Too old and poor to start investing?

[ZOMG]

In addition to all the brilliant advice provided so far-

Invest in you. Eat well, exercise regularly, take care of yourself. Your biggest asset is not your home or IP, it's yourself.

Sometimes we all get caught up with working, investing etc and start to forget about taking of yourself until you get the signs of burnout or ill health. Healthier you means better decision making, learning and coping skills, all of which you'd need whether you decide property is your thing or whatever else

 

[Lou Reed]

ZOMG,i won't say amen to your post as i'm an atheist but all the same a common sense post.

Cheers

 

[Charlotte30]

Too old and poor to start investing

Ergophobia - My mum just bought her first ip at age 67 with little income.

Excellent post above. I too started very late (52) and feel like the oldest here. I am now at the stage where I can feel I have done very well. (now 65) I have just bought an old house in the centre of the city that has not been renovated for 30 years and is divided into 4 flats. I think it is a bit of an obsession now. I can only say it is never too late and you are never too poor. Some advice given to me was"Just decide you are going to do it and make it happen".

 

[LoneWolf]

You are only as old as you feel.
You are never too old to start as above posters have said. You can do it, it may take you abit longer, considering you are already using this forum, you are defianately on the right track.
Good luck and keep learning

 

[serendip]

In addition to all the brilliant advice provided so far-

Invest in you. Eat well, exercise regularly, take care of yourself. Your biggest asset is not your home or IP, it's yourself.

Sometimes we all get caught up with working, investing etc and start to forget about taking of yourself until you get the signs of burnout or ill health. Healthier you means better decision making, learning and coping skills, all of which you'd need whether you decide property is your thing or whatever else

This is good advice. I'm day 12 of "it's spring, must get healthy" and already my somewhat 1/2 hearted attempts are leaving me feeling more energetic and able to tackle what's ahead.

 

[Deltaberry]

In addition to all the brilliant advice provided so far-

Invest in you. Eat well, exercise regularly, take care of yourself. Your biggest asset is not your home or IP, it's yourself.

Sometimes we all get caught up with working, investing etc and start to forget about taking of yourself until you get the signs of burnout or ill health. Healthier you means better decision making, learning and coping skills, all of which you'd need whether you decide property is your thing or whatever else

Yes. I find not being too caught up in all this helps keep hair in original colour, prevent hair loss, better skin tone and happier face which will impact your fortunes. No one wants to do business with a weary, tired, baggy eyes aggressor.

 

[KayTea]

In addition to all the brilliant advice provided so far-

Invest in you. Eat well, exercise regularly, take care of yourself. Your biggest asset is not your home or IP, it's yourself.

Sometimes we all get caught up with working, investing etc and start to forget about taking of yourself until you get the signs of burnout or ill health. Healthier you means better decision making, learning and coping skills, all of which you'd need whether you decide property is your thing or whatever else

Couldn't agree with you more. I'm trying not to get too caught up in investing - it's more likely to become a bit of a 'hobby, with benefits'. It gives me something to do at night, as most of the stuff on TV is crap.

 

[Angel]

Hello KayTea
I live in Brisbane and I am on a very low income. I am sending you a private message.

Would you like to tell us what you thought about your meeting with the person from Canterbury?

One thing I would like to add to my learned colleagues here is for you to set up a serious budget. Keep a record for a few months detailing every cent spent. This way you will be able to see if you really can take on another mortgage. Perhaps you are in a better financial situation than you think you are.

 

[SeafordSunshine]

Teachers,,,

Dear Kay Tea,

Somersoft has been set up by 2 teachers...

if they can do it. So can you !

I hope this helps

Cheers

 

[KayTea]

Hello KayTea
I live in Brisbane and I am on a very low income. I am sending you a private message.

Would you like to tell us what you thought about your meeting with the person from Canterbury?

It's been good so far - most of my questions were answered (it was only a 1 hour introductory meeting, so we didn't get the chance to discuss a lot of the finer details). I've booked for another meeting in a few weeks time to learn more about their process. There hasn't been any pushy salesperson tactics at all, which is great. I'll see what happens next, and let you know.

Given that they've been around for such a long time (since 1980), I'd love to talk to someone who has used their services for many years and many investment purchases. I've read a number of threads/posts (here, and elsewhere), where people have sung their praises, but they are all basically dated within the last few years. I'd love to hear from someone who's been with them since, say, the early/mid 90s, or even the early 2000s, just to get a better 'big picture'.

One thing I would like to add to my learned colleagues here is for you to set up a serious budget. Keep a record for a few months detailing every cent spent. This way you will be able to see if you really can take on another mortgage. Perhaps you are in a better financial situation than you think you are.

I have always run a very tight budget - I know where every cent goes, every week, and certainly don't live above my means. While I do enjoy the occasional splurge/treat, I've also got my PPoR as my only debt (already at 50% equity, and only 8kms from the CBD), have been overseas in the past 18 months (and plan to go again next year), and have most of my daughter's private high school fees saved (and she isn't even half way through primary school yet).

I'd like to say that my 'fiscal responsibility' is one of my 'most attractive qualities'.

KayTea

 

[Angel]

I have always run a very tight budget - I know where every cent goes, every week, and certainly don't live above my means. While I do enjoy the occasional splurge/treat, I've also got my PPoR as my only debt (already at 50% equity, and only 8kms from the CBD), have been overseas in the past 18 months (and plan to go again next year), and have most of my daughter's private high school fees saved (and she isn't even half way through primary school yet).

I'd like to say that my 'fiscal responsibility' is one of my 'most attractive qualities'.

KayTea

That's great. As well as saving for your holidays and daughter's education, will you also be able to cover any unwelcome costs along the way, such as decreases in rent, increases in costs like insurance, water, rates and interest rates? If so, then you are likely financially able to take the plunge. A broker will confirm this for you and let you know how much you can comfortably afford to pay for a property. From my budget I know where I can call upon surplus funds that we invest elsewhere to cover any shortfalls in the expenses if or when required.

There are respected expert investment brokers, solicitors and accountants on here who are easy to access in Brisbane. They reply to emails after hours. If I had my time over again, I would contract the Buyers Agents on Somersoft to hunt down a property for me and do the negotiating with the vendor. The fee can be less than signing up with a company like Cherie Barber or Steve McKnight or Reno Kings (trainers). I do not have any experience with Canterbury but have been approached by other "one stop shops" whose services were rather suss and I realised I could do the job myself using professionals independent of each other.

When looking for someone to help you, one way to ensure you are not going to be ripped off is to use a buyer who works for You and does not force you to use the accountant, solicitor and bank that he or she is attached to.

Having your budget prepared will streamline finance approval. When house-hunting, most of the job is done online and only attending short-listed viewings. My son used to come along when looking for our "to live in" home, he was actually quite excited about it. Your daughter may prefer to stay at a friend's house for the day or go to school holiday activities put on by the local councils and community organisations. She may like to attend a few opens during your early research and you can ask her opinion on places, such as does she like the colours, garden, carpet or whatever.

Sorry for the thesis, will go now

 

[landlubber]

Have you read Jan's books?

Have you read Jan Somer's books ? If not, buy them all and read them twice.
She is just an excellent communicator /teacher. The cheapest and best advice you will get in this business. And they are kind enough to finance this forum for all of us. RESPECT !! LL

 

[TRAG]

Hey KayTea,
Reading books is a really good way to start, and if you can get hold of Jan Somers "Building Wealth in Changing Times' although the $ figures are way out (Sydney homes at $167K) the strategies are sound and still hold up. I run a property consulting business (with 1:1 handholding) but still hand this book out to my clients as it helps confirm their WHY, explains how the process WORKS using neg gearing and discusses some common "what if...? ' scenario's. Look on e-bay as you can't buy it anymore, but it is a fabulous grounded start. I can't tell you who I am as this forum is not for promotion, but it sounds like you are on the right track. I would personally avoid the one stop shops and find someone you feel really comfortable with as it a LOT of money and the consequences affect YOUR life, so ask around, get testimonials and don't go with anyone you don't trust 100% . We only started when i was 40 working as a nurse in acute health (52 now and in own property business 3 days a week AND still nursing two days a week !) and we have 8 properties and PPOR, so don't lose hope. Slow and steady wins the race in my opinion.
Hang in there! You know you are a hard worker or you would not be a nurse still ! You can do this.

 

[antistar]

However, as inspired as I am, I am wondering if, at the age of 41, as a single parent, I've left it too late, or won't have enough $$$ behind me, to seriously consider entering the property investing market.

At 41 you are definitely not too old! At 64 maybe. But even then.
And 'poor' is just a temporary condition you can change over a resonably short period of time.

Our society is driven by one of the most beautiful economic engines in the world and the good news is anyone can make use of it if they are willing.

So good luck and best to leave behind any limiting beliefs before proceeding

 

[KayTea]

I would personally avoid the one stop shops and find someone you feel really comfortable with as it a LOT of money and the consequences affect YOUR life, so ask around, get testimonials and don't go with anyone you don't trust 100% .

I've found a financial planner that I really like working with - we seem to be very much on the same page, and she's done a lot of investing herself - so I've got someone to help get me started.

We only started when i was 40 working as a nurse in acute health (52 now and in own property business 3 days a week AND still nursing two days a week !) and we have 8 properties and PPOR, so don't lose hope.

Thanks - you've given me hope.

 

[landlubber]

I reckon the 40's are a good time to start. You are making reasonable salary and you (hopefully) have some equity in your PPOR. Plus you can 'see' where your super etc is doing and go " haily shoot ... that isn't going to be much of a retirement." And you still have your health. LL

 

[kum yin lau]

Hi, I'd said this before. I was 46 when I bought my 1st house in Australia. But I had almost enough cash to pay for it. Short by 10K

I taught school for 20 years.

The 1st house set off a sequence of events which led to buying 4 houses in 18 months & then some small shops etc etc

Having said that, I benefited from the property explosion of the 90s.

Good luck,
KY