Yeah, well done....when someone asks you what you do for a living, you could be cheeky and answer...I'm a thinker...
Stepping stone # 5175 - this is it
- Thread starter Dazz
- Start date
Did I add my congrats? Congrats Dazz, it's a great achievement for you to be able to retire in your 30s. By the way, surely, at this stage in life you can afford to be truer to yourself when someone asks you what you do for a living? I think it is not healthy to beat up the personal integrity meter anymore and avoid telling the truth to see who your friends are. But you did well you found financial freedom early in life and I hope to hear more about your future journey.
Yes, you are most likely correct.
Thank you for the words of encouragement. Also thanks to HA888 and The Bacon.
The many inspirational success stories of my fellow SSers are what keep me going, many times I feel like throwing out the baby with the bath water and just march to the local centerlink office. Mind you sometimes (when I am 60) the idea of a pension lifestyle (+ other untaxed incomes) still looks attractive, compare to the hard slog that many SSers and I are enduring to grow the investments.
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If I had a dollar for every time things got hard in this caper I'd be even richer
Seriously; if it was that easy, everyone would do it. This is the type of thing that determines the 10% from the 90% - not just in property investing; but life.
Mate, my whole working life has been predominantly dealing with pensioners (as golfers). Not only that, but all my oldie relo's on both sides are pensioners, and I now live near Rosebud, which is a pensioner (and welfare) feeding frenzy.
I have also had the pleasure of dealing with those of better positions in life in various ways.
I can promise you this; you DO NOT want to be a pensioner, and live a life of "not quite enough".
Hey Marc, I think you're being generous with your percentages. I reckon it's more like a 95% and 5% split.
You too are hastening slowly young man.......try 99.5 % and 0.5 %
That's the reason it's so small at the top of the peak/pyramid/summit, although I'm told the air is fresher up there
They're the numbers I'm aiming for. If I miss and end up at 1 % it probably won't be too shabby there either.
Couldn't exactly quote you the source off the top of my head (might be someone's bureau of statistics), however it is bandied about that by age 65:
approx 54 % will be dependant on welfare/centrelink, 24 % will be dead, 16% will still be working (and not by choice) and 5 % will be financially independent and 1 % will be wealthy. What the cut-offs and delineations are for $$ amounts to be fin free and wealthy, I do not know.
It is endearingly referred to as trying to avoid being a 95 percenter. Therefore aim to be in the top 5 % where 95 % are not.....Indeed aim for even better to hedge any slippage.
If you shoot for the stars and miss you may still hit the moon.
I agree
I agree
I agree
Work during day (do the extra 'unpaid work' required to keep you wage) Continue you work education..
Then continue your own ' property education' look & research opportunities, save, do without...
Manage the ordinary family problems, have a life, exercise, have fun..
Learn to be your own financial planner etc.
How many hats do we wear...until we achieve financial independence?
Dazz
Whilst you have been overseas earning the BIG bucks, then home building the self funded retire early property portfolio, your wife has found a recreation outlet in golf.
IMHO you both need to develop a 'family' recreation outlet. Speaking from our experience - we joined a 4WD club which allowed us to meet numerous new friends on weekend camping trips (and we took our kids).
There are a few 'rich' people in our club - we generally sacrifice them in their 4WD as we know they can afford the repairs to their vehicle.
Will enjoy finding out how the golfing widower goes!!
Cheers
Sheryn
PS...
Millionaires still need average people to be their friends so they can share their toys!
A friend has a sign up in his office 'He who dies with the most toys wins'
- 500K 36' Riveria boat. (did 40K damage as he over took the Commodore - and we just laughed)
- New Winniebargo - huge, push out sides, white leather)
- Biggest off road camping trailer ( I have seen)
- A van caravan
- 3 x mercedes
- 1 x holden ute - Tornado ( plus his little subaru ute)
- 1 x little car for wife
- Beach front holiday house
All of the above achieved after he nearly went bankrupt at 40 years of age.
Regards
Sheryn
I don't think it's an actual stat - just a figure put on the inequality between the people who are successful and the ones who aren't.
I think it's designed to over-dramatise the degree of work required to be part of the successful.
Mind you; I reckon it's probably accurate.
According to ATO stats, only 5% of the population invest in property.
Of any group of 100 people in the office in which I work, not more than 5 would have any real financial plan beyond paying off the mortgage and relying on super when they're 65.
Also, those stats seem to come up from time to time from motivational speakers like Brian Tracey and Tony Robbins.
Do you have a link to these stats from the ATO Rob?
Try this. I think the stats are on page 13.
http://www.ato.gov.au/content/downloads/00117625_2006CH2PER.pdf
(Thanks Quoll for the link)
Table 2.6 Individuals with an interest in a rental property, 2005–06 income year
Property interests No. of individuals
1--------------------1,081,067
2----------------------272,677
3-----------------------82,283
4-----------------------29,738
5-----------------------12,082
6 or more---------------12,442
Total----------------1,490,289
According to the Bureau of Stats Population Clock, our population is currently at 21,753,390. 4.9% own 1 property. Only .057% own 6 or more.
It'd be interesting to see how many of those who had 2 properties had only a PPoR and a holiday house.
I reckon it's be about 80%.
No, because they're taken from individual ITRs, and good point.
