How are your finances?

[Kyle Aaron]

In principle, Hulk, you're right. If you earn $100/hr instead of $10/hr you can work one-tenth as much, or at worst one-half.

In practice, to get to a position where you can earn $100/hr requires many many years of unpaid overtime at work, unpaid networking at work parties, and so on. And once you get there, you find it's a 60-90hr a week job.

Passive income, if I am correct in assuming you mean interest, share dividends and so on, it's true that this can involve very little investment of time. However, the recent global financial fashlah has shown that some people did indeed need to invest more time in these things, to look more closely at them. Always some people get lucky, but more people are unlucky. The consistently successful ones are those who treat their investments as a full-time job, researching things thoroughly, buying and selling when appropriate, and so on.

Even in something as simple as renting out a spare house, unit or apartment, this takes time and effort, so much so that many homes remain empty because the landlord doesn't think it's worth the trouble.

Apart from a few who just get lucky, there's really no such thing as a free lunch. Earning money takes time and effort; earning a lot of money takes a lot of time and effort. There's nothing wrong with doing that, so long as you're aware that it'll take time and effort away from other things in your life.

Again, that does not mean that every wealthy person is miserable outside financial stuff, nor does it mean every poor or working class person is delighted with their non-financial life. But just as strength and size go together, so too do income and the time taken to earn that income.

I don't think people need a chart and numbers to know where their lives are lacking or doing well. If your work life is crap you know it, if your hobby life is great you know it, and so on. The problem there is not knowing you have some problems, it's figuring out how to solve them, how to balance things.

 

[The Hulk]

Fair enough.

The way you are talking about earning more money = working more hours is simply from an employees point of view.

Have you read Rich Dad Poor Dad by Robert Kiyosaki?
As a past self employee/(business owner) maybe you have.
It outlines the differences between Employees, Self Employed, Business owners and Investors.
Employees always get the worst deal out of them all.

The real key to making more money, but working less hours is through leverage.
Same applies to getting anything done faster, leverage is the key as one man can only do so much.

And, becoming financially educated may take some work, but it can be pleasureable too, and it's better than doing nothing at all as the mojority of the population does.

Just like the saying goes, If all the money in the world was taken from everybody, rich and poor, then evenly distributed equally too all, it would not be long before the money finds it's way back to where it originated from.

 

[NPR]

Making money from the billable hours of others along with creating passive income and a capital growth asset (Eg share or property portfolio) are most proven ways of becoming financially wealthy.

 

[PTC]

Find something you love, then work out how to make money from it.

Not a hope in hell I want to work in finance or be a doctor as an example.

I bought my first gym in 1988, long story, it shut down the day I was to take over. Owning a gym and running it the way I want, not the member, is a dream. Its not a job, not by any stretch. I walk 3 metres out of my living room to hang with people that want to bust their ass in the gym. I dont work, I play, and can clothe and feed my family. Nina hasnt worked outside the family home for 18 years, one income since 1991. How do a put a value on the kids having mum at home 24/7 their whole lives.

The downside is dad is there too lol

Your health is easily your greatest asset, without it, you cant look after the ones you love.

Rich dad poor dad should be compulsory reading at high school, best book ever. I didnt get to read it till I was 42.

 

[Fadi]

Find something you love, then work out how to make money from it.

Not a hope in hell I want to work in finance or be a doctor as an example.

I bought my first gym in 1988, long story, it shut down the day I was to take over. Owning a gym and running it the way I want, not the member, is a dream. Its not a job, not by any stretch. I walk 3 metres out of my living room to hang with people that want to bust their ass in the gym. I dont work, I play, and can clothe and feed my family. Nina hasnt worked outside the family home for 18 years, one income since 1991. How do a put a value on the kids having mum at home 24/7 their whole lives.

The downside is dad is there too lol

Your health is easily your greatest asset, without it, you cant look after the ones you love.

Rich dad poor dad should be compulsory reading at high school, best book ever. I didnt get to read it till I was 42.

You sound and I'm sure you are one hell of a dad and a husband Markos. All power to you mate.


Fadi.

 

[Josh_GTiR]

I agree, it is refreshing to see people still thinking and living like this these days.

I grew up very similar to what Markos has explained. I am the eldest of 5, Mum was always home with us while Dad ran his business AND a church (he is a minister) so he was always close by and never away for extended periods of time. We just got by, but we had everything we needed. My parents also gave all of us our biggest assets, to learn to love each other and other people and to treat others as you would want to be treated.

They also taught us to strive for whatever we want and that nothing is impossible, they worked hard to give us all a great education but I am VERY thankful for it all.

To be honest I would love to have a large family myself and for them to have their Mum at home with them too. The reality is that it is not really possible. Well, not at the moment anyway. Once I finish my studies, maybe. I must add that my partner also wants a career and really loves what she does as well.

 

[PTC]

Not sure how happy the kids are, I'm a VERY annoying person in real life, never take anything or anyone serious, drives my kids nuts. Just ask Kyle lol

 

[Fadi]

I can see the topic has shifted a bit therefore I'll give you my answer based on that.

The ultimate success in life is to know its purpose and why you have been created and where to from here. I know, this is not a shallow subject but spirituality is an aspect that has been somewhat neglected by some, no thanks to so many religious hypocrisy.

For whatever it was worth; the above was my opinion.


Fadi.

 

[Josh_GTiR]

Oops, I just realised what this thread is called. Yes I have deviated, appologies for that.

 

[Kyle Aaron]

Not sure how happy the kids are, I'm a VERY annoying person in real life, never take anything or anyone serious, drives my kids nuts. Just ask Kyle lol

I believe it's part of how they lift heavy.

"@#$% Dad!" Grunt. Clank. Heave. Clank.

 

[CaT_SPeW]

Find something you love, then work out how to make money from it.

yeah but its so much harder for men to break into the porn industry

 

[TrentZor]

Have you read Rich Dad Poor Dad by Robert Kiyosaki?

The Hulk call me

To answer the topic. If tommorrow i lost my job i probably would last for another 2 years doing nothing at home while all my debts were being paid off as i currently have income insurances in place.


financially speaking -

My family immigrated to australia 27 years ago and were dirt poor. So we didn't have much and i didn't any much toys when i was growing up or pretty much anything else for that matter. Maybe its due to that reason alone i strive to never be financially stressed.

I have read all of the books that the hulk has posted and have applied them in principal and applied correctly works well.

- I started out making 25k a year when i was 23. Now at 31 i make over six figures working a standard 40 hours a week with just a uni degree. My tip is find a job market that is rare and be the best at it. You can command the hours and $$ u want. Dont be phased at the beginning because your getting shit pay. Just stick to it and learn/master your trade/profession.

Investing

They say 90% of people will retire below the average wage (ie just enough to get by). So it got me thinking about making my money work for me. I want to see the world when im old and retired not going to centrelink to collect my pension dreaming when im 50 and over.

Investment wise -

- My first property i bought when i was 26 (and my Principal place of residence - PPOR)
- My 1st investment Property (IP) at 28 (rented)
- and now recently my 2nd investment house at 32 (also to be rented)
- goal of having 6 houses in the next 7 years hopefully making a net profit of $1million when im 40 then retiring

 

[The Hulk]

Hey Ceffo,

I find we are very similar in our financial/investing situations, similar age too, 34 here.
We bought our first place at 26 years old too.
Was planning IP's all this time, but only made the first IP purchase 2 years ago as was building up a business in the meantime.
Finally have received approval to build a duplex on the site, which will be finished early next year, so will really end up with 2 IP's.
All properites very low LVR's at the moment.
Will wait to see what happens in the next 12 months before deciding to leveraging in heavily.
I'm very pleased to have built up a great cashflow business over the years, as it funds the properties easily, just like Kiyosaki says.

Brad Sugars is another good example of business > properties sucess.

The principles will always work if you apply them consistently, as you know.
Most people just fail to make a start and refuse to change their financial attitudes.

And formal education is not a requirement for financial success either.
I was still just a builders labourer until 4 1/2 years ago, just before I turned 30.

Good luck with your financial goals.

 

[beertank23]

I'll be losing my job in 4 months (read: Finishing apprenticeship)

My plans, see the USA in January!

Come home and work 2-3 days a whilst whilst part time studying, electrical engineering!


Edit: I have probably enough cash to last 2-3 years, living at home, sitting in the bank without work. I will find a full time job after I finish my studies and look to buy a house!

 

[katie]

I was still just a builders labourer until 4 1/2 years ago, just before I turned 30.

Don't put yourself down Hulk, you must have had tremendous business acumen and financial sense to get to where you are today! I really admire that.

So we didn't have much and i didn't any much toys when i was growing up or pretty much anything else for that matter. Maybe its due to that reason alone i strive to never be financially stressed.

Yep, I can really relate to this too. I'm absolutely positive that it's because of my upbringing that I want to be financially secure. I find, amongst my close group of friends, that those who were brought up in wealthy families are often quite complacent about securing their future. Which brings me to wonder, how do I want to bring my kids up? Sure, I would like to give them the things I never had, but I don't want to give them a cushy pampered life either...?

 

[The Hulk]

Don't put yourself down Hulk, you must have had tremendous business acumen and financial sense to get to where you are today! I really admire that.

I wasn't really putting myself down, just giving an example that no matter where you come from or where you are now, you can turn your life around in a very short time.

For the 7 years before I turned 30, a had worked only in manual labour jobs requiring very little intelligence.
I was studying forums and books while I was working as a laborour, which very much goes against the trend, and knew that eventually I had to break through.
I did not want to get stuck in that position for the rest of my life.
In the last couple of years, just thinking of going to work everyday was painful for me, I really hated that kind of work.
I really, really hated it and couldn't take it anymore.
This made me super determined and mentally tough.

So over all this time, learning the correct financial attiude and a few past failed business attempts set me up for what I have today.

 

[Christian]

I was watching a tv show the other night.. Showed a family in africa, THe mother said most days she has to choose what children will eat that day.

People in this country are spoilt and selfish. If u have a home to live in and food to eat then you hsould be bloody thankful that you are not left with nothing!

 

[Christian]

The Hulk call me

To answer the topic. If tommorrow i lost my job i probably would last for another 2 years doing nothing at home while all my debts were being paid off as i currently have income insurances in place.


financially speaking -

My family immigrated to australia 27 years ago and were dirt poor. So we didn't have much and i didn't any much toys when i was growing up or pretty much anything else for that matter. Maybe its due to that reason alone i strive to never be financially stressed.

I have read all of the books that the hulk has posted and have applied them in principal and applied correctly works well.

- I started out making 25k a year when i was 23. Now at 31 i make over six figures working a standard 40 hours a week with just a uni degree. My tip is find a job market that is rare and be the best at it. You can command the hours and $$ u want. Dont be phased at the beginning because your getting shit pay. Just stick to it and learn/master your trade/profession.

Investing

They say 90% of people will retire below the average wage (ie just enough to get by). So it got me thinking about making my money work for me. I want to see the world when im old and retired not going to centrelink to collect my pension dreaming when im 50 and over.

Investment wise -

- My first property i bought when i was 26 (and my Principal place of residence - PPOR)
- My 1st investment Property (IP) at 28 (rented)
- and now recently my 2nd investment house at 32 (also to be rented)
- goal of having 6 houses in the next 7 years hopefully making a net profit of $1million when im 40 then retiring

Have fun with land tax.

1 or 2 is all you need. It ends up being more hassle then its worth.

 

[The Hulk]

I was watching a tv show the other night.. Showed a family in africa, THe mother said most days she has to choose what children will eat that day.

People in this country are spoilt and selfish. If u have a home to live in and food to eat then you hsould be bloody thankful that you are not left with nothing!

Did anybody here every say they were not thankful?
Is it wrong to improve ones financial position so their children can have a better life than they did?

Since you have a home to live in and enough food to eat, probably enough to buy supplements, how much do you give to charity?
Do you sponsor any of these unfortunate African children?

Classic case of tall poppy syndrome....

 

[The Hulk]

Have fun with land tax.

1 or 2 is all you need. It ends up being more hassle then its worth.

Maybe to the inexperienced and uneducated.
Are you speaking from personal experience?

Needs and wants are different.
Could say the same about bodybuilding, nobody needs 18 inch arms and it's more hassle than it's worth, but people still do it, and to make it worse, assisted...