Financial Freedom Finally !

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

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  1. Seal

    Seal Well-Known Member

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    Hi Ellejay, Were you living in NZ when you buying there? or UK or Aust?
     
  2. Vassago

    Vassago Well-Known Member

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    I find it pretty cool that it is possible to be financially free at 35 years. After ~15 years of study (12 yrs of school plus 3 yrs at uni) and ~15 yrs of full time work.

    Given the average age is now ~80yrs, to be able to only have to work for 15yrs of that is pretty impressive.

    Thankfully not too many people do this otherwise there wouldn't be enough people in the work force.
     
  3. ellejay

    ellejay Well-Known Member

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    I was in NZ but continued buying when we moved to Aus.
     
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  4. joel

    joel Well-Known Member

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    How the hell does anyone manage to earn more than my gross income in passive income alone.. it boggles the mind! I'd consider myself lucky for my investments to earn even $500 a week
     
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  5. jins13

    jins13 Well-Known Member

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    Congratulations! I am aiming to retire at age 40 with abit of luck. But have a feeling that once I have children (mouths to feed) have to delay this goal until later. Still dreaming of the day when I can tell everyone I am going out for lunch and never come back! But wouldn't do that because I am always grateful to my workplace and the people that I work with.
     
  6. Blacky

    Blacky Well-Known Member

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    4th June 82.
     
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  7. mrdobalina

    mrdobalina Well-Known Member

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    there's more to life than working
    There a few on here who have passive income in the millions!
     
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  8. joel

    joel Well-Known Member

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    Get outta here
     
  9. mrdobalina

    mrdobalina Well-Known Member

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    there's more to life than working
    Nope.
    How hard was it for you..??

    Plus, some of the folks from Somersoft were buying whole shopping centres.
     
  10. Iamnumber5

    Iamnumber5 Well-Known Member

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    I wonder how all the investment is being structured and how much of it is being taxed
     
  11. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Well the good part is once you have passive income in the millions (I don't) you can pay a good accountant to help with that part. No biggie. And you will most likely pay some tax at some point. That is ok too.
     
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  12. Sackie

    Sackie Well-Known Member

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    At 2mil passive income, weekly gross amount is $38,461/week.

    I wonder who here has been committed enough to earn that kinda dough :D
     
  13. Lizzie

    Lizzie Well-Known Member

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    We started late due to a couple of nasty divorces and paying heavy child support and then kid of our own and then building up a great portfolio and nearly losing it all due to overextending during the crash of 03/04 ... but finally ... and it caught us almost by surprise ... we're at a stage where we could retire financially free ... but as the youngest is still in yr8 we're not footloose yet.

    I guess that means that within the 18 years of us being together - or 13 years since the crash - we've bought it home before I hit 50 ... if only I'd known at 20 what I know now.

    No point in going to crazy as, with one still dependant, it's not like we can take off - so the plan is hubby will drop back to 3 days a week - I'll still run my businesses - and see where it takes us
     
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  14. Heinz57

    Heinz57 Well-Known Member

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    If someone had told us everything we now know at 20 we wouldn't have listened!
     
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  15. aussieshorter

    aussieshorter Well-Known Member

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    Lots of inspiration in this thread! Sanj, this comment almost feels like it's directed at me, considering where I'm at in my career and the next steps I'm thinking about.
     
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  16. kierank

    kierank Well-Known Member

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    I remember once saying I would love to be paying a million in tax. Boy, did I get hounded!!!
     
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  17. MTR

    MTR Well-Known Member

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    I think also lots of luck comes into play... what if..... your partner loses his job, what is someone suffers a serious illness, what if you divorce... you deal with the cards you have and make the most of it..

    MTR:)
     
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  18. Lizzie

    Lizzie Well-Known Member

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    Yep - both hubby and I had financially difficult divorces - mine did a Skase and his took everything but his super ... we had his kids half time but still had to pay the GDP of a small nation each week in child support ... so basically we started from "nothing" 18 years ago with hefty outgoings ... hubby also lost his job 4 years ago but was fortunate to immediately walk into something else, albeit less pay and I haven't worked in a PAYE job in 15 years ... but other things, as you said above, or a kid with a disability or an inept partner etc does make a huge difference. '

    We're fortunate (I won't say lucky) that we can both get on the tools and are not afraid of hard work - neither of us are big gamblers or wasteful spenders (although we do treat ourselves) - and never tried to keep up with the Joneses'.

    I do scratch my head sometimes when I see people our age, who earn as much as we do (if not more), with similar family situations of one child at home, but with barely a brass button to rub between them.
     
    Jingo, ellejay, MTR and 1 other person like this.
  19. Lacrim

    Lacrim Well-Known Member

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    It depends more on how much salary or business income you make. An average wage earner has buckleys chance of accumulating that sort of portfolio irrespective of commitment and dedication to prop investing. Luck plays a part as well in terms of timing.

    From a balance perspective its also important to answer the 'how much is enough' question. For me the answer is circa 150k passive income pa. Anything more is excess and wealth for wealth's sake.
     
  20. Sackie

    Sackie Well-Known Member

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    Someone who had massive commitment and dedication wanting to build that kind of wealth, wouldn't let themselves remain an 'average wage earner' for long, in the first place'. ;)
     

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