Older investor and loving it

[Nth Brisbanite]

My first thread. I have just read and been inspired by the thread re young investors and would now appreciate any thoughts re oldies who are still investing .

I'm 61 with no kids at home and have plenty of time on my hands even though I work full time. I started investing when I was about 50 and have now accumulated about 10 properties - 1 PPOR, 2 units, 4 house & land, 3 blocks of land from which I hope to build on. I have had an PPOR for about 38 years. My aim is to accumulate another 5 properties by the time I'm 65 and reassess things after that.

It's only been in the last 2 years that I have started to understand some of the basics regarding property investing. Before that it was just hit and miss. The person who has been an inspiration to me has been a 73 year pensioner who bought her first investment property recently.

I was wondering how many people about my age are still investing. When did you first begin and when do you think that you will finish investing- 55, 60, 65or never?? To the younger investor, how long do you think that you will invest for? Just for interest - is there anyone who is older than me and still actively involved in property investment?

This is a great forum!!!

 

[wylie]

My parents are in their 70's and self-funded retirees through IPs. I think there are a few around, probably just keeping quiet about it.

Wylie

 

[alexlee]

To the younger investor, how long do you think that you will invest for?

I don’t ever see it end, really. As I build assets and income, I might spend less time doing it (hopefully a lot of it will be on autopilot and I just sit there collecting rent and dividends), but I’ll always be actively investing.
Alex

 

[MissMuffitt]

I'm 44 and my husband is 54.
He is hoping to semi retire when he is 60, so we only have 6 years or so to get some IPs going.
It's a shame we started so late, but we have only been together for about 2.5 years.

Better late than never I guess.

We have 1 IP at Agnus water and are in the process of getting the 2nd one. It was going to be Melton South but the building instpection was bad!
So now our second choice is Corio.
Those 2 will do for 18 months to 2 years and then see if we can get another 2.
That is our plans anyway.

 

[chrispy]

I am 64 and have been investing since I was 20.

I am still actively looking at property although I am now starting to invest in the stock market.

I live very well from my rents. I have just sold one property so that I can seriously look at developing in an area I love, I just have to find the perfect block of land, I will not settle for anything less.

I do still work although I no longer need to, I work when I want and only take positions that appeal to me, its a great place to be thanks to long term property investing.

Good luck and enjoy the journey. I am enjoying it even more since finding this forum and meeting the lovely somersoft family. The meetings are great.

Chris

 

[Nth Brisbanite]

Thanks Wylie

I get frustrated with the mindset of most of the people of my age. Some are so boring, not willing to invest in anything except term deposits or superannuation. I say: What about investing in property? Answer: too risky. Well what about shares? Same answer: too risky.

Certain people think I am crazy going along to seminars, reading books, taking out $400,000 loans etc. Even my broker has told me that banks are wary of dealing with people my age.

To the younger investor - do you see yourself taking no risks and becoming boring when you reach my age?

Any like minded older investor out there? What are your plans? Why are you still investing?

Any stories of older people you know who are still on passionate about property investing? I'd like to know what motivates them and keeps them going.

 

[coolie21]

I'm 61 with no kids at home and have plenty of time on my hands even though I work full time. I started investing when I was about 50 and have now accumulated about 10 properties - 1 PPOR, 2 units, 4 house & land, 3 blocks of land from which I hope to build on. I have had an PPOR for about 38 years. My aim is to accumulate another 5 properties by the time I'm 65 and reassess things after that.

It's only been in the last 2 years that I have started to understand some of the basics regarding property investing. Before that it was just hit and miss.

Well NB its inspiring to me that you started 'late' and have done so well. I bought a PPOR in my 20's and have done well with trading up but only really 'got' property investing recently, in my late 40's when it dawned on me that all this equity was doing nothing and that the ATO desperately wanted to help Have bought three IPs this year and have already seen significant growth, so I'm converted

 

[Nth Brisbanite]

To Coolie

It was the 73 year older whose only income was her pension who really inspired me. Admittedly, she had equity in her home but just shows you that with the right people around you and with the right mindset, you can do a lot in life.

I'm now getting sick of hearing from people who say they can't achieve in life. When people say they are too old or too young or too busy or too much in debt or too risky, I ignore them now. I should have ignored the doomsayers when I was in my 30s and 40s.

 

[McBrain]

To the younger investor - do you see yourself taking no risks and becoming boring when you reach my age?

I hope not! You may as well pack the whole thing in and get ready to die!

I'd like to think that I'll be 'playing the game' when I'm that age (I'm 32), I'll be a lot wiser, financially secure, and be able to concentrate on 'beating the system'. It'll be purely for the challenge.

My father is your age, I wish he'd get off his a*se and set some goals, take a challenge, and live a little! Don't be a fuddy duddy!

Cheers

 

[The Y-man]

Some are so boring, not willing to invest in anything except term deposits or superannuation. I say: What about investing in property? Answer: too risky. Well what about shares? Same answer: too risky.
.

You better not tell them most of there super is (probably) in shares then!

Cheers,

The Y-man

 

[natmarie73]

I fully intend to keep investing and accumulating after I retire from work. I figure that at 60 I will have around 30 years until I die so why stop there? According to my graphs, most of my wealth will be made after I hit 60 due to compounding.

 

[Nth Brisbanite]

You better not tell them most of there super is (probably) in shares then!

Cheers,

The Y-man

So many oldies like me (I'm 61) wouldn't have a clue about superannuation. They put it in only because they have been told it is safe.

I can honestly tell you that it is so boring hanging out with most people my age - too scared to invest in anything which appears to be remotely risky. It is so invigorating reading some of the posts contributed by the 20 and 30 year olders. It's given me a new lease in life!!!!

 

[alexlee]

I can honestly tell you that it is so boring hanging out with most people my age - too scared to invest in anything which appears to be remotely risky.

Strangely enough I feel the same when hanging out with many people my age, and I'm 30.
Alex

 

[Tin Tin]

I take my hat off to you, you old man from the northside of brissie.. You are an inspiration to me (your son)..

Tell me.. How can I keep up with you?!

Catch up with you soon..

 

[Charlotte30]

To North Brisbanite

Starting late

I am 58, single and own 6 rentals and 1 PPR. I started investing in rentals 12 yrs ago and do not intend to stop. Intially my target was to reach 1 million dollars in equity by the time I was 60 and then I would retire. When that goal was reached I thought, why stop.? So I changed my thinking to keeping the income off 2/3 rentals to live on at the age of 60 and build up the rest of my portfolio. This means keeping the debt/equity at a level that I can manage financially. I was working full time and now work part time. My inspiration comes from other investors. People my age seem to be a bit scary. Living a lifestyle of "apparent wealth" on amazing incomes.

Charlotte 30

 

[Nth Brisbanite]

To North Brisbanite

Starting late

I am 58, single and own 6 rentals and 1 PPR. I started investing in rentals 12 yrs ago and do not intend to stop. Intially my target was to reach 1 million dollars in equity by the time I was 60 and then I would retire. When that goal was reached I thought, why stop.? So I changed my thinking to keeping the income off 2/3 rentals to live on at the age of 60 and build up the rest of my portfolio. This means keeping the debt/equity at a level that I can manage financially. I was working full time and now work part time. My inspiration comes from other investors. People my age seem to be a bit scary. Living a lifestyle of "apparent wealth" on amazing incomes.

Charlotte 30

Great to know someone else my age is still investing. I started investing at 50 after hearing my pastor say: "there are so many dead people walking around - the only problem is that they have been buried yet"

 

[JoannaK]

what a great thread!

My dad is 56ish (i think), and he's semi retired thanks to property primarily, and a little in the stock market.

 

[kaf]

Nth Brisbanite - welcome on board! I wish my parents were a bit like you. Unfortunately they've always confused investing with speculating and have lost money on many occasions. They do have shares but are very passive in their investing while having been very active in their speculations and / or get-rich-quick schemes. Funny, isn't it...

kaf

 

[BayView]

How old do you have to be to be considered "older' in this thread?

 

[kum yin lau]

Hi Charlotte, i bought a house in 1998 then 3 more by 2000. I was 46 when I started & by 53, I had that magical MILLION. My initial plan was to reach $750000 net worth [according to the American books, that was the critical mass] It was my 5 year plan but I figured I was so close, I owed it to myself to reach $1M

I stopped working for a living at 53, but bought 2 devt properties. I have built 4 houses & the 5th one begins building in April.

I turn 55 next year & guess what? I'm a single woman whose siblings [all very successful in their own ways] think I'm nuts!!

Successful investments [I had bought shares & dabbled in forex as well] have opened up my world so much [I read books like The lexus & the olive tree] that even if the whole thing collapsed on me & I were to go bankrupt, I'd not change anything about my property investments. I pay enough tax now that if ever I'm old & needy, I can say [god forbid] I've earned my pension.

So if you think you're too old, or too young or a man or a woman or single or married, let these stories tell you something.

Well done, Charlotte1
Ky