Financial Freedom Finally !

We started late, buying the first IP at 40. Just signed off on IP #5. All cashflow+, but not bringing in quite enough to live on yet.

We have a goal of replacing the fulltime income by age 50, so things have been moving quite swiftly recently. We're simply not big fans of relying on the rulers of the day to provide for a quality lifestyle during retirement, so we've decided to take control of our own destiny., for better of worse.

We'll keep plugging away and get there when we get there

 

Bloody hell you old guys! I need to pull my finger out!.... (83here, the better year)

 

Year of the ....

 

I think everyone here is on the right track...very inspirational. I regret my younger years to some extent, but very greatful i stumbled upon property investing given no-one i know comes close to ever doing it. I was born in 84, wife 89, we have a 1 year old baby and beutiful house with a mortgage. both work full time, time poor, average incomes and to be honest i don't know what year we retire -that will purely depend on the deals i get and how i use my time. We have multiple properties and we are under contract on another 1 to split into 2 leases. it involves a reno that i'll be doing at night after bubs bed time at 7pm. Baby asleep on routine is all part of the master plan. Limiting the impact on the wife is also part of the plan. add up 2-3 hours every night for a week gets me a lot of hours to plan, reno or learn. to me i count every minute as being precious both with family, investing, life. Using time is a skill worth mastering. You can take notes of thoughts and to-do lists using your phone without even using your hands. You can learn whilst driving, you can learn when you think you have no time. learn- Plan - do- repeat. Be greatful you have even thought about reitiring to be truly free financially to do whatever you want to do, if you get close - great, if you do - excellent. You'll be way ahead of the game whichever way ))))

 

Set a date! Go on! That's the start, then make it happen! Sounds crazy and i don't like being cocky with things like that but in reality you've read enough to know it's possible and you can see the jokers above are 10years ahead, so in reality in 10 years time you can be where they are. It's doable! Start with some dates, income, investing ideas, your own work future and family life ideas. It's all about planning and goal setting! Plus a little action I've got stuff in my head as well as written down and it does vary but in the end it's about getting to a stage where working as much as I/we want, being financially secure and living life to the max!

 

+1 on team 83

 

Thanks @bob shovel , sorry i didn't explain much. I know how many properties i need, know how much too, goals etc, but given my experience and the range of deals i see and do, the timeframe will and is ever changing. For the sooner in most cases i've given up on a time, i just make sure i dont waste time and then i've covered all i can possibly do.

 

Oh yeah cool!
Are you buying in Cairns? Reno's? Amp

 

Yep cairns for the latest, yes reno, dunno what amp means lol

 

I find that it is easier to break it up and set shorter term goals instead of an end goal. Your target will appear much more achievable that way.

 

Bloody whipper snappers

 

Code for something awesome ... or just one of my many typo's

 

You shouldn't compare your journey to another persons journey.

Even when you achieve your goals, there is always another mountain to climb. Its important not to infatuate with the idea of financial freedom, its something to aspire to yes, but also remember to enjoy the present moment.

 

We've got a pretty good balance, we put of lot time into the kids with dancing, sports and tutoring and at the end of the year moving into the dream home (or at least it will be after our reno)

 

hang on you lot are clearly lying about your ages. I have it on good authority from the generation that has lived through multiple booms but will still end up with 90% of them needing govt $$ in retirement that gen y is full of bums.

 

Unemployed bums thankyou!

 

While this may be true @sanj , there will be 99% of our generation who will expect that either the govt or their parents will be supporting them. 'cos you know - it was easier back then.

Blacky

 

definitely a chance of that, which shows me that as a whole each aussie generation is as entitled as the next...

 

I'm hoping for both!

 

Another 82 (just) here. No chance for 36 but somewhere between 40&45 would be nice. I anticipate with no major hiccups I should be financially independent by 36 in the aspect that I could just work for myself, but prob 40+ for passive cashflow independent.