G’Day team,
In the proccess of reading Steves new book. Awesome, however, as with all other Guru’s, alot of focus on own personal inner strengths/will and character weaknesses. Not complaning, im now doing some soul searching of my own.
I am not living the lifestyle I want to live because Im waiting until I can afford it. Europe, NY city, shopping, toys etc.. My problem is I dont have a propper plan. Im am currently waiting for a contract, to sell my current PPOR (2bd unit 2nd purchase!), to become UNCONDITIONAL (a fav. term of mine! ha!),
now with the procedes (50k hopefully) I wish to quit my job, do some travelling abroad, then return and either do Combens course and go for it full time OR build wealth the other way usng Steve Mcknights method full time.
Either way Im hoping to do it. How does my plan sound?
Any thoughts or ideas???
Thanx
loanwolfSo with the procedes you are going to spend probably a large % on a holiday (hay air fares and hotel rooms ain’t that cheap – I know!).
Nearly everyone I have ever spoken to about investing and have been succesful (usually very succesful) there has been a period of delayed gratification. I know it’s been the same for me.
Cut the holiday and you’ve got a higher chance of not running out of money for at least 3-4 houses. I know what I would do.
Rgds.
Lucifer_auI agree, delayed gratification. Not much fun but often nessacary.[xx(]
I was thinking of saving 50% and keeping the remaining 50% for travel. So with about approx 25k can I still deposit a few IPs, even if unemployed aswell?? I hope so.
cheers
loanwolfplease reply
Loanwolf,
You’ve gotta make a decision…which do you want ?? Holiday now or better start to wealth ??
I had the exact same decision to make way back when. Took the advice of two wealthy older gentlemen I respected alot and went on the holiday.
Best money / life experience I ever had…wouldn’t swap and couldn’t buy that experience again.
Up to you.
Cheers,
Dazzling
“Go hard or go home”
Lonewolf, you will only be able to get a maximum of 80% loans, and probably less than that (low doc, but you would prob. need a no doc which have a LVR of 65%), which means you will have to proivide 20% (or 35%) deposits.
You might be able to buy one house (up to 100K), and if thats all you want great, if you want more however I don’t think your plan will work. Buyy the properties while you have a job and the banks will lend you perhaps up to 95% LVR so you only need to put up a 5% deposit.
Rgds.
Lucifer_auThe more income you have and the more assets you have, the easier it is to invest. A holiday will kill off your savings, though you’ll have a great experience.
Why not combine both? Say in Europe, get a Working Holiday visa, and work while you’re there. You get to meet the locals and make a few Euros.
I did it for the UK (2 years) then came to Japan (almost 2 years now). Money AND experience.
AlexIt really gets down to whether you are comfortable blowing $25K on an awesome life experience or like everyone else is saying, buy a couple of places.
Alexlee has a great idea. Buy a couple of IP’s, find a realy good manager for them, get a family member to be a power of attorney for you and then use a couple of grand spare to go to UK and have a working holiday. You are still delaying your gratification a little by having to work before you can travel more, but at the same time, you have invested most of your money.
If you find somewhere cheap to live, there is no reason why you couldn’t do it! We managed to pay off $20K worth of debt and save $15K when we were working overseas. IT was hard biut we wouldn’t be in the position we are in now!
Steph.
Success is 1% inspiration and 99% perspiration.
G’Day team,
As I continue to read Steve Mcknights latest, the issue of building my wealth first and having assets pay my lifestyle are reinforced. Im glad there are a few options for me. Yes I still want to travel while still single but I also wish to develop property and own $+ve IPs. Just gotta work on a plan. A working holiday sounds ideal for my situation.
Thanx team, please reply
[buz2][bonjour][cigar][confused2]Hi loanwolf,
I’m glad you are enjoying the book.
My first book concentrated a lot more on the strategy, but having said that, I wanted to correct the weighting which is why I included so much ‘self-help’ in the second offering.
As for a plan, I’d suggest you work out two things:
1. How much income per annum do you want?
2. When (date) do you want to achieve it?Answering these questions will provide a context for your investing and a yardstick about which properties to buy or leave alone because if it doesn’t bring you closer to your goal then why buy it?
As for travelling – go for it as a lifestyle decision but understand it is harder to earn than to spend.
For example, if you have a $100 and spend $10 then you have given 10%. But to go back to $100 from $90 requires an 11.1% return.
Best of luck with whatver you choose [smiling]
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Thanx Steve, figuring out when I want to retire from the rat race and on how much, are my two priorities. [cap]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
