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

[geoffw]

Another very good question sent in a private mail- again, one I thought would be worth some responses.

My own response:

Ten years ago, I was just starting to pay off my PPOR. Six years ago, I bought a DHA property, and never intended to buy any more.

I got motivated 2 1/2 years ago, and bought the wrong property for all the reasons.

I'm really happy about my more recent purchases. And I'm really happy about some of the growth which has occurred recently- though I don't expect that sort of growth to happen again for some years.

So ten years ago, knowing what I know now, I would have said, "buy something, for goodness sake. Get into real estate. Be careful- but not so careful as not to buy".

If someone was going to buy another property, I would be suggesting, as Rolf de Roos does, to at least aim to look at 100 properties.I'm not sure about his other figures- but, at least, if you look aim at looking at 100 properties, you'll start to get at some ideas of good vs bad value.

 

[D.T.]

Hehe

10 years ago I was in grade hmm sh1t *counts on his fingers*, grade 5 or 6.

No point saying what advice I'd give me because I wouldnt have listened, and neither do most kids that age still now.

 

[suggo]

Read some of the books that started me on the road to a comfortable early retirement(hopefully I'm on the right road now!)

If I had taken that advice ten years ago I would be able to retire now or at least been awful close to being able to retire.

*Looking around for time machine*

 

[XBenX]

Great post Geoff - everyone should post a reply to this, it will become another knowledge bank style topic.

Ummm for me ten years ago you could of told me whatever you wanted and I probably still would of just bought footy cards

Lets for this exercise pretend Im a bit older and giving advice to myself after just finishing school.

A/. Get a real education, a financial education, forget academic studies - even if its finance related (I should take this advice now, but Im too fond of those pretty letters after my name on my business card)

B/. Read as many books on financial topics as you can.

C/. Compounding/Growth/Time makes you forget all mistakes - time in the market is important - timing the market is not (but its a nice bonus if you do)

D/. Your borrowing capacity is not a problem (if you know the rights things and speak to the right people)

That will do for now....

 

[Bill.L]

10 years ago had been in a newly purchased business for almost a year and was heavily in debt on vendor finance. Thought we would be doing it forever. Sold it about 4 years ago. Oh well that's life, move on.
If I knew then what I know now, I would have bought all the call options on the dot coms that I could during the late 90,s then shorted the lot in early 2000.
The other thing I would do would get into ......er that's my little secret. In 2013 you can all say, Gee if only I'd got into.........10 years ago.

bye

 

[PEI]

The advise I would have given myself 10 years ago

1) Educate myself on all things financial, Property, Tax, shares etc.

2) Invest as early as possible as time is the essence of good investing

3) Do not be suckered into public or media hype or fear.

4) Device a plan and stick to it.

5) Keep all things in perspective

6) By all the property you can! "now"!!!!!!!!

 

[Ace in the Hole]

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

Even if I gave myself great financial/business of life advice I probably wouldn't have made use of it at age 17 because that was not what was important to me at the time.

I bought books like Anthony Robbins, Think and Grow rich, tape sets by Jim Rohn, Dennis Waitley all about 10 years ago but only got around to really using them about 1.5 years ago when I woke up financially. I was basically not ready for them at that early stage of my life journey.

Even though I have not achieved great sucess to this stage of my life I don't think I would change a thing. It's what I do today that matters and the road to financial freedom and sucess gets closer every day.

If I was to give myself advice for 10 years ago it would probably be to put into practice the principles from the book The Richest Man in Babylon. I think the hardest part when you're young and earning very little is to save money because the temptations to spend are so great, so you end up spending every last cent. When you grow older and earn more, saving becomes easier.

Regards

Adrian See

 

[Pedro61]

What would I have told myself ?

Not sure?

FINANCIALLY – Educate yourself. Don’t follow the crowd. Take a chance now and then.

MORALLY – Stubbornly believe in your abilities and be good to those less fortunate.

For one thing I would have hugged and kissed my mum a lot more often and not taken her for granted.

Life is far too short and soon I’ll be in the situation she was in then – scared, hoping that my kids will do well in life and not want for anything when I’m gone, and thinking that I should have laughed, played, and smiled more. I’m now trying to do those things.

At the end of the day all that matters is wether you made a difference to someone else’s life.

Man strives for fortune, glory, fame,
that all the world may know his name.
Amasses wealth by brain and hand;
Becomes a power in the land.
But when he nears the end of life
and looks back o'er years of strife,
he finds that happiness depends
on none of these, but love of friends

Unknown

 

[Carmel]

Advice to self 10 years agaO?

1. First, last, foremost: Educate yourself financially, friend. Read some good books, it's not really difficult, get to know the basics and understand how this money stuff works!! Learn, learn, learn so you can work smarter, not harder.

2. Spend less. Those doodads add up. Did you know you can afford a property on what you spend on lunches/coffees/etc?

3. Use 1 and 2 to buy effective investments. Buy property now. Don't wait to 'save up the deposit', don't wait 'to pay off your mortgage'. Use the house equity & buy now. Balance negative geared with positive cashflow.

If I had taken that advice ten years ago I would be able to retire now or at least been awful close to being able to retire.

Oh, me too. Me too.

 

[AlexE]

If I had taken that advice ten years ago I would be able to retire now or at least been awful close to being able to retire.

Although 50+ I think it is never too late and since I am a bit more educated now than 10 years ago, I now know that I will be retiring in 8-10 years. So, it all comes to lerning, beeing discipline and have goals and work towards them.
Hopefully in 10 years I will be able to say that I am at last financially independent, Because...... I have started.

A.E

 

[Fester]

Gee, ten years ago, and knowing what I know now ..... I would have got into property and not share traded or bought into managed funds like I did then!! That is for sure!

The Fester

 

[Glenn]

Hi All,

10 years ago I was 23, had already gone broke from being self employed without discipline and a love of doo-dads, but had just about paid out the last of my creditors.

After pulling myself out of the poo, I purchased my first property in a low growth area. The income was great but I did not know about the tax benefits available to investors and was probably missing out on around $3,000 per annum in tax benefits.

What I would do differently if I could go back would be to purchase a property as close to the beach or city as possible, take interest only loans for 90% of purchase price (and pay the LMI), wait 6 - 12 months to see the effect on my cashflow and use surplus savings from my income to fund the next purchase....quite a conservative strategy but one that would have me sitting on at least 5 properties that as a group would be putting cash in my pocket and worth substantially more than my purchase costs. I would have my current accountant preparing my tax returns and give me advice on how to structure investments.

Glenn

 

[TheBacon]

1. Study less. Uni qualifications do not make you a better person, richer, etc., etc.

2. Spend my time on the things i love doing, the money will follow.

3. Buy an IP whilst lving with the folks.

4. i would also tell myself where to go to meet the future MrsBacon....

TheBacon

 

[ivankram]

What would I say to myself 10 yrs ago....

1) Go to the bank

2) get a loan

3) buy a home

4) Learn (from mistakes and books, seminars)

5) Go to 1 and repeat process, until I retire in 10 years.... Hay, wait a minute ... That would be NOW!...


Also I would say to myself that there is no such thing as should (like, I should really get into IP), .you are either doing it or not

Love the responces

Ivan

 

[Kevin Hockey]

10 years ago I was 28 and had a furniture business which was about to go downhill fast through my own lack of business skills. The business grew faster than I could handle and we lost everything including our home, cars, money everything. We ended up selling off our homewares through garage sales just to buy groceries. I learnt more about business during this period than I had learnt in all the years I was trading.

I wish I had read the book E-Myth by Michael Gerber back then. The best book for business owners I have read.

My current business has no debt, I don't have a credit card, I only spend the money I have. I invest in what I know, which is real estate and I always have a plan "B", my what if it doesn't work plan. I have written goals, a business plan and I let those around me know what they are and try to keep them focused on them also. Being part of a great network is a very big help, I now know the advantage of franchises although I had never before been an advocate.

If I could give myself advice 10 years back it would be about those things, but probably just to get out of furniture and go into real estate.

Kev

www.nundahrealestate.com.au

 

[richardg]

The most important thing I could have done ten years ago?
Make a financial plan!

 

[Lotana]

The most important thing I've done 10 years ago? Came to Australia!

Cheers,

Lotana

 

[brains]

Advice to self 10 years ago;

1..Dont blow $25k made from a small business venture backpacking across Europe and the States for 6 months (twice). Great times and memories but what i could have done with that money if i thought like i do now.

2..I owned an IP 10 years ago (cost $170k) but just didnt realise the wealth implications. A 2 story terrace in Annandale bought in 89 and sold in 93 for a profit of only $17000 (now worth conservatively $5-600k). Should have hung on to that one.

3..Dont buy expensive cars that are non tax deductible (they depreciate before your eyes) what a waste of money but i still do it. cause i love cars.

4.. Should have educated myself financially, everyone has said that, but its fundamentally important.

One good thing i did listen to myself was to leave an electronics engineering degree 3/4 the way through to work for myself, ive never been the academic type anyway.

Lots more but i can hear the yawns already...

 

[geoffw]

Originally posted by ivankram
What would I say to myself 10 yrs ago....

1) Go to the bank

2) get a loan

3) buy a home

4) Learn (from mistakes and books, seminars)

5) Go to 1 and repeat process, until I retire in 10 years.... Hay, wait a minute ... That would be NOW!...


Also I would say to myself that there is no such thing as should (like, I should really get into IP), .you are either doing it or not

Love the responces

Ivan

Just to let people know- it was Ivan who asked me this question, as well as http://www.somersoft.com/forums/showthread.php?s=&postid=43802

Two excellent thought provoking questions.

Thanks Ivan!

 

[Topnotch]

10 years ago...........

Still picking myself up after failure of marriage and losing pretty much everything.

Only could have wished that the internet was around then and that I could have learned as much as I have in the last 12 months about the road to financial freedom.

No good in crying over spilt milk, just pick myself up, dust off and take another step forward

March on the next 10 years.......I've got it made mentally, now the simple part to put it all together in a positive manner.