sometimes, you just need a clean slate.
- Thread starter Aaron Sice
- Start date
best of luck, sometimes one just needs a 'clear head' to be able to think straight.
If this is what you think is required then you should follow your gut feeling.
If this is what you think is required then you should follow your gut feeling.
Aaron, your post stirred something in me that demands a response. Firstly, I hope you are okay. Secondly, advisers can bleed people dry and I have personally avoided them (I don't even have an accountant despite being a very active investor), so I get your skepticism.
But lastly I wanted to relay a personal story that doesn't really relate to the above (but kind of does). I am in my 20s and about a year ago I was diagnosed with multiple sclerosis, it progressed quickly to the point I could barely walk. It was devastating. I had lived a full and successful life, in part due to property investing. I pinned on my bathroom cabinet a quote from Churchill "If you're going through hell, keep going." I saw it every day, and it kept me going.
A year on after extensive therapy, holistic healing and good nutrition, I am much better. I'm working full time and can walk several kilometres. I have good days and bad, but the good days are becoming more frequent. My life is back on track!
I was faced with a similar choice to you. Do I cash in my chips and relax, or do I let this battle galvanize my determination? After taking a pretty big hit in the GFC (who didn't?) it was tempting. But I decided to stick with it and I'm glad I did. Starting over may well be your best bet, I don't know your financial circumstances, but my guess is you've worked bloody hard to get where you have. Think this through carefully. Be strategic. There is always a way through. Good luck with your decision either way
But lastly I wanted to relay a personal story that doesn't really relate to the above (but kind of does). I am in my 20s and about a year ago I was diagnosed with multiple sclerosis, it progressed quickly to the point I could barely walk. It was devastating. I had lived a full and successful life, in part due to property investing. I pinned on my bathroom cabinet a quote from Churchill "If you're going through hell, keep going." I saw it every day, and it kept me going.
A year on after extensive therapy, holistic healing and good nutrition, I am much better. I'm working full time and can walk several kilometres. I have good days and bad, but the good days are becoming more frequent. My life is back on track!
I was faced with a similar choice to you. Do I cash in my chips and relax, or do I let this battle galvanize my determination? After taking a pretty big hit in the GFC (who didn't?) it was tempting. But I decided to stick with it and I'm glad I did. Starting over may well be your best bet, I don't know your financial circumstances, but my guess is you've worked bloody hard to get where you have. Think this through carefully. Be strategic. There is always a way through. Good luck with your decision either way
Took similar steps some time ago and have never been happier.
Now I rent, have some share investments, a fair bit of cash, a lot less paperwork, less costs and less headaches.
I rent and love it. My landlord sounds like he is struggling with the stress of constantly having to come up with the shortfall to make up his mortgage. I feel for him, but its his choice.
sure I could get kicked out any time but that doesnt bother me. Part of our cleansing process was to get rid of junk we don't need anymore. So even if we had to move from where we rent, we have so few material possessions, that moving is a one day job.
Since taking this new path, I've got my fitness and health back on track, I swim and play social sports regularly, have a few more hobbies that I never seemed to get around to before, and read books without my mind constantly wandering.
Life really is too short to waste.
Now I rent, have some share investments, a fair bit of cash, a lot less paperwork, less costs and less headaches.
I rent and love it. My landlord sounds like he is struggling with the stress of constantly having to come up with the shortfall to make up his mortgage. I feel for him, but its his choice.
sure I could get kicked out any time but that doesnt bother me. Part of our cleansing process was to get rid of junk we don't need anymore. So even if we had to move from where we rent, we have so few material possessions, that moving is a one day job.
Since taking this new path, I've got my fitness and health back on track, I swim and play social sports regularly, have a few more hobbies that I never seemed to get around to before, and read books without my mind constantly wandering.
Life really is too short to waste.
Yep, sometimes you just have to hit the eject button, that how I like to phrase, and eject and untangle yourself from all the complex crap that seems to build up around you.
But dont forget sometimes it just needs to mainly be a mental ejection.
But dont forget sometimes it just needs to mainly be a mental ejection.
All the best with the culling and i hope you get things sorted out.
I'm sure you've ran a spreadsheet and done the figures but have probably used your current living situation in the figures. Maybe also throw in a scenario if you sold up and paid off debt and then moved to a country with a lower cost of living. Perhaps you could also have a mental ejection for 2-3yrs in a different country where it's cheap to live and regroup (dependent on kids education etc).
Wow, this is very interesting thread. It is different to see one about down sizing and making life simpler. We do not have a complex financial structure and me too though one day we will get an Pty and trust and we made it! But this year resolution is too de-clutter (our house) and make it simpler to take care of our stuff. Sometimes you do not even know what you have!
Take care in de-structuring your finances and take a little time out to do the same mentally. One of the books I am just reading is "Enough" by John Naish and it has inspired me already.
Take care in de-structuring your finances and take a little time out to do the same mentally. One of the books I am just reading is "Enough" by John Naish and it has inspired me already.
LOL... I pretty much finished doing this 7 months ago & haven't looked back! With 2 exceptions... I kept my CIP and I owned my toys (cars/bikes) but have bought some new ones recently anyway! (cash of course)
It really is quite liberating to free yourself of 'the shackles' and start working on living life again. I couldn't agree more about the PPOR. Renting can be less constrictive, especially for those of us that can't stand still for too long.
Best of luck with your journey! I called it a midlife consolidation...
I think most aussies would kill to be in your situation at your age (if you do decide to sell down) Debt free and a debt free ppor, some savings left over from which you will have a good base to start from again. hmmm not a bad situation to be in! You can then build up your investments. Your young you have plenty of time and a good solid foundation to start out! Good luck
I'm not sure whats in your portfolio but it sounds expensive (sales commissions, stamp duty to get back into the market, CGT etc..) if you are selling IPs with a view to buy different ones in future.
Have you run the numbers to see if this is a break even strategy?
Hopefully you're doing it because the numbers work (or you want different underlying investments) and not just as an expensive way to get a cathartic feeling.
You could also try using different / cheaper accountants to service your SMSF / trusts. Shouldnt be costing all that much and a lot of this can be automated.
Have you run the numbers to see if this is a break even strategy?
Hopefully you're doing it because the numbers work (or you want different underlying investments) and not just as an expensive way to get a cathartic feeling.
You could also try using different / cheaper accountants to service your SMSF / trusts. Shouldnt be costing all that much and a lot of this can be automated.
Hi Aaron - I firmly believe that the only thing of any true and lasting value is the relationships we have with other humans and with God.
If your material things and the structures you have put in place are detracting from that, then getting rid of them is the only option. I would do exactly the same. Living for money is not living at all.
Once you get through this, and have some time to enjoy life without the hassles, be sure to forgive yourself, and find ways to move forward with your life.
All the best.
If your material things and the structures you have put in place are detracting from that, then getting rid of them is the only option. I would do exactly the same. Living for money is not living at all.
Once you get through this, and have some time to enjoy life without the hassles, be sure to forgive yourself, and find ways to move forward with your life.
All the best.
Hmmm, Mr Sice, is that sig related to Nineteen Eighty Four (George Orwell)?
This is an interesting comment. I expect it's the opposite and he does not want to keep making life decisions just based on the numbers.
Never a truer word. Kudos to you, VY.
