Turning point

[Oscar]

What an awseome thread.

The turning point for me was in 1992. I was a salary slave (still am) and father of a friend of mine bought an IP (unit in Bronte, Sydney). At the time I was renting in Bronte and looking around to buy a cheap PPOR. Over the 2 years of searching I noticed prices in the area were literally going up each weekend. My friend's father was making more money out of this investment with no physical effort, than I was in my job. It clicked then that this is what I should be doing.

Eventually bought a PPOR in 1994, and proceeded to pay off as fast as possible. In 1998 read one of Jan Somers books and realised why this guy was so wealthy even though he was just earning a salary.

Biggest mistake was seeing an accountant in 1998 to go "over the numbers" for my first IP purchase. He convinced me it was too risky and I would make more money putting the money into my PPOR mortgage.

BIG MISTAKE

What a loser he was, and what a fool I was for taking his advice. Late 1998 I finally purchased my first IP in eastarn suburbs and have not looked back since then.

I guess I was "lucky" to have been exposed to a property investor in 1992, see what was possible, and then stumbled on one of the finest books on property by Ms Somers.

Still have heaps to learn but well on the way.

 

[Brenda Irwin]

Jan's books were an inspiration so husband & I took a 'leap of faith' & started investing.

Geoff Doige & Paul Eslick's reno course gave us confidence to fixem up a bit & keep going.

Peter Span's book said 'keep pushing the envelope & see how much you can borrow & how far you can go'.

Robert Kiyosaki & Dolf de Roos books said the baby boomers are coming, 'Hurry up & invest faster & smarter'.

Tony Compton's book taught us 'don't neglect your tax-there is a lot you can claim'.

Now, 5yrs & 21 houses later, we are back to reading the 'start' of it all 'Jan's book'. There might we something in there we missed.

Education & the cheek to try are the secrets to success for us.

Cheers Brenda

 

[jahn]

Wow
If I wrote my story it would be almost a copy of Les, (to start anyway). But I'm still a salary slave, and really geateful for the forum and it's starters.
Baby boomer, got married, (still going 34 years later) and only just cottoned on last year to investment Bought first PPOR 30 years ago and sold and built, and sold and built about 5 times. Still didn’t "go for it" Bought first IP 30 months ago and very satisfied with self and stopped at that. THEN read Robert K's book and realized that aint no way I would have enough money to retire on, (Both parents 85 and still going strong) and what pension. Realized its up to me, and read the quote;
"The definition of insanity - Doing what you’ve always done and expecting different results"
Also appropriate at this forum - "Enthusiasm is like a ripple on the water, it spreads."
jahn

 

[Alan H]

For me I think the 'turning point' is when you realise that there are other options to necessarily being a 'wage slave'. Doesn't mean you don't work hard, but it means that you have more choice in how you spend your most valuable possession.......TIME.

Surely knowing this is obvious though isn't it? Surely we all know this from a kid don't we?

I don't think so!

I think a part of it comes from what you learn as a kid.

My dad died when I was about 10 and my mum and I got by as best we could in a country town. She was on a pension and we didn't have much so me being the 'man of the house' I tried to work as many part-time jobs as I could. I cleaned toilets, cleaned pools, picked peaches, cut asparagus, worked at Grace Bros, painted people's houses, worked at garages, delivered medicine and the list goes on. The night I attended my high school graduation I realised I had been to 3 separate jobs that day, the first starting well before dawn. Ahh......memories......

So what am I saying here? Well, to my way of thinking, from an early age, I believed the only way to earn a living was to get a job and work long hours. Need to make more money? Get another job and work longer hours........need more...get a third job........

Property, shares etc etc. What are they? If you heard of someone who had a couple of properties then you assumed they had been lucky, inherited or worse....you didn't think about it at all. Zero mentoring input received.......

About 7 or 8 years ago my wife and I headed up to Fraser Island for some 4 wheel driving and on the way I stopped at a bookshop and found one of Jan's book. Read it and it was like someone just opened a window for me!! Gosh......how had I not come across any of this before? As an interesting aside, I wonder how many people have been 'mentored' by Jan through the pages of her books?

Went on and read as much as I could, have bought a couple of IP's over that period and even though I know I've made some mistakes they have all returned a minimum of 9-10% compoound since purchase.

Was going to go solely down the property track when I met Steve Navra and I was introduced to Shares. Another window was opened. Another previously unseen view was explored. Dozens of more books read. NB. I've probably been a terrible client though as from Steve I also learnt to be sceptical(but not cynical) and to try and learn and do as much of this yourself as is possible. How much can be done yourself is something I am still learning.

So where am I at now? Still learning, listening and seaching for new windows........oh........and trying to continually polish those existing windows so I can see out of them more clearly.

I started this from the point of view that I believe many of us don't get to this 'turning point' as a 'mentoring' input is often lacking as a kid.

This whole thread might be a useful reminder for us all to pass on a little of what we have learned to the young around us too.......not just the rest of the Forum and other friends. My daughter may or may not listen, but she will be told!

A asked a visiting nephew from Adelaide the other day if he bought a car for $20,000, how much he thought it would be worth 5 years later. His answer: $30,000!! That was the start of a 90 minute conversation which we both found fascinating. It's amazing how much more young people will absorb than we give them credit for.........

Oh........and this Forum would have been another great 'turning point'..........thanks guys!

 

[saibaba]

Property

1992-Migrated from India with wife and two kids. Both of us Professionals.

1994-Bought first Property for stay
1996-First Investment Prop.
1999-Bought an old wb house (200k) to build a double storey house
2000-Sold the house bought in 1994 and built a metricon double storey home close to station by knocking off the wb home. Property prices have started going through roof. Wihin two years, 200k property has doubled to 420k.

2002-Bought two Investment props.
2003-Bought another two jointly with a friend

Would like to buy Investment props every year to achieve the finanial freedom. Thanks for Jan's book 'Building wealth through property'(do not remember the exact name).

 

[jahn]

To Saibaba
Love the name tag. Any relation to the real one ?
Well done with the properties
jahn

 

[saibaba]

It is not my real name. It is the name of our Guru Bhagwan Sri Satya Sai Baba.

 

[jahn]

I was just asking because my brother in law visited India years ago and visited a Sai Baba
Too hard to mention here how impressed he was and how big a reputation the Guru has world wide.
jahn

 

[saibaba]

Yes, I am refering to the same Sri Satya Sai Baba in puttaparty, a place in a state called Andhra Pradesh, India.