What advice would you give yourself 10 years ago that you know now?

[JoannaK]

ten years ago I was 19 and I had already purchased my first property.

On my father's advise and experience (who is quite conservative by nature) we did everything backwards (in my opinion)

If I knew then what I know now I would have advised:

*make sure you are armed with information
*develop your strategy and then make a move
*don't blindly follow the advise of someone else
*don't be complacent, know what's going on at all times
*use the rental income to your advantage
*do everything possible to avoid selling

 

[duncan_m]

This whole thread reminds me of a great quote:

"The time for extracting a lesson from history is ever at
hand for those who are wise." Demosthenes

Duncan.

 

[Aikido]

Advice I would have given to myself 10 years ago.........

1) Don't go to Uni
2) Read investment books
3) Eat all my vegies
4) Find successful people to learn from
5) Ask that girl out
6) It is ok to make mistakes

 

[geoffw]

I'm impressed by the number of people who had made bad mistakes, but who pulled themselves out of the mess and started again.

I was in an ATO mess a few years ago- not nearly as deep as some of the problems people have had, but it still cost me $53K, and counting.

I learnt, going through it, that I could do without a lot of the doodads I thought were necessities, and I'm the better for it nowe.

 

[Lotana]

I am shocked with a number of people regretting going to the uni. May be you went to a wrong uni amigos? I enjoyed my uni years so much! My degree is in Computer Science and Applied Mathematics, I got it over 20 years ago. There was a new depth of knowledge opened for me by my teachers and the uni environment. It was challenging. I found close friends their, who are my sole mates even now 20 years later. I developed self-learning skills apart from a lot of fundamental knowledge in my area that allows me to survive in bad times, such as current IT industry downtrend. I've learnt how to research new areas and think independently. I believe education helps people develop their best potential. Yes, if I didn't go to the uni I would probably have more investments and more wealth, but my life would not be as full as it is now. And I wouldn't probably know how much I missed, like a blind person.

Cheers,

Lotana

 

[XBenX]

True Lotana - there are benefits of university - I think all of us were considering how much better off we would have been if we studied property investing instead !

But we forgot all the other perks of uni

 

[Kathryn]

My uni days were some of the best times as well. Had I to do it over again though I probably would have studied and paid a bit more attention. I only went because it was the next step after high school and it was just expected that I would go. So I joined a sorority and partied my way through the first two years, then went on a study abroad to Europe for a quarter, then decided to apply myself to finish. After 6 years and changing majors about 3 times I finally finished with a B.A. in Business, not that I did much with it. Ten years ago I never even wanted to own a house.....thought it was a noose around your neck and you couldn't just pick up and go if you wanted. If I had started then, what we started about 6 years ago I could've retired by now. Although Kiyosaki gets slammed and, I agree, he only glosses over things, it was RDPD that actually got me motivated to do something seriously a few years ago. The best book that I've read for those wanting to get started is John Burley's "Australia's Money Secrets of the Rich". Had I have read that many years ago it would have helped tremendously. Sorry for the long post, I was getting nostalgic

Cheers,
Kathryn

 

[Aikido]

I think the regret with uni is that most of us only went because we didn't know any better. My appreciation of it then would not be as good as it would be if I was attending something I am interested in learning now (did that make sense? )

being able to learn what you want is always more enjoyable than having to learn something.

 

[darren b]

Pretty simple. Dont negative gear. I would of been millions ahead if I didnt waste the first 7 years blindly following this path. I made a bit of money, but nowhere near what I've made in the last 3.

 

[pjb89]

Hiya

For me personally, I think that the path to financial literacy was something that I wished I had pursued 10 years ago in addition to actually starting.......starting anything instead of procrastinating and using feeble excuses to make me feel good.

The reading of Jan's books in addition to this forum has been the turning point in my now planned financial turn around. As soon as I read Jan's books, the penny dropped as I now knew that I had found what I had been searching for.


Pedro

 

[dwyerfam]

My advise to myself ten years ago, would have been to "get" that Jan Somer's 1st property book when it was mentioned in a write-up in Brisbane newspaper at the time. If I had done just that, I reckon I would be where Jan and Ian Somers are today.

Danny D.

(Did anyone else remember seeing Jan's story in the Brisbane/local newspapers around 10+ years ago?)

 

[D.T.]

I really hate to break the topic here,

but Darren B, can you elaborate on how your strategy changed to make you more in 3 years than in the previous 7?

 

[WillG]

10 years ago ...

Just out of Uni (Electronis Engineering)
More interested in paying Guitar than investing
Saving up to buy first car
Trying to move out of home

My only regret is not talking to enough financially independant people. Perhaps an Accounting degree would have given more opportunities to talk to smart financial people

 

[john doe]

removed

 

[geoffw]

Originally posted by john doe
My advice to her would have been to have told everyone to go to hell and just given finance a go. And stop listening to your parents and do what you want to do. It's your life.

John,

Excellent advice! And I can identify with it now.

Except that I did not follow their advice to buy my own house 25 years ago

 

[rickmick]

10 years ago we had well and truly started the "journey" and had just purchased our third property.

This last purchase ultimately caused our strategy, or lack of, to stall for the next 7 years.

So advice to self would have been more speed, less haste.

All the information to avoid this purchase was at hand but I was in too much of a hurry to consider it.
Of cause, this ended up being a very good lesson, albeit an expensive one in terms of time lost.

We have since made up for this error, and now look forward to some exciting times ahead.

Rick

 

[Mr. Fabulous]

What advice would I have given myself ten years ago? Absolutely none! Why? Cause I have no regrets and I would not want to have done anything differently because I would not be where I am now if I had.
I am in a really great position in my life at this point in time, all due to the fact that things have just slotted in real nicely at the right time, right when I was open to accepting them. Since I was fifteen or so, I have been doing a lot of 'soul-searching' you know, looking within myself, being open to change and doing things at my own pace.
In the last two and a half years and especially the last twelve months all that work has really paid off. I couldn't ask for things to be better. I have an absolutely wonderful life partner (who planted the seeds of financial independence in me), fantastic future employment prospects and a future that is going to be well taken care of.
I could say that I would have done this, I could have done that, but then that would mean that I would be a different person to the one I am today, and I wouldn't want that for all the money in the world.

Mark
'no hat, some cattle'

 

[Sim]

I'm with Mark on this one... I wouldn't change a thing, since I wouldn't be who I am now if I didn't do the things I did.

I do suspect that we both have the advantage of age on our sides though... we're not old enough to have major regrets for lives not lived.

 

[Mr Turkey]

My father was poor dad. Bought a farm and sold it back to the seller a year later for half price. Never invested in anything. Nobody in my family had investment real estate or shares.

Eight years ago I found myself in the computer industry. But realised my computing skills kept needing to be updated. They were a decaying asset. So I was motivated by that. With my home paid off for the first time in my life I had some money to invest.

About that time the internet was becoming more available and I finally got connected. I searched for "invest" in the newsgroups. The first thing I read was someone flaming someone else for being "crazy". "You cant recommend people buy that. Its illiquid." he told crazy man. But crazy man defended himself with logic and I saw he made sense.

So I emailed crazy man and he taught me his methods by email. Hundreds of them over years. We are still in contact. He became my rich dad.

Mr Turkey

 

[Kevin Hockey]

Hi Mark and Sim,

I agree with Mark entirely, however, this is a hypothetical. No-one can even if they did want to, change the past. However we should, through years of wisdom be able to pass on life lessons learnt. I most certainly don't want to change who I am, but if I knew then what I know now....... the fact is I would have done things differently.

If anything had been different I may not have met my wife and I can't imagine being without her. So I'm not interested in changing anything. As I said earlier though, man I made some mistakes.

This is one of the most interesting posts I have read, keep them coming. And Mark, I'm sure you have some wise words for us to learn by too, so don't be shy.

Kev

www.nundahrealestate.com.au