No A's or C's oracle.
woke up a millionaire
- Thread starter Oscar
- Start date
No A's or C's oracle.
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
Hi Shanh, there is not that much to be inspired about really. 10 to 15 years ago I did what everyone else was doing, borrowing large sums of money with an expectation of capital gain. Only difference is that my job gets me through leaner times, and I worked pretty hard. Still do.
good luck with your goals.
Oh Ok.
Since you mentioned life sciences I thought it might be ALS Limited (ALQ) previously known as Campbell Brothers.
Cheers,
Oracle.
Hi HA
I think its time to give back to the better half
Well done Ocar.
Gee that's a blast from the past!!!
Even when I posted the original that little voice was an incident relating back to the early 90's. My boys are now in their late 20's - not little voices anymore
She still doesn't have a Merc.
I can't stand spending money on cars - it's such a waste of resources. Well done Oscar - the power of compounding is on your side.
Cheers
thanks Oscar - for those of us still at the frontish end of the journey and yet to see quite the fruit you have, its a genuine inspiration to know real people achieving results not some slick sales line just here to share experiences. I appreciate that. I also love that it wasn't 1 amazing deal but a series of normal ones and time and hard work that got you there!
Thats where Brenda's position is good, 22 lower priced properties, she literally could sell one property and buy a car or have a holiday, and it would be less than 5% of her assets.
(conveniently forgetting all the selling costs )
Or do something slightly different.... I have never paid a dollar off yet after 12 years I just pulled out a title on one of my properties by refinancing 2 loans onto one title and pulling out the other title. This was an interesting food for thought even to me.
And yes, made more in equity too. All this can be summarized by this statement some of you may have heard, "Property is all about time in the market not just timing the market".
I especially like your last statement as I recently read a book, "The Science of Getting Rich" written b y Wallace D.Wattles, and published in 1910. Wattles died in 1911 shortly after publishing this book. Forgotten for decades, it was recently rediscovered. The timeless principles in this classic will transform your financial future.
A primary principal in The Science of Getting Rich is to always five
more in "use value" than you receive in "cash value" for your products
or services. As Wattles states in his book, if you practice and apply
this science, you will fet rich! A free download is available online.
I will use of of his quotes if I can:
"The whole process of mental adjustment and atonement can be summed up in one word, gratitude. First, you believe that there is one Intelligent Substance, from which all things proceed; second, you believe that this Substance gives you everything you desire; and third, you relate yourself to it by a feeling of deep and profound gratitude."
That advise was not made by me but I read it somewhere before, yet it did apply to my circumstances. Can you illustrate where it goes down or sideways for 2/3's of the time, and also what timeframe are we talikng about?
By the way I never withdrew from my PPOR as it's fully paid off. Any debt on PPOR is undeductable debt so I understand his concern.
In my situation, I had 2 IPs with 2 loans, and after certain time I refinanced both loans onto 1 IP and I took possession of the other title on the 2 IP. I hope that makes it more clearer.
One of my favourites quotes
I really like this quote so much that it is in my mind bank Very inspiring!
And please do not stop posting your milestones; i need it to remind myself!!
This has been achieved without wraps, flips and kicks...No major reno's, developments, subdivisions.... no fancy spreadsheets, software or buyer's agents.....no searching in country towns for +ve cash flow, .....Oh, and I haven't spent a cent on any seminars. I have a stunning grand total of 4 IP's that are managed by 2 PM's.
Cheers
I really like this quote so much that it is in my mind bank
Very inspiring!And please do not stop posting your milestones; i need it to remind myself!!
Yes, I agree with this.
Hi Oscar, first of all well done!
I would love it if you would continue to post these milestones. Something that really interests which I have tried to research in the past is the snowball effect of how wealth builds wealth. I've found it fascinating reading your real world example of this and hope to read about the next million in around a year or so!!
Good luck and thanks for sharing!
Thats incorrect, if the PPOR is part of the property of a commercial enterprise and a commercial loan is taken out against it, it can be claimed as a deduction.
Nice work Oscar - well done! Add another vote to not stop posting these milestones - it's part of the reason some of us are still hanging around here - inspiration to keep going!
Congratulations on the job too - sounds like a challenging and fulfilling role you have there...
On the PPOR thing, I'm not accountant but it's pretty simple - if the purpose of taking out the loan is to use the funds to earn income from investments, then the interest on the loan is tax deductible. Whether the security for the loan is an IP or PPOR is irrelevant.
If the loan was taken out to buy the PPOR then no deductions of course...
Congratulations on the job too - sounds like a challenging and fulfilling role you have there...
On the PPOR thing, I'm not accountant but it's pretty simple - if the purpose of taking out the loan is to use the funds to earn income from investments, then the interest on the loan is tax deductible. Whether the security for the loan is an IP or PPOR is irrelevant.
If the loan was taken out to buy the PPOR then no deductions of course...
That's exactly what I had in mind but some people here just like to concentrate on the details and perhaps win points?
*bump*
Well it's now just over 10 years since I posted this thread. I promised another milestone update at the next million in equity and now happy to report that $4MM in net equity has just been achieved. I've been hearing about the so called "snow ball effect", always understood it intuitively, but feels real good when you get to experienced it
- first million achieved in 2003, I was on the right side of 40.
- took 6 years from there to get to $2MM equity
- another 3 years to get to $3MM
- under 1.5 years to get to $4MM
If I look at how the last million was created;
- about 70% of it just growth from existing assets (property and shares, local and international)
- about 30% cash savings.
My investments are still very simple ones of the buy and hold type and just focus on quality assets.
My biggest asset is my job right now and I hope to keep it for a few more years at this stage.
cheers everyone...
Well it's now just over 10 years since I posted this thread. I promised another milestone update at the next million in equity and now happy to report that $4MM in net equity has just been achieved. I've been hearing about the so called "snow ball effect", always understood it intuitively, but feels real good when you get to experienced it
- first million achieved in 2003, I was on the right side of 40.
- took 6 years from there to get to $2MM equity
- another 3 years to get to $3MM
- under 1.5 years to get to $4MM
If I look at how the last million was created;
- about 70% of it just growth from existing assets (property and shares, local and international)
- about 30% cash savings.
My investments are still very simple ones of the buy and hold type and just focus on quality assets.
My biggest asset is my job right now and I hope to keep it for a few more years at this stage.
cheers everyone...
