Why are you doing this?

[Jen_PFR]

I grew up as the eldest daughter of an accountant, who worked at his day job during the day, and ran a strata management business with my mum at night. From the starting point of being like a casual second job in terms of hours, it got to the point where my mum was running it full time plus additional assistance from my dad.

Along the way my brother and I grew up with lots of exposure to financial concepts - my parents would talk at the dinner table about good financial choices and not so good choices. I also grew up with a fundamental understanding that while superannuation is nice, it's certainly not enough to live a comfortable life, especially as we're all living longer.

My parents also invested in blue chip shares and property, so I grew up hearing discussions about the stock and real estate markets too.

I realise now how fortunate I was to have a financially literate childhood. It makes such a difference. It also fueled my interest in economics (I ended up getting an economics degree as a result) and general interest in what 'the market' is doing, whether the subject is shares, interest rates, real estate, or whatever.

So yes, it seemed natural to invest in something.... and it ended up being property because I remember my dad saying, people always need somewhere to live. Plus, you can't add value to shares by renovating them

 

[brisbane 04]

When attending University with my girlfriend now my wife and paying rent weekly year after year I thought what a waste of money gee I would like someone paying my mortgage. Then I attended seminars spruiking negative gearing and started to get excited so started buying properties and renovating them. I'm sure there are others out there that enjoy looking at properties and thinking they have found a gem and see possibilities. I guess this is my passion, some people are passionate about cars, horses, films, gardening etc. This passion has served my family well. Sure there have been ups and downs but my kids havent missed out on anything. We travel, and havent scrimped on too much. Sure we could have been further ahead but you've got to weigh up quality vs quantity and everyone will over their own scale. Thanks to property investing for the good and the bad we nearly own our dream PPOR. One lesson I did take away from a seminar was that an employer is not there to to make you financially free he is there to help you pay for your day to day living expenses. As mentioned before the employer contribution to super is only going to amount to the pension for you when you retire. How many people do you know that have retired looking forward to their super only to be either to physically incapicated to enjoy their years and years of work or pass away a few years after retiring. In my case bother my mother and father passed away from cancer before age 60. Dad worked up until he couldnt work anymore and his "Super" wasnt that super. I guess that also motivation for me to retire hopefully earlier.

 

[MIW]

I was talking to some friends the other day, a married couple. The conversation turned to investing, property and the things one must give up to achieve their goals.

It was interesting because they questioned my reasons for trying to attain financial independence. My "why" relates to freedom. I'm not pursuing money for its' own sake, but money buys time and that to me is freedom. Freedom to do all the things I don't currently have time and/or money for, such as read/travel/study (there's more, but I'll keep it succinct). Their response was that the only time that matters is NOW, and they are not willing to put their lives on hold and live for a future which may never come.

All the things I want to do, they are doing now. They read, they travel and that is their definition of freedom. (I do read... but they're investing books not literature!)

My (probably unrealistic) goal is to be out of the paid workforce within 5 years. I don't consider that to be a long time frame... but I can't help but get slightly uncomfortable at the suggestion I'm living for the future which may or may not eventuate. On the other hand, if I do nothing I know I will regret it so my resolve to get to my goal has not weakened.

So fellow forumites, please kindly share your "why" and what you are willing to give up and for how long, to get there.

Cheers

Yes in my case it was to have a choice to do with time as I like.
I had a hard time though accepting, why it should happened to me, why should I be so much worth, I suppose it was my psychological barriers, my self worth.
reading some books on investor psychology helped.
I really like a book that was published in 1910, "The science of getting rich".
Enjoy the free link:
http://ia600306.us.archive.org/11/items/TheScienceOfGettingRich.pdf/the_science_of_getting_rich.pdf

 

[Williamyuan]

Most people can't be bothered creating their own wealth so beg someone to give them a job, waste all the money their employer gives them until they're too old to keep working, then beg their children to support them through taxpayer funded pensions. As they get older they become bitter about their low incomes and about how the world owes them a better living, and it's all the government's fault etc, and ring up radio stations to complain about the situation they got themselves into.
I want my family to have a little more dignity than this.
If anyone wants to push you down, or complain about you trying to make a go of things, take it with a grain of salt, because after all that person is probably just another future doll-bludger like the rest of them.

 

[Deltaberry]

Life is just a game. Why judge

 

[Dan_p]

My goals are pretty specific.

I want to be able to travel with the family every year overseas, somewhere different each time.

Want to be able to help family members financially in a real way

I want to be able to watch my investments grow exponentially.

We have only just begun our journey starting 5 years ago. The investment properties are not much of a burden, then new house is though. Still would rather be a bit stretched on our own house compared to helping someone else pay off their investment.

 

[K_Raheja]

i plan to buy & hold IP's and bullion.
eventually, sell off assets i own here in Australia as well as overseas in 10 yrs.
move to Fiji/or indonesia..buy a cottage & go fishing all day

 

[Fifth]

Because my husband and I hate weekdays and we'd like to do away with them some time before we're too old to appreciate the joys of sleeping in and eating nachos for breakfast.

 

[TingTong]

i plan to buy & hold IP's and bullion.
eventually, sell off assets i own here in Australia as well as overseas in 10 yrs.
move to Fiji/or indonesia..buy a cottage & go fishing all day

Tip: do NOT sell off your assets when you make the move.
Keep them and use the rent money to finance your cost of living in a 3rd world country. This will serve as insurance in case everything goes pear shaped and you decide to come home. Selling everything and being cashed up makes you susceptible to being fleeced when you move to your paradise plus you have an ever dwindling asset base.

 

[chindonly]

1. So that my kids and my wife will be set up for the rest of their lives - in case anything happens to me. Insurance helps, but a spread of assets is better.

2. So that in a few years time, I can semi-retire and spend more time with the family, and do things that are enjoyable rather than stressful!

3. To fully retire much earlier than would otherwise be possible.

 

[barndog1980]

I dont think I can add anything that hasnt already been said! My wife and I see investing in property as the vehicle which will allow us to step back from our current occupations and spend OUR time doing what WE want to do. This doesnt mean that we will stop working necessarily, only that the income we generate will come either passively or via developments / reno's / other entrepreneurial pursuits.
Its very exciting to know that this is acheivable and to imagine how different our everyday lives will be when the time comes. I cant imagine how I would get through the next 30-odd years "waiting" for retirement! So we dont really see "going without" as a sacrifice, but more like simply doing what is necessary to take control, being proactive with regards to accelerating our "retirement date", and being smarter with our money.

 

[Indifference]

Because my husband and I hate weekdays and we'd like to do away with them some time before we're too old to appreciate the joys of sleeping in and eating nachos for breakfast.

I'll drink to that! Touché...

 

[natmarie73]

Because I absolutely and completely hate hate hate working for the "man" and relying on an employer for a wage or a job and jumping through their stupid hoops to make them richer.

 

[knightm]

Because I absolutely and completely hate hate hate working for the "man" and relying on an employer for a wage or a job and jumping through their stupid hoops to make them richer.

hah! i work for state gov and some of those hoops can get tedious...

 

[Aaron_C]

I love what I do and couldn't think of a better thing - talking about it each and everyday.