Using a buy & hold strategy, in how many years did you reach financial independence?
- Thread starter Ari_X
- Start date
Yep of course. What helps in my situation to bring the 15-20 years in is to a) have lower passive income goals and b) a plan to convert property equity into higher income generating assets like fully franked dividends.
Simple but 'perceived' as being not easy. That's why everyone isnt doing it.
What's your time frame and what year did you start?
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It would be interesting to know if anybody has achieved anything similar solely with a share portfolio.
I'd imagine it would take a lot more patience, dedication, nerves and self control than doing it via property.
It would be too tempting to not stick to a long term plan and take profits in my opinion.
I'd imagine it would take a lot more patience, dedication, nerves and self control than doing it via property.
It would be too tempting to not stick to a long term plan and take profits in my opinion.
Buy n hold my friend
Just buy as much as you can. Work your poor *** off and trade it for a portion of your soul. Hope that you can keep a job. Hold on by the seam of your pants, all while learning to savour the taste of Sui-min & Sao, until one day you can sell the lot and actually feel rich. twas a hard road for me that kept getting harder job wise but thank God I was able to make it out (relatively) unscathed. I had to then learn how to 'live' again after being a wage jockey for so long. I still am learning but I can tell you this: Life is wonderful for me today and i'm thankful
good luck man! I (and most others here) was you just 10 years ago. Check my first posts if you don't believe. So, you can definitely do it if you have enough desire and dedication
Or. You could take the 20-30yr approach
Highly doubt it?? What about me!? Oh, I also realised looking at my join date it's actually been 8 years. I started with nothing. Fact I used to be homeless..
depends how hard you go, how 'lucky' you get and how bad you want it. Once you're almost done the next thing you need is to get onto the right forums. This one's good for buying while you work but terrible for retiring
C yez!
Congratulations & well done mate..You are living proof, that with the required mindset, plan, focus & determination it can be done.
You're in control of your life instead of allowing circumstances to be in control like the majority of the population.
Kudo's to you.
Bingo...you've hit the nail on the head.
Success is 80% mindset x 20% strategy..in other words How you think is 4 times more important than how you plan to do it.
SS is a fantastic (imho the best) place for property investment education on the 'how to' 20% side of the formula - and it's free!
However, there is a more important, higher conscious level, 80% side to be addressed in order to attain success.
When first starting out down the road, this 80% in the majority of cases gets minimal consideration if it gets a look in at all.
It's not until they've traveled the road some distance, attained experience with some runs on their financial scoreboard, that they then realise (which is when the 80% begins to consciously materialise ) and the mind games start to come into play.
What if's, such as do they have enough to cut ties with the rat race world, what is enough or worse still, lose it all.
One's mindset comes into play big time the closer you become to financial freedom and pulling the rat race exit safety pin.
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From a slightly different angle.
Commenced Butcher/Slaughterman apprenticeship (1977)
Purchased business from my boss who was retiring in (1984)
Married 1985. Wife is a schoolteacher.
Bought PPOR IN 1986 (Struggled)
Bought 2nd shop 1993.
Bought first IP (1997) disaster. Bad area, bad tenancy. Sold in 1999, thankfully recovering initial outlay.
Bought 2nd & 3rd IP's together in 2000.
Sold businesses in 2010 and retired.
Paid down any outstanding debt.
Own PPOR + 2 IP's (outright)
My wife still works 15-20 hrs a week tutoring.
Work ethic that was instilled in me by my Dad was the key. Never,never give up.
Both shops are doing well today.
Commenced Butcher/Slaughterman apprenticeship (1977)
Purchased business from my boss who was retiring in (1984)
Married 1985. Wife is a schoolteacher.
Bought PPOR IN 1986 (Struggled)
Bought 2nd shop 1993.
Bought first IP (1997) disaster. Bad area, bad tenancy. Sold in 1999, thankfully recovering initial outlay.
Bought 2nd & 3rd IP's together in 2000.
Sold businesses in 2010 and retired.
Paid down any outstanding debt.
Own PPOR + 2 IP's (outright)
My wife still works 15-20 hrs a week tutoring.
Work ethic that was instilled in me by my Dad was the key. Never,never give up.
Both shops are doing well today.
Function of salary, LVR, choosing right pockets etc. Could be done in 3-4 years or 15 years
Since buying our first IP we haven't sold any and were considerably financially free in less than 5 years.
This was not achieved on average incomes though.
I did not buy properties to get rich.
I got rich to buy properties.
This was not achieved on average incomes though.
I did not buy properties to get rich.
I got rich to buy properties.
Would be interested to know your occupation re: income.
Do you have children?
Personally I don't like the term rich. Money can't buy health.
Was just trying to show other ways to achieve your goals. I did hold the business which contained property for 26yrs. Only sold to be able to retire.
Have read with interest people's strategies in their investment journey. We still hold 2 IP's.
Cheers.
I have a 6 year old, she's high maintenance!!!
What I meant by getting rich is that I attempted to build my income to higher levels before trying to invest aggressive into property.
Did that by building a business which creates cash flow/profits close 10-20 times that of my previous job.
DT you were already in the market back in 2003, that's 12 years so far that Somersoft knows of. Lucky you're not in a hurry.
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So, you will be holding your properties in Sydney throughout the "bust" cycle you are forecasting ?
Well done! Hope it all continues to go well for you. A high maintenance 6y.o. We've had 3 of those.
Not sure...I am fleeting...I am lucky I only have 3 in Sydney...bought in early 2000s so mortgages are hardly anything. They are also units around $450-600k mark.
The others are in Central Coast, Wollongong, Maitland, and North Albury.
All bought before early 2012. All have gone up at least 60-100%.
The others are in Central Coast, Wollongong, Maitland, and North Albury.
All bought before early 2012. All have gone up at least 60-100%.
DT you were already in the market back in 2003, that's 12 years so far that Somersoft knows of. Lucky you're not in a hurry.
Poor form Rixter.
Not everyone wants to live of the banks money or the missus wage.
