, mostly greed !!!!

but we should all remember to balance everything - work and play.

it's no use being rich, if your too old to enjoy it - I know from experience.

 

[elwyn.d]

Q.1. Age 53 no super to speak of. Blue coller worker and getting very worried about the future.

Q.2. Bought a number of ips. Went for those needing tlc. Pushed pretty hard and seen good growth. Dont think many could have gone futher considering my starting point. Rate 9 out of 10

Q.3. Been 3 years this month since I bought my first ip. Have not tried to determain ultimate goal. I have changed a lot in the last 3 years and my goals also change as each year passes.

Q.4. Trying to understand what is going to work best for me and work with it.

Q.5. Have not got an ultimate goal. 2 years ago would have cringed at the thought of owing the bank $1.000.000. Now I cant wait. Will be this year.

Q.6.Definatly the journey. I hope it never ends......

Great tread. Elwyn

" 50% of something, is better than 100% of nothing "

 

[rickmick]

1) Prime motivating event?
The closest one I can think of was being at a barbie in 1982 and hearing someone say they had just bought a second property as an investment. That got the cogs ticking over. We had just bought our first home. We had it paid off in 4 years.

2) Done since?
Built up a reasonable property and share portfolio and learn't heaps through various methods whilst enjoying paid employment. 7/10

3) How much longer to get there ?
7 more years max. It means staying busy the way we choose.

4) Current plans for improvement?
Researching a business venture which will mean a big change for us, but which should give us a higher chance of success.

5) Ultimate goal?
It's all about choice and being able to afford it.

6) The goal or the journey?
I don't think the journey will ever end so it's important to enjoy the journey with the ones that mean the most to you.
It doesn't all have to be up hill.


Good thread Steve!

Cheers
Rick

 

[BKH]

1) What was the prime motivating event in your life that created a focus on the need to invest?
The age of 40 (hey mid life crisis) and that whilst we had no debts and had money in the bank we were not going forward or had anyway of checking where was the money going. 2 jobs between partner and self.

2) What have you in fact done about it since then, and rate your achievment.
Budget daily so I know what comes in and what goes out. purchased 2 ip's which have done nicely. Reduced exposure to equity trusts and shares (but shares will be the go soon). Our net assets have gone up $250k in 2 years with very little effort. whilst our income has gone down. (2 redundancies self and wife)

3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
If I get organised maybe 10 years, couple more ip's positive geared

4) What are you currently doing to improve your plans?
I am between jobs but considering self employment with a small franchise

5) What is your ultimate goal; and will it make you happy?
Improved Lifestyle, work maybe 30 hrs a week spend it with family and on hobbies and to help or sponsor others in my hobbies.

6) Which is more important: The goal or the journey?

The journey as I learn something new every day. And the goal can alway be changed or moved.

But then life is already good.

 

[Marco]

Great Thread!,

1) What was the prime motivating event in your life that created a focus on the need to invest?

One day the penny dropped and seeing close firends with serious drug habbits made me think "I don't want to live like this, I want something better out of life". In fact I am going to get something better out of life. A serious of events led to the decision and climb upwards.
People saying 'thats not possible' is motivation enough for me
Motivation since then has come from my peers who posses the 'can do' attitude. (this Forum in particular)

2) What have you in fact done about it since then, and rate your achievment.

I started to devote my energy into learning more and more about making money. reading books, magazines and best of all talking to people who i considered knowledgeble. Done my best to stay clear of the negative ones and learnt early that not everyone is interested in investing.
Since then i have purchased two modest places, discovered this excellent forum and most important realised that the every day 'Joes' or 'Jans' can become financially independant.
legally too !
To rate it, well modestly to think where I was and where I am now I believe I am doing alright. However my ego will never let me get in the way progression.

3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)

Tell you the truth I havent sat down and attempted any calcs.
I am young, carrer minded any basically just been focused on spending every last cent wisely through effcient investments.
At present I don't really know what time frame.
I have recently booked For Steve's Seminar.
10 years sounds pretty good to me.
Financially Independent to me means having enough assets to generate a modest cashflow to support yourself. I would love to get to the stage where I did not have to work (9 till 5) and only had to manage my assetts for a living.

4) What are you currently doing to improve your plans?
Appart from atend your seminar Steve : ) I am looking to gain as much 'quality' knowledge as possible so that I can constantly 'massage' my plans to meet my future needs.

5) What is your ultimate goal; and will it make you happy?
To get to the stage where I dont need the 9 till 5 and could manage investments full time (3 to 4 days a week)
I beleive that I would still have to be challenged in this 'financial management' role otherwise I would probably rather the rat race. Strange isn't

6) Which is more important: The goal or the journey?
The Journey !.
I am a big believer in the fact that you will appreciate the goal more after you have battled through the journey.
It wouldn't be the same if someone handed me 50 IP's with a generous cashflow compared to working hard to acheive it.
It would be great, but it wouldn't be the same. No self satisfaction.
However, in saying that and like most it seems, the journey never ends. Bill Gates could be a prime example. It's not about financial freedom anymore. He's addicted to it

Thanks,
Marco

 

[Crystal]

1) What was the prime motivating event in your life that created a focus on the need to invest?

I invested in blue chip shares in my twenties but really wasn't getting anywhere! When a friend bought an IP, I thought, maybe I can too! I read the Jan Somers books and discovered this forum a few years ago when there was only about 20 posts per week!

2) What have you in fact done about it since then, and rate your achievment.

Sold all of my shares (30K) and bought my first IP in 2000. Converted garage to granny flat to increase cash flow and equity. Use equity to repeat process in 2001 and 2002. My achievement astounds me ... 3 houses in 3 years on an average single income!

3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)

Buy a house a year for 10 years and retire at 40! Probably unrealistic considering my income but I'm on track so far!

4) What are you currently doing to improve your plans?

Waiting for council approval for dual occupancy (granny flat) on IP#3 then revalue and repeat??? The banks probably won't want to lend to me again but I'll speak to Rolf and work something out. This forum keeps delivering new ideas and techniques for me to research and use in the future.

5) What is your ultimate goal; and will it make you happy?
My ultimate goal is to get out of the rat race, buy a ppor and continue to invest. I'm already happy!

6) Which is more important: The goal or the journey?
The journey...
I'm having a great time! I actually enjoy my job far more than my co-workers as I'm not desperate for a promotion or pay rise etc because it's not how much you earn it's how you invest what you earn. It's gratifying to know that I don't need a Powerball win to be financially independent.

Cheers,
Crystal

 

[ndavy]

Great thread.

1) What was the prime motivating event in your life that created a focus on the need to invest?

Growing up seeing my parents struggling so much. So single event. Just years of listening and watching to people who seem to have control of their lives. Mind you, reading "The Magic of Thinking Big", by David Schwartz when I was 14 meant I was of to a great start.

2) What have you in fact done about it since then, and rate your achievment.

Bought 1 IP. I give myself 75%.

3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)

I think it can be done in 5 years.

4) What are you currently doing to improve your plans?

Up early tomorrow morning touring the IPs and searching for my next one.

5) What is your ultimate goal; and will it make you happy?

Ultimate goal: financial independence in 5 years. You bet ya.

6) Which is more important: The goal or the journey?

Definately the goal. Some people are seem to be on a journey but never actually get anywhere!

Remember: "Success is the progressive realisation of a worthwhile goal."

Cheers.

 

[abcdiamond]

This was such an interesting thread, I thought a reply to it would get it to the top of the list again.. (but now I have forgotten where I found it)

1) What was the prime motivating event in your life that created a focus on the need to invest?
I can’t recall an actual event, but after buying a 2nd house, without the intention of becoming a property investor, I realised the potential gain that could be taken without selling an actual place to live in.

2) What have you in fact done about it since then, and rate your achievement.
I took the gain, and then realised a bigger gain would have been available if I had kept it. So I bought another, and then another.


3) Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
I currently have financial independence of a sort. (I don’t need to go out to work)


4) What are you currently doing to improve your plans?
I am looking for bargains.


5) What is your ultimate goal; and will it make you happy?
My ultimate goal is to be able to eat out 14 times a week, Go to Europe for 4-5 weeks each year, and the same holiday time in Asian countries.
And to be able to leave a fully paid property for my Daughter, to give her a start in life.


6) Which is more important: The goal or the journey?
The goal or the journey? Difficult, the goal will come soon enough, so what then? As long as the journey is fun, then I suppose the journey….

 

[JimC]

What a great thread, thanks for bringing it to the top abcd otherwise I most likely would have never seen it.

1) What was the prime motivating event in your life that created a focus on the need to invest?

I've always been interested in making money and enjoying the freedom that money provides. The prime event was the breakdown of my marriage and divorce from my 1st wife, I was totally devasted and in deep depression. That was the turning point in my life for a lot of things. I never would have thought at the time that I would ever say this, but it was probably one of the best things that has ever happened to me. It forced me to take a long hard look at my life and where I was at.

2) What have you in fact done about it since then, and rate your achievement.

I started betting on horses with a system, and had my ups and downs. You definitely can make money on the races, I did. I also had bad days too. But you need a system, plenty of cash, and a lot of self discipline.

Then I started trading shares and options. Made money and lost money too, it was all a learning experience I think, and it was all good.

I'm now looking seriously at my first IP, although I've thought about it for years. When I pulled Jan Somers book off my shelf not so long ago I found my hand written notes between the pages for Sydney property, with prices, loan amounts, and repayments etc. If only I had acted back then!

3) Based on your current performance, how long will it take to reach financial independence?

I have a very good job paying close to $100K yr, it definitely pays to be career focused and to self educate as much as possible. Formal education gets you in the door, self education gets you a satisfying career and open up opportunities. So I am very pleased with where I am in my career, I enjoy my job and the financial reward, and it will only get better from here.

Financial independance is another story. I am just starting out at age 42 apart from my PPOR which is worth a tidy sum. I have worked hard on improving my 40 year old house since we (me and my 2nd wife) bought it 10 years ago. It was pretty crappy when we bought it, and its been a hard slog, but I'm damn proud of this house now.

My goal is 10 years for financial independance. Reckon its an achievable goal and I reckon I'll do it.


4) What are you currently doing to improve your plans?

Pulling the trigger, going from a "gunna" to actually buying investment property.

5) What is your ultimate goal; and will it make you happy?

I'm happy now, I love my life and I wouldnt be dead for quids! I,ve travelled the world, own my dream car (I'm into cars), and I have a beautiful wife and fantastic kids in a lovely home. I love my job and feel that what I do is worthwhile. My ultimate goal is financial independance since I am now 42, I have a serious eye on retirement and lifestyle etc.

6) Which is more important: The goal or the journey?
Both are equally important. When you reach the goal, its time to set the next goal and start a new journey. When there is no goal you are dead.

 

[qaz]

1) What was the prime motivating event in your life that created a focus on the need to invest?

Basically until recently I didnt know what I wanted to do with my life career wise (I still dont in many ways) and I dont want to go to university of tafe to do en expensive course on getting a job I may or may not get. So I figured if I want to get ahead in life and live well, I will need to invest.

2) What have you in fact done about it since then, and rate your achievement.

Ive learnt alot from this forum in particular as well as books ive read on the subject, however it isnt enough for me to be happy with my progress.

3) Based on your current performance, how long will it take to reach financial independence?

Well im 19 now and definatly want to retire by 40, however if I could retire in 10-15 years i'd definatly take it. I think financial intelligence wise im on track to retire at 40 if not earlier, but financially things are going very slow (due to my low income) and I need to fix that (get full time work) if I want to get forward in life.

4) What are you currently doing to improve your plans?

Looking for work, trying to save as much as I can so that I can begin my investing career.


5) What is your ultimate goal; and will it make you happy?

50K income per year in todays terms after tax yet still be increasing my RE portfolio with each passing year. It wouldnt make me happy on its own, however it would definatly help take the stresses out of life. Like most people here, investing is a lifestyle choice rather than a financial one.

6) Which is more important: The goal or the journey?

Im going to go against the grain here and say the goal. Not that the journey isnt important and the enjoyment of the game to be cherished, but at the end of the day, we are investing to get ahead in life (or at least I am).

Great Thread Guys

 

[Aceyducey]

1) What was the prime motivating event in your life that created a focus on the need to invest?

No real event. Went through the process of founding companies several times, hate working for companies where I am not the decision-maker & decided that for less stress & heartache would take the path less travelled. My partner had a lot to do with it


2) What have you in fact done about it since then, and rate your achievement.

Done a great deal. Never can do as much as I'd like, but would give our endeavours a 7 out of 10.


3) Based on your current performance, how long will it take to reach financial independence?

5 years to reach our income target.


4) What are you currently doing to improve your plans?

Reviewing our strategy, exploring several other strategies & have begun groundwork for a few new enterprises.


5) What is your ultimate goal; and will it make you happy?

I have no ultimate goal - there is no such thing! I have milestone goals & tick them off as I get there. Every now & then I add a few more goals to the list. I enjoy attaining each goal, but the real thrill is the journey.


6) Which is more important: The goal or the journey?

The journey. Goals are simply milestones enroute. I reserve the right to change my goals at any time - they are my tools not my masters

Cheers,

Aceyducey

 

[silverghost]

This good stuff.

I didn't know a thing about investing until about three years ago - at the age of 53 - and am now obsessed with it. I am extremely pissed off that the light went on so late in life and one of my goals is to educate the young to think about investment in parallel with a 'career' so that the two can compliment each other and they will eventually have the financial independence to be able to make choices and get the most out of life.

I have wasted a lot of time in my life that I will never get back, but I'm sure as hell making up for it now. I just don't want my kids to waste time - or talent or money or anything.

As to the journey and the goal - make achievable goals, enjoy the journey, reach the goal and enjoy the achievement and pat yourself on the back, make another goal etc. ad infinitum. Climb Everest in stages - get to Base Camp, then go for the next stage and so on, bit by bit, until you hit the summit. Then teach the next generation how to climb.

SG