The easiest and safest way to make money ?
Yeh, that is what I would like to know too.
Anyway, who would like to tell us about their favourite plan ?
Yes, I have some suggestions to make myself as well. However I don’t want to be the only one talking so, pleeze, tell us what idea you would like to share with us.
Pisces
Originally posted by Pisces:The easiest and safest way to make money ?
Go and get a full time job…
“If You never never ask, you’ll never never know”
…or go to the local Casino – its the easiest – but not the safest…
…then theres the Tatslotto – its probably a liitle bit safer then that above but definetley not the easiest…
…you could always rob a bank…its the easiest – but not the safest…only kidding – don’t you anyone try this out there – its wrong…[biggrin]
“If You never never ask, you’ll never never know”
pisces the terms ‘easiest and safe’ are contradictions in terms of investing. o/wise known as risk vs reward. if there was a safe and easy way to make money we would all be doing it!!
we may occassionally get lucky but usually to make money its not so easy and the more you want/need the less safe the method is…
my only advise is
– be born rich
– marry rich
– be naturally great at something (sport/music etc)
– rob banks
– win tattslotto
– work as a finance broker or realestae agent
(brokers in any field earn big money for very little work – trust me cause i am one and i do very little work. its all abt controlling information)cheers
Well, what about buying a home to live in, doing it up and selling it and not paying tax because it is your own house, Aussierogue ?
If one can time one’s sale with a simultaneous purchase of our next house (in need of renovations) the only risk that I can see is that our purchaser doesn’t proceed with the purchase.
Pisces
Well, what about marrying into royalty like Mary Donaldson, the potential next Queen of Denmark.
Anyone read the supplement to the Australian on Saturday?She will have a life of great wealth & luxury.
And pressure…………
Pursefattener
pisces – i reckon transaction costs on yr method are prohibative. in victoria with stamp duty, fees etc
I agree with geo that the safest and easiest way to make money is to have a full-time permanent job. If something goes wrong with that job, then get another full-time permanent job. Then you can invest knowing that if something goes wrong, you have your income to fall back on, and the financial pain will be bearable.
I refer to the above because the word “safety” was asked, as in “The easiest and safest way to make money?” What could be safer then a full-time wage?
kay henry
Aussierogue,
Aussierogue, I cannot quite see what is the difference between buying a house for yourself and an investment property.
Kay, unfortunately there is no such thing as 100% safety.
Neither jobwise, or investmentwise or even just crossing the street.
Many years ago a friend was working in a factory and his wages must have been the lowest one could posssibly get anywhere.
I asked him why he didn’t look for a different job elsewhere. reply was : “I have been there for 13 years so I have at least job security. In a new job, who knows what can happen.”
Well you wouldn’t want to know, four months later he was out on his ear because the company put several hundred people off.
So much for job security.
As far as getting another job, many quite capable people just cannot find one because they are too old ( a mere 40 years will qualify you for that category).
Seeing that one is right now either paying rent at the moment or living in one’s own home, what is wrong with (buying and/or) doing the place up and moving around a bit every couple of years (or at least until the time comes one’s wife says “I am sick of it all so no more moving or else”
Pisces
Isn’t the easiest way to be born into wealth?
Strangely enough the concept of the full-time wage being the ‘safest’ option for making money, it’s a truth that of the 95% of working Australians fewer than 10% will retire wealthy & well over 60% will retire destitute & reliant on the pension.
Based on this I do NOT regard a full time wage as the safest way to make money
What is the safest way – I reckon it depends on the person
Some full-time wage earners do retire wealthy…so do some business owners, some share investors, some property investors (but not all – sorry to shatter any illusions people have)
Find the best course for yourself – and make it happen!
Cheers,
Aceyducey
PS: on the original question – my approach was to found a number of companies, work in a few six-figure roles & put most of my cash into good investments – then retire.
It seems to have worked for me but your own mileage may vary!
I guess I am looking at the average person who was not born into wealth.
Also, I suggested not ONLY working, but working AND investing.
Acey- that quote:
“it’s a truth that of the 95% of working Australians fewer than 10% will retire wealthy & well over 60% will retire destitute & reliant on the pension.” Dear oh Dear, Acey.. that quote is in every wanna be millionaire ad in newspapers, the quote is as old as the hills (way before self-funded retirement came in) and is really just a fearmongering tactic to get people to buy products/attand seminars. I’m surprised you’re using it without at least saying how old it is. 60% destitute and reliant on the pension? In 2004? Pullease.
kay henry
>>Also, I suggested not ONLY working, but working AND investing.<<
So if one owns a house isn’t it preferable to and the fastest way to accumulate assets and profits
by using one’s own home first and foremost as a money making machine Kay ?Pisces
Originally posted by kay henry:I guess I am looking at the average person who was not born into wealth.
So am I – why would someone born into wealth bother working? [biggrin]
I like the way you say pleese – have you more updated figures you can share with us?
Mine go all the way back to 2003. They are in the ABS website if you want to look them up.
Cheers,
Aceyducey
Pisces,
Not sure what you mean about using your home to make money. Are you saying that you might make your home an IP and then rent instead of living in your PPOR? Are you saying to make a part of your home an office and rent that out or claim it as a tax deduction?
Please explain? [blush2]
kay henry
Originally posted by kay henry:Not sure what you mean about using your home to make money. Are you saying that you might make your home an IP and then rent instead of living in your PPOR? Are you saying to make a part of your home an office and rent that out or claim it as a tax deduction?
hmmm – we do both of these.
Cheers,
Aceyducey
I was more thinking along the lines of buying a house which is in need of some renovations. Simple things like new carpet, painting, putting a new kitchen in etc.
The more a house is neglected the fewer people will be vying for it and the cheaper one can buy it.
By buying a rundown place, living in it whilst you, slowly or fast, renovate the place and thence placing it on the market to make a tax free profit.
Of course the reason you would be selling it again isn’t because you are running a business so much as that you don’t like the place after all.
If you do this as a business it would ocourse be taxable.It is an excellent way to either make some taxfree cash or to step up in life i.e. buying a better house everytime you do this.
Sorry for you misunderstanding what I meant. Clearly the fault always lies with the communicator if the audience misunderstands one.
Jack
Pisces- no problem re the communication. I think the problem with pre-reno’s is that it depends on where it is. If it’s in sydney, for example, people often buy the house for land value anyway. I guess it all depends on how much the reno will cost too- there’s always the danger of overcapitalising. And some people like to buy unrenovated because they have their own style/dream for the place.
Not trying to be negative here. Just imagining that these days, unreno’ed houses are almost as popular as renovated ones. I think that probably the only ones that aren’t so popular are ones that need structural fixing up, and that’s for obvious reasons.
Probably the other thing to think about is moving costs, or what it may be like to live in a house where you can’t use the bathroom for however long!!
As for the taxation implications, apparently there are some people who do this for a living- move each year into a house they’ve bought, make it into an IP after a year, and do it again. Could be an interesting life. As long as it doesn’t do your head in [wacko]
kay henry
>>Probably the other thing to think about is moving costs, or what it may be like to live in a house where you can’t use the bathroom for however long!!<<
Beggars cannot be choosers.
If one wants to make money fast (well, as fast as possible) then one cannot avoid having to put up with the inconvenience of living in a house which is in a constant state of upheaval because of the renovations required.
Cheers,
Pisces
Originally posted by Pisces:Beggars cannot be choosers.
If one wants to make money fast (well, as fast as possible) then one cannot avoid having to put up with the inconvenience of living in a house which is in a constant state of upheaval because of the renovations required.
Our approach always has been for one partner to live & work full time in the property & the other to be based at home with the kids during school weeks.
Then the kids come and live in the property under reno on weekends & during school holidays.
They’re pretty good at helping or at least staying out of danger & have become very creative in the stuff they make (my 4yr old daughter made me a wood duck for my last birthday)
Of course this involves having a residence separate to the property under renovation
Cheers,
Aceyducey
You could always look at having a self contained mobile home to live in on site whilst doing renos.
Thats my plan of attack.Our mobile home will be totally decked out for long term renos.This is especially handy if your properties are spread all over the state.You can be holidaying and maintaining your investments at the same time.
Russ
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