People who don't invest in property

[goddessk]

So as you network with other investors, etc you'll develop more and more friends who are investors.

Actually I have one good friend who is an investor and she is invaluable to me. I have turned to her for advice and we talk for hours about property. It really does make a difference to have someone like this. My boyfriend is not interested at all and it's OK because I have my girlfriend. She is so keen on property that she works in real estate on the weekend as a second job (main job is HR) and she just came interstate with me and gave up her whole weekend to help me by an IP. That's a person that loves property!

 

[Rixter]

No touch :O)

Ya canna help them because you are too close.

Doug Wead says you can promote anyone but your self............... Donald Duck can give them the same info you did, and guess what, they will take it on :O)

ta
rolf

I totally agree. Its the same strategy employed by the mlm industry.

 

[rj]

I call people with little or no interest in making money "clients"

RJ

 

[KL1]

Hi GoddessK,

Yes I have been absolutely amazed at the amount of people who know what we have achieved through investing and yet don't ask how it's done. I don't like to push investing on people but I have asked a couple of members of my family to read books that I think might give them an insight into how simple investing can be. Unfortunately the books have hung around the lounge rooms of said family members, totally ignored.

It reminds me of something I learnt back at Uni called Locus of Control (I was a psychology student). People with an internal locus of control believe that their own actions determine the rewards that they obtain, while those with an external locus of control believe that their own behavior doesn't matter much and that rewards in life are generally outside of their control.

I'm sure the reason that most people don't start investing themselves even after hearing inspiring stories, attending seminars and reading 'how-to' books, is because they have an external locus of control. They view their lives as ruled by luck (or lack of it).

 

[alexlee]

Some people will always find excuses to do nothing. At the same time, some people will always find ways to do something no matter what the situation is.

All these investments books (from 'The Richest Man in Babylon' onwards) have been around for decades. You would think that since personal finance books have increased like weeds in the last 10 years, more people would be interested. Human nature is hard to change. Doesn't matter, though: I need financially clueless people to keep renting from me.
Alex

 

[Dazz]

Doesn't matter, though: I need financially clueless people to keep renting from me.
Alex

I hope our Landlord for 4 years way back when we started didn't think we were financially clueless. Renting really gave us a good start on our road to independence.

There are many many financially astutue people who rent for varying legitmate reasons, none of which are financially limiting.

It would be good to bump into the wily old landlord and sit down today over a nice cup of tea and compare our portfolio's performances over the years.

 

[rj]

Doesn't matter, though: I need financially clueless people to keep renting from me.
Alex

Cha Ching!

RJ

 

[Les]

G'day Dazzling,

Bloody good point this:-

There are many many financially astute people who rent for varying legitimate reasons, none of which are financially limiting.

About 4 decades back (we'd just bought our first PPOR) we had neighbours who vowed they would continue to rent even though they could afford to buy a PPOR. Back then, I didn't have enough cuppa's with them (would've been a good move - it might've shortened my journey somewhat).

Suffice to say, there are very good financial reasons for renting, while building an investment portfolio (or a business). Wish I'd have learned this earlier.... Good post, Daz,

Regards,

 

[bradje]

For me the reason why I am only starting to invest at 52yo is that I was ignorant of the need to do it. My ignorance of how to invest also led to fears that I could lose it all (as I did twice in the Stock Market!...Though this was not investing but pure speculation and greed on my part).
Not having a real budget also made me think that I could not afford to invest in property.
What has turned my interest around to study investing was information given to me by a friend in the form of Audio tapes and books.
And the book I would recommend to start the journey is not The Richest Man in Babylon (although it is a close 2nd), but for me it is Jan Somer's book, "Building Wealth Story by Story". It really struck a chord with me 101 times!
Cheers,
JB

 

[Tramsnod]

There was a yound bloke who was really motivated about 10 years ago and he got my wife & I interested and keen enough to get into the market. He also got another friend to get an IP as well. But he only bought one and then he moved onto shares. He spent $10,000 on a shares course and studied for months but in the end he never bought any shares. His enthusiasm again gave us the confidence to gather a modest portfolio of shares together.
He now has a mortgage on his own house and a cash positive IP, 3 kids and is always whinging about money. We went on to know being in the niddle of buying IP 5, and we have child as well.

But I find I can't talk to him about my pride & joy's because he's moved on.

I work with a group of 500 people and talk to many about day to day stuff. But what I find quite suprising is that every now & then a comment or a phrase pop's out and you realise that there are quite a lot of investors out there. It's almost like a secret society these days and its only mentioned when the usual secret handshakes and code words are used to establish your credentials before the conversations can start.

I also find that our families don't understand what we are doing. My brother in particular always asks how much are we worth and I round it down quite a bit but I always tell him the monthly mortgage bill first.

 

[saucy gibbon]

Slightly off topic, except for professional circumstances, I believe that asking somebody how much they are worth or how much they earn is just plain rude and there is nothing you will gain in answering it. I refuse to answer thee questions, the only people I have ever told how much I earn etc are my parents, and that is because I trust their motives in asking me ie they want to see me do well and like to know if I am or not. My brothers have asked me how much I earn etc and I have refused to answer. What on earth can I gain if my brothers knew I earned 1000Xs what they do and had a 50 properties ? The answer is grief.

As far as discussing investing goes I do not discuss it with any of my friends or relatives, unless they ask me or start an conversation, and then its only a superficial chat unless they are genuinely looking for help. Then I direct them here and I recommend a few books to read that I found useful. That's how I kicked it off, however don't misread this as "well I had to do the hard yards therefore so must you", its more like having to discover it yourself, learn it yourself, get interested in it yourself, so that you genuinely want to do it, you are making the decisions as to what course of action you believe suits you.

When someone comes to me with a specific question then I will answer it the best I can, or direct them where I believe that they can find the answer. I'm not holding info to make it harder for someone and I won't make someone feel bad for not investing, or wanting to choose a different lifestyle than me.

In short I won't try and make the horse drink the water, I won't even lead the horse to the water, but I will show the horse how I went about looking for the water.

BTW, I'm still looking for it too.

 

[bawley]

http://www.budget.gov.au/2006-07/overview2/html/overview_01.htm

Superannuation benefits paid from a taxed fund either as a lump sum or as an income stream such as a pension, would be tax free for people aged 60 and over.

* Benefits paid from an untaxed scheme (mainly public servants) would still be taxed, although at a lower rate than they are now for people aged 60 and over.

(copy + paste from above site)

Active discouragement from government to take super at 55 years

Will grit teeth and read on................