When is enough?

Perhaps it's not about the person with the most money, but being happy with what you have..?.

If you are "doing it for the money" then perhaps enough will never be enough. I invest in property because it is what interests me. I like improving the value of properties I buy because I'm good at it and I get personal satisfaction from doing so. Enough for me will be when I no longer have an interest in doing whatever or something else takes my interest more. I could develop an interest in commercial in the future and move some of my money into that, or (hopefully) take more of an interest in shares and build a better portfolio. I doubt I will ever stop investing though. Not for the money, but because I find investing enjoyable.
 
perhaps sacrificing too much, which in turn has huge consequences, but they don't actually realise or they choose to ignore this.

Someone here posted some time ago now, stating "property investing was making them sick because of the associated stress etc so they had to stop doing this". Dont know all the ins and outs to this story, however I expect the debt got to them and the lack of lifestyle today???
This is a good point. I know people who have sold investment properties because they became such a hassle it wasn't worth their time and worry. I support people who do that. Your investments should make your life better, not worse.

I also don't see the point of sacrificing your "now" to the point where you are miserable, saving for some undefined future where you will finally be happy.

Property investing isn't always glamourous though. A personal low for me was cleaning up the yard of the Cloverdale dump, where the tenant didn't clean up after her dogs. The back yard was full of weeds and I had to drag junk from the yard around to the front to load into a council skip. This was in winter, after dark, in the rain. Dragging junk around in the dark and rain through wet dog poop is not a highlight of my property investing adventure! :( Do they call that "character" building? :confused: :)

However, the yard got cleaned up, the tenant moved out, the grass got mowed and after much paint and some replacement carpet, the house and yard came up a treat. It makes me feel happy every time I inspect the property that a previous dump is now a pleasant place to visit and live in. And that is why I did all the work in the first place. That, and increasing the rent from $330 a week to $440 a week didn't hurt ;)
 
Perthguy
Excellent points.

If you like what you are doing in life and its not just about the money, then why stop.

I also enjoy doing this, but not all aspects, pet hate is sourcing finance.:rolleyes:
 
the fact that over 90% will retire on the government teat means not enough people are sacrificing some to prosper later rather than the other way round.

Hi sanj, the number of people that believe that their super is going to be enough in retirement is quite significant. Well over 50%. Personally, I blame the Government for that mindset.

i enjoyed myself far too much up until around 24 or so

How is that even possible? Who puts an upper limit on enjoyment?

WillG - yes, those stats are from the ABS.
 
Hi sanj, the number of people that believe that their super is going to be enough in retirement is quite significant. Well over 50%. Personally, I blame the Government for that mindset.



How is that even possible? Who puts an upper limit on enjoyment?

WillG - yes, those stats are from the ABS.


i think we're getting better in terms of financial education in this country but we have a looooong way to go.

trust me, if you knew the debaucherous **** i got up to you'd agree...
 
Talk about a mood dampener:(

ok sorry about that but I think there are an awful lot of people out there that need to get a grip, you can't take it with you. I can't see the point in obsessing about how much money you have when you are 60 because frankly it's all over then anyway. my friend was diagnosed at birth with a condition that gave a life expectancy no longer than 18 years, she is now early 20's, retirement planning is not high on her agenda but she knows how to have a good time.
 
I think it's enough when it's no longer fun.

Personally I think I would drive everyone insane around me if I didn't have something to keep me occupied - at the moment that is making money so it's a win-win.

When you 'retire' at any age you need to have hobbies, charity work, something to do to make your day not seem like groundhog day.
 
whatever you have when you hit about 45. after that your life is pretty much over and there isn't much point striving too hard because you could drop dead any day anyway. Plus there is nothing attractive about a grey haired Ferrari driver

So my life was over a while ago ... Ah ... I didn't know that . So I wonder who that was doing concerting down at the waterfront ...;)

Grey hair !! Not a problem if your going bald ...:p

Drop dead any day ??? My mums just turned 92 and dad's coming up to 89 .

Personally I think I've got a better life expectancy than an ego drive 20-30 something who is driving around in a Ferrari ....

I figure I've still got a few years to enjoy .

I've reset out target a few times and probably will again .

Cliff
 
My idea is to rent my house out once the loan's done which will be ~$500/week in my pocket and then get an additional $500ish from other investments and travel indefinitely. If I get sick of it, I'll give the tenants enough notice and move back home and do it again later. Seems like a win-win :)
 
Oh we are all different and invincible I am sure. I am going to work till I am 90, my Sydney houses will be worth more than the entirety of New York city by then and I can buy my first Ferrari and go cruising for chicks with my high school besties
 
I've seen both ends of this Spectrum, wealthy people not making to retirement after working their backsides off for 40+ years and others scraping by on the pension not able to do what they would like and counting every penny. Neither is a pleasant thought.
 
great read so far loving everyones opinions !

To me its enough when you have reached your goals
then its time to re asses and make another set of goals

i can understand the points on not living in the moment but I'm in the early stages of acquisition and if i am going to reach my goals ( I will ) then sacrifice is a must .

lately i have been asking my self :
in 10 yrs time if i look back at my life what will i wish i had done differently ?

And to me the answer is acquire more assets and work harder while I'm young
 
I've come to realise it's not a race. Enjoy the journey. I've been fortunate enough to travel around the world 5 times. Certainly wasn't keen to be over-extended with a mortgage at a young age - but on the other side of the coin, plenty of houses I would have bought in hindsight. You never know what's going to happen.
I've read plenty of books where they talk about "delayed gratification". I know one thing, I would much rather have travelled while I was young and able to enjoy it - and also able to do it cheaply/backpacker style - old people need their comfort. But there is a happy medium. My advice - depending on your circumstances - would be to consider renting/saving, buy an IP or 2 (or 10) and let them do the work to use towards your own place later. Not tied down, able to see the world. Beats committing to a massive mortgage and delaying the "trip of a lifetime" until you're 50+ when the kids leave home and you finally make it overseas (going by the stats, you'll probably be divorced by then and have to go halves in your assets ;). Do it while you can!
But WTF would I know.
 
Is this enough?

cute3.jpg

What kind of sick animal do you think I am? - they're way too young:D
 
Here's a simple chart defining 'enough' from one of my favourite books on this topic, Your Money or Your Life by Vicki Robin and Joe Dominguez.

fulfillment-CURVE.png


What most people don't realise is that the powerful forces of marketing push the average person way further to the right on that curve than they would otherwise go without such influence, and that keeps them on the financial hamster wheel. The further left on the curve you go, the more you are able to save/invest and there is a corresponding order of magnitude lesser amount and much shorter time needed to achieve financial independence.

There's no rule that says you must retire when you hit financial independence, but the option to do so sure is a nice feeling and you are no longer obliged to work with/for something/someone that doesn't light your fire. OK, that's 'enough' from me on this subject :D
 
I think it's a great question to ask. I haven't quite figured out how to make this reality, but what I would like to be able to do is cut back to school hours asap so I can be there for my son & enjoy his company as he grows up. My theoretical plan is to substitute my employment income with income from developments and/or renovations. So I will be working at least as hard as if I was at my desk job but hopefully it will give me flexibility. I need to build up some equity / cash reserves PDQ to enable this any time soon.

I really admire you young guns who have knuckled down early. In some ways I wish I had too. But then I spent a good 15 years doing lots of overseas / interstate travel for fun / work / sport which, now I'm a Mum would be vastly more difficult if not impossible. I absolutely do not regret any of that - it's much harder to cycle around Europe or compete at an international level at 50 than it is at 25 / 30!! So for me, I've had a lot of fun / life experience and now it's time to knuckle down for a few years to try to get ahead (catch up??? depends on your comparison I guess). By the time my son is in primary school I hope to be back in the position where we can travel OS every 2nd year at least while still being able to continue with my investment journey.

I think that's a somewhat rambling way to say that I think there's is definitely a balance to try to achieve. You have to decide what you're willing to sacrifice along the way. For now I'm willing to sacrifice OS trips, new cars & a fancy schmancy house for building something for the future and spending time with my son.
 
I recently moved forward the move from our large family home and downsized to a smaller place by the beach in Sydney, the move was to a more expensive house in need of renovation, but a considered lifestyle change. Couldn't be happier. Glad we moved now and not in the 5 year plan I previously had. If I didn't invest in property I most probably would not have made such a big move without any fear.

I think we are getting close to enough in property and assets purchased, my husband enjoys his work and retirement is a word he is not interested in, when you enjoy what you do, then working is not a chore. He has enjoyed working in his profession all his life. My profession I can continue to work part time for years if I wish.

We have some debt to pay down, but without too much extra effort on out part, that will happen too. I am planning that our money need to last 30 -40 years, and don't believe life is over at 45 or 60! I think we will have enough, thanks to the property investing we have undertaken.

Once you stop enjoying Marissa I think it's time to take a break. You seem to have taken a lot of projects on, and doing well at them. Life is about smelling the roses, and you seem to have that balance too ... Congrats!
 
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