Savings Goal - Deposit
- Thread starter Alex P Keaton
- Start date
I dont think that anything i did including buying a car was "dumb"!! The car and expenses are deductable as I work as a consultant/contractor so there was/is a benifit of borrowing to buy the car.
In hindsight I would not have done anything differently. I would still have bought the car and still blown all my cash on going out and having fun while young - because you're only young once and you should somewhat enjoy yourself along the way. Now I know this goes against what others preach here (delayed gratification) but for me this was a great time in my life, a great part of my journey and I will still end up where I want to be when I planned to.
Going out and recklessly spending all my money in my late teens allowed me to have a lot of good times and get that out of my system. This then allowed me to focus and knuckle down in my last years of uni. Focusing at uni allowed me acheive exceptional results which then helped land me a great job. Now two years on I have doubled my income through hard work and past efforts and am allowing my life to take the course I want and am enjoying myself along the way.
Now I enjoy my career, it pays well and is now a great engine for building a portfolio. I think I have been investing since I was young just not yet in property but in myself (if that makes any sense)
I guess the point im trying to make is that this has been my journey and the journey I have had/wanted to take. Everyone will be different.
I'm now in a great position to get started in IP with a focused and mature mindset and I'm looking forward to this new adventure of investing in property and rapidly securing my financial freedom.
'I have the plans and the foundation up now I just need to go ahead and finish the house'
Kim well done and good luck to you. I look forward to hearing about your first IP. I bet you'll feel a great sense of achievment when it happens. There is nothing better than achieving a goal you set out to achieve - however long it takes.
In hindsight I would not have done anything differently. I would still have bought the car and still blown all my cash on going out and having fun while young - because you're only young once and you should somewhat enjoy yourself along the way. Now I know this goes against what others preach here (delayed gratification) but for me this was a great time in my life, a great part of my journey and I will still end up where I want to be when I planned to.
Going out and recklessly spending all my money in my late teens allowed me to have a lot of good times and get that out of my system. This then allowed me to focus and knuckle down in my last years of uni. Focusing at uni allowed me acheive exceptional results which then helped land me a great job. Now two years on I have doubled my income through hard work and past efforts and am allowing my life to take the course I want and am enjoying myself along the way.
Now I enjoy my career, it pays well and is now a great engine for building a portfolio. I think I have been investing since I was young just not yet in property but in myself (if that makes any sense)
I guess the point im trying to make is that this has been my journey and the journey I have had/wanted to take. Everyone will be different.
I'm now in a great position to get started in IP with a focused and mature mindset and I'm looking forward to this new adventure of investing in property and rapidly securing my financial freedom.
'I have the plans and the foundation up now I just need to go ahead and finish the house'
Kim well done and good luck to you. I look forward to hearing about your first IP. I bet you'll feel a great sense of achievment when it happens. There is nothing better than achieving a goal you set out to achieve - however long it takes.
Now you have that out of your system?
OK then!
I meant the careless nature. Partying and careless spending of ones money will only get you so far. It was fun to do back then and having experianced that before I won't feel like I am missing out on anything if I save - it's out of my system.
I have this conversation with my brother every month, and every one is different i know , but he has purchased himself a new 5.7lt commodore. great car , owes money for it and rents ,
Before this it was another great car, and was renting???
Same story. different car.
Q? have you read "rich dad poor dad" or "Richest man in babylon" as there are some things that wealthy people do and that others do not.
Have you noticed , the poor eat fish and chips , and the rich have BBq s and salads. or the poorer people have that big wedding, hire cars, spend up big on the dress, and the rich ones get married in their gardens.
Why so!
Posted by i think Blue card?
The rich live on money they have after they have invested, and the poor invest whats left after they have lived.
Real good saying this.
Before this it was another great car, and was renting???
Same story. different car.
Q? have you read "rich dad poor dad" or "Richest man in babylon" as there are some things that wealthy people do and that others do not.
Have you noticed , the poor eat fish and chips , and the rich have BBq s and salads. or the poorer people have that big wedding, hire cars, spend up big on the dress, and the rich ones get married in their gardens.
Why so!
Posted by i think Blue card?
The rich live on money they have after they have invested, and the poor invest whats left after they have lived.
Real good saying this.
Electro, there are some very wealthy people on this site , the number of posts would give it away?
Ask them what they drive.
Ask them where they party.
Its time you have lost, while doing the other because its time one need to become a profitable invester,
It works like you drive a crapy car untill the wheels fall off and then another, parties are beer and wine at home, you keep putting your money into investments, and your time ! untill one day, all you have to do is wake up in the morning, and earn $400 each and every day, and it will get larger and larger every year, if you are happy with that amount then you Buy a new car, party it up, and travel the world,
"The rich live on money they have after they have invested, and the poor invest whats left after they have lived." Good saying indeed but is it as black and white as that? Is there no point somewhere in between investing and living?
The car has nothing to do with anything. And yes - I drove the **** car when I was working hard at Uni. I have nearly paid off the 27k loan for the car, also managed to save 50k in the mean time, still enjoyed some luxuries and now in a position to dive into property 100% focused and financially able all in two years while in early to mid 20s. I could have been a little further had I done some things differently but hey so what?!? I am still on track with my plan.
I anticipate being able to buy 10-20 ips in the next 5-10 years. I also aim to further increase my salary to $200k+ within the next 5 years. Ambitious - Yes. Unrealistic - not at all. If I don't believe it can be done then it won't happen. Thinking like this has done me well thus far.
Craig in my defence I don't put myself in the same category as people like your brother - no offence. Yes - so what I spent a little money when I was younger even though I'm only 25 now. That was then - I don't/won't spend like that now. I don't beleive you have to sacrifice everything to invest in property sucessfully. And if you do it doesn't mean I have to as well or else I won't succeed. I will just earn more money to fund both my lifestyle and investments - it is as simple as that.
I say these things with the upmost respect for yourself and others who have actually acheived something IN property.
Do you mind if I ask how old you are now and how old you were when you started? Are you where you want to be or where you expected to be?
The car has nothing to do with anything. And yes - I drove the **** car when I was working hard at Uni. I have nearly paid off the 27k loan for the car, also managed to save 50k in the mean time, still enjoyed some luxuries and now in a position to dive into property 100% focused and financially able all in two years while in early to mid 20s. I could have been a little further had I done some things differently but hey so what?!? I am still on track with my plan.
I anticipate being able to buy 10-20 ips in the next 5-10 years. I also aim to further increase my salary to $200k+ within the next 5 years. Ambitious - Yes. Unrealistic - not at all. If I don't believe it can be done then it won't happen. Thinking like this has done me well thus far.
Craig in my defence I don't put myself in the same category as people like your brother - no offence. Yes - so what I spent a little money when I was younger even though I'm only 25 now. That was then - I don't/won't spend like that now. I don't beleive you have to sacrifice everything to invest in property sucessfully. And if you do it doesn't mean I have to as well or else I won't succeed. I will just earn more money to fund both my lifestyle and investments - it is as simple as that.
I say these things with the upmost respect for yourself and others who have actually acheived something IN property.
Do you mind if I ask how old you are now and how old you were when you started? Are you where you want to be or where you expected to be?
i am al most 40 and threw money away at 25, and at ages 26,27,28,29,30, and then it started geting interesting,
Lic builder now , this gives me a great advantage, and the rest you can read in june API mag
The most important thing i learned !
my wife and i purchased our own home for 95k and i so, wanted to purchase others way back then, but her being on safe mode for 10 years, stoped me/us in doing so.
This was a 3 bedie, for 95K,same area, same home, $450k this is what you have , TIME! dont blow it and learn from time wasters like me !
I respect what you are saying, as i have been their , as like many oldies,
Cheers mate, craig.
Lic builder now , this gives me a great advantage, and the rest you can read in june API mag
The most important thing i learned !
my wife and i purchased our own home for 95k and i so, wanted to purchase others way back then, but her being on safe mode for 10 years, stoped me/us in doing so.
This was a 3 bedie, for 95K,same area, same home, $450k this is what you have , TIME! dont blow it and learn from time wasters like me !
I respect what you are saying, as i have been their , as like many oldies,
Cheers mate, craig.
i am al most 40 and threw money away at 25, and at ages 26,27,28,29,30, and then it started geting interesting,
Lic builder now , this gives me a great advantage, and the rest you can read in june API mag
Will do
I get the point your trying to get across. I really do mate. Thats why I'm here on the site - to do something about it!
i am al most 40 and threw money away at 25, and at ages 26,27,28,29,30, and then it started geting interesting,
Lic builder now , this gives me a great advantage, and the rest you can read in june API mag
Craigb: I'm often curious about this - how did the API people know about your adventures in investment? That is, how did they know about you in order to interview you?
I often wonder this when i read the articles about the people there.
Thanks
g
Good to see people saving,
I remember our first sving efforts, dinners were, chicken & rice, lamb &rice, mince & rice, every thing was rice, but the rest is history?
Now we can afford Beef and rice
My best effort at saving was when I had my 2nd Proshop. I was single, a work-a-holic with zero social life practically and had a new business to build up. I saved $60k cash in one year and bought a block of land in Blackburn for $60k. It became PPoR no.2.
Fast-forward to now; we save about half our nett income - for investing and loan reduction. Personal choice, and have been doing it since 2000.
We could spend a bit more, but are on a bit of a mission to be retired young and rich - or at least "comfortable".
On the flip-side; we have spent (borrowed) $1.39 mill in the last 2 years -
1. Block of land (for next PPoR) 2 years ago
2. Business No.1 (last year)
3. Business No.2 (in negs to buy currently)
The old cliche of "the more you spend; the more you save"
When I lived in Sydney, Bondi I was spending probably $1000 per week on dine out food and all sorts of things plus $250 a week on rent. Now I have my own home in a small town a couple of hours from Sydney I spend no money at all except on groceries or things to renovate my home. SO I probably save around $1000 a week by not living in the city and away from all the temptations plus I have my own organic gardens starting, fruit trees, chickens etc so soon I will hardly spend any money.
10 is also my Goal!
I want to have 10 fully paid off houses by the age of 40, I may not get there by the age of 40 but i will be well on my way.
I have a highly stressful job and i am under alot of pressure to perform - but i also have alot of potenial to earn good $$$, My goal is to be able to retire/work part time in my early 50's and live off my hard earned investments.
Now i just have to convince my girlfriend that it will pay off in the long run...thats the hardest part
I want to have 10 fully paid off houses by the age of 40, I may not get there by the age of 40 but i will be well on my way.
I have a highly stressful job and i am under alot of pressure to perform - but i also have alot of potenial to earn good $$$, My goal is to be able to retire/work part time in my early 50's and live off my hard earned investments.
Now i just have to convince my girlfriend that it will pay off in the long run...thats the hardest part
haven't read the whole thread but how many do you have atm and how old are you???
I don't realy know but its somthing about the SS posts ? and the home i built, owner builder type of thing, just on steroids
Once apon a time!!!
As a kid we had Salvation army give us a BBq chicken for x-mass, and we all got 1 present each, every piece of clothing was from op-shop, etc etc ,and thats why i do what i do? thats how i learn't not to spend recklessy.
Quote from this site:
Thank god i was very poor, because its made me very rich
I want to have 10 fully paid off houses by the age of 40, I may not get there by the age of 40 but i will be well on my way.
I have a highly stressful job and i am under alot of pressure to perform - but i also have alot of potenial to earn good $$$, My goal is to be able to retire/work part time in my early 50's and live off my hard earned investments.
Now i just have to convince my girlfriend that it will pay off in the long run...thats the hardest part
You have got to get the girlfriend on board, she needs to read, books, meet others that have done it etc, This was one of my biggest battles, Outlaws included, untill i told them to F#$K off
Well I wont be saving anything for the next couple of pay cheques. I will be paying my water and rates bill. Oh well.... mere bump on my way to my goal. I am so so close to my $30 K mark. Its exciting. I've never ever had such an amount of money before. I think the most I ever got to was around $15 K or something back in my 20's when saving for a car, then never again... well until now.
I will hit $30 K by the end of August for sure. I'm sure once I hit that magical figure I will find it will be gaining momentum, and before I know it (because I will be spurred on and even more motivated) the $40 K mark will be close by. By this stage I will start to inspect properties again and start to look seriously at investing again.
I will hit $30 K by the end of August for sure. I'm sure once I hit that magical figure I will find it will be gaining momentum, and before I know it (because I will be spurred on and even more motivated) the $40 K mark will be close by. By this stage I will start to inspect properties again and start to look seriously at investing again.
Good onya Kim5!!!!
Well done
Well done
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