Standing in the shower last night getting ready to go back to work for the year I looked at my girlfriend and commented, how much longer do I really need to do this for?
Some quick maths (below) put me at only 1 more year,
In twelve months time own current PPOR outright
Rent this out for $250 p/w (net approx $200)
Move in with girlfriend rent free
I figure i need $400 after tax to live on ($500 before tax)
$500 minus my rent of $200 means i need another $300 p/w
at $25 per hour thats 12 hours, 1 big day a week or two small ones
The reality is that i would not do this but it is very comforting to know that i could
People will say that you cannot live of this amount of money but i am at present after you take out my loan repayments.
The thought of not "having" to work excites me, flash cars and fancy boats would be nice but so would freedom
Interested to hear anyone else thoughts
Tim
HI Tim,
Well done and thanks for sharing. By the sounds of it, your strategy has been topping up your PPOR as your primary goal right?
No doubt you have quite a bit of equity in this place. Why not get another property to increase your cash flow?
Best of luck mate.
Hi Tim
well done to start with, my wife and I are the same age as you and by next year we will have our PPOR paid off as well.
My wife is semi retired, she lost her job 4 months ago and to be honest we are still living very comfortable, my wife is planning to only get part time work to pass the time, we also have a Bussiness that provides additional cash flow every month and I work full time in the logistics industry. After 2 months of staying
home my wife is going crazy lol.
But on a serious note, we had a good talk and My wife said why don't you work part time as well? I said I got to this position by working hard an smart an I have no intentions of stopping, slowing down means. I'm getting old lol, every year cost of living goes up so I need to ensure that we keep growing to maintain a life style.
But on a positive note like you knowing I don't need to stress about the mortgage and that has changed my life, I wake up every day happy and I am even more hungrier to succeed.
This year not only will I be working in m feild, running a Bussiness it I will also be running a logistcs course can wait!!!
Continue to focus And as my uncle once said think a out tommorow and then you dot have to worry about today
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Hi Tim,
It is great that you share your story. Living in London it is hard to imagine to survive with $500 as rent here is about $1200 pcm. In the mean time me and my partner are very happy for this type of rental prices as it has helped me to become full time property investor at 2012 at age of 24
I still have to agree that we are working on our cash flow and working with professional mentors to get my partner out of Job too. I would definitely suggest to get another property by creative financing method so you can forget about thinking about finances.
Well done and keep on going!
Hi Tim….
I like it mate!
It's absolutely fantastic developing and setting goals and then striving forwards to accomplish those goals.
Freedom…that is the very attainable 'holy grail' isn't it. It's what a lot of us are putting ourselves out there and striving for….
I find it incredibly liberating to have goals and a designed road map to achieve those goals. it makes it easy for me to wake up in the morning to go to work knowing that I'm one step closer to achieving my goals, one of which is 'financial freedom'. I shudder when I think back to a time before setting out on this journey when I was almost floating through life with no specific goal in mind. Having a defined strategy unleashes that focus and drive to achieve things most people only dream about.
Jack
Hi Jack
Happy New Year to you and Sally. Hope the kids had a good Xmas.
See you must be on night shift answering this time of night / day.
Talk to you when i get back.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi guys thanks for all the nice comments
I do actually have two properties, my PPOR and an additional unit as an investment. In my workings out i factored in selling this and using the equity to pay down the rest of my home loan on my PPOR.
I never really had much of a clear goal, just bought two properties when i was young and concentrated on paying them off. I have worked hard but still enjoyed overseas holidays and spent most of my Saturday nights at the pubs and clubs.
I have often thought about continuing to acquire more properties with the equity i have built and i think i will but i really do find some comfort knowing that in 12 months time if i wish i can own my own house, the great Australian dream, lol
The reality is that I'm sure i will continue to work in some way I'm looking forward to leaving my job and finding something I'm more passionate about.
Tim
Having the freedom to be able to work on things that you're truly passionate about, rather than just having a job for the weekly/fortnightly paycheck is very satisfying.
May I suggest you check out Scott Dinsmore's site, Live Your Legend?
All the best.
Qlds007 wrote:Hi JackHappy New Year to you and Sally. Hope the kids had a good Xmas.
See you must be on night shift answering this time of night / day.
Talk to you when i get back.
Cheers
Yours in Finance
Hey Richard,
thanks mate we had a fantastic Christmas!
I hope you and family also had a great Christmas although probably a little colder than ours…..
Nothing like a white chrissy.
Take care over there mate and looking forward to you getting back!
possumpal wrote:The thought of not "having" to work excites me, flash cars and fancy boats would be nice but so would freedom
Interested to hear anyone else thoughts
Tim
It's that Xmas new Year thing Tim. It's alright though… we all get a bit delusional this time of year. Reality will set in again once you're back to the daily grind.
When reality does set in again try sitting down and crunching some real numbers. Not the air-fairy wishy-washy stuff you just threw up. Try throwing some future planning into the mix as well and don't forget a bit of contingency planning. That always helps to jolt one back to reality.
Like a depreciating asset (yes property can loose value I'm afraid), loosing ones job, marriage and or kids (damned expensive), injury/illness/accident (happens unfortunately), new desires (boat, travel, education, family etc).
Yep. I too am prone to flights of fancy in the shower. Good thing though is once I pull my jock strap on I'm back in the world or reality.
All the best for the New Year.
Yikes……
I was running with all of this til you got to the bit about the jock strap………
I love the 'idea' of not working. But the reality is a bit different, coz you will get BORED. you still need a purpose, something to strive for and goals to work towards. And yes property does lose money, or you may have to sell in a hurry for unforeseen circumstances meaning you may lose out on money you put into the property.
It's not all a bed of nails though. I'd consider working until 35 (ur girlfriend may want midget versions of you guys, she may want to marry you), you'll still be young, but you'll have more money to weather anything that floats along, such as life, GFC MKII, baby clothes etc.
Cheers
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Mewell said. Kids will cost you a fortune and the cost of living will end up crippling you. I'd say work to atleast 40 and have more behind you for rainy days.
Before I got married I asked my wife this, Kid or Shoes, She wants Shoes,
Thank god for that….
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Before I got married I asked my wife this, Kid or Shoes, She wants Shoes,
Thank god for that….
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Jpcashflow wrote:Before I got married I asked my wife this, Kid or Shoes, She wants Shoes,Thank god for that….
Your going to regret it if she only buys jimmy choo shoes. Trust me i know!
LOL,
My wife likes UK brands, Burberry, Richard Im sure your wife would know this brand…
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Oh man,
I didn't get the shoe offer…….. gypped!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeCall me crazy but I don't think I'll ever retire – I'm the type that gets bored on holidays. I can't sit still.
I guess it helps being in a profession that I actually enjoy so it doesn't feel like work.
Having said that, financial freedom does provide you with options – which is always nice.
However, for those that aren't financially free or close to it – if the daily grind is what you're trying to escape, maybe look at changing what you actually do for a living. It can make a world of difference.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie M wrote:Call me crazy but I don't think I'll ever retire – I'm the type that gets bored on holidays. I can't sit still.I guess it helps being in a profession that I actually enjoy so it doesn't feel like work.
Having said that, financial freedom does provide you with options – which is always nice.
However, for those that aren't financially free or close to it – if the daily grind is what you're trying to escape, maybe look at changing what you actually do for a living. It can make a world of difference.
Cheers
Jamie
Hi Jamie,
You and I must suffer from the same condition lol, I don't think I will ever retire as well, I love what I do for a living and its part of my life. After reading Richard Taylor API article (100 times) it has motivated me to become finically free to have more "options" and it also has pushed me to do some thing I love for a living.
your 2nd point is spot on as well, If you cant reach a certain finical goal for what ever reason at least do some thing you like and enjoy.
Life is not about how much money you have sitting in the bank or what material objects you can buy , Its about having a strict balance between, Having enough money to do something usefully, good health, satisfaction and purpose in life, How ever being fincialy free or close enough is a great feeling, Less stress = Good health = more oppurtunties due to motivation
You will also be surprised that once you do some thing you like the amount of opportunities that present them selves are endless.
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Jpcashflow wrote:After reading Richard Taylor API article (100 times) it has motivated me to become finically free to have more "options" and it also has pushed me to do some thing I love for a living.I'm in dire need of some motivation! Is Richard Taylor's article in the latest API magazine? Any links available for this article?
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