1. The most important lesson for me is to actually learn from my (and others) mistakes.
I started investing in my early 20's very aggressively in old (land rich) properties in Melbourne with poor yields.........Ahh! the influence of accountants and negative gearing. Although I didn't know what I didn't know, I had no fear was earning more than enough to cover the shortfall. All are now two or three town house sites and two are actually pre-CGT. There is a strategy for those in a decade or so.
2. Even though you don't know everything, do something.
After the near 20 % interest rates of the late 80's and early 90's, I figured that 105 % lends were not such a good idea at the time. I actually paid down most of my debt diligently and was well and truly positive cash flow.
3. Don't park.
Then I parked and missed the boom (by way of further purchases) from 1998 onwards, despite trivial borrowings at the time (in comparison to overall portfolio value), I was so engrossed in my career, that I became confortable in my lack of debt scenario. Did I get anywhere that way? Well not even a dog gets excited enough to bark at a park car. We all know what dogs do to parked cars. They say that if you find others are *****ing on your dreams, chances are you're parked.
4. When life serves you up a lemon, make lemonade.
Then I saw opportunity everywhere as I was given a gift disguised as a problem in the form of a physical health challenge.....changes your perspective.
5. Reinvent yourself along the way.
Having changed professional path a couple of times since due to health problems, I also saw that I needed to get more actively involved and after a dinner one night with friends I was compelled to take action again. One friend declared outlandish net income requirement to live in his retirement that was actually more than he currently earned and we are both in our forties. When I asked what he was doing to achieve this, he had no plan of action, beyond 9 % super.
6. Learn what not to do from those who are not successful.
Following on from that dinner, I thought how interesting it was that he had audacious requirements and expectations, without a roadmap or plan of action to achieve this. I knew who not to ask for advice.
7.Begin with the end in mind.
I worked out how much we needed to be fully independent and worked out what net worth and yield would be required. I then set about buying more properties. I read more than I had ever done and worked out a strategy that suited us and my capacity to service debt.
8. Be flexible and adopt an abundance mind-set.
Our original plan has now been modified to achieve higher and greater things that can be shared amongst others where money can do good.
9. Enjoy the journey and pay close attention to those who are where you are going. Listen more than you talk and following on from this, be interested (in the other person), not interesting.
10. Think Big. Life is too short to be little.
I started investing in my early 20's very aggressively in old (land rich) properties in Melbourne with poor yields.........Ahh! the influence of accountants and negative gearing. Although I didn't know what I didn't know, I had no fear was earning more than enough to cover the shortfall. All are now two or three town house sites and two are actually pre-CGT. There is a strategy for those in a decade or so.
2. Even though you don't know everything, do something.
After the near 20 % interest rates of the late 80's and early 90's, I figured that 105 % lends were not such a good idea at the time. I actually paid down most of my debt diligently and was well and truly positive cash flow.
3. Don't park.
Then I parked and missed the boom (by way of further purchases) from 1998 onwards, despite trivial borrowings at the time (in comparison to overall portfolio value), I was so engrossed in my career, that I became confortable in my lack of debt scenario. Did I get anywhere that way? Well not even a dog gets excited enough to bark at a park car. We all know what dogs do to parked cars. They say that if you find others are *****ing on your dreams, chances are you're parked.
4. When life serves you up a lemon, make lemonade.
Then I saw opportunity everywhere as I was given a gift disguised as a problem in the form of a physical health challenge.....changes your perspective.
5. Reinvent yourself along the way.
Having changed professional path a couple of times since due to health problems, I also saw that I needed to get more actively involved and after a dinner one night with friends I was compelled to take action again. One friend declared outlandish net income requirement to live in his retirement that was actually more than he currently earned and we are both in our forties. When I asked what he was doing to achieve this, he had no plan of action, beyond 9 % super.
6. Learn what not to do from those who are not successful.
Following on from that dinner, I thought how interesting it was that he had audacious requirements and expectations, without a roadmap or plan of action to achieve this. I knew who not to ask for advice.
7.Begin with the end in mind.
I worked out how much we needed to be fully independent and worked out what net worth and yield would be required. I then set about buying more properties. I read more than I had ever done and worked out a strategy that suited us and my capacity to service debt.
8. Be flexible and adopt an abundance mind-set.
Our original plan has now been modified to achieve higher and greater things that can be shared amongst others where money can do good.
9. Enjoy the journey and pay close attention to those who are where you are going. Listen more than you talk and following on from this, be interested (in the other person), not interesting.
10. Think Big. Life is too short to be little.
