I just visited a friend of mine who works for a large mortgage company, he said the biggest part of their business that is growing is the loan forclosure section … is this a concern to future property investors??
D
To be rich and happy means so many different things to so many people, personal debt and credit cards are out of control – if people could get rid of that debt alone how mush happier would they be i wonder.wealth4life – have you read Affluenza (the Clive Hamilton version)? It’s a bit of an eyeopener. His thesis appears to be that the wealthier we (collectively) are, the sicker, sadder, more socially isolated, stressed, wasteful, insecure, indebted, environmentally destructive, intolerant of the truly needy and deluded about our own financial & community standing we become. It’s a bit full of facts and figures and occasionally repetitive, but a recommended read nonetheless.
Cheers, F.[cowboy2]Do you believe that he is right because if he is only 5% of people on this site are actual investors and my caculations make that 2100 people leaving 39900 people who are lookersInterested thread – not sure what the numbers would translate to but the idea that alot of people do not participe in property investing must be true.
I suppose with forums and general investing education you may end up with alot of technical experts.
I Buy Property http://www.cashflowproperties.co.nz
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
Originally posted by DLPP:Do you believe that he is right because if he is only 5% of people on this site are actual investors and my caculations make that 2100 people leaving 39900 people who are lookersInterested thread – not sure what the numbers would translate to but the idea that alot of people do not participe in property investing must be true.
I suppose with forums and general investing education you may end up with alot of technical experts.
I Buy Property http://www.cashflowproperties.co.nz
Logic tells us that this is wrong. I put it to you that the type of people who are members of this site are more likely to own property than the national average.
Just as, for example, the national ownership of Ford Mustangs would be a very small %. That % would be much higher if you surveyed the members of a Mustang Owners Forum.
Shame we cannot run a poll here to show that more than 5% of this forums membership invest in real estate. But I imagine the numbers would be significantly higher.
Simon Macks
Residential and Commercial Finance Broker
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Just as, for example, the national ownership of Ford Mustangs would be a very small %. That % would be much higher if you surveyed the members of a Mustang Owners Forum.Shame we cannot run a poll here to show that more than 5% of this forums membership invest in real estate. But I imagine the numbers would be significantly higher.
Agree – that makes sense but in response to the original post about “making it” there will be a lot who “participate” and then stop and the first point of strong resistance or challenge.
I Buy Property http://www.cashflowproperties.co.nz
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
Great thread! Thought provoking [exhappy]
Originally posted by jessmont:Hi All
Very interesting topic….. i guess I am more in line with Wealth4life.
Success is measured in many varied ways and for some:1.It is the gathering of as many assets before retiring as they can.
2. To others it is not the assets but what they can provide for you to do that you thought was beyond your dreams.
3. To others it is about being able to say YES i will go to dinner, Yes i would love to go to that show etc..without counting pennies.
4. To some in retirement ..it is not being a burden on your families or society … just being able to provide the basics for yourself.
5. To others money / assets are nothing – it is health, loving relationships etc which light their world.
Wealth4life is very accurate it is “your own idea of success” that is important and everyone no matter where they are at if they feel they have been a success then that is all that matters.
For me I am rich in success in many areas of my life and now I am about to tackle the hardest path but so long as I reach MY targets then I will judge myself successful.
PS had not posted on the forum at all until today… now I am off and
running…. bit nervousjessmont [exhappy]
I particularly like this one. Part of my personal definition of success made of 3, 4 &5.
Here is a link to a discussion from another forum I’d like to share with people here: http://www.dance-forums.com/showthread.php?p=79600
Shame we cannot run a poll here to show that more than 5% of this forums membership invest in real estate. But I imagine the numbers would be significantly higher.
Posted by
Simon MacksSimon i believe it would be very easy for you to run a poll and would be extreemly interesting for the rest of us.
Of the 42,000 members how many are active or even visit the site
The 5% theory (2,100 members) which is not mine but a global belief would be interesting to run.
I read the posts closely and to me the greatest number of questions is generated from people starting out or JUST wanting to know how to get started (tire kickers) eg; living at home or young people wanting to get off first base.
Of the 2,100 (5%) members i really cannot count more than 50 people, if that, that i can determine own more than one investment let alone multipul properties.
I would say that the Master Class would be in the 5% but how many of them are achieving real success.
Now don’t get me wrong because we control a lot of property and my post is purley driven by interest.
D
I have just 2 houses, and neither of them generate any income whatsoever. Net of major bills and investing costs I have just $350 per fortnight left of my wage to spend on food, petrol, clothes, toys holidays and gifts etc.
Am I successful?
I have no good debt. Is this a sign that I’ll never ‘make it’?
I drive a modest car, dress nicely but plainly, talk softly and have more questions than answers. Am I a loser?
I spend my leisure time on the beach (this is my favorite time of the year for dawn/dusk walks), take just a handful of daytrips to snowboard during winter each year, care for my garden, woodwork and spend most nights reading, playing guitar, writing songs and essays…
Am I? Will I? What if?
Who gives a damn? I couldn’t be happier and I don’t care whether the world knows it or not. When it comes to finances, my greatest pleasure is not how much my net worth is or what my cashflow situation looks like, but the knowledge that should my 9to5 become too much for whatever reason, I could comfortably walk away, take 2 or 3 years off to travel or volounteer for MSF… and still have the security of a house to return to and the luxury of a modest holiday house at the beach if I ever need to get away.
I guess I’m a 95%er. Good for me.
Love, F.[cowboy2]
No Foundation you are not a loser, you are honest and at least know where you are which is far advanced than most people.
I attended a seminar a little while ago where the presenter said that all we have to do is own our own home and one investment property outright to be in the 5% wealthiest people.
I thought <edited> how scary is that are Australians that broke and if that is all i have to do then its a target i believe that is easy to achieve, we are more furtunate than that.
The truth is you dont need or have to own lots of properties to be successful and its not a race. We are all different and very few people actually have the mental capacity to own a large portfolio.
D
Hi,
I attended a seminar a little while ago where the presenter said that all we have to do is own our own home and one investment property outright to be in the 5% wealthiest people.Curious – how did the presenter suggest that this was achieved by the investor. Was it simply to pay PI payments on both over 30 years or do something a little different.
There’s got to be a trick to this because I am thinking of a family member right now who has half a dozen fully owned properties excluding PPOR and I am sure they are not in the top 5% of wealthiest. Or is that a varriation on that stat about most people never get more than 3.
I reckon shoot for the stars. Last thing you want is having to much money for a pension but having to rely on the gov;t for health care.
The last thing I want is to be 60 and be waiting in a queue for 18 months for a new hip. I want to be totally self sufficient and hopefully be able to help others (in a way that we think appropriate) . I just don’t think aiming for two will get you to independence. We could kid ourselves and think that a mil or two right now is enough. I don’t reckon it is unless you are already 60 plus. For people in their 30’s who knows what health care there will be available. We will have to plan for busts,booms,crashes and bulls markets. That’s just the money part. we have all the ups and downs of life to add in there as well and our social responsibilities directly through helping family and friends and indirectly through taxes. Shoot for the stars.
I Buy Property http://www.cashflowproperties.co.nz
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
Last thing you want is having to much money for a pension but having to rely on the govt for health care.Exactly right. I am sure that the vast majority of people at retirement age right now find themselves in this predicament. A titch wealthier than people struggling on the pension only, but unable to break away entirely from the DSS, hence having to continually report their entire financial standing to some cumbersome dept, with the threat of having to reduce or lose the measly bit they get if they go over some pre-determined (usually very low) thresh-hold.
I sat down with my parents over this issue. It’s staggering what they are prepared to sacrifice to qualify for a part pension such that that medical card for cheap pills / DR’s bills etc is available.
As an exercise we sat down and worked out what that card was worth, about 9 to 11K p.a. That’s it….
The self limiting beliefs create dby that card, combined with an entrenched 60 yr ‘normal thought’ that they deserve the pension…..has hindered them enormously.
But, they sit around the caravan club, the golf club, and over the fence with the neighbours and collectively come to some “best course”, because everyone else is doing it.
I’m staggered at how most people don’t allow themselves to be outstanding, for fear of upsetting the majority or appearing abnormal. I normally don’t give a toss what people think of me or my strategies, and that has made all the difference.
Sorry – just kicked the soapbox away….
Dazzling, that is a very interesting excercise you completed with your parents and an eye opener for me.
Certainly food for thought. Sometimes you need to questions the status quo and really look into the value of life propositions we take for granted as true.
I know I read your post a couple of times – I hope others do too.
it is also a terrible destruction of wealth within our economy. I recently had the pleasure of doing a cruise up in Alaska… I could not tell you the number of australian pensioners on there ‘blowing some cash’ so that they can qualify for a pension; quite an eye opener. ‘Live for the day, collect a pension tomorow’ seemed to be the attitude (and I am not judging that by any means)
Dazzling
My parents are the same. They refuse to invest for fear of losing their pension benefits. Free Coffee at Maccas is obviously worth more to them, than a trip to Queenslnd, or a frikin new coffee machine.
Whatever… you can’t change years of thinking in a few monthsBest way to prove investing is smart if through your results.
LukeLIVE ABUNDANTLY
John 10:10Hi all i’m back from rainy QLD, thaks for the interesting replies.
As well as looking at the results of our retired parents who are living in fear of losing their pension card benefits etc it’s interesting to see just how few actually make it.
I mean ask yourself just how many people you know who are well off compared to the people you know who arn’t.
D
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