What do you wish you would have done differently

[Deltaberry]

Start earlier.

The most important commodity in life is time. More important than gold, diamond, US$, Chinese yuan, gunpowder or rice.

 

[property_girl]

There are some funny replies here. I did the best with what I had and my temperament. I would have loved to have been less conservative, but then I would have got too stressed with too much debt.

 

[LeoT]

There are some funny replies here. I did the best with what I had and my temperament. I would have loved to have been less conservative, but then I would have got too stressed with too much debt.

Hi property girl,

What replies are funny?

Cheers

leo

 

[Deltaberry]

Must be my rice and gunpowder.

 

[The Fence]

Dont feed the (self admitted) troll.

 

[CAFDS]

I wish I started earlier...

26yrs now but I thought about investing at 21, however decided trips to US and a Euro trips were more important during my early 20's.

I don't regret the trips (Or hangovers), but can't help thinking 'What If?'.

 

[landlubber]

Jan's book !!

I wish somebody had told me earlier about Jan's book "Creating Wealth with Residential Property" and the principles it relates . It's a treasure !! LL

 

[citystar]

I wish I had taken advantage of LMI from the start, instead of putting 20% deposit in each time. This would have allowed me to acquire a few more neutral or positively geared IP's to my portfolio.

I also wish I started saving and educating myself earlier.

 

[MichaelMik]

I bought an E55 AMG Mercedes at age 20, with cash. Spent bucket loads more on it, (aka all my money!) through insurance, a few upgrades yada, yada. Whereas I should have bought a manual BMW haha or could have put a very tasty deposit on a regional or maybe even metro property! I'm a month off turning 23 now and just recently sold it for less then half what I've spent but am buying my first property now (5 acres about 40 mins out of Canberra) and I couldn't be happier/ made a better life decision! Moral is, SAVE instead of spending on although fun, ridiculous frivolities. and put money into things that appreciate instead of depreciate! But i guess what price do you put on having a blast haha! I loved that car

 

[charttv]

bypass punting stocks and go straight to punting property instead.
not be afraid to take on (good) debt
purchased properties with higher land content instead of the apartments I used to buy

 

[dabbler]

Don't get involved with family, unless they are helping you (i.e they wont go on the title), be very careful with any business partner actually.

 

[Demoivre]

Don't get involved with family, unless they are helping you (i.e they wont go on the title), be very careful with any business partner actually.

+1 This^

I've had so many indirect experience with this. I would never involve family.

 

[alicudi]

I bought an E55 AMG Mercedes at age 20, with cash. Spent bucket loads more on it, (aka all my money!) through insurance, a few upgrades yada, yada.

Hi

I made the same mistake as you. Only problem is I still got the E55 and can't get rid of it!

Regards,

alicudi

 

[landlubber]

Don't get involved with family, unless they are helping you (i.e they wont go on the title), be very careful with any business partner actually.

Oh man, that is so right ! The best deal I NEVER WENT AHEAD WITH was one with family members involved. Would have been disaster all round. Years afterward, I still feel like I just 'dodged a bullet'. Deep breaths !! LL

 

[sanj]

Don't get involved with family, unless they are helping you (i.e they wont go on the title), be very careful with any business partner actually.

I've personally for investments with parents, brother, aunt, 3 friends and a family friend, it has worked out well.

I wouldn't invest or do business with all of my family or friends but I think discounting it entirely as a blanket policy is a bit much. Admittedly my family isn't largely excellent and I know there are people with lots of dropkick in theirs.

 

[Demoivre]

1.Listening to peoples advice.

2. Don't mix money with family.

3. Don't mix money with friends.

4. More Long term driven: i.e. 10-15+ years

 

[Deltaberry]

Moral is, SAVE instead of spending on although fun, ridiculous frivolities.

There is nothing wrong with spending money, as long as you know how to make much more. If you don't, don't spend.

 

[Deltaberry]

1.Listening to peoples advice.

2. Don't mix money with family.

3. Don't mix money with friends.

4. More Long term driven: i.e. 10-15+ years

What about, don't talk business with friends. Because you lose the poorer/bitter ones over time.

 

[Terry_w]

For me

I should have
- kept all those houses
- not lent that client money
- not lent that friend money
- just held onto those shares
- left school at 16 - and become a builder!
- become a lawyer much sooner.

 

[Nikolina]

I actually wish i didnt go onto and complete yr 11 & 12 and a further yr at tafe. Wish i started working these 2 yrs earlier because i would have bought my 1st IP 2 yrs sooner and same with 2nd IP.