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Financial Freedom Finally !

Discussion in 'Investor Psychology' started by Ace in the Hole, 14th Mar, 2016.

  1. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    It's the aim of the game and the reason why most are here.
    Some are there, some are close and some are a long way off.
    For those not there yet, keep dreaming of the day you will one day be able to practically do whatever you want, whenever you want and lead the lifestyle you desire without ever having to work again if you so choose.

    This thread is for those who have made it, but mostly for those who are close enough to make it soon.
    It's a celebration of your success in this area.
    Maybe those who have made it could offer a brief summary of their journey to inspire others.
    It would be great to watch the names stack up in real time as it happens.

    We are pushing one last hard effort to join the club by the end of this year.
    Hope it's as great as it seems on the other side.
     
  2. Blacky

    Blacky Well-Known Member

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    To be fair I am probably 'financially free' already. However, Im yet to hit my goal.
    Depending on the day I am either 3 years or about 5years away. Mostly depending on my optimism.

    Sadly - even if I reach it in 3yrs time I will have failed in my goal. My goal was to retire at 35, and I will be 36 (or worse 38 if I dont make it for another 5years).

    Sometimes... failing is winning.

    The challenge is on... tick tock, tick tock.

    Blacky
     
  3. Biz

    Biz Well-Known Member

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    Yerrrr....That is the bit im not convinced of...
     
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  4. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Hey @Blacky its not all bad my friend. We can post a thread together at 36 mate. My end age of being completely financially free from passive income is also 36.

    Wait for me mate . We'll have a joint celebration thread. The Blacklee Celebration thread;)
     
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  5. Blacky

    Blacky Well-Known Member

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    Challenge is on. Carton of the finest (vb/eb) for who ever quits the day race first!

    Blacky
     
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  6. Leo2413

    Leo2413 Well-Known Member Premium Member

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    upload_2016-3-14_18-10-10.png
     
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  7. Baker

    Baker Well-Known Member

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    I simultaneously admire and hate you both.
     
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  8. Omnidragon

    Omnidragon Well-Known Member

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    That's a funny concept. I'm 'financially free', but there are many people with much more than me who are not. No shortage of people with $15-20m+ 'stuck' in their jobs. All depends on what you need in life.
     
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  9. ellejay

    ellejay Well-Known Member

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    We're financially free, have no mortgage (modest house) and 5 houses paid for and renting for between $300-450 p/w (gross). They're all modest houses though, all but one cf+, none in capital cities. We didn't buy in any 'boom' areas but just accumulated wealth over a number of ips over the years, buying in rising markets, selling some and keeping others. I've made a fair few mistakes over the years and am enjoying the ongoing learning.

    Our home or income probably wouldn't be enough for many but it's more than enough for me to do whatever I want. I have the option to go back to work for a couple of days per week and double our rental income if needed. Realistically I'll probably work a couple of days a week in between holidays going forward. Otherwise I'd get bored and end up working for free or studying stuff just to fill time and provide stimulation. We don't need a high income though, when we earned $12k +pm we never spent all of it on ourselves but travelled widely and enjoyed life. We used the bulk of the money to pay off property debt. We saved about $10k pm over 4-5yrs whilst working remote.

    I went back to work a couple of months ago part time to get finance for more ips. Just bought 2 more and hoping to finance another one shortly.

    Not that anyone needs my advice, but if I was asked I'd say don't feel the need to buy an expensive, negative geared ip that you have to work in a job for years to maintain. There are other ways to reach your goal.

    Apologies if I've fallen into the 'over sharer' category but I thought the numbers may interest some.
     
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  10. Bran

    Bran Well-Known Member

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    Me too.
    Right. Now I've got 6 months.
    Ideas... ideas... ideas...


    Edit: Dammit, 3 months. I thought it was January.
     
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  11. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Technically, we're quite comfortably financially free, but still have to exit our current position to be truly free from all commitments.
    Only then I will consider myself truly free.
     
  12. sanj

    sanj Well-Known Member

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    are you both 83 babies? im 82
     
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  13. Leo2413

    Leo2413 Well-Known Member Premium Member

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    June 82 here :)
     
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  14. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    This thread is inspiring and depressing all at the same time! Any of you have children? Chrissy and I seem to be working backwards, kids from early 20's to 30, investing now that we are finished having children. 45 is the goal, but if we can develop a plan to get there a few years sooner we will.
     
    Last edited: 15th Mar, 2016
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  15. mrdobalina

    mrdobalina Well-Known Member

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    It's coming up to my 1 year anniversary since I threw in the J.O.B. I am in my late 30's.
    In the past year, I have:
    - completed construction of 8 units
    - finishing another 6 units in 2 months
    - finishing 3 luxury apartments in 6 months
    - trained and ran a couple of marathons
    - spent a bucket of time with my family

    Our passive income (from net rental income) is about 3 times the average australian wage, so we shouldn't have to forgo much of our lifestyle.

    I love not being being weighed down by all the politics at work that drains away your energy. I can also start to think more strategic with a longer time horizon, such as how to set up my kids for success when they reach adulthood in 10-15 years.
     
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  16. sanj

    sanj Well-Known Member

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    huge first year and real validation of your decision to quit, congrats!

    it also imo is an example of how for many people jobs get in the way of making real money. they take your time, energy and focus away from much more profitable endeavours but unfortunately a necessary evil for most at some stage of their lives.
     
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  17. D.T.

    D.T. Adelaide Property Manager Business Member

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    Ditto :)
     
  18. Leo2413

    Leo2413 Well-Known Member Premium Member

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    24. You?
     
  19. D.T.

    D.T. Adelaide Property Manager Business Member

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    25th :D
     
  20. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Cooool :cool::D