Hit my goal of 2mil+ portfolio at 28 years old!

no. are you aware that you cannot claim depreciation on second hand fixutures and fittings anymore?

 

so ideally stop living in it before you do the reno/install air con?

 

I was aware of plant and equipment is not, but structure like tiles,flooring, and kicthen would be?

 

My apologies. Never been in that position myself, but had previously been told this to be true.

 

Theoretically, yes, though you may need to check with an accountant for what you would need in order to substantiate this. The asset needs clearly to have been installed for investment purposes, with no personal use. In general, as long as it's after the date the property becomes "available for income", you should be fine.

That's correct, though it depends what you mean by flooring. Carpet, vinyl and floating timber are all plant assets.

 

@spludgey just wanted to comment how much gold there is in your above post!! I've just hit 39 and it resonates so much. I'm pretty-much now at 'light-FIRE' status. I still work full time and will continue to do so, so that I can expedite my journey in the next year to full-FIRE, then two more FIRE-goals thereafter (being... "FAT-FIRE" and finally "HELP-OTHERS-FIRE" where I get to financially support myself but also an aging parent who has little savings of her own ).

What resonated the most - and what few others fail acknowledge; as we age (and particularly at that transition to 40's...); whilst most still 'do' have the physical and mental 'means' to work in PAYG 9-to-5 for another decade or two; emotionally and "personal growth/developmentally" as a human being, you start to feel the burn, the hedonic treadmill, the mundanity of the 9-to-5; more and more. Hitting 40's also coincides with a realisation that your body won't be this way forever. That you want to do more things whilst still able. For me that means more multi-day treks and hikes; more scuba diving; more general exercise and fitness; and more meditation and spirituality stuff.

And so.. doing the 'hard yards' in my 20's is now paying me financial and emotional dividends as I come close to entering my 40's.

Where I see friends, colleagues, associates of my age only NOW beginning to do their "almost 40 stress out because they have no financial plan", entering into a time of no doubt more overtime, more hard work, and a stressed frantic scramble to gain some financial momentum; right at a time when the abovementioned financial/emotional exhaustion of 20 years of hard work so far, is hitting them; I am gently optimising and refining quietly my investments to gently ease myself into a life of no financial stress/scramble/freak-out. Its quite liberating, actually.

If I get retrenched from my corporate job, I'll take the payout and you know what; I'll take the time, too. I'll do more community work, maybe get a part time job in something low-paid or zero-paid, that is something of passion. Maybe I'll volunteer in the outdoors in the national and state parks. Maybe I'll work at Bunnings or Flower Power for minimum wage because, at FIRE-status it won't be about the money; but rather the fulfillment of mastery, skills, or gentler; happier kind of work, etc.

The mental, spiritual, and developmental world becomes your oyster, the closer you get to financial independence. Because, once you get 'money' sorted out; you get back the most precious commodities of life: being, time, and choice

Tipping my hat to you young sir, I congratulate you and am excited to see how your story continues to develop. Don't stop; and don't be afraid to bask in the little glories when you encounter them; that we are all on this forum for (in one way or another); being, financial independence

 

Yep. Approaching 40 too. In a technical sense, I could FIRE by selling everything and moving us to a more modest house and sticking what's left over into shares. I'd never do it, but it's nice to know you could.

Time goes so fast. Keep going, take action, make it happen. Makes me think of the George Costanza scene - where he pretends to a girl he just arrived in NY recently and got his apartment and job. He comments to Jerry - if you take everything I've achieved in the last 10 years and put it all into one day, I mean it's a pretty good day.

 

Okay cool, yep I meant floating floor boards through out the house