AIMING TO BE A MILLIONAIRE BY 30

It would be best if you refrased this question as it is too broad!

Shares vs Property? Big arguments comming up – Do a search on the topics and you’ll get more thatn you bargained for in answers.

How much research have you done? Any good books you’ve read? Any plans at all that you have made (appart from the obvious headline)? Give us something to work with and tell us what kind of personality you are. These would halp us all to make pointed suggestions.

Best wishes.

Cheers

C@34

Hehe, this one propably will draw a lot of input, so here is my input: I don’t know much about shares! But on the whole I believe that they are calssed as more risky than IPs as they tend to be easily liquidated. The trends (as far as I can tell) is that, when IPs are not going well, share are doing well (over simplified – but that is all I got), and vikky-versa! It depends on your education level. For me I found IPs easy to grasp and so have pursued it first with the intent of going into shares at a later date.

You should be eligible for the FHOG if you haven’t already owned or part owned a home! Unit or house shouldn’t make a difference, although if wrong some-one will point that out. Once you get the FHOG, you need to have lived in the studio for at least 6 months some time with-in the first year of purchase! Is the studio a good buy? Don’t know, what do you know of the area? Is there demand for studio style accommodation? Is the rent quoted correct? No point in buying it if the rent is too high and nobody wants to live in it! What is happening to the town (are there many new appartments going up?) – what would make your studio less/ more attractive to renters? etc,etc,etc…….

My question towards the personality wasn’t aimed at whether or not you’re keen, but more towards what style of investing do you want to do? Wrapps, flips, buy-and-hold, etc? Are you happy to be agressive in style (I know I am not)? These things will affect your investment strategies.

How much have you saved (don’t give an exact answer)? Are you employed? Do you know how much you can borrow (before you go to the banks!)? Do you know how much servicability you have?

Still keen? Good on you! It can be daunting at the beginning, but try out the search engine on this site and you’ll be amazed at how much info is already there! Keep chopping away Tiger! The only way is up.

Cheers

C@34

If you aim to be a millionaire by 30, you need to write down your goals and strategies and look at them every day – what you visualise you will achieve. Work at it. Start off small, buy property at the cheaper end of the market, buy good shares. Deposit your cash into a 5%+ on call account. I had a stragey – 12 properties in 18 months – worked at it and achieved it.

Anna

so looks like i need to read more, – boring!

Then the best thing you could probably do is get in there and start reading, or start learning *somehow*, tapes or seminars or something. Books just happen to be a really good source of information, and you would probably be hard pressed to find a successfull property investor who’s never read a book on it.

You mention that shares are risky… diving into an investment you only have a casual knowledge of how it works is even MORE risky.

Doing your research and finding what makes a good property, what makes a good deal, what strategies are available to you should really be a high priority.

I guess it depends how much you really want to achieve your goals. Your’ve set an early age to achieve these goals. Your commitment though your actions need to match the height of your goals. It’s going to be alot of hard work.

TOUCHDOWN!

Sorry, but you can always play lotto! No need to read there!

Cheers

C@34

Hey, I know you feel! I’ve been “awoken” nearly 12 months ago and I am chomping at the bit to get my first IP and then the next day more IPs. The longer I have been studdying the ‘smarter’ (I hope) my choices become. I am now in the position where to get an IP now would stretch me too much and I could risk loosing it all (incl. PPOR)[cigar], so I wait a bit, get more ideas from the ‘mature’ investors and plan for what I want to achieve – and refine the plan some more. It sux having to sit on my hands, but I want to go forward NOT backwards!
Take your time, investing has a snowball effect. Once you have one CF+ IP it will be eaasier to get the second one. Then you have two and it will be easier to get another two CF+ IPs and so on. Although I don’t think you will progress exponentially, I believe expansion is possible close to that – WITH THE RIGHT KNOWLEDGE, DUE-DILLIGENCE AND PLAN.

Being told to slow down and learn is not a slap in the face, it is as much for your guidance as it is for your protection (in a way). Stick with it, you’ll determine how fast you go!

Cheers

C@34

Hey mcubed,

I don’t think you have to really wait till the market settles down, just wait until you know how to get what you want. All above has said, do the legwork and build your knowledge which is a real pain, I know, however the key word is risk. Shares can be considered risky to some for the reason that the market can be volatile, however, entry wise, costs can be quite low with your exposure limited to what you put in. You cna usually always sell your shares if the price drops albeit with copping a loss. Property is different in that your entry cost is the deposit you put down, however you are liable for the whole amount. Property tends to be less volatile, however it takes longer to get out and losses can be higher. Comes back to this risk in that if you have knowledge and current info, you can minimise that risk. That goes for shares or property.

I have mentioned in other threads that ASX do online courses in shares / options / warrants etc which are pretty good, and scrolling through heaps of the threads in this site will give some good insight into property.

good luck and happy hunting!!

Hi again mcubed

Hope my (and others) apparent “bluntnesses” haven’t frightened you off property. We’re actually a lot more helpful than I think you might realise. By all means head into the sharemarket (and it might be the most astute thing for you to do right now). But whether it’s property or shares, you need to read VORACIOUSLY.

My earlier post was actually an offer. Please post the list of books you’ve read so far, so we can get an idea of where your knowledge is currently at (no shame in being new, okay, we ALL had to start somewhere). If we have this knowledge, we’ll be in a better position to advise you re how to best structure /sequence the next few books we think you would most benefit from reading.

Looking forward to seeing your list.

Cheers
Greg