What sacrafices do you have to make as an avid property investor?
Is there anything you are missing out in your life as a result of investing?
cheers
Is there anything you are missing out in your life as a result of investing?
cheers
Sacrafices as an investor
- Thread starter charlesemilio
- Start date
LOL easy
where do I start: (although I don't regard any af these as "sacrifices")
1: McMansion PPOR
2: Brand new cars
3: Overseas holidays
4: $$$$$ on "fashion" (what is wrong with vinnies?)
5: $15 per person for a movie. (wait 3 months and pay $1 on a tuesday on dvd)
I'm sure if I thought for a bit I could keep going at what some of our friends think we "sacrifice"
Cheers
Sue
where do I start: (although I don't regard any af these as "sacrifices")
1: McMansion PPOR
2: Brand new cars
3: Overseas holidays
4: $$$$$ on "fashion" (what is wrong with vinnies?)
5: $15 per person for a movie. (wait 3 months and pay $1 on a tuesday on dvd)
I'm sure if I thought for a bit I could keep going at what some of our friends think we "sacrifice"
Cheers
Sue
Hiya,
I don't sacrifice much at all that I want. If I want it, I'll find a way to get it. Like Sue, above, the things that I go without aren't things that I actually want anyway.
That said...
...I have all of those things
Because, I want them.
(If you count renting a McMansion type place instead of having the PPOR)
Cheers
James.
I don't sacrifice much at all that I want. If I want it, I'll find a way to get it. Like Sue, above, the things that I go without aren't things that I actually want anyway.
That said...
...I have all of those things
Because, I want them.(If you count renting a McMansion type place instead of having the PPOR)
Cheers
James.
I have never been drunk or wasted money on anything stupid but I do enjoy my life and value time more than money. Yes I do have a new car, nice house, kids in a top private school, holidays, eating out and I only donate to vinneis not buy from them
I find that many "money saving" ideas actually waste time and wanting to go without things that you need to save money could be due to a limiting beliefe that money is scarce. Believing that wealth is abundant is one of the first steps to developing a mindset required for effective property investing. I do also believe in saving to invest! There is a balance!
I find that many "money saving" ideas actually waste time and wanting to go without things that you need to save money could be due to a limiting beliefe that money is scarce. Believing that wealth is abundant is one of the first steps to developing a mindset required for effective property investing. I do also believe in saving to invest! There is a balance!
Time (when doing active investing)
Peace of mind (sometimes)
We don't put in any of our salaried income into properties so there are no financial costs so to speak.
At the moment?
We go without anything which doesn't directly relate to keeping us alive, working, and on the way to our first IP.
Over the medium term?
In my opinion, if your property investing isn't pulling it's own weight, you're doing it wrong. What's your exit strategy if you have to keep going to work to pay for your properties?!
Over the long term?
The comfort of blaming everyone else for my circumstances. Amongst other things.
We go without anything which doesn't directly relate to keeping us alive, working, and on the way to our first IP.
Over the medium term?
In my opinion, if your property investing isn't pulling it's own weight, you're doing it wrong. What's your exit strategy if you have to keep going to work to pay for your properties?!
Over the long term?
The comfort of blaming everyone else for my circumstances. Amongst other things.
Latest fashioned clothes and latest designer Italian furniture. Luckily for me, I really don't care about how trendy I look or what stuff is in my house, but I have some friends who dress really well, have oodles of shoes and other knick knacks and are looking at some of *the* most expensive furniture to fill their newly bought PPOR's.
That's more of a complaint about my friends though.
A PPOR. We recently traded ours in and made it an investment, now we're renting and having to put up with property managers treating us like ordinary renters and not having the "status" of having our very own house.
Whatever.
I am sacrificing money.
Sometimes I wish for the old days when I could buy :
One family size hawaiian pizza,
One good bottle of red,
Dinner and a movie.
The debt is getting smaller and smaller at each rent review.
Aaron
Last edited:
I live in Mt. Isa, far, far away from civilisation.... need I say more?
I am happy here, but I left my family & friends over 10 months ago to move here by myself, knowing nobody... I have since been home for a holiday once and I came to the realisation, that I actually prefer to live away from my family, because I am able to do my own thing whenever I want - I'm not obligated to go to family birthdays, etc. and I can go off to the pub to watch the fights that I have bet heavy money on live - to me, that is one of the most enjoyable things in the world and it's not really something that can be shared with people. I have 1 person who I share it with indepth in the USA via email and IM, but that's about it.
Sporting interests of Brazilian Jiu Jitsu & MMA which I used to train in up to 5-6x a week.. not to mention going to live MMA events whether to simply watch an event or team mates fight is one of the things I enjoy most of all.
I left contacts & a network of people I'd built up in the Sydney coffee scene over 18-24 months, including a couple of job offers to work with some of the people responsible for quality coffee in Sydney...
Quality fresh produce is sort of limited here... the super markets aren't exactly abudant with high quality fruit & vegies... and choice of food to eat out at, or get take away from is extremely limited when it comes to quality and value for money.
Those things are more to do with where I live than anything, but my rationale is that I could probably afford to hold 1 IP back in somewhere like Sydney or Melbourne (even if it meant working security on top of a full-time job every weekend just to be able to hold it), but because I am living out here giving up those things and earning a much higher income than what I would otherwise, I should be able to hold 2 IPs very shortly and be able to acquire more, quicker than what I would elsewhere.
Now, for the things I sacrifice here...
I live in a little dump of a unit that I share with another guy who smokes up a storm inside every night and can't manage to keep the only thing I care about clean, the kitchen. Rent is cheap here relative to other places though, I pay $140/week for a room + electricity and supposedly an austar connection which I couldn't even watch if I wanted to. No complaints though, as it's highly unlikely I find anything significantly cheaper.
I work away like a dog. A 55-60 hour week is a short week for me, I often do 84 hours in a week, sometimes more. Some weekends when I have Fri & Sat day shift of 7am-7pm, I will squeeze in 6 hours security on Fri & Sat night after I finish my full-time job which means I get practically no sleep for an extra $570... Basically, every Fri & Sat night I am off, regardless of whether I have done day shift that day or have it the following day, I will work 'till 4am. I am just fortunate I can do my full-time job in my sleep.
It's hard to see women outside of work, because I have so little spare time... there are some cool women up here surprisingly, but I often stuggle to see them outside of work (especially the one I'm interested in now) due to conflicting schedules, etc. and I'm not so sure they would be interested in going out with someone who does nothing but work and has at most, 1 or 2 days off.
I made a decision almost 2 months ago now to give up alcohol.... a massive sacrifice at first, especially considering it is a big part of the lifestyle here and I can get cheap drinks for about $1-1.50/each here whether it be beer or spirits. I used to spend my days off at the pub getting plastered. However, the mental clarity, focus & discipline I have gained as a result of giving up alcohol is tremendous. My free time is now spent with a girl, doing tape review for my fights, reading books, watching movies. I am so glad I made the decision to give up alcohol, otherwise I don't know if I ever would have made the decision to invest in property and come up with a plan for accumulating and building wealth... as they say, ignorance is bliss and I think this is one of the best decisions I have ever made in life, as it forced to me to face cold, hard reality and realise that while I'd been here for 10 months and saved & made a fair bit of money investing, it was not going to set me up for life the way I thought it would.
I am doing everything in my power I can to accumulate & hold $1 million of property, then service it until it becomes cash flow neutral/positive.... if I can somehow afford to hold that much for only $1-200 week, then I will relocate to Sydney or Melbourne and enjoy some of my passions as well... Once it becomes cash flow neutral/positive, I am going overseas to live in Brazil, Thailand and I'll draw on the equity to invest in the stock market as I'd be able to live overseas for a few years from savings and other means of income.
Small sacrifices to pay in the grand scheme of being financially free! I honestly love & revel in my life, even if it is 90% working... as I know I'm headed towards where I want to be and I've just got to keep doing what I'm doing...
I am happy here, but I left my family & friends over 10 months ago to move here by myself, knowing nobody... I have since been home for a holiday once and I came to the realisation, that I actually prefer to live away from my family, because I am able to do my own thing whenever I want - I'm not obligated to go to family birthdays, etc. and I can go off to the pub to watch the fights that I have bet heavy money on live - to me, that is one of the most enjoyable things in the world and it's not really something that can be shared with people. I have 1 person who I share it with indepth in the USA via email and IM, but that's about it.
Sporting interests of Brazilian Jiu Jitsu & MMA which I used to train in up to 5-6x a week.. not to mention going to live MMA events whether to simply watch an event or team mates fight is one of the things I enjoy most of all.
I left contacts & a network of people I'd built up in the Sydney coffee scene over 18-24 months, including a couple of job offers to work with some of the people responsible for quality coffee in Sydney...
Quality fresh produce is sort of limited here... the super markets aren't exactly abudant with high quality fruit & vegies... and choice of food to eat out at, or get take away from is extremely limited when it comes to quality and value for money.
Those things are more to do with where I live than anything, but my rationale is that I could probably afford to hold 1 IP back in somewhere like Sydney or Melbourne (even if it meant working security on top of a full-time job every weekend just to be able to hold it), but because I am living out here giving up those things and earning a much higher income than what I would otherwise, I should be able to hold 2 IPs very shortly and be able to acquire more, quicker than what I would elsewhere.
Now, for the things I sacrifice here...
I live in a little dump of a unit that I share with another guy who smokes up a storm inside every night and can't manage to keep the only thing I care about clean, the kitchen. Rent is cheap here relative to other places though, I pay $140/week for a room + electricity and supposedly an austar connection which I couldn't even watch if I wanted to. No complaints though, as it's highly unlikely I find anything significantly cheaper.
I work away like a dog. A 55-60 hour week is a short week for me, I often do 84 hours in a week, sometimes more. Some weekends when I have Fri & Sat day shift of 7am-7pm, I will squeeze in 6 hours security on Fri & Sat night after I finish my full-time job which means I get practically no sleep for an extra $570... Basically, every Fri & Sat night I am off, regardless of whether I have done day shift that day or have it the following day, I will work 'till 4am. I am just fortunate I can do my full-time job in my sleep.
It's hard to see women outside of work, because I have so little spare time... there are some cool women up here surprisingly, but I often stuggle to see them outside of work (especially the one I'm interested in now) due to conflicting schedules, etc. and I'm not so sure they would be interested in going out with someone who does nothing but work and has at most, 1 or 2 days off.
I made a decision almost 2 months ago now to give up alcohol.... a massive sacrifice at first, especially considering it is a big part of the lifestyle here and I can get cheap drinks for about $1-1.50/each here whether it be beer or spirits. I used to spend my days off at the pub getting plastered. However, the mental clarity, focus & discipline I have gained as a result of giving up alcohol is tremendous. My free time is now spent with a girl, doing tape review for my fights, reading books, watching movies. I am so glad I made the decision to give up alcohol, otherwise I don't know if I ever would have made the decision to invest in property and come up with a plan for accumulating and building wealth... as they say, ignorance is bliss and I think this is one of the best decisions I have ever made in life, as it forced to me to face cold, hard reality and realise that while I'd been here for 10 months and saved & made a fair bit of money investing, it was not going to set me up for life the way I thought it would.
I am doing everything in my power I can to accumulate & hold $1 million of property, then service it until it becomes cash flow neutral/positive.... if I can somehow afford to hold that much for only $1-200 week, then I will relocate to Sydney or Melbourne and enjoy some of my passions as well... Once it becomes cash flow neutral/positive, I am going overseas to live in Brazil, Thailand and I'll draw on the equity to invest in the stock market as I'd be able to live overseas for a few years from savings and other means of income.
Small sacrifices to pay in the grand scheme of being financially free! I honestly love & revel in my life, even if it is 90% working... as I know I'm headed towards where I want to be and I've just got to keep doing what I'm doing...
No. Investing is to prosper, not sacrifice. In these modern times of abundance and opportunity everywhere. Why should you sacrifice?
i wouldn't say we sacrifice because - as james said - they are things that we really don't want to do/have anyhow.
it's more a mindset.
we'd go out to dinner perhaps once a year - although i do "lunch" with girlfriends, but that is the local (cheap but good) cafe.
takeaway food perhaps 3 times a year.
both drive second hand cars.
shop at target, jayjays and other discount boutiques (own 5 pairs of shoes).
do the majority of renovating ourselves.
buy homebrand products where they are the "same" as the twice-as-expensive name brand (sugar, flour, cheese, cling wrap etc) and buy in bulk when meat is on special.
holidays are spent travelling to see reletives (a big family that gets on great!) and airfares are usually rewards points.
i don't know - we're just not spenders ... but when we spend it's on something big like an ip!
it's more a mindset.
we'd go out to dinner perhaps once a year - although i do "lunch" with girlfriends, but that is the local (cheap but good) cafe.
takeaway food perhaps 3 times a year.
both drive second hand cars.
shop at target, jayjays and other discount boutiques (own 5 pairs of shoes).
do the majority of renovating ourselves.
buy homebrand products where they are the "same" as the twice-as-expensive name brand (sugar, flour, cheese, cling wrap etc) and buy in bulk when meat is on special.
holidays are spent travelling to see reletives (a big family that gets on great!) and airfares are usually rewards points.
i don't know - we're just not spenders ... but when we spend it's on something big like an ip!
Time, time, and time.
My 7 year olds even wrote in his primary school diary about what has been done during the weekend is Inspecting Properties...
Super.
My 7 year olds even wrote in his primary school diary about what has been done during the weekend is Inspecting Properties...
Super.
Yep - time, SANF and a few niceties that i would love my deserving wife to have but we know we shouldn't.
Good on you Bon! Great to hear such a positive attitude and outlook, kudos!
Don't drink myself, can imagine what it would have cost me over the years if I had.
what a travesty! how can you trust a guy that doesn't drink ?!!
jk
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