Your best financial decisions...

[MsAli]

There is a thread on your worst financial mistakes...As the saying goes, we learn much from our successes but much more from our failures.

I'm starting this thread to hear about your best financial decisions you've made so far in terms of property (and otherwise) to take you closer to your end game.

What has worked for you rather than against you? What have you done and found success that you intend on keep repeating till you reach your end goal...

Look forward to hearing

 

[Terry_w]

There is a thread on your worst financial mistakes...As the saying goes, we learn much from our successes but much more from our failures.

I'm starting this thread to hear about your best financial decisions you've made so far in terms of property (and otherwise) to take you closer to your end game.

What has worked for you rather than against you? What have you done and found success that you intend on keep repeating till you reach your end goal...

Look forward to hearing

Sometimes it is the investments you don't do that count.

I was going to invest in a serious of Thai Restaurants, but it didn't feel right so I pulled out. One of my friends did invest and lost about $300,000.

Another one, I was going to invest into a unit near the city to live in. Instead I chose to rent and invested in 5 acres out west. Unit has increased about 20% over 10 years, but the acres have quadrupled in value.

 

[westminster]

There is a thread on your worst financial mistakes...As the saying goes, we learn much from our successes but much more from our failures.

I'm starting this thread to hear about your best financial decisions you've made so far in terms of property (and otherwise) to take you closer to your end game.

What has worked for you rather than against you? What have you done and found success that you intend on keep repeating till you reach your end goal...

Look forward to hearing

I'll pick the (and otherwise) financial decision. In the mid 90s I was working in pure IT (sys admin) when a friend at an Oil and Gas company encouraged me to apply for a job there. I knew nothing about O&G and would never has applied for the job without him telling me about it and giving it ago.
I got the job and an almost 100% pay rise. Since then I've stayed in the O&G industry through some tough times (made redundant once), been a permanent staff and a contractor too.
Best decision ever as it has given me the money and serviceability to invest in IPs. I have also met some of the best people, people who have made me a better person and gave me the passion to return to study and expand my knowledge.

 

[The Y-man]

Got married to an accountant.....

The Y-man

 

[tobe]

went to a john burley presentation, read his book, and started saving 10% of my income.

 

[lizzie]

Not being afraid to say yes when you spot a great deal. Don't over-analyse. Go with your immediate gut feeling.

In previous PPOR, got a knock on the door and a guy I've never met asked if we wanted to buy his flats next door. He named the price (which I knew as low). I said 'yes' immediately .... 18 months later we sold for 25% increase.

Another great deal was picking the time to sell. Hubby wanted to hold a bit longer but I argued to sell asap. Made $100k clear profit after holding 18 months. Market then dropped back.

Many other positive examples - but also made a couple of bad calls when I didn't follow the gut instinct but got caught up in the adrenaline.

 

[luce.rocks]

My best decision was to actually do something. I was 23, pretty aimless, living in the city, going out most weekends, not saving, etc. etc. Moved back to the country, moved in with my mum, worked for 6 months, didn't spend a cent, got a small deposit together and bought my first IP for $120k when I was 24.

Did a small ($12k) reno and the house was revalued at $180k. Also caught the tail end of the boom and 2 years later the house was revalued at $240k. Both revals were used to finance deposit and renos on other IPs in mum's name, which we reno'd and the equity from those IPs has really helped us through the years.

Definitely could have made better decisions in the last 10 years and been further ahead now, but in the end we're still a lot better off than we would have been if I'd never moved back home and saved that first deposit.

 

[geoffw]

Spending $3k on a series of Peter Spann seminars in about 2001.

It woke me up to property and put me on a path to not havin to depend on the gummint.

Funnily enough I found out later that my maternal grandfather did very well out of property, but that wasn't a path my parents travelled (much). They did well out of a business instead.

 

[VYBerlinaV8]

Signing up to build our first home when I was 25 years old, and 2 years into my professional career. I coppped a bollocking from my friends and colleagues about 'being boring', 'not taking advantage of my youth', 'missing out', etc.

9 years later I was a millionaire.

 

[starter]

Meeting my significant other.

 

[Aaron_C]

Best financial decision was to leave PAYG employment.

 

[wobbycarly]

Spending $3k on a series of Peter Spann seminars in about 2001.

It woke me up to property and put me on a path to not havin to depend on the gummint.

Funnily enough I found out later that my maternal grandfather did very well out of property, but that wasn't a path my parents travelled (much). They did well out of a business instead.

*snap*! Didn't it seem an awful lot of money back then?

Although it was my great-grandparents who were into property; since GGF died when I was about 2 and GGM when I was 11, I didn't really have a chance to question them!!

 

[Plantagenet]

Not letting my wife control the accounts

 

[Angel]

Buying a block of land about 8 years ago for $20k and selling it 18 months later for $80K.

 

[china]

My parents' persistence in getting me to stay with tertiary education that has allowed me to persistently earn a high annual income.

 

[pinkboy]

My parents' persistence in getting me to stay with tertiary education that has allowed me to persistently earn a high annual income.

Mine would be ditching teriary education to become a........well Im not sure what you would call me...........but to become what I am today to earn a reasonably high annual income!

pinkboy....glue/thinner sniffer!

 

[Dazz]

I'm starting this thread to hear about your best financial decisions you've made so far in terms of property (and otherwise) to take you closer to your end game.

Decided to read up and fully understand the small print on my Leases, and not rely on my solicitor.

Chose to send a market review notice on the 21st of December to my biggest corporate Tenant where they had 14 days to respond, otherwise what I determined stood.

Fortunately, being a big company, they all decided that going to Xmas wind up functions and holidays over Xmas and New Year was more important than responding to a simple letter from their Landlord.

When they all arrived back from hols on about the 6th of January asking if everyone had a great time with family and friends, it dawned on one of them that they had missed the boat and the slight jump in rent was now inevitable.

They sent a stern letter back disagreeing with the rent increase, but unfortunately it was day 19 and I was doing backflips.

End result - on their side of the contract, the corporate manager in charge of managing their office portfolio around the country was sacked, and on our side of the contract, I quit my job and have been retired ever since.

Gotta love the Xmas holiday period.....

 

[china]

Decided to read up and fully understand the small print on my Leases, and not rely on my solicitor.

I think this principle applies to many things in life, business, finance and investment.

If you want something done right, you have to do it yourself. Because no one cares more about your money than yourself.

 

[sanj]

Fantastic Dazz! Well played

 

[Phiber]

If you want something done right, you have to do it yourself.

That is basically it.
Something too many people around me seem to be ignoring and at all levels