Percentage of Pop. who buy IP's
- Thread starter Tim
- Start date
I'm just interested as a projection of the gunnas and the fearful, have all of you been bombarded lately by people showing you cuttings from the newspaper about bubbles bursting, units dying with a smug smile on their face saying "I told you so" ??? They love newspaper articles but totally ignore the fact that you have probably been through more property cycles than the journalist who wrote it, suffered more stockmarket crashes and yet you're still here, your properties are still rented and their values have continued to go up. Anyone else getting this?
Go Kristine! (from another Christine)
As one of the 'accidental' investors (migrant Mum&Dad MADE ME DO IT), I can vouch for the fact that 'one IP does not a millionaire make' but Jeez it puts you on a 'holier than thou' stretch compared to the other 70% of the population. i.e. "What a clever girl am I. Thanks all, for those accolades you keep giving a 21 yr old. I shall just sit on my behind and pay off this investment. Gosh, there's nothing else I have to do is there? I'm already in the clever girl bracket, aren't I? Where's my Prince Charming? Won't he be so proud of me when he finds that I've added to his dynasty?
If not for a free ticket to a 'Jan Somers (and others) Seminar' years ago, it may have stayed at that. Thankyou, thankyou to my work colleague who gave me that ticket!
It took me 10 years to jump again, again, again. The power of education.
Yes, I met my Prince. He didn't have a dynasty... but he wants to build one... mmm mmmm.
Maybe the old anecdote about make millions should be reversed.
"It was damn hard to make the first million but the rest was easy"
is now,
"It was damn hard to buy the 2nd IP but the rest was easy".
Anyone else have the same hurdle?
As one of the 'accidental' investors (migrant Mum&Dad MADE ME DO IT), I can vouch for the fact that 'one IP does not a millionaire make' but Jeez it puts you on a 'holier than thou' stretch compared to the other 70% of the population. i.e. "What a clever girl am I. Thanks all, for those accolades you keep giving a 21 yr old. I shall just sit on my behind and pay off this investment. Gosh, there's nothing else I have to do is there? I'm already in the clever girl bracket, aren't I? Where's my Prince Charming? Won't he be so proud of me when he finds that I've added to his dynasty?
If not for a free ticket to a 'Jan Somers (and others) Seminar' years ago, it may have stayed at that. Thankyou, thankyou to my work colleague who gave me that ticket!
It took me 10 years to jump again, again, again. The power of education.
Yes, I met my Prince. He didn't have a dynasty... but he wants to build one... mmm mmmm.
Maybe the old anecdote about make millions should be reversed.
"It was damn hard to make the first million but the rest was easy"
is now,
"It was damn hard to buy the 2nd IP but the rest was easy".
Anyone else have the same hurdle?
Yes Xtine,
My 1st IP was bought in SE QLD some 9 yrs ago, got burnt with many others as it was overpriced and the over supply at the time made it worse. It is only now worth what I bought it for.
Took me 8 yrs to buy another IP (a bit scared, had to convince/nag the wife for a fair while before she listened - and then bought something 10 min's down the road so we can keep an eye on it this time!!), now I am buying another and getting into wraps....this website has been an inspiration for me.
Dale , Rolf and many others who post on this website - thanks!!!
My 1st IP was bought in SE QLD some 9 yrs ago, got burnt with many others as it was overpriced and the over supply at the time made it worse. It is only now worth what I bought it for.
Took me 8 yrs to buy another IP (a bit scared, had to convince/nag the wife for a fair while before she listened - and then bought something 10 min's down the road so we can keep an eye on it this time!!), now I am buying another and getting into wraps....this website has been an inspiration for me.
Dale , Rolf and many others who post on this website - thanks!!!
Looking through older posts found this one and thought it was great, and needed to be back up there.
I personally thought buying my first IP was the scariest, thought I knew what I was doing, thought I did my research, but didn't have a clue. Had a mentor who really helped though, because if we'd been left to do it on our own I'm sure we would have paid way too much money.
IP No 2 was easy. Old pro's by now - we thought. Still knew heaps more than when we bought IP1 - but actually knew bugger all.
Knowledge is definately power - have been reading everything in site and I'm probably in "information overload" at the moment.
I get on this forum at night (or sneak on during the day) and learn so much, it would have taken me years and years to know what I know at the moment if it hadn't been for this forum - and I probably still don't know anything!
Everytime I find out something new I go rushing into the lounge, where my partner is trying to watch TV or whatever, and go "Guess what - did you know...!! He thinks I'm a pain half the time, cos he's just trying to watch TV and relax.
But then later on (maybe days later) we'll be discussing something to do with investing and he'll ask me something and then I'll go Well, actually I do know about that blah blah blah and on I go. Can't shut me up - because I love it!!
Cheers
I personally thought buying my first IP was the scariest, thought I knew what I was doing, thought I did my research, but didn't have a clue. Had a mentor who really helped though, because if we'd been left to do it on our own I'm sure we would have paid way too much money.
IP No 2 was easy. Old pro's by now - we thought. Still knew heaps more than when we bought IP1 - but actually knew bugger all.
Knowledge is definately power - have been reading everything in site and I'm probably in "information overload" at the moment.
I get on this forum at night (or sneak on during the day) and learn so much, it would have taken me years and years to know what I know at the moment if it hadn't been for this forum - and I probably still don't know anything!
Everytime I find out something new I go rushing into the lounge, where my partner is trying to watch TV or whatever, and go "Guess what - did you know...!! He thinks I'm a pain half the time, cos he's just trying to watch TV and relax.
But then later on (maybe days later) we'll be discussing something to do with investing and he'll ask me something and then I'll go Well, actually I do know about that blah blah blah and on I go. Can't shut me up - because I love it!!
Cheers
Percentage of Pop. Who buy IP’S?
Every one is talking about investment properties, every where you look it is in newspapers, on television, doesn’t this remind you of the stock market a few years back?
My husband & I are 32 & 34, we have 8 IP’s we have never met another person our age that is doing the same thing or even on the same wave length, except for here.
So I can relate to AndrewG. Good going Andrew.
Any way our new investment strategy in the current climate of low interest rates is to reduce debt.
We plan on selling the property we currently have under construction, using the profit to pay off 2 other IP’s which will generate approx $1000pw income this will be the beginning of our retirement plan from the paid work force and the beginning to a whole new chapter in our life….working together full time to build a dynasty.
Let’s hope every thing goes to plan… will keep you updated.
Regards Cad
Every one is talking about investment properties, every where you look it is in newspapers, on television, doesn’t this remind you of the stock market a few years back?
My husband & I are 32 & 34, we have 8 IP’s we have never met another person our age that is doing the same thing or even on the same wave length, except for here.
So I can relate to AndrewG. Good going Andrew.
Any way our new investment strategy in the current climate of low interest rates is to reduce debt.
We plan on selling the property we currently have under construction, using the profit to pay off 2 other IP’s which will generate approx $1000pw income this will be the beginning of our retirement plan from the paid work force and the beginning to a whole new chapter in our life….working together full time to build a dynasty.
Let’s hope every thing goes to plan… will keep you updated.
Regards Cad
Cad, all praise to you for the 8 IP's. Great going & here's to many more.
Isn't it funny how 95% of most peoples' circle of friends (certainly mine!) are not on the same wavelength as you/us.
Actually, I could probably extend that to 100% if you mean that
'friends'are only people that you have fun with & regularly associate with.
At your point in time, you're no doubt thinking 'Gosh, some of my friends are SO able to be doing the same as me. But they're not.
A couple we know, used to say to us, 'What's the point of going through all the hassle of an investment property when, in the end, when you're dead and gone, who are you gonna be leaving it to?' (We were dual income/no kids).
Last week, the same friends were telling me they were attending a seminar regarding investment property as they're not too far away from retirement so should be thinking about how to organise their finances.
Heard of the old saying "See a penny, pick it up, all day long you'll have good luck." ?
Aren't we all lucky the penny dropped so much earlier for us!
Isn't it funny how 95% of most peoples' circle of friends (certainly mine!) are not on the same wavelength as you/us.
Actually, I could probably extend that to 100% if you mean that
'friends'are only people that you have fun with & regularly associate with.
At your point in time, you're no doubt thinking 'Gosh, some of my friends are SO able to be doing the same as me. But they're not.
A couple we know, used to say to us, 'What's the point of going through all the hassle of an investment property when, in the end, when you're dead and gone, who are you gonna be leaving it to?' (We were dual income/no kids).
Last week, the same friends were telling me they were attending a seminar regarding investment property as they're not too far away from retirement so should be thinking about how to organise their finances.
Heard of the old saying "See a penny, pick it up, all day long you'll have good luck." ?
Aren't we all lucky the penny dropped so much earlier for us!
Thanks Xtine,
I wish I could surround myself with like minded people, but have given up on that quest.
Every one we know is able to do what we do, but they don’t……constantly ask advice though.
Still, I wish we began our investment journey earlier…..don’t you?
Unfortunately the only person I seem to bounce my ideas off is my accountant, he’s also a property developer & investor and those conversations are quite costly but well informed though…LOL
Regards Cad
I wish I could surround myself with like minded people, but have given up on that quest.
Every one we know is able to do what we do, but they don’t……constantly ask advice though.
Still, I wish we began our investment journey earlier…..don’t you?
Unfortunately the only person I seem to bounce my ideas off is my accountant, he’s also a property developer & investor and those conversations are quite costly but well informed though…LOL
Regards Cad
I find that these days I have more in common with other property investors than with people from other scenes I've been involved with...
And it's so much fun!!!!
One of the interesting thing said in some wealth book (I think The Millionaire Next Door or The Millionaire Mind) is that people tend to associate with others in a similar financial position....
If you associate mostly with people richer than you - you find it easier to achieve the same level of wealth.
If you associate mostly with people of less wealth than you, then they don't understand where you are going (and you possibly will become a perceived threat - too successful!!!).
Of course, opinions will vary - there's little empirical research on this...but who tends to talk you down more and who tends to talk you up - people wealthier or less wealthy than you?
(and wealth is more than money - health, wisdom, etc)
Cheers,
Aceyducey
That's what makes this forum so great, we can live 1000's KM apart in different timezones, different work patterns and availablity but still communicate our ideas and information.
The combined property IQ (PIQ) of this forum, if leveraged by any individual applied over a reasonable period of time, I would submit is enough for anyone to be a successful investor!
By combining desire, learning, goals, taking action, measure progress, adjust for changes, and doing it every day, must over time result in success.
The combined property IQ (PIQ) of this forum, if leveraged by any individual applied over a reasonable period of time, I would submit is enough for anyone to be a successful investor!
By combining desire, learning, goals, taking action, measure progress, adjust for changes, and doing it every day, must over time result in success.
Hi Xtine,
I agree completely...so much so that we've recently culled everyone that we once considered to be friends but no longer have anything in common with. That's just what happens.
Cad,
Maybe you should try and get to one of the gatherings that happens in your state. You'll find plenty of like-minded people around
I agree completely...so much so that we've recently culled everyone that we once considered to be friends but no longer have anything in common with. That's just what happens.
Cad,
Maybe you should try and get to one of the gatherings that happens in your state. You'll find plenty of like-minded people around
Acey: I agree with you to some extent. Just one slight problem though if carried to extreme. If you sought only to associate with people richer than yourself, you'd have to hope that these people don't also follow that rule, otherwise they mightn't associate with you!
The social implications of a stratified society where people of one level don't talk to people on another are also damaging, and reduces the ability of people to progress. As AL says, that's what makes this forum great.
Nevertheless I agree that the beginner without good money habits or a strategy should stay away from casinos, pubs, TABs and other money sapping places whose patrons cede control of their lives and money to others. Apart from keeping your money intact, staying away stops you reinforcing bad habits from the financially uneducated that typically populate such places. Once you've got good habits and sufficient confidence in them so you can't be influenced, then a casino/TAB/pub visit won't do any harm, particularly if it's treated as an example of what not to do and an opportunity to be thankful of your achievements.
Yes, the Millionaire Mind does talk about associating with successful people, particularly in getting top accountants, lawyers, estate agents, etc. However this book also has a parable about the son of a millionaire who wanted to live in a posh suburb so he could associate with rich people (so he could be rich). He asked his rich father for money to buy a house. His dad wisely said no and would only give him enough to buy an average house in an average suburb. I don't think befriending people just because they're rich is the way to go, unless you have some common interest, and to get that you probably need to think a bit like them, ie a Millionaire Mindset!
AL: Agree 100% (all this agreeing is getting boring ; ). For me the three main factors seem to be:
1. Sufficient capital
2. Financial Education
3. The will to do it.
1 and 2 can be substituted for each other, but 3. is a necessary condition for which there is no substitute.
If you don't have much capital, it should be possible to educate yourself further to make better use of what you've got. OTOH if you have a fair bit of capital, the education required is less as you can put down big deposits and won't need as high returns.
Peter
The social implications of a stratified society where people of one level don't talk to people on another are also damaging, and reduces the ability of people to progress. As AL says, that's what makes this forum great.
Nevertheless I agree that the beginner without good money habits or a strategy should stay away from casinos, pubs, TABs and other money sapping places whose patrons cede control of their lives and money to others. Apart from keeping your money intact, staying away stops you reinforcing bad habits from the financially uneducated that typically populate such places. Once you've got good habits and sufficient confidence in them so you can't be influenced, then a casino/TAB/pub visit won't do any harm, particularly if it's treated as an example of what not to do and an opportunity to be thankful of your achievements.
Yes, the Millionaire Mind does talk about associating with successful people, particularly in getting top accountants, lawyers, estate agents, etc. However this book also has a parable about the son of a millionaire who wanted to live in a posh suburb so he could associate with rich people (so he could be rich). He asked his rich father for money to buy a house. His dad wisely said no and would only give him enough to buy an average house in an average suburb. I don't think befriending people just because they're rich is the way to go, unless you have some common interest, and to get that you probably need to think a bit like them, ie a Millionaire Mindset!
AL: Agree 100% (all this agreeing is getting boring ; ). For me the three main factors seem to be:
1. Sufficient capital
2. Financial Education
3. The will to do it.
1 and 2 can be substituted for each other, but 3. is a necessary condition for which there is no substitute.
If you don't have much capital, it should be possible to educate yourself further to make better use of what you've got. OTOH if you have a fair bit of capital, the education required is less as you can put down big deposits and won't need as high returns.
Peter
Dear Cad,
There will be people at property meetings that own nothing or just one. Why do people go along to these meetings when they have a number of IP's?
Maybe they feel that they can pickup one or two good ideas from others and learn from their mistakes/successes.
Maybe it is good for their own ego in someway or makes them feel good being able to help others. Maybe by helping someone they can help them when they need it.
Maybe the "newbies" know someone else that they can bring along to the meeting who knows a lot but is not IT savy enough to get onto the forum and know about the meeting?
At the end of the day I am sure that if you really wanted to you could put together a meeting of likeminded Perth/WA people from this forum that could help each other and from which you could develop a support base to not only encourage you at times when you need it but produce a networking tool and also be in contact with others that you WILL be able to learn from even in some small way. No-one knows everything. A great talker/speaker should be an even greater listener. We all can forget this sometimes.
I believe this is a mindset. If you think you can you can. If you think you can't.............
Something to think about.
Cheers,
Sunstone.
There will be people at property meetings that own nothing or just one. Why do people go along to these meetings when they have a number of IP's?
Maybe they feel that they can pickup one or two good ideas from others and learn from their mistakes/successes.
Maybe it is good for their own ego in someway or makes them feel good being able to help others. Maybe by helping someone they can help them when they need it.
Maybe the "newbies" know someone else that they can bring along to the meeting who knows a lot but is not IT savy enough to get onto the forum and know about the meeting?
At the end of the day I am sure that if you really wanted to you could put together a meeting of likeminded Perth/WA people from this forum that could help each other and from which you could develop a support base to not only encourage you at times when you need it but produce a networking tool and also be in contact with others that you WILL be able to learn from even in some small way. No-one knows everything. A great talker/speaker should be an even greater listener. We all can forget this sometimes.
I believe this is a mindset. If you think you can you can. If you think you can't.............
Something to think about.
Cheers,
Sunstone.
G'day Sunstone
You're right!
At the recent Melbourne / MSM meeting I learnt such a lot from Go-Anna that my head was spinning for days!
No matter what we do, we can all get into a rut.
It is really important to hear what other people are doing. We don't have to rush off and mimic them, but it might be a part of the property market we hadn't considered, or a finance technique we didn't know about, and it gets us thinking about possibilities again.
The Forum is good, but nothing substitutes for real interpersonal contact with people who are not boasting or grandstanding, just simply sharing their good - and perhaps not so good - experiences with property investment.
Cheers
Kristine
You're right!
At the recent Melbourne / MSM meeting I learnt such a lot from Go-Anna that my head was spinning for days!
No matter what we do, we can all get into a rut.
It is really important to hear what other people are doing. We don't have to rush off and mimic them, but it might be a part of the property market we hadn't considered, or a finance technique we didn't know about, and it gets us thinking about possibilities again.
The Forum is good, but nothing substitutes for real interpersonal contact with people who are not boasting or grandstanding, just simply sharing their good - and perhaps not so good - experiences with property investment.
Cheers
Kristine
Originally posted by cad
Are you for real, surely you're not serious, that's a bit extreme!!!
Cad
Totally serious! All our old friends are not on any sort of similar path or wavelength to us, and trying to explain what we do and why we do it to them is like talking to brick walls. They're interested in going out, getting pissed, seeing how they easily they can pick up that night, and all that other stupidity that goes along with it, so, we don't want to waste our energy on them anymore....there's nothing wrong with that at all....
Now, we're building ourselves a network of good people with similar interests and goals
Whilst I agree that mixing with likeminded investors is desirable, and I am the first to admit that I am passionate about property investment in particular, I do regard investing as only ONE part of my very busy life. For this reason, though I've made new friends I've also managed to retain the old- even those who scorn PI and come up with all the "what ifs" when our conversation turns to property. I've learnt, over the years, just not to talk property with those pals who aren't "into" it. Being friends doesn't necessarily mean you need to have everything in common and I think diversity is the spice of life, anyway! How boring would it be if we all talked about the same things all the time?......
Joanna, it sounds like you're not dumping your old pals because of their attitudes to investing- they just need to grow up!!
Joanna, it sounds like you're not dumping your old pals because of their attitudes to investing- they just need to grow up!!
Similar threads
