The Wealth Report 2012

[BayView]

What sort of business would you advise buying as a checkout dude in Coles? Most businesses require some input and expertise.

It's totally up to the individual.

A check-out dude can be motivated and learn business management and other skills for running a business; he can learn it on the job if he puts up his hand and lets the management know he is up for that type pf role. Most don't though.

All businesses require input from the owner. Maybe not at the coal-face, but certainly behind the scenes - working "on" the business; not in it.

If it is profitable enough; you can hire the expertise.

Most people will say "Only buy a business in the field you are trained for".

This is good, safe advice most times.

An easy transition for a check-out dude would be to buy a small supermarket somewhere, run it for a few years, add another, or sell the little one and buy a bigger one etc.

But, many folk have gone into a field and then bought a business in a totally different industry and done well in it.

It's a much braver thing to do, but doable.

I was a golf pro for almost 30 years, took time off to run a B&B, and recently (3 years ago) bought a tyre and mechanical workshop.

No idea what the next one will be, but there'll be one.

 

[china]

More minority spun into majority.

What about insurance against total loss? I guess the Gubbmint might bail them out.

I can rebuild my IP's after every fire or plane landing on them, or if the feral tenant wrecks it.

But since you mentioned it; you could always buy a business or start your own; you've got $680k of equity sitting there doing nothing.

The 680 used to be worth 750. I am not sure that I could withstand the pain of it going to 400 if investments went sour. I am constantly wishing to retire and feel that capital preservation is of paramount importance to me. If I was younger, I feel that I could take more risk and hope to recover. However, having been thwarted at age 30 of financial freedom by the GFC, I am now exceptionally risk averse, gun shy or crippled investment mindset.

 

[Melbournian]

don't you have a job or something - surely you can dump your money into savings since you don't have to pay mortgage repayments or maybe you could rent out your house and stay in a 1 bedder since you are not married or have kids anyway.

 

[china]

don't you have a job or something - surely you can dump your money into savings since you don't have to pay mortgage repayments or maybe you could rent out your house and stay in a 1 bedder since you are not married or have kids anyway.

Before I moved into my house, I used to stay in a 1 bedder in a large apartment block for 230 dollars per week rent. Financially, this was a lot better than living in my house but I did not enjoy the environment at all. Shared lifts, skanky neighbours, communal car park, saturday night loud party noises, etc. So I think that a price has to be paid for better quality of living.

 

[Rolf Latham]

What sort of business would you advise buying as a checkout dude in Coles? Most businesses require some input and expertise.

Hey China

Google Peter Spann

One of his books is exactly about a check out chick to millionaire

ta
rolf

 

[Rolf Latham]

I am constantly wishing to retire

so you must be over pension age then ?

ta
rolf

 

[natedog]

The 680 used to be worth 750. I am not sure that I could withstand the pain of it going to 400 if investments went sour. I am constantly wishing to retire and feel that capital preservation is of paramount importance to me. If I was younger, I feel that I could take more risk and hope to recover. However, having been thwarted at age 30 of financial freedom by the GFC, I am now exceptionally risk averse, gun shy or crippled investment mindset.

Hi China,

If you were 30 during the GFC, that would make you round mid 30's now?

Hardly too old to get back on the bike and make a go of it.

Many decide much later than this to give it a go.....and have been successful.

Don't be too scared....it's only money

Nath

 

[Melbournian]

Before I moved into my house, I used to stay in a 1 bedder in a large apartment block for 230 dollars per week rent. Financially, this was a lot better than living in my house but I did not enjoy the environment at all. Shared lifts, skanky neighbours, communal car park, saturday night loud party noises, etc. So I think that a price has to be paid for better quality of living.

FInd a different higher end apartment then.

Not all apartments are the same - i've been living in apartments for over 7 years now... in so many bulidings. the only issues i have had is a with a building manager who is a power trip.

 

[china]

so you must be over pension age then ?

ta
rolf

I am certainly ready to receive a pension - have wanted one for a long time but do not meet government criteria.