How to retire on residential property today? Is it possible

Auckland and Wellington have both experience increases like Sydney and Melbourne (note you need to another 15pc to the growth due to NZ $ exchange gain )Nine million-dollar suburbs for Wellington as house values jump nearly 50 per cent

 

Even my house in Mackenzie district doubled due to the take off of Lake Tekapo. I've had fantastic gains in Hawked Bay and Nelson/Tasman. Currency gaines helped too.

 

LOL, Poor Euro, I think you might have preempted him. I total agree with you that there's aways something and some reason for fear and growth. New era, new events, same old brains.

 

Here I totally agree with you, yet many don't think about it. The younger generations lived through some great time here in Oz and changes in lifestyle or consumerism certainly are the key!
Hence perhaps why the Barefoot Investor resonates with so many older people yet it seems like a discovery by the younger generations.
If 70-90% of households are in great personal debt, meaning they practice more bad money habits, they will in turn pass that into younger generations. So the challenge will be how to turn that around. The Barefoot Investor points that out, can we live without instant gratification, without credit?
I keep teaching my own somewhat adult kids and find it a challenge each step of the way so I am wondering how others will do it?
Interesting times ahead, indeed, but will still advise them to do what we did:

• Secret 1: Learn and dedicate regular time to finances (read 15-30 minutes daily)
• Secret 2: Never spend everything you earn or receive (live on 70% net income)
• Secret 3: Pay yourself first and make it automatic (save 30% net income)
• Secret 4: Never get into bad debts (no credit or retail cards buying only debit card or cash)
• Secret 5: Start an emergency fund (save at least 6 months net wages)
• Secret 6: Make a financial plan for your life (invest 30% saved throughout lifetime, create passive and alternative sources of income)
• Secret 7: Never ever keep up with the Joneses (curb your spending to your own needs)
• Secret 8: Never trust others to take control of your finances (listen and learn but make own investment decisions)

You see we do not derive our primary income from RE, we still derive it via our business, but we always invested certain % directly into RE, and now RE passive income has surpassed earned income, so has CG. So we would advise them to continue to do the same.
I can honestly say true financial wealth is derived by having alternate sources of income, say at least 3 to 4 sources of income, so if one dries up the others still come in, so I will advise them to continue to do just that. BUT DELAYED GRATIFICATION IS REQUIRED IN STARTING OUT!

 

My mentor Jim Rohn said:
- "Each of us has two distinct choices to make about what we will do with our lives. The first choice we can make is to be less than we have the capacity to be. To earn less. To have less. To read less and think less. To try less and discipline ourselves less. These are the choices that lead to an empty life. These are the choices that, once made, lead to a life of constant apprehension instead of a life of wondrous anticipation And the second choice? To do it all! To become all that we can possibly be. To read every book that we possibly can. To earn as much as we possibly can. To give and share as much as we possibly can. To strive and produce and accomplish as much as we possibly can."
- "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."
- "Learn how to be happy with what you have while you pursue all that you want."
Since I discovered his teachings I am a huge advocate of living it. Truly, it has enriched my life.
Financial aspect is just one component of true wealth, not all!
Just create few sources of alternative income....

 

This sums it all up! Enjoy!
The Art of Learning

 

Same here. I try and incorporate his teachings in to my daily life and habits specifically and every now and then i go back to his teachings and literature and it keeps me focused and reminds me why i do what i do on a daily basis.
I love this one in specific: "Your Lifestyle Is a Reflection of Who You Are"

 

Got nothing to add about property, but I'll chime in another of Jim Rohn's teachings - pick up multiple skills. Just this one thing has enabled me to over 2x my occupational income since I heard it and put to practice.