woke up a millionaire

[AndrewT]

Hey Andrew, great that you invest time to build knowledge, just don't spend too much time buried in the books. holding costs for IP investments can be the cost of a couple drinks and cigarettess a week, or nothing at all. learn by doing is the key!

cheers,

Thanks Oscar!

I am pretty new to it all, just got my PPOR with my partner 6 months ago - which is currently being rented. We are in our early 20's and not really on great money but it's slowly rising (Roughly 90k between us)! We are set on getting our first IP within 3 years, and then hopefully build up our portfolio from then on!

I can't wait to get the experience! At the moment though, the books at least give me an overview of RE and different investment methods and so on!

 

[travelbug]

I was saying that if you owe the bank more than what you have, eg, could have $1m in equity in one place, but $2m debt in 3 other places. Hopefully thats a bit clearer.

Yes but what he is saying is that he has $2M in NET assets.

That is ALL his assets minus ALL his debts = his NET worth.

ie if he sold everything and paid ALL his debts he'd have $2M ion his hand.

No point in only counting some of your assets and some of your debt because it's in a different place.

 

[Oscar]

Of course, nothing is certain, and I don't see this getting me any where near financial freedom but I look forward to posting the $3MM net equity milestone when it happens. I suspect that given where we are in the Sydney property cycle and equities cycle, and that beautiful phenomenon known as compound interest, that it will take much less time for the next mill. I suspect 3 to 4 years years will do it.

This thread is 9 years old. I am very happy to post that I have achieved the $3M net equity position in the time frame mentioned above! This was a promise I made back in 2009. I don't think I'll post these milestones again as it doesn't really serve a purpose apart from gloating.

The last mill in equity was pretty much made by compounding on the original portfolio (ie, do nothing), saving spare cash into share funds and high yielding properties, and a rather large job promotion.

good luck in your investing and remember to celebrate along the way...

 

[el caballo]

This thread is 9 years old. I am very happy to post that I have achieved the $3M net equity position in the time frame mentioned above! This was a promise I made back in 2009. I don't think I'll post these milestones again as it doesn't really serve a purpose apart from gloating.

The last mill in equity was pretty much made by compounding on the original portfolio (ie, do nothing), saving spare cash into share funds and high yielding properties, and a rather large job promotion.

good luck in your investing and remember to celebrate along the way...

Beautifully done Oscar! And don't worry about the gloating, its great to hear about such a positive outcome. You've written before about your high paying job - which I recall the challenge of which you enjoy very much - so with great house equity and an enjoyable, highly remunerated job, the stars have certainly aligned! Great stuff!

Cheers,
Greg

 

[beachgurl]

Well done Oscar! Thanks for coming in to let us know. No tall poppy syndrome in here, it's great to hear success stories. Would love for you to pop in again when you've hit the 4mil mark.

 

[Cherry Pro]

Congratulations Oscar, thanks for coming back to let us know and to spur us on.
Thanks for sharing your story and here's to your next million. I'm looking forward to the day (hopefully, not too long) when I can say we have our first million under our belt.

 

[chindonly]

Congrats OSCAR!! Great work.

So what they say is true..... the first Mill is the hardest - only a few years to get the next 2!

Sensational, and exactly what I beleive many on here are hoping to do.

 

[Dazz]

Top stuff Oscar - hey...if you can't share the great news with us, then who can you share it with.

Our game is a silent, lonely game where cheering is very much discouraged and celebrating the equivalent of winning the grand final is pooh poohed.

I reckon we need more posts just like yours on this forum.

Onwards and upwards !!

 

[BayView]

This thread is 9 years old. I am very happy to post that I have achieved the $3M net equity position in the time frame mentioned above! This was a promise I made back in 2009. I don't think I'll post these milestones again as it doesn't really serve a purpose apart from gloating.

The last mill in equity was pretty much made by compounding on the original portfolio (ie, do nothing), saving spare cash into share funds and high yielding properties, and a rather large job promotion.

good luck in your investing and remember to celebrate along the way...

Excellent work!

As Dazz said; you can't celebrate with friends and family tool readily most times unfortunately.

I'd like to hear about the job promotion details if you are willing to divulge; pleasant change from the masses who are on the scrounge to do less, the boss is a pig, etc.

 

[baby blue eyes]

Great news,

Love to hear success stories. Thanks for the inspiration

Vicki

 

[travelbug]

Well done Oscar. Thanks for updating.

When this thread started I had bought one IP and sold it because I got scared (talk of rising interest rates etc).

I discovered this forum in 2008 and it got me started. I've just bought a new PPOR. Once my present one sells I'll have $1M net equity plus PPOR.

Yeehah!!! Earlier than I would have imagined after only 4 years. So very pleased.

 

[redwing]

This thread is 9 years old. I am very happy to post that I have achieved the $3M net equity position in the time frame mentioned above! This was a promise I made back in 2009. I don't think I'll post these milestones again as it doesn't really serve a purpose apart from gloating.

The last mill in equity was pretty much made by compounding on the original portfolio (ie, do nothing), saving spare cash into share funds and high yielding properties, and a rather large job promotion.

good luck in your investing and remember to celebrate along the way...

Great News Oscar and an inspirational post. Like the first, it makes you think about your own investing plan, goals and milestones

We're happy to celebrate the success of others

Paraphrasing below, that's now

14 years from IP#1, or
18 years from PPOR, or
47 years from the day you entered this wonderful world

Great to see the nett figure increasing exponentially

 

[matto_]

Great result. $3m net equity. Since the thread started (9 years ago) would you say you are still "accumulating" or have you been enjoying the fruits of your early labour?

 

[Oscar]

Excellent work!

As Dazz said; you can't celebrate with friends and family tool readily most times unfortunately.

I'd like to hear about the job promotion details if you are willing to divulge; no doubt the further-ups think you're doing valuable stuff!

It'll be a pleasant change from being surrounded by the masses who are on the scrounge to do less, the boss is a pig, etc.

Hi Bayview - about 18 months ago I was asked to head a large manufacturing facility in the life sciences area. I have around 620 people including top managers, engineers, scientists, technicians and operators to take care of, support $2Billion in revenue for the company, and manage around $100 million spend. For my troubles I get to earn > $500k.

I've always thought that if you're gonna commit yourself to working full time - may as well go for it and always do your best. I have a great team and demand autonomy from my bosses. Take control and never play the victim. One more promotion, and it may never happen, could see an income > 7 figures. I'm going for it. Cheers,

 

[Oscar]

Well done Oscar. Thanks for updating.

When this thread started I had bought one IP and sold it because I got scared (talk of rising interest rates etc).

I discovered this forum in 2008 and it got me started. I've just bought a new PPOR. Once my present one sells I'll have $1M net equity plus PPOR.

Yeehah!!! Earlier than I would have imagined after only 4 years. So very pleased.

Travelbug, that's awesome, and accomplished very quickly. Who says it takes a full life time of miserly sacrifice to achieve wealth????

 

[Oscar]

Paraphrasing below, that's now

14 years from IP#1, or
18 years from PPOR, or
47 years from the day you entered this wonderful world

Great to see the nett figure increasing exponentially

Hey redwing - love your maths. I guess it shows a slow and steady strategy. 14 years from when I got serious with IP #1. They were the good old days of borrowing to the hilt and just waiting for the capital gain that quickly materialized.

 

[Oscar]

Great result. $3m net equity. Since the thread started (9 years ago) would you say you are still "accumulating" or have you been enjoying the fruits of your early labour?

Hi matto. I guess I've been accumulating as I'm still stashing cash into share fund and recently dipped my toe into the Atlanta market. The compounding nature of the portfolio, some opportunistic purchases, along with not stuffing up my big J.O.B income, should see me through some more good times.

I am also very much enjoying the fruits of labour, and spend big on travel, fine time pieces, cars etc.. I also help out family members when they need it. There is no point having this shed load of $ and high income and not enjoy the damn thing..I'm 47 years old.

moral is you can "accumulate" and enjoy life at the same time, why not?

 

[MTR]

Well done Oscar.

I got my call from the back seat of the car. A while back the family was out in the car and the wife was at me for a Merc. My retort was 'Yeh when Iam a millionaire' and out of the back seat pops a young voice ' But dad, you aready are'

The wife still doesn't have her Merc

Cheers

Hi HA
I think its time to give back to the better half Get her that merc

Well done Ocar.

 

[oracle]

Hi Bayview - about 18 months ago I was asked to head a large manufacturing facility in the life sciences area. I have around 620 people including top managers, engineers, scientists, technicians and operators to take care of, support $2Billion in revenue for the company, and manage around $100 million spend. For my troubles I get to earn > $500k.

Great achievements there Oscar!

Out of curiosity does the name company you work for start with an A? Before it used to be C.

Cheers
Oracle.

 

[shanh]

My goal set in 2010 was to have $1mil net equity by 2015, it's going to be tough given my current position, but I am greatly inspired by your life story Oscar, both in terms of your investment and professional endeavours, so I will keep on trying my best and see where I end up at.

Thanks for sharing your success story