What's the best reason you've heard for investing from people?
- Thread starter Aceyducey
- Start date
Dear Acey,
This thread touches on the legacy one will leave behind.
http://www.somersoft.com/forums/showthread.php?t=16649
Might even have a dedicated financial self-education section.
Cheers,
Sunstone.
This thread touches on the legacy one will leave behind.
http://www.somersoft.com/forums/showthread.php?t=16649
Might even have a dedicated financial self-education section.
Cheers,
Sunstone.
Hey Everyone,
What's the best reason you've heard for investing from people?
"That I could do it too"!!!!
I have two friends that have been in the property game a long time.
One just retired at 40, and the other in their early forties told me that they retired years ago and didn't have to work. Both due to property investment.
They certainly got me motivated...and were living proof it could be done. And whilst I won't be retiring at 40 I certainly am taking control of my financial future
What's the best reason you've heard for investing from people?
"That I could do it too"!!!!
I have two friends that have been in the property game a long time.
One just retired at 40, and the other in their early forties told me that they retired years ago and didn't have to work. Both due to property investment.
They certainly got me motivated...and were living proof it could be done. And whilst I won't be retiring at 40 I certainly am taking control of my financial future
One of my clients is investing because she wants to ensure that her son with downs syndrome will be taken care of after she's gone.
Fairly mundane answer.......... but anyway, after my father passed away quite a few years ago I watched my mother take rein of their finances etc (up till then my father had taken care of most financial matters) and saw what a struggle it was for her initially. She's now retired and on the pension and receives a small annuity as well. Even though she is happy and content, it got me thinking a few years ago that theres no way in hell that I want to even think about receiving a pension (if there's one still around) when I retire so that put me on the quest to create my own financial freedom for myself and my family.
As a sidenote, I find it funny that some people choose not to better themselves. Everytime I mention to my mother how she should do something with the equity in her house (she has owned it for a long time) it just falls on deaf ears, with her saying that she can't be bothered or brings up some story she heard about so and so being ripped off by so and so (another reason why people don't invest). Oh well, I'll keep trying with her.
Regards
Marty
As a sidenote, I find it funny that some people choose not to better themselves. Everytime I mention to my mother how she should do something with the equity in her house (she has owned it for a long time) it just falls on deaf ears, with her saying that she can't be bothered or brings up some story she heard about so and so being ripped off by so and so (another reason why people don't invest). Oh well, I'll keep trying with her.
Regards
Marty
My Reason
We built our second house and owned it and the original house we had built at 19, outright when we were 23. We went overseas and on our return went to Centrelink to sign up to get access to whatever jobs were around and discovered that the means test meant that we were ineligible for any government assistance. So at 23 we realised we had to set ourselves up for retirement and away we went.
Now at 61 and owning 15 properties, I say thankyou to the CES unhelpful person all those years ago for encouraging us along a path we had already started.
It also gives us so much more freedom, we can make decisions based on financial reasons and what is right for us rather than decisions that will affect a government pension.
Chris
We built our second house and owned it and the original house we had built at 19, outright when we were 23. We went overseas and on our return went to Centrelink to sign up to get access to whatever jobs were around and discovered that the means test meant that we were ineligible for any government assistance. So at 23 we realised we had to set ourselves up for retirement and away we went.
Now at 61 and owning 15 properties, I say thankyou to the CES unhelpful person all those years ago for encouraging us along a path we had already started.
It also gives us so much more freedom, we can make decisions based on financial reasons and what is right for us rather than decisions that will affect a government pension.
Chris
My reason is simple. Contributing to the family income, so my hubby can have a day off occasionally.
At 24 (38 now), I got an illness that made me bedridden for 2 years. Still have it but not as bad now. Aug 2003 discovered I had something wrong with my thyroid which needed to be taken out, had to have radiation, all fine now. Have not been able to earn much of an income since age 24. Had to change what I was doing so the outcome was different. My mind is still ok it's just the body not working properly.
Xmas holidays 03-04 saw a property on the esplanade in inner city beach. Rung for the price 1mil! It was so daggy, it was about to fall down. Hubby is a builder, so got me thinking if I could buy it and knock it down, I could get him to build something on the land blah blah blah. Hubby was enthused. So here I am. Didn't buy that property, but others, and have been on a steep learning curve ever since. The best fun I've ever had in my life. Just feel stupid for not sarting earlier!
Stickysandwich
At 24 (38 now), I got an illness that made me bedridden for 2 years. Still have it but not as bad now. Aug 2003 discovered I had something wrong with my thyroid which needed to be taken out, had to have radiation, all fine now. Have not been able to earn much of an income since age 24. Had to change what I was doing so the outcome was different. My mind is still ok it's just the body not working properly.
Xmas holidays 03-04 saw a property on the esplanade in inner city beach. Rung for the price 1mil! It was so daggy, it was about to fall down. Hubby is a builder, so got me thinking if I could buy it and knock it down, I could get him to build something on the land blah blah blah. Hubby was enthused. So here I am. Didn't buy that property, but others, and have been on a steep learning curve ever since. The best fun I've ever had in my life. Just feel stupid for not sarting earlier!
Stickysandwich
I lived on the Gold Coast from 1985 - 1991 and the wealth there was unbelievable, to me anyway, coming from a sleepy little rural town in Tasmania. A lot of the people were similar ages to myself, in my 20's at the time. So i set about trying to work out how they made it and had the attitude that anything they can do i can do better!! I wish!! I've progressed and learned a lot along the way. Unfortunately, the illusion of knowledge has held me back so i still have a long way to go. <<Ok, i confess, i thought i knew it all>>
One of the things that really struck me when i started as a RE salesman 12 years ago was the number of retired people that wanted to sell the PPOR of many year and buy a unit because it was easier to maintain etc.
The problem for them was, in the mid 1990's, a lot of their homes were valued at between $50,000 and $75,000 and a reasonable unit was more than that. Most of them had no extra money to pay the difference. They live week to week on a pension and are stuck. It struck me that a lot had worked all there life and all they had to show for it was an asset worth 50 - 70K and they'd never considered preparing for retirement.
I decided there was no way i wanted to live like that when i retired so started buying self help books etc to help me a learn.
Cheers
I wish!! I've progressed and learned a lot along the way. Unfortunately, the illusion of knowledge has held me back so i still have a long way to go. <<Ok, i confess, i thought i knew it all>>One of the things that really struck me when i started as a RE salesman 12 years ago was the number of retired people that wanted to sell the PPOR of many year and buy a unit because it was easier to maintain etc.
The problem for them was, in the mid 1990's, a lot of their homes were valued at between $50,000 and $75,000 and a reasonable unit was more than that. Most of them had no extra money to pay the difference. They live week to week on a pension and are stuck. It struck me that a lot had worked all there life and all they had to show for it was an asset worth 50 - 70K and they'd never considered preparing for retirement.
I decided there was no way i wanted to live like that when i retired so started buying self help books etc to help me a learn.
Cheers
Jeez, sounds like there's a long story there!Sultan of Swing said:I lived on the Gold Coast from 1985 - 1991 and the wealth there was unbelievable, to me anyway, coming from a sleepy little rural town in Tasmania. A lot of the people were similar ages to myself, in my 20's at the time. So i set about trying to work out how they made it and had the attitude that anything they can do i can do better!!
For me I think it is;
* Peace of mind from making provision for self (and future partner/family)
* Seeking/obtaining knowledge and the fortitude to act on that knowledge also keeps the panic at bay
You don't actually know what is down the track but making provision for my future gives me a bit of emotional support from within.
* Peace of mind from making provision for self (and future partner/family)
* Seeking/obtaining knowledge and the fortitude to act on that knowledge also keeps the panic at bay
You don't actually know what is down the track but making provision for my future gives me a bit of emotional support from within.
This is simple.
An open wheeler rolling chassis costs money. Engines cost lots of money. A blown engine costs money to fix. Carbon fibre disc brakes are very expensive. Racing slicks are very expensive - especially when you spin and flat spot them. A spare car to replace a crashed car costs lots of money.
Of course, my wife may not necessarily agree where the output of our investment will go to.....
Cheers,
The Y-man
p.s. a mate of mine just got quotes on Ohlins racing dampers for his car - he reported back "$10,000". I said, "Wow, that's $2,500 a corner". He said, "No, that's each....."
An open wheeler rolling chassis costs money. Engines cost lots of money. A blown engine costs money to fix. Carbon fibre disc brakes are very expensive. Racing slicks are very expensive - especially when you spin and flat spot them. A spare car to replace a crashed car costs lots of money.
Of course, my wife may not necessarily agree where the output of our investment will go to.....
Cheers,
The Y-man
p.s. a mate of mine just got quotes on Ohlins racing dampers for his car - he reported back "$10,000". I said, "Wow, that's $2,500 a corner". He said, "No, that's each....."
It's easy for me, my reason was to give my children the things that I never had!!!
John
John
My father in law told me I wasn't good enough (meaning rich enough) for his daughter!
I have been punishing him ever since
Steve
I have been punishing him ever since
Steve
[QUOTE=qaz]"take your 10k in savings, add 12K a year to it and invest all of it and you can retire in 10 years with a passive income of 80k a year in today's dollars". I was like, "sounds good to me".[/QUOTE]
Wow qaz - 10K + 12K per year and 80K passive in 10 years - can you elaborate??
For me I realised we were looking at an ordinary retirement if I didn't learn and ACT(ignore queasy feeling in stomach ). Like others I wish I had started many years ago.
Cheers Bawley
.[/QUOTE]Wow qaz - 10K + 12K per year and 80K passive in 10 years - can you elaborate??
For me I realised we were looking at an ordinary retirement if I didn't learn and ACT(ignore queasy feeling in stomach
). Like others I wish I had started many years ago.Cheers Bawley
It has been mentioned in this thread a bit, however it is worth mentioning again. The main reason my husband and myself got into the property investment game was that we are always hearing friends and relatives who are close to retirement age spending all their time working out how they can hold on to the pension, i.e. how they can divest themselves of assets to get that bloody pension and the "to kill for" health care card.
What they are doing is making themselves broke so they can get a measily bit of money from the government as they believe it is their right as they have worked hard all their lives and paid their taxes!!
My husband and I want nothing to do with the pension. We will be self sufficient and as someone else in this thread mentioned, be able to make any financial decisons we want without worrying about how it will affect the pension.
What they are doing is making themselves broke so they can get a measily bit of money from the government as they believe it is their right as they have worked hard all their lives and paid their taxes!!
My husband and I want nothing to do with the pension. We will be self sufficient and as someone else in this thread mentioned, be able to make any financial decisons we want without worrying about how it will affect the pension.
This truly speaks to me. I bounded in excitedly to my Dearly Beloved yesterday and said "Look! We're ineligible for the aged pension and all that stuff!" she looked at me as if I was a little crazed - after all she has a couple of decades plus before she is eligible in age terms. Then it dawned - we were too asset rich to qualify! Another milestone achieved.julie070358 said:
