Rookie Investor- Any tips

[WebBoard]

From: Roger Leitch


I'm looking at property investment as the way to go for my future. I'm 35 years old and I haven't been too wise with my money up until now. I'm looking to have my debt (mainly credit cards used for business investment) cleared up by the end of this year. I have basically no assets (except my own work ethic and motivation). I would like to begin investing soon. Has anyone got any ideas on what my best plan of attack is-I want to invest in residential rental properties for the long term

 

[Simon]

Reply: 1
From: Simon .


Congratulations Roger,

You have come to the right place. Might I suggest the first idea for your education might be to spend several hours reading back through the discussions posted on this forum.

There are also old threads where people have recommended books they have found useful.

Especially read GoAnnas latest story!! Very inspiring!

Simon Macks
Mortgage Hunter
0425 228985
[email protected]

 

[always_learning]

Reply: 2
From: Always Learning


You need a plan, you are here which is good, I have a plan for you to begin:<p>
Read, think about what you want, write a simple plan, read more, talk through plan with people with experience (join freestylers?), read some more, more planning.
<p>
Books that I like:
<h5> Property </h5>
<ul>
<li> Building Wealth with Residential Property, by Jan Somers ( if you only have $29.95 to spend buy this one, I would even recommend the old credit card be used!)
<li> Building Wealth, Story by Story, by Jan Somers ( Real life property investment by "normal" people)
<li> Real Estate Riches (Rich Dads Advisors) by Dolf de Roos (great for inspiration, maybe not as easy in reality)
<li> Seven Steps to Wealth, John L Fitzgerald
<li> Subscription to Australian Property Investor Magazine (API, buy the back issues).
</ul>
<h5> Non Property </h5>
<ul>
<li> Leading an Inspired Life, Jim Rohn (if you get past the turn off title, its a great read)
<li> Retire Young Retire Rich, Rich Dad, Poor Dad, Rich Dads guide to Investing, Cash Flow Quadrant all by Robert Kiyosaki
<li> A CD collection called, "You can choose to be Rich" by Robert Kiyosaki ( it's $395, but you could borrow it from someone like me, however I have seen it for download on the web)
</ul>
You can start to take action today!

 

[WebBoard]

Reply: 2.1
From: Roger Leitch


Thanks for your response, excellent advice.
Thanks again,
Roger

 

[Mr. Fabulous]

Reply: 2.1.1
From: Mark Laszczuk


Roger,
I'd like to recommend John Burley's 'Money Secrets of the Rich', or 'The Bible' as I refer to it. Fantastic, full of money saving ideas and 'The Seven Habits of Highly Effective People" by Stephen Covey.

Mark
'no hat, some cattle'