The four hour work week is a great book however you need to start with something a little more basic. Firstly you have to work out what you want out of life. That is why it is so important to work out your life plan first. Once you have done this you can look at the strategies to help put your plans into placemattsta wrote:NHG wrote:Hey,
Have you read the book "The 4-Hour Workweek" by Timothy Ferriss?
Gives some interesting insight on what you can do once you have achieved sufficient cashflow.
The concept of mini-retirements as opposed to what I thought before of getting to the end and THEN concentrating all my effort on what I really want to work on.
I agree with this. I've read the book and am actually living what was espoused. I currently live in another country, and hav ebeen doing so for a few months. Will head back to Australia next in a couple more weeks The book is great read but not for the novice setting out to set goals. Great read copy of book sitting on my desk.
Here are some actualy tips for planning I'd suggest as well:
1) Do planning for both personal goals AND professional goals This is true I break them down more and have health included in their. For my wife and I work swhen we plan our work out and healthy eating.
2) Plan to create an emergency fund, if you dont already have one – which is equivalent to a lump sum of 3-6 months of your monthly living expenses. If your business plans fails, your job ends, or an emergency arrives, you can have more confidence that you'll be ok. I like to tell most to have 12 months worth of emergency funds. There is alot less stress should one lose a job.
3) Plan for creating PASSIVE income streams. This will enable you to be financially free and able to travel the world or whatever you want to do.That is so true passive income = freedom. My wife and I are working on acquiring X amount of houses. Free and clear to do the travel thing.
AlexNigel Kibel wrote:My experience is that people who do not plan there lives will often drift and fail
This is more of a simple approach with a road map of where we want to go. We can set a paths to get there. With out it we just wonder around aimlessly. That is a basic principle of goal setting .
To build a road map for where you are ,and where you want to be.
Just my two cents
I work with clients everyday and I help people invest in both the United States and also in development projects in Australia. However the most important work I do is coaching and training. The reason is that most people just drift in life. While I think books like the 4 hour work week are brilliant I also know that often in the beginning people need a more simple approach. They need to start somewhere. The first thing they need to do is work out what they want to achieve. The way to do that is to sit down and write down those things that are important to you. Once you start to do this the plan will slowly take shape. Once the plane takes shape the ideas will start flowing and it will help move you in a direction to do more complex things.Nigel Kibel wrote:I work with clients everyday and I help people invest in both the United States and also in development projects in Australia. However the most important work I do is coaching and training. The reason is that most people just drift in life. While I think books like the 4 hour work week are brilliant I also know that often in the beginning people need a more simple approach. They need to start somewhere. The first thing they need to do is work out what they want to achieve. The way to do that is to sit down and write down those things that are important to you. Once you start to do this the plan will slowly take shape. Once the plane takes shape the ideas will start flowing and it will help move you in a direction to do more complex things.
Nigel coming here and reading your post shows you are more then just a real estate guy.Your advice to Fellow Aussies is great but you advice is also sound for Americans or any one really. My wife is currently training for a triathlon. So goal setting and keeping a schedule is very important to us . I just recently had a awesome couple from Adelaide in to my office in Charlotte NC. I took out one of my notebooks and showed them my goals for 2012. Along with my own goals I wrote down some for my staff hoping they would also take part in this activity. So every one should look at some of the most successful people which does not just mean making money. Success should and is measured in other ways. Has alot to do with goal setting .
I could not agree more. If every person sat down and started to goal set by detailing a life plan there lives would change.
My wife and I have been involved in a life plan for 17 years. When I look back to what we first wrote it is quite different to what we have today. What it does is keep you focused and helps you keep on track.bear09Participant@bear09Join Date: 2007Post Count: 5
OK – I have found this all to be pretty amazing. I am surprised at the amount of people who have commented and even more surprised at the number of people who started by saying “Bear09 I am just like you or Bear09 I know how you feel” – its really got me thinking.
I have to admit, my first post on this page was a breaking point for me. I am so sick to death of sitting in this office looking around at all of the other monkeys doing the same dam thing each day, using the same dam slogans each day – seriously I just know that I could do so much more.
I have had a chance to read the posts here and do some thinking. The first thing I need to change is my attitude. I have been inadvertently pessimistic in regards to a lot of things in life. I have been seeking out the negatives and the ‘what if’s’ for way too long. I have been looking to and reading about other successful people and seriously thinking “why not me?!”… Then I was honest with myself. Its not an easy thing to do – that is look in the mirror and tell yourself that your life is the way it is because you made it that way. Sure there is good luck and bad luck but ultimately if you are a sane and healthy person then you are in the drivers seat of your life. Its your choices that direct where you go or don’t go. A quote if I may which I have always liked by Wayne Gretzkey “You miss 100% of the shots you don’t take”… How true is that?
So I’d like to say thanks to the people on this post. This has been a real awakening for me. I am going to stop bitching and start living – one way or another. For god’s sake I have too much to be happy about to be wining about why things arnt going my way – how pathetic is that? 3 happy healthy kids, a lovely wife georgess (spelling) as hell, a great income (220k is not earth shattering but its nothing to sneeze at either), friends, family and OPPORTUNITY.
This is just the slap in the face I needed. I’ll be back on this post and that’s for sure….
Hi Brear 09
I often say to people that it is important to see and appreciate what you have. I have been through a tough 12 months However I also have a wonderful wife who has been my partner for more than 21 years and two great children. At the end of the day this is really what is important.The other things are just in place to support what is important to you.
I find that the reasons that people what change in there lives is rarely about money. It is normally about happiness and enjoyment of life.
Many people just get caught up with life and in many cases a lack of self esteem.
Make a start today do not wait until tomorrowJD86Member@jd86Join Date: 2009Post Count: 52
great thread. i have not written a plan, but a few years ago, i made a focus 'board'. it has pictures of nice mansions, exotics, cars, beautiful holiday destinations, my family, my bsmall business logo… all the things id like my life to include.
I printed a couple copies in A1 and put one in my study and one in my bedroom.
When I wake up or am working in my study I see the focus boards and am reminded of all the things in life I want to achieve and I find it helps get me on trackbear09Participant@bear09Join Date: 2007Post Count: 5zimby wrote:Hey Guys
I’m In the IT game as well, debating weather to go contractor or not.
Money seems really good, through the company my chargeout rate is around $160-180 p/h
If I left 3 customers have already said they would follow me.
Bear/Pat what you guys think, i’m 28yo and about to settle on first property.
Becoming a contractor was the BEST thing I ever did.
It will do so many great things for your personal finances.
Here is a list of what it can do for you:
>>You get paid a much higher rate for taking on the risk of contracting.
>>You can filter all of your money into a company or a trust or BOTH. This allows you to offset income to lower thresholds (your wife most likely – for me my wife is a SAHM so its perfect). If you have kids you can utilise trusts to divvy off income there as well. This provides massive savings in TAX and a lot of flexibility.
>>You have to pay income tax quarterly. This allows you to keep those funds in a mortgage redraw/offset account which will rapidly drive down your interest bills. Saving money on interest is not viewed as profit therefore it is not taxed = massive savings here too.
>>When running a company you make deductions on many many many more things then you can as a PAYG. If you run the company from home you can write off power/gas/maintenance – cars, computers, stationary… The list goes on and on. This combined with income splitting and being able to withhold tax payments for 3 months at a time provides MASSIVE long term benefits and savings.
I WILL NEVER GO BACK TO PAYG. Paid holidays, Sick leave pfft whatever. Ill be on paid holidays for the rest of my life much sooner by sucking it up now.
There are negatives (of course):
>>Risk of job loss. In my contract I can be dismissed with one days notice. No questions – no nothing. If they say get out – Im out. I have no legal protection – no redundancy payout.
>>Setup & maintenance. Setting up a company, getting an accountant to help you run it, getting all of the insurance is expensive, time consuming and down right painful. Once again though – its worth it.
>>Paperwork. There is a lot of paperwork with running a company and it aint real fun.
Honestly though I have been in the contracting game for 2+ years now. I have been able to triple my income (firstly) and then effectively quadruple it with tax savings and income distribution.
Ill steal another quote here because I love them… This one is from the guy who started Kogan… “If you think you can or think you cant you’re thinking too much – JUST DO IT”.
So, JUST DO IT. You’ll never look back.
Cheers.NHGMember@nhgJoin Date: 2010Post Count: 198
Great post regarding CONTRACTING. My supervisor does it and is hitting the 300k for a role which normally pays 180k. I'm not quite there yet to contract myself out (not sure I want to be tho, very 'life' consuming) :p
I would say a lot of us are in similar situations. I travel a lot so listening to audio tapes by people like Anthony Robbins, reading skill based and motivational books in my spare time, and mingling with like minded-friends helps keep me focused. Also using white boards around the house ($12 from target or crazy bargain stores) helps me write down ideas, concepts, plans etc.
Very little is financially based however, a lot is personal and community development based. Took me a while to realise family and friends are the most important to maintaining a fulfilling life. I am still just at the commencement of a long journey.
These are very exciting times.Nigel Kibel wrote:Hi Alex I could not agree more. If every person sat down and started to goal set by detailing a life plan there lives would change. My wife and I have been involved in a life plan for 17 years. When I look back to what we first wrote it is quite different to what we have today. What it does is keep you focused and helps you keep on track.
There will always be a difference of opinion on Real estate on the USA markets ( nothing personal). The goal setting is important step for very one regardless of location. That is awesome about you and you wife. My wife and I ,we work hard on sticking to a schedule mon – fri taking the weekend off. To relax and recharge. If possible some time I would like to speak via skype.
skype Alex Franks 2002 Location Charlotte NC USA
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