Hi all,
If you had to devise a 5 Year Plan of what you hope to achieve through your investments, what would it look like???? [blink]
Where do you hope to be in 5 years from now??
Do you feel that you can successfully master your dreams, or will your plans have to be extended out that tad further???
Seeing as the market is a little quieter at the moment, it’s a great opportunity to sit back and ponder a bit wouldn’t you agree???!!!
Cheers,
Jo
Hi Jo,
My plan is a little longer than 5 years, i am 47 now and i have set myself a goal to be able to say goodbye to my boss at 55, which gives me just under 8 years.In that time i hope to obtain at least 5 or 6 ip’s or more if possible and work at having them pos cash flow to replace my present income.
FostonLife is a series of new beginnings
Cool foston!!!
Don’t forget to sharpen up your pencil in readiness for that big day when you put it down on paper, and just in case, being in pencil you can always rub it out!!!!!
Just kidding!!!
Seriously, having a goal like that to work towards would make going to work everyday that little bit easier (well it would for me anyway).
Keep up the good work, and btw congrats again on the acquisition of your new IP.Cheers,
Jo
Quote:Originally posted by Monopoly:Cool foston!!!
Don’t forget to sharpen up your pencil in readiness for that big day when you put it down on paper, and just in case, being in pencil you can always rub it out!!!!!
I think i will need a couple of pencils and a large eraser and lots of paper for the changes i will have to make [laughing](not very optomistic am i )Seriously, having a goal like that to work towards would make going to work everyday that little bit easier (well it would for me anyway).
You are so right there, it is my driving force which keeps me going to work each day.
Keep up the good work, and btw congrats again on the acquisition of your new IP.
Thanks
FostonLife is a series of new beginnings
Hi Jo
I like this question as it gives everyone an opportunity to focus on goals.Real estate in WA is not flat, still moving ahead. Plenty of opportunities at present.
We are also looking at purchasing another IP. In process of doing the ground work.
Also trying to expand our business which is very exciting. Our business is closely linked with the resource sector. This will hopefully open more windows of opportunity.
Cheers[exhappy]
On 06th of May 2004 I set a new goal for myself to generate passive income to offset my -ve gearing property. From the set date to end of August this year I will spend time learning and seeking new strategy. I hope by then I be able to use my new acquire skill or strategy and implement it.
My retirement goal is 2020, but I would like to do it much sooner ie. 2015 or 2010 or even 2007.
Kind regards
Jet Dollars
[Retire Young, Retire Rich] [strum]In 2009, the plan is to have follows;
Number of properties: ~8
Net equity: ~$1,100,000 (forecast at average of 2-4% capital growth for the next 5 yrs)Within the next 2 years, assist (financially) my parents build their holiday home on the island my father was born in Greece.
Keep educating my sister, to purchase another few IP’s (she is happy with one currently), or at least another investment vehicle ie shares
The other goals start to morph into personal/marriage/family ie non-economic goals, which would be made easier through the achievement of the above.
Would be interested to know if anyone in 1999 had a 5-year plan? Did they achieve, fall-short, exceed? What obstacles & challenges they were confronted with?
James
Good point!,
my five year goal has almost lost it’s shelf life! I started it from day one (when I was born).
Day #1 ‘Still tired from the move.
Day #2 ‘Everyone talks to me like I’m an idiot?’
Day #3 ‘If this keeps up by the time I’m 6 I’ll be 90!!
Monopoly it still wouldn’t work for me. My birth certificate has an ‘expiration’ date on it anyway!
Cheers,
Gatsby.Good topic for me, as this is my major flaw in my investing plan. Thats just the problem i havent a plan [hmm] My plan changes weekly because im relatively new to the property investing game, im learning more and more everyday so therefore im finding other investing vehicles that appeal to me. Therefore im finding it very hard to set goals as im going from the buy and hold to wrapping to lease options to flips all in one nights dreaming . The best thing that has happened to me is that i started, that was the biggest hurdle to get over , now its finding the right vehicle to take me to where i want to be . But that causes another problem im not sure where i should be aiming for that will be gettable. I cant seem to put a dollar figure on my goal just yet but the big white elephant is getting smaller and im getting hungrier as i learn more and more about this industry.
Risky
If you want the rainbow youve got to put up with the rain!
Hi guys,
Just thinking about my 5 year plan while reading this thread, it would look something like this:
1. Build my business up to the stage where it can support me and I can work on it fulltime.
2. Channel business profits and other savings into IP’s, currently have 0, I want 10 in the next 5 years.
3. Finish my two degrees.
4. Rent or move into my own home.Myplan is in 7 years when my son starts High school for me to be semi retired my Ip’s to pay for his private school fees and my semiretirement
also 3 years after that the daughet starting high school
looking for 2 quality ips in the next yearhi guys,
I focus not so much on money but simply how many properties i can purchase! As long as all the properties generate enough cash flow you can basically just keep buying. I mean really after say 10 years you know youre gonna be well ahead anyway.
So, my philosophy is to buy buy buy in areas where i think that even if CG isnt awesome at least the tenants will service the loans for me in the meantime.
A good time to buy another house is when you can ??? I try not to over complicate things.
Hope this helps
Hi Monopoly,
do have written plans and goals…
but rather than plan… i just go out and do it.Cheers,
sisHi Guys,
Unfortunately I don’t have a plan and i know I should. I want to buy on ip each year for the next 10yrs. But at the moment I am trying to absorb as much information as I can to better equip myself for the future. But yes I am glad for this post as I now will start on a more detailed plan
Ian
Had a plan to buy another IP before I was 40, but I just did that last week- YAY!!! So now, I make another plan (idea) to buy an IP before I am 40 again
I’m 37 now, so I have another 3 years. I had thought about buying a property each year, and may still be able to – serviceability might be a bugger though- dunno. By the age of 42, I’d like another 2 IP’s My plans are vague. I see plans as a good time to reality check
Dreams are not for reality. Plans are what one can achieve.kay henry
Hello !
My plan in the next 5 years is to:
1.Reduce my non deductible debt
2.Buy 1 IP per year
3.Acquire skills, knowledge and equity from my IP’s to start my own business by the end of the 5th year.
4. Finish my professional qualifications in Finance
5. Build a decent portfolio of shares
6. Buy my own homeHowever I would like to buy as many IP’s as I can.
I think that one can achieve your dreams if your willing to sacrifice and pay the cost to reach it. Circumstances would no doubt try and hinder you from achieving your dreams.
But if you make small steps (sub goals) to get there it is better than not going anywhere.
It all depends if your willing and not going to make excuses for your situation but also if you think that the end result is worth it.
[smiling]Have been working on this lately, but as someone mentioned I am still in a very steep part of the learning curve and this is subject to change.
I think goals should be specific where possible however, and should be looked at several times a week.
1) $500pw passive income in 5 years (any asset class)
2) Have a great network of mentors/friends
3) Have a strong and well protected asset base
4) Have developed my ‘financial iq’ and investment experience substantially. Know something about all the investment vehicles, different strategies, market trends etc.
5) Have developed my sales leadership and other skills in preparation for starting a successful business
As you can see I mostly focused on learning but through action as much as possible.
regards,
Ben [buz2]
shocked2] Wow, you guys (and girls) have put alot of thought into your futures, and that is great to see!!!
Remember, although I asked about your 5 year plan, it is was not meant to be taken literally as FIVE years only, and as many have said, most of their plans extend beyond this time frame, as it more than likely may need to (depending on what goals you have).
To each and everyone of you…..Good luck with your ventures, and I hope you enjoy the journey along the way to where you are going!!! [sunny]
Cheers,
Jo
P.S. Don’t forget to pack a cut lunch, oh….and remember to wave to me as you pass by!!!![tongue][upsidedown]
Hi banderos,
It is good that you have included point 2 as part of your goals.
Unless you keep up the network of positive minded focused friends & mentors, goals can too easily turn into distant day dreams….[sleepy2]
Regards,
Del [thumbsup2]
Thanks Winandel,
I have only recently learned just how important this part is! As kiyosaki says success in the real world is based on co-operation not doing it solo.
Thanks for the encouragement Monopoly [biggrin]
Ben
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