8 Year Plan - Advice Needed - PropertyInvesting.com

Viewing 7 posts - 1 through 7 (of 7 total)

Jpcashflow
Participant
@jpcashflow
Join Date: 2007
Post Count: 575
April 17, 2011 - 11:09 pm
Hi Every one i only turned 27 last night !!!
Since i was 18 i have always said. that by the age of 35 i would like to be financially comfortable and semi retired.
What does Semi retired mean to me? I will still be running my business but instead of working 60 to 70 hours a week i would like to unwind and only work 4 days a week. Lets face it whats the point of staying home if you enjoy what you do? Plus extra cash means you can always invest more to be even more comfortable?
My wife and I would like to achieve these goals by 35.
1) Pay off our current Home Loan – Currently we only owe 105k
2) Have two investment properties so be-time we actually " Retire they will generate positive cash Flow"
3) Purchase a second home in Cairns where we can spend 3 months of the year in Cairns and also rent out the property when where not there.
4) Also have some savings sitting in the bank just in case of a rainy day.
Overall: We own a business which creates regular income but with the business running well I'm looking at doing some other work. We dont have a expensive life style we want to be wealthy not to have materialistic stuff but to enjoy life and be comfortable. Apart from the Business and Home loan we don't have any other debt.
any advice would be great.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
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Your first port of call in finance :)
Highranger
Member
@highranger
Join Date: 2011
Post Count: 3
April 17, 2011 - 11:45 pm
Hey Johann22,
What about kids? you haven't got them on your list.
Cheers
HR
Jpcashflow
Participant
@jpcashflow
Join Date: 2007
Post Count: 575
April 18, 2011 - 12:12 am
HI Highranger
Me and my wife have decided not to have kids!!!
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
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Your first port of call in finance :)
Highranger
Member
@highranger
Join Date: 2011
Post Count: 3
April 18, 2011 - 1:03 am
Good on you and your wife!
I wish I had my life planned out at your age as you do.
Hope you achieve your goals.
HR
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
April 18, 2011 - 1:04 am
What kind of business is it that you are running? I wonder if you can acquire some property through the business as opposed to in your own names.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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VIC Buyers' Agents for investors, home buyers & SMSFs.
streamlineinvesting
Participant
@streamlineinvesting
Join Date: 2010
Post Count: 171
April 18, 2011 - 2:55 am
It is pretty hard to gather what exactly you need to gain this financial freedom that you want. I guess some things that you may need to answer would be:
How much is your current house worth?
How much do you save on average a month?
What are your current repayments on your business loan?
And probably a few other questions as well.
You can just make a spreadsheet with a few assumptions such as capital appreciation, net rental yield, monthly savings etc and you see if your properties can be positively geared in 8 years, it should definitely be achieveable, but it does depend on a variety of things.
Jpcashflow
Participant
@jpcashflow
Join Date: 2007
Post Count: 575
April 18, 2011 - 10:48 pm
Thank you every one for your advice.
Last night i started a spread sheet it should take me a couple of days to really get this done. It was good to see after doing some figures that in 8 years time we can reach these goals pretty comfortable.
But the good thing is that in life things always change so as long as we change with what is changing then we should be allright
good luck to all
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone Me
Your first port of call in finance :)