Your mindset

[JohnA]

We are starting our property investing journey a new.
We have the end goal and a plan.
Honestly - my belief in our ability to reach the end game fluctuates. Most days or 95% of the time I believe we can do it. I am inspired and motivated and optimistic.

Then there is the other days, like today..

There are some things that are going to cost us more $$$ now and I am having a little difficulty with getting my head around that hence posting in the psychology section.
For example refinancing to set things up to reach the end game. This means a 0.3% higher IR than we are currently paying and $700 in application associated fees (that are currenlty free under other lender) and for future IPs.
Also setting up a trust for new IPs 2-3k plus yearly tax related fees. All before any income is derived.


Then I think END GAME. All this needs to be put in place now for you to reap the rewards later.

Do others struggle mentally at times? How do you deal with it? For those of you are well on your way - did you find it tough at times?

 

[Deltaberry]

Keep a buffer will make you feel at ease.

 

[The Fence]

Then I think END GAME. All this needs to be put in place now for you to reap the rewards later.

Do others struggle mentally at times? How do you deal with it? For those of you are well on your way - did you find it tough at times?

Put the systems in place, buy well, budget, budget, budget, buffer then set and forget....well, keep an eye on it but remember it's the tortoise not the hare.

Do your work, justify it using many diff scenarios that could crop up then dive in. It's all you can do.

procrastinating like most would be investors gets you nowhere.

NO ACTION = NO END GAME

Good luck...however, you may NOT need it...!!

 

[nhg]

As Will Smith put it: (paraphrased) "focus on placing each brick the best way a brick could possibly be laid. After a while of dedicated effort, you have a wall."

Listen to him on you-tube, search will smith "your words and thoughts have physical power" it is 9mins 57 seconds long.

Incredibly inspiring.

 

[devank]

I know how you feel John because i did the opposite. Cost of setting trusts all seemed expensive. Also I don't know what will want to do in 20 years time. So I wanted to keep thinks simple and save as much as possible now. However, I did setup proper trust and company for our small business and also loaded up all insurances.

 

[jim1964]

We are starting our property investing journey a new.
We have the end goal and a plan.
Honestly - my belief in our ability to reach the end game fluctuates. Most days or 95% of the time I believe we can do it. I am inspired and motivated and optimistic.

Then there is the other days, like today..

There are some things that are going to cost us more $$$ now and I am having a little difficulty with getting my head around that hence posting in the psychology section.
For example refinancing to set things up to reach the end game. This means a 0.3% higher IR than we are currently paying and $700 in application associated fees (that are currenlty free under other lender) and for future IPs.
Also setting up a trust for new IPs 2-3k plus yearly tax related fees. All before any income is derived.


Then I think END GAME. All this needs to be put in place now for you to reap the rewards later.

Do others struggle mentally at times? How do you deal with it? For those of you are well on your way - did you find it tough at times?

Interesting topic setting up trusts etc,they serve their place in the game,but are expensive to maintain on a yearly basis,as your paragraph states,i got my accountants bill today,and Mrs64 nearly had to claim on my trauma insurance.

 

[JohnA]

Thanks for the replies. I have recovered from my not looking at the big picture.
The thread "Why are you doing this" is great - becasue it helped remind myself.

nhg - will have a look at u tube

Jim - do you still believe that the trust path was the way to go?

Devank - I haven't set up the trust yet.


Just on the decision to trust or not -
I can see the long-term benefits. I have browsed the topic on google and I am also concerned with a few articles I found saying that the gov plans to make changes - 1 being the streaming of profits. There was also comment that changes to tax law and trust law will be made in the next 12 mths. Will some of the pros for using a trust be removed, hence the yearly costs not justifying the benefits??

 

[jim1964]

Thanks for the replies. I have recovered from my not looking at the big picture.
The thread "Why are you doing this" is great - becasue it helped remind myself.

nhg - will have a look at u tube

Jim - do you still believe that the trust path was the way to go?

Devank - I haven't set up the trust yet.


Just on the decision to trust or not -
I can see the long-term benefits. I have browsed the topic on google and I am also concerned with a few articles I found saying that the gov plans to make changes - 1 being the streaming of profits. There was also comment that changes to tax law and trust law will be made in the next 12 mths. Will some of the pros for using a trust be removed, hence the yearly costs not justifying the benefits??

I went down the trust path to asset protect,as i owned a business in a industry which is quite volitile,i was sued 4 times in 6 years.Anyway,if you are PAYG personally i wouldnt worry about it,trusts seem to be a accountants cash cow to charge you whatever they want to process them.

 

[Robbiep]

We are starting our property investing journey a new.
Most days or 95% of the time I believe we can do it. I am inspired and motivated and optimistic.

Then there is the other days, like today..

Made me think of this famous quote:

“People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily.” Zig Ziglar

 

[jingo]

Do others struggle mentally at times? How do you deal with it? For those of you are well on your way - did you find it tough at times?

Yep, when things don't go as smoothly as I would like, then the temptation to see greener grass on the other side is there!

Main thing is to have a plan, and stick to it unless there is a better way for you to achieve your end goal.

Build up buffers over time in the form of cash in offset accounts and Loc's.

Patience is the key!

Regards Jason

 

[nhg]

Haha I heard this quote once and thought it was hilarious yet blunt.

"The grass is always greener where you water it"