Where to start?

[theparlourroom]

I'm just beginning to plan my financial future and would like to speak to someone about a plan. But from reading the forum, I think if I go to a financial planner they will only recommend things they make a commission from (i.e. not IPs). And I want someone who will give me independent advice that is best for *me*.

Can anyone suggest the type of expert I should seek? I want tailored advice, so while this forum is fantastic I really want to sit down with someone who can make a plan specifically for me.

I'm renting currently, about to finish paying my credit card debt and will be starting from scratch. As I'm starting form a blank slate I'd really like to have a plan mapped out so I can make the best decisions possible. If you had your time over, starting from scratch, what would you do?

Many thanks in advance.

 

[james_w]

I'm just beginning to plan my financial future and would like to speak to someone about a plan. But from reading the forum, I think if I go to a financial planner they will only recommend things they make a commission from (i.e. not IPs). And I want someone who will give me independent advice that is best for *me*.

Can anyone suggest the type of expert I should seek? I want tailored advice, so while this forum is fantastic I really want to sit down with someone who can make a plan specifically for me.

I'm renting currently, about to finish paying my credit card debt and will be starting from scratch. As I'm starting form a blank slate I'd really like to have a plan mapped out so I can make the best decisions possible. If you had your time over, starting from scratch, what would you do?

Many thanks in advance.

1. a good mortgage broker ( find out your lending capacity)

2. A good BA ( if looking for cg or Hy ideally both)


a plan of attack how will you get where you want to go setup some small goals etc.

read some books like the ones on the main site of this forum.

 

[bene313]

Parlour - what books have you read?

Property investment is not difficult and you'll find most here have learnt simply through:

- reading a few books
- making some purchases
- discussing issues with other investors (eg. here on the forum)

An 'expert' can give you an opinion of what they think may be best. But then speak to different 'expert' and you'll receive a different opinion. Best to start by educating yourself - most of the experts in property have several books for sale.

 

[alexlee]

You need enough knowledge yourself to be able to evaluate different 'expert' opinions. It's not just a matter of some 'experts' are shonky. Advice from genuine, successful experts may not be useful to you because you don't have the knowledge, capital, etc.

Read a few books to build up your basic knowledge first.

 

[Dazz]

Is this another one of those journalists asking a generic question for the basis of an article ??

 

[lizzie]

it's not so much the plan of attack.

you need to work out where you want to be - and by when. ie, by the time i am X years old i want to retire on an income (in today's dollars) of $XX

then you need to work out what you have to have in place by that age, for you to have that income - ie, 4 fully paid rentals bringing in $400/wk less expenses.

then you need to sit down and work out how you are going to get to that goal. it might be that you need to buy 6 rentals over the next 6 years (it might take a while to buy the first, but the process snowballs), hold them for a further 10 years, sell two and pay out the mortgage on the other four.

there are other things you can do to speed the process along - renovate, subdivide, build etc and each of these take a special path and mindset - but work out your goal first.

in the end, property investing can be very boring while you are waiting for that capital gain. don't get impatient. impatience costs money. and i'm saying that from experience!

 

[wobbycarly]

in the end, property investing can be very boring while you are waiting for that capital gain. don't get impatient. impatience costs money. and i'm saying that from experience!

Thank you, thank you, thank you!! This is exactly what I need to be reminded of on a regular basis!!