All Topics / Help Needed! / need some oppinions

Viewing 19 posts - 1 through 19 (of 19 total)
  • Profile photo of RatedRRatedR
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    @ratedr
    Join Date: 2004
    Post Count: 4

    Ok, heres the deal. If you were 17 and got the chance to do everything all over again what would you do?
    Im 17 and currently at high school and going well, i am currently doing extension 1 mathematics, physics, chemistry, engineering studies and english but this investment scene has grabbed my attension.
    I was wondering if yous could share your thoughts of what i should do now or as soon as i finish high school or whenever [biggrin].
    Currently i dont have a part time job and no money stashed in the bank of any trust funds or savings, i keep blowing it hehe. [grrr]

    Profile photo of LumwoodLumwood
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    @lumwood
    Join Date: 2004
    Post Count: 21

    Knowledge is power, and without the knowledge you can’t possibly hope to be successful at property investing. My suggestion to you is READ! Read everything and anything you can find on business/real estate/selling, Audio Tapes, Websites and Forums such as this one all add to the knowledge you must have before stepping out into the marketplace.

    Once you have read a bit you will then begin to understand the steps you must take in order to reach your goals.

    Begin with Robert Kiyosaki’s Rich Dad, Poor Dad. After you have finished that hopefully things become a bit more clear for you and a path may begin to form.

    Profile photo of woodsmanwoodsman
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    @woodsman
    Join Date: 2004
    Post Count: 714

    Fantastic question let me say…I wish I had the foresight to think of that when I was 17.

    Start with books first…..Suggested first up reads would be (in addition to what Lumwood suggested).

    1.Richest Man in Babylon (Clason, G.)
    2. The Big Shift – The Bernard Salt Report, (Salt, B)

    Other Advice (this will sound like your parents)
    1. Keep adding to your skills, knowledge ie finish high school and then look at further education (whatever that might be)
    2. Enjoy your youth…go out, live life. You need to have good balance in life to be ultimately successful
    3. Travel (overseas) if you can at some time
    4. Set high standards for yourself, hold yourself accountable but accept you might fall short at times – don’t be too hard on yourself.

    This might not seem specific enough to property, but the reading yo do will start the knowledge journey. You also need a life context to this knowledge….then this becomes true wisdom..

    Do you know family, friend who has invested in either shares, property or personal business. Talk to them about what they did, how they became successful. Use their knowledge and experience.

    Of course, ask as many questions on this forum as you can. There are many knowledgable people here who will give you broad, sometime conflicting but well-considered opinions based on real-life experiences.

    James

    Profile photo of The DIY Dog WashThe DIY Dog Wash
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    @the-diy-dog-wash
    Join Date: 2003
    Post Count: 696

    Hi Rated(M)[laughing]

    That is some great advice and I especially think you should go to the library and borrow Richest Man In Babylon it will give some great basic financial guidelines if you read it closely. Unfortunately a lot of parent didn’t receive that information growing up and hence couldn’t pass it on to us.

    When I was 20, I had a friend who’s dad seemed to be really controlling where her “own” income was concerned 10 years later (OK 13 years) she is so well off because she was putting away , buying shares and later on buying property … hindsight is perfect vision!

    So my advice to you is take the advice given above and apply it, and also ask your family and friends for money as birthday and christmas presents instead of gifts and tell them what you are going to do with that money. Use an ING acount or something similar that earns 5% or so and isn’t easily accessable by a teller machine.

    You have got plenty of time, teh real estate market is going away, in 1, 2 or 3 years time you will be WAAAAYYY ahead of the game.

    Good luck
    Cheers
    Leigh K[biggrin]

    Profile photo of JetDollarsJetDollars
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    @jetdollars
    Join Date: 2003
    Post Count: 2,435
    Originally posted by RatedR:

    Currently i dont have a part time job and no money stashed in the bank of any trust funds or savings, i keep blowing it hehe. [grrr]

    I will take all the adviced given above and apply it as soon as possible by doing a lot of reading for everythings you get your hand on.

    Quoted above, mention that you keep blowing all the money away. Maybe you can start by discipline yourself to saving. Start small and increase the amount to where you’re comfortable with.

    Kind regards

    Chan Dollars
    [Retire Young, Retire Rich] [strum]

    Profile photo of yackyack
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    @yack
    Join Date: 2003
    Post Count: 1,206

    In addition to the research on property.

    Continue your studies through university in a field you really enjoy.

    Hopefully you can generate a good income from that and that allows you to borrow more money.

    The quicker you start the better – but dont rush things. Its time in the property market that pays.

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    A bird in the hand is worth two in the bush.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of RatedRRatedR
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    @ratedr
    Join Date: 2004
    Post Count: 4

    Thanks for the advice guys. I now have the books mentioned and lots more( borrowed from my older sister), she is really into the investment scene.
    I was thinking about paths to take after finishing high school and a choice im thinking of taking is instead of going straight to uni after i finish high school, maybee i can take a year off education and work at some random help desk or something for 1 year to build up some money to play with in shares or something while im at uni in the following years.
    And than the work from that year would give me good working experience so i shouldnt find it very hard finding temporary work during the uni breaks.
    What do yous think? [buz2]

    Profile photo of OzboyOzboy
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    @ozboy
    Join Date: 2004
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    If I had my time again I would have dedicated myself to studying investment & finance. Its all about knowledge. Don’t simply limit yourself to property. Look at the current market, generally shares are getting significant returns, as the property market stagnates. All things being equal, IMHO, more money can be made out of property than shares.
    Learn finance inside-out, take a deep breath, PUT IT INTO PRACTICE & you’re set. I wouldn’t be surprised if you were retired by 25!!!

    Profile photo of sizzling_ducksizzling_duck
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    @sizzling_duck
    Join Date: 2004
    Post Count: 129

    On a work front it is usually best to work out the direction you wish to go before you select your electives for years 11 and 12.

    Many suggest studying finance at uni, but your background in study suggests science or engineering. You could possibly look at an apprenticeship possibly in the engineering field, after the initial period of study you generally end up working fairly early and you do get paid in ever increasing wages until you become a tradesman. My older brother was a trademan electrician and earned way more than this IT geek has seen, up to twice as much as I did in one year.

    Of course he blew that job and most of the money he earned from it but if you start now while still in school and take the suggestion of working to a Savings Plan first then that should help. Investing without a history of saving may prove to be difficult.

    Set your goals, fast cars use money faster, fast food feast on your wallet and booze will always end up taking big swigs from your savings. If you do things in moderation not only will you probably enjoy yourself more than going over the top but it will have the added bonus of allowing your savings to grow ready for investment.

    Hindsight for me would’ve involved not believing the manager when he said they were staying in the same spot for 7 years (lease deal length), within 12 months the company moved from Brisbane to Perth and I was left a little high and dry….finally getting on top of that 5 years later. Just remember you can never help bad luck…

    Profile photo of RatedRRatedR
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    @ratedr
    Join Date: 2004
    Post Count: 4

    Ok i just grabbed a bunch of of my sister’s books and am wondering which to start with and if there is any that yous would highly recommend me reading. Under my nose i have the following ;
    Rich Dad’s guide to investing
    Rich Dad’s Cashflow quadrant
    Rich Dad’s Retire Young Retire Rich
    Dolf De Roos’s Real Estate Riches
    John R. Burley’s Money Sicrets of the Rich.
    McKnight’s From 0 to 130 Properties in 3.5 years
    Lomas’s How to Maximise your Propery portolio
    Loma’s How to create an income for life
    Terry Ryder’s Property Smart
    Brain Sher’s What rich people know and despretely want to keep a secret

    Profile photo of OzboyOzboy
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    @ozboy
    Join Date: 2004
    Post Count: 37

    Try & find anything written by Henry Kaye. Over 1100 properties inside 5 years (as stated before the Federal Court). Regardless of what people think of him, that’s gotta say something!!!

    Profile photo of OzboyOzboy
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    @ozboy
    Join Date: 2004
    Post Count: 37

    Also, ditch the idea of Science, Engineering, Maths, blah, blah, blah.

    Profile photo of RatedRRatedR
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    @ratedr
    Join Date: 2004
    Post Count: 4
    Originally posted by Ozboy:

    Also, ditch the idea of Science, Engineering, Maths, blah, blah, blah.

    I cant just change my subjects if thats what u mean, its abit too late [mellow]

    Profile photo of kay henrykay henry
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    @kay-henry
    Join Date: 2003
    Post Count: 2,737

    RatedR,

    Many of us will advise what reflects our own experience. I’ll do the same :o)

    If you go to uni, you’ll end up with a better paid job (all the stats tell us that, so look ’em up people if ya don’t like it). Uni is also a great life and you’ll be around thousands of people your own age- you’ll love it!! :o)

    There’s plenty of time to invest, and you’ll have to save up a deposit anyway, which takes a while. Education is super important, RatedR.

    You asked what we would do if we wwere 17 again… well, I’d probably do the same things I did before, because I’m the same person. I was only ready to buy my first IP when I was 29. But je ne regrette rien!

    How come you’re RatedR? You’re only 17- that’s illegal! [rolleyesanim]

    kay henry

    Profile photo of BrisbaniteBrisbanite
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    @brisbanite
    Join Date: 2004
    Post Count: 13

    First post … yah.

    Like you, I was interested in engineering and headed off and did engineering, though once I graduated I found Australia industry didn’t provide work in the field I loved so headed OS … I found though, that I had, what turned out to be a very useful head for finance … I’m yet to suffer an investment loss, though I am prepared for that inevitable scenario. I have always been determined to keep my feet firmly on the ground.

    The thing that my degree did teach me, is the power of discipline. When most young people get their first job, they very quickly discover credit and debt…many sink before they learn to swim – with the current.

    Credit has helped more people achieve financial independance than saving alone ever has through leverage, IMHO, if the correct attitude towards its use is established….preferably as early as possible. Savings mainly establishes discipline … your income and evidenced discipline in saving establishes debt servicability potential or credit worthiness.

    Its important to maintain a balance of your objectives with what your financial situation at any time can afford…and that takes discipline. Credit is powerful, ask the banks, if used wisely

    If I was 17 again, I’d realise the compound cost to my life that those thing ‘I keep blowing it’ on actually cost…oh, and choose your company wisely… alot of losers and sharks out there, good luck.

    Profile photo of yackyack
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    @yack
    Join Date: 2003
    Post Count: 1,206

    There are some great books by Jan Somers on property investing. When I started 7-8 yrs ago she was the main person going around. Check her out on somersoft.com.au

    She was there before rich dad/poor dad etc.

    Her strategies work.

    There is also a magazine called Australian property investor. Another of my bibles.

    Good luck.

    Profile photo of SooshieSooshie
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    @sooshie
    Join Date: 2002
    Post Count: 974

    Hiya,

    Finish school. At least you’ll have that notch in your belt.

    Recently watching an episode of ACA (Melbourne) the interview was with Lindsay Fox and his prized cars. The thing I believe was the most important was when he said that ‘Family and Friends’ are what’s the most important to him and the rest were just things he collected on the way.

    Get the Millionaire Mindset and research those who’ve done it and made it.

    Cheers
    Sooshie :)

    When a problem is created the solution is created simultaneously

    Profile photo of AceyduceyAceyducey
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    @aceyducey
    Join Date: 2003
    Post Count: 651

    RatedR,

    This is a slightly different perspective on the priorities you should consider at your age.

    IMHO, the most important thing you should do right now is enjoy yourself.

    Sure, make certain you do OK at school & do the reading to get yourself a financial headstart.

    However putting your investment master plan into action can wait a few years. Right now you’re soon to be freed from the parental prison & be recognised as a responsible human being. Enjoy it!

    Travel, meet new & interesting people, kick butt on the sports field or whatever – experience as much as you can (within reason – hard drugs & crime not recommended).

    Because there’s little point dedicating yourself to ‘getting ahead in life’ or ‘being financially free’ if you haven’t learnt enough & experienced enough of life to know WHY you want these things or what you’ll do after achieving them!

    At the end of the day, working your guts out now to be financially free by the age of 25 or so is great, but KNOWING WHY you want to be financially free is more important!

    Cheers,

    Aceyducey

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