Getting started - I hope!

Hi, here to learn

Feeling a little discouraged that a lot of online articles are: start at 25 not 35! Well, I'm 35. Think my first port of call will be to go to the library tomorrow and see what investing books they have.

Any positive stories to be had about late starters with (very) modest finances? I dont have aspirations of millions or anything, but would really like help to set some modest and acheivable goals.I dont know that's realistic? Or even possible with limited finances.

Thanks and hello

 

Hi @Tica
Welcome to PC.
A few stories/interviews here on Somersoft: Interviews
What do you mean when you refer to 'modest' finances?
You need to educate yourself, be willing to take calculated risks, and buy as and when you can. Lending is much tougher than it was a couple of years ago, so you will need work out your potential (which is subject to lender policy changes), and work backwards to determine your next best steps.

 

Totally agree with the Twins.
I started later in my age than you and like you didn't expect much, but via educating, feeling, acting, reached some incredible results...
May I suggest the book I wish I had 17 years ago, "A guide to Successful Investing" by Michael Yardney... Let me know what you think?
Also, listen or read anything by Jim Rohn (as income seldom exceeds personal development), below are some of my favourite quotes of his:
For things to change you have to change.

Everything you need for better future and success has already been written. And guess what? All you have to do is go to the library.

The difference between where you are today and where you'll be five years from now will be found in the quality of books you've read.

Never wish life were easier, wish that you were better.

There are two types of pain you will go through in life, the pain of discipline and the pain of regret. Discipline weighs ounces while regret weighs tonnes.

You cannot change your destination overnight. You can change your direction.

Don’t set your goals too low. If you don’t need much, you won’t become much.

Formal education will make you a living; self-education will make you a fortune.

If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much.

Great words which can apply to all of us. They certainly changed my life!

 

What a great collection of interviews. Thanks, that will keep me busy for a while.

Erm, embarrassingly modest. I dont really want to say in case I get laughed out of here am part time working mom. I hope to save in a year less than what a lot here save in a month :: But there must be a way.

Thanks for the quotes and the book recommendations! All of those quotes resonated with me so hopefully thats a good thing.

 

Hi Tica

I started modestly, was earning 27k pa at a call centre at 21 when i bought my first house and am 35 now.

There's room for everyone in this game.

But you have to be willing to roll the dice.

 

Without beating around the bush - if your 35, have very modest finances and dependents, you're behind the 8 ball.

My advice would be to invest in yourself to increase your income then get into property. We're at the tail end of a boom, not like there will be a lot of easy money to be made in the next 5 or so years anyway.

 

35 is nothing. Imagine if you sat and twiddled your thumbs, you'd be writing this post at 45...55...how would you feel then? It's never too late.

 

Thanks for the welcome and encouragement folks. Spot on both that I am behind the 8 ball and imagine if I left it longer!!

How does one go about assessing locations other than where you live for investment potential? Im not familiar with the cities or their suburbs. I can get demographic data from ABS but what about vacancy rates? What other measures can I use?

 

1. Buy some books on property investing by Australian authors.
2. Learn and network from other experienced investors on here.
3. Build your team (will make more sense to you when you do some reading)
4. Take action when your ready. Basically that's it. Imo step 1 is most important to start with.

Due to your finances and dependents your most likely going to have to make very strategic decisions in what you buy and where you buy it. Your borrowing capacity may even be near zero at the moment so you might want to talk to a broker first.

Good luck.

 

Age is irrelevant, just keep learning and lots of persistence.

Here is my story

Hi from Be Developer

 

Have you spoken to a broker to get an idea of what might be possible for you? That would be really helpful, as it would let you know how much you may need to save or increase income to achieve what you're hoping to do.

 

You don't have to start buying properties, there is no rush to do anything, first, you need to master the principle of saving part of your earning and growing that saving and there are many ways to do it.

The richest man in Babylon book and the Wealthy Barber book provide you with a good saving principles.

The property is coming toward the end of a boom cycle so it hard to find value and finance, don't FOMO or you may lose hard earned saving.

spend the next 12-24 months reading and educating yourself and if you know any work friends who master the art of investing they will be more than eager to help.

Take baby steps and learn the arts of pay yourself first and the rules governing compounding.
compounding doesn't work well with a negative number so steady as you go is best.

 

Well Sydney and Melb may be reaching the peak of the cycle but there are other states/cycles/opportunities.

 

Thanks all! Local library had these, will start reading.

 

as mentioned above, Age is irrelevant. Setting goals and working towards them is what is relevant

 

I agree age is irrelevant if someone wants to start achieving some new goals, though how they would go about it has a high degree of relevance to age. How a 60 year old and 25 year old should strategize to build wealth will most likely be very different.

 

I started at 35, now 36, two IPs in the pocket, both doing well. Doesn`t matter where the market is, you`ll always find deals. Start small to minimise risk. Surround yourself by positive people, entrepreneurs, investors, the nay-sayer will drag you down to their level and kill your energy. Have passion for what you do, it`s not easy money and not an easy journey. Sometimes I find myself working from 9pm to 4am just because I like what I do. Take action, do something, do it now!

 

Such a warm welcome here! Am feeling very encouraged and inspired.

Thanks for this recommendation, I had skimmed over the Babylon book in the library so went back and got it. Just finished reading it and had something of a penny drop. Have always heard 'pay yourself first' and thought it to be good advise for people who dont have debt. Lol. So perhaps I can save a little more than I first anticipated....

Financial security by Mark Bouris was brilliant too. I thought I had goals but now I have real ones. Written down. With fledgeling strategies! Lol.

Will keep reading. I've never doubted that this will be one of those "the more you know the more you dont know" things .

Cheers all!

 

Welcome.

I started at 32.

Talk to a good broker. They help people daily.

After that talk to a good accountant. Then a lawyer.

But to start with keep costs low. Read lots and use a broker for help.