When is enough?

[MTR]

Of course they're happy. They're out and about living the life they want to live, not sitting in a cubicle at a job they hate, watching every dollar (can't go buy a coffee, I need to save the $3!), dreaming about a 100K passive income they, statistically speaking, have no chance of attaining.

Yep, so if the majority have no chance of that passive income of $100K, why do people still continue to strive/persist? though it may be causing stress, anxiety, and keeps them chained to the day job, makes no sense.

Settle for less, not saying next to broke but something that is attainable/realistic while smelling the roses today.

I also wonder if some property investors are just sacrificing too much to really gain very little at the end??

For example... Mr and Mrs average who are about balance, may have a little nest for the future but they also enjoy/smell the roses today, they even live in a better neighborhood today.

My point is if you are sacrificing too much today then you are not really living in the moment but too focused in the future which makes no sense whatsoever.

MTR

 

[Mr. Fabulous]

Yep, so if the majority have no chance of that passive income of $100K,

Hi Marisa, I didn't say they have no chance, I said 'statistically speaking'. Less than 1% of Australians retire with an income of 50K+, let alone 100K.

My point is if you are sacrificing too much today then you are not really living in the moment but too focused in the future which makes no sense whatsoever.

Absolutely on point. Agree 100%

 

[cimbom]

. Less than 1% of Australians retire with an income of 50K

I'd be pretty happy with that

 

[WillG]

Less than 1% of Australians retire with an income of 50K+, let alone 100K.

Is this ABS data?

 

[Scott No Mates]

I've got a 'nuff but I like nuffs and I want more.

 

[hugh72]

It can be difficult to find that balance IMO, but I don't think anything is gained without some sacrifice, hard work and going outside your comfort zone at least intially then once you have some knowledge and momentum it gets easier. Knowing when enough is enough will be hard for me personally I think despite any amount of planning.

 

[MTR]

Fab

OK, stats don't lie, slim pickings here..

Huge72

I do understand there are sacrifices to be made to grow a portfolio but buying and holding property is a long road, costly and impacts on lifestyle as in the main most are buying negatively geared properties.

My point is without balance you may be sacrificing too much and I expect it will be very easy to just give up and that is perhaps why most don't succeed.

If you have balance with realistic targets then there is probably a better chance of succeeding/achieving the end goal my thoughts

 

[sanj]

I get your point Marisa but I do think in a country with high wages and decades of strong economic growth 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.

Sure there is a need to stop and smell the roses but statistically speaking too many people are enjoying the now in this country without sufficient focus on the future.

 

[sanj]

I get your point Marisa but I do think in a country with high wages and decades of strong economic growth 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.

Sure there is a need to stop and smell the roses but statistically speaking too many people are enjoying the now in this country without sufficient focus on the future.

 

[yahoo]

I think you have enough if you dont freak out every time a window faced envelope arrives in the mail. I strongly believe that you should at least have your PPOR owned outright before you retire. I know people trying to survive solely on govt pensions and when you pay $400 a week rent it doesnt leave much

 

[Scott No Mates]

Yep, so if the majority have no chance of that passive income of $100K, why do people still continue to strive/persist? though it may be causing stress, anxiety, and keeps them chained to the day job, makes no sense.

1) most people don't earn $100k pa net in salary throughout their working life - at worst they should be seeking to maintain their lifestyle in retirement (avg wage circa $60k gross/$48k nett)
2) Most people can live off less in retirement as they're no longer looking after their kids/school fees etc - lifestyle choice if they look after grandkids.
3) Income from superannuation in the pension phase is tax exempt (AFAIK), so $100k pa in super tax free is closer to $160k outside of super.
4) If only 1% earn $100k pa in retirement, how many earn the $150k?

 

[kathryn d]

MTR
Are you going thru a mid life crisis and reassessing everything?



Concerning the $100k passive income
That will be us in a few short years, and I doubt it will change how we live, because I am quite content now.

 

[MTR]

Sanj
Get your point.

That is why I say balance, put some away for a rainy day, plan for the future, but also enjoy today, that does not necessarily mean buying toys.

I know investors who have investment properties which a nicer than the house they live in?? I guess all to their own, but how is this going to work for your psyche. Determination, setting goals, consistency is brilliant but without balance I think it will be a very long, hard road.

MTR

 

[boeman]

Sure there is a need to stop and smell the roses but statistically speaking too many people are enjoying the now in this country without sufficient focus on the future.

Some people stop so long to smell the roses they end up becoming weeds living off the nutrients meant for the roses.

I am of the belief that I partied and enjoyed myself up to 25. Good fun, no commitments and no regrets.

Now 27 I am bunkered down and working hard so by the time I am 40 I can relax. By 50 I will no longer be working and will do the grey nomad thing and see the rest of Australia.

It is all a balance. Overall I am happy with my past, present and future.

 

[Ace in the Hole]

When you get as close to your true potential as possible, which is why the highly successful people keep working til the day they die.
They are still striving to reach their highest levels.

 

[MTR]

MTR
Are you going thru a mid life crisis and reassessing everything?



Concerning the $100k passive income
That will be us in a few short years, and I doubt it will change how we live, because I am quite content now.

What mid life crises, I dont think so, let me check with my shrink

This is purely an observation I make from the people I meet and an opinion that I have, and we all have opinions, what an odd comment to make

 

[MTR]

Some people stop so long to smell the roses they end up becoming weeds living off the nutrients meant for the roses.


It is all a balance. Overall I am happy with my past, present and future.

Very funny, weeds, yep, know some of these people

I like your comment above

 

[kathryn d]

What mid life crises, I dont think so, let me check with my shrink

This is purely an observation I make from the people I meet and an opinion that I have, and we all have opinions, does not mean I am having a mid life crises, how odd.

Most people in their 40-50 age group usually reassess where they are in life.
I wasn't trying to have a go at you...or trying to offend you.

 

[sanj]

Some people stop so long to smell the roses they end up becoming weeds living off the nutrients meant for the roses.

I am of the belief that I partied and enjoyed myself up to 25. Good fun, no commitments and no regrets.

Now 27 I am bunkered down and working hard so by the time I am 40 I can relax. By 50 I will no longer be working and will do the grey nomad thing and see the rest of Australia.

It is all a balance. Overall I am happy with my past, present and future.

good post, agree with you. i enjoyed myself far too much up until around 24 or so, then spent the next 6 or 7 years really focusing and reinvesting nearly everything i made. now i am a bit more balanced but i think in the early stages when youre building capital up it's entirely reasonable to expect to go without on occasion

 

[MTR]

Most people in their 40-50 age group usually reassess where they are in life.
I wasn't trying to have a go at you...or trying to offend you.

KD

Don't worry, not offended.

I wish everyone the best in terms of reaching their goals. Some go harder than others and they thrive on this. Early stages of investing as mentioned is pretty common, I did this.

I am concerned about people setting high goals, not accessing their goals and 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???



MTR