Hi,
I read books and attended several seminars about being financially free and it is a goal now for me. But none of them were practical about findiing finance, especially the cash needed. I understand that borrowing 100% is very risky and the property becomes most of the time negative gearing but I only have $4000 in a bank account, no other assets and I don’t like the idea of being dependant of a financial partner. I don’t think I will go far with this.
Has anyone got something practical?
Greetings to all and good luck with your investments.Hi erwanjg
I think you probably know the answer to your question. If you don’t want to do a JV, the only other options are finding a “no money down” deal or keep on learning while you save up enough of a deposit to buy a property on 80% LVR. Or consider some creative strategy to bring in profits such as lease options or sanwitch leases.
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phone 0412 437 582Hi Erwanjg,
Part of successfull investing is well developed financial discipline. You will really need to take control of your finances and eliminate any bad debt you have and increase your deposit. Nothing new there!
Reading Books and seminars work for some but nothing beats the experience of getting out there and doing deals in the real world!
Good Luck
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Hi Erwanjg
One strategy for saving faster is to have it taken from your pay before you receive the rest. It may take a few paydays to get comfortable again but you will soon learn to make do on less. This works best if your payroll office can divide your pay between multiple accounts – not all pay offices are willing to do this.
Hi Erwanjg
It can be very frustrating, can’t it? You learn about all these ways to make money through investments, yet you can only save so much.
As hard as it may sound, I would recommend, at this point in time, that you ideally need to save more, particularly if you’re wanting to invest in property. There are more effective ways and tips about how to save (in fact, our site currently has a terrific article on just this!) which is important for you to get a toehold into the market in the first place.
You could also consider putting your savings into a managed fund with a good track record so that it has the capacity to grow, or even consider a short term bank deposit. I’m a big fan of funds where the manager is only paid on performance (a la Steve Navra style see http://www.navrainvest.com.au for an example) as it means they aren’t paid basically unless they perform better than the stockmarket average or similar.
Keep plugging away at saving more, and remember that good things come to those who wait!Cheers,
Pro-ActiveOriginally posted by mum:Hi Erwanjg
One strategy for saving faster is to have it taken from your pay before you receive the rest. It may take a few paydays to get comfortable again but you will soon learn to make do on less. This works best if your payroll office can divide your pay between multiple accounts – not all pay offices are willing to do this.
If your payroll office is’nt willing to do this, just do it yourself. I put about 3/4 of my pay in a savings account immediately after I get paid on thursdays.
This way my savings builds every week without fail and it forces me to live poor. Living poor isn’t fun but atleast I know I wont be tempted to spend my money on crap I dont need.It works for me anyhow. Cheers!
Daniel
Hi Erwanjg
I can pass on 2 things I learnt from others (and they both work).
1. You pay yourself first each payday
2. Save often (the amount doesn’t matter and will vary, but it all adds up!)
[biggrin]
Good luck with your future investingJenny1
Have you investigated the FHOG and benefits there?
Possibly speak to someone about it and you’ll at least know where you stand..TMA has some great links at his site..
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