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I'm throwing in the towel

Discussion in 'Investor Psychology' started by Travelbug, 25th Oct, 2015.

  1. Travelbug

    Travelbug Well-Known Member

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    Thought I’d jump on the retirement bandwagon. Haha!

    So I’m chucking in the towel on my PAYG job as a teacher. I went part time last year with the view to do that for a few more years. My hubby retired early last year and has been nagging me to retire all year. I do love my job but after a few weeks in Morocco then 6 1/5 weeks travelling USA, Canada and the Caribbean last month I decided I love that more so by Christmas I’ll leave my job to pursue other interests (mostly travel and spending time with family). I also want to concentrate more on my photography (only as a hobby).


    I can’t believe it’s actually happening really. 7 years ago when I was 50 I was looking at working into my 60’s then retiring on the pension. I found Somersoft and the rest is history. So to those that say it’s too late. Don’t believe it.
     
  2. House

    House Well-Known Member Premium Member

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    Nice!

    Retiring/leaving work seems to be cool thing to be doing these days. Care to share some details of your investment journey?
     
  3. WattleIdo

    WattleIdo renovating Premium Member

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    Would love to hear more about how you did it!
    Well done. Can always go back to teaching if you miss it. :confused::eek:
     
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  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Awesome - I like these posts :)

    Photography is addictive! .....so is travel for that matter. Have fun :)
     
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  5. Brian84

    Brian84 Well-Known Member

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    Congrats Lynn,

    Well deserved retirement by the sound of it. Good luck with your travels and enjoy your retirement.
     
  6. jins13

    jins13 Well-Known Member

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    Congratulations and fantastic to hear that you are going to travel and spend time with the family.
     
  7. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Well done, @Travelbug. I love to read these posts! :)
     
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  8. Xenia

    Xenia Adelaide Property Manager Business Member

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    Well done and all the best
     
  9. D.T.

    D.T. Adelaide Property Manager Business Member

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    Awesome, good on you!
     
  10. MsAli

    MsAli Well-Known Member Premium Member

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    Congratulations Lyn! So inspiring!!!!
     
  11. monalisa

    monalisa Well-Known Member Premium Member

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    Amazing Lyn :) you have done really well! All the best!

    Amazing what taking action can do :)
     
  12. Hysteria

    Hysteria Active Member

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    Posts like this keeps me motivated.
    Thankyou.
    It Keeps my mindset from becoming average.
    I am in the process of turning one of my Hobbies into a business.
    It has been 12 months in the making. Sill lots of work to do but it keeps me active. Helps keep my mind busy and it makes me feel good.
    Posts like this gives me a good kick up the ass. I have been a bit slack lately in achieving my dreams. Self doubt and fear kicks in but I now use this as a green light to go.
    I have had enough of making other peoples dreams become reality.
    It's never to late. I agree.
    Congrats.
     
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  13. mja

    mja Well-Known Member

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    Well done! You could always be on a short list as a casual teacher, even if it is to remind you why you left full time, or in case you miss it. :D
     
  14. Catalyst

    Catalyst Well-Known Member

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    Thanks for sharing, and the inspiration @Travelbug
     
  15. bob shovel

    bob shovel Well-Known Member

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    Pick up some remote oz teaching jobs! They'll throw in accom too id think

    We'll done!!

    Was it the last 7years investing that really secured your ability to retire now?
     
  16. ellejay

    ellejay Well-Known Member

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    Hey Lyn, so glad the trip was amazing! I was going to follow you on the bandwangon this year but heard I can borrow for another couple of ips so have been working for the deposits. I'm going mid next year for sure. Might see you on the open road :)
     
  17. beachgurl

    beachgurl Well-Known Member

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    Fabulous! Congratulations. I wondered how long you'd hold out before taking an early retirement.
     
  18. Travelbug

    Travelbug Well-Known Member

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    Thanks for the kind words everyone.

    Haha! No plans on doing casual work. My recycle bin has been filled half a dozen times and I've ben giving stuff away to other teachers.

    I have kept some teaching stuff as I thought of this, helping kids that do school of the air, or doing volunteer work with kids that are in hospital for extended stays. But this will be a few years away.

    Yes for sure. If it wasn't for my investing I would still be working, probably full time and hubby would not have been able to retire either.

    In May 2008 I had one negatively geared Ip with no equity and a PPOR with a small mortgage. I had just purchased a second IP when I found Somersoft. At that stage I thought i was pretty good having 2 IP's and I thought that was it for me. Pay down the loans and get the rents.
    Little did I know. I met young people talking about building a property portfolio and I though, HANG ON! I could do that.
    With the help of Nathan Birch (as a BA) I started buying. I soon got my confidence and started buying on my own. My hubby wasn't interested at this stage but had faith in me and signed where I told him. When we saw a nicotine stained house in Mt Druitt my hubby got interested. He researched how much it would cost to reno and we bought it. Turns out hubby is good at estimating and sourcing materials, and building. I learnt as I went along and we did a lot of stuff ourselves. We loved it so targeted houses that needed a full reno (ugly, burnt out etc).
    This worked well as a way to increase equity quickly. We spent 5 weeks on each reno and gained at least $3 for every $1 spent. Each property was cash flow neutral to positive from day 1.

    Here is the burnt out 1.





    As we didn't have time to wait through a few property cycles this strategy worked for us.
    Because it all happened so quickly (4 years) I felt overwhelmed so stopped a bit short. Hubby said I went a bit crazy. We changed PPOR and I was worried that the bank wouldn't lend us the money (we needed to buy before we sold) so we stopped buying.
    In hindsight I could have done a lot more.
    We sold a couple of Sydney properties in 2014 and 2015 and decided to travel more (my hubby wonders how I can travel any more than I already do LOL). We've had a few friends that put off travelling and got sick and never got there, which makes you re-evaluate your life.
    We haven't got huge cashflow but waiting another 2 years won't change that much (unless I started buying like crazy again) so it's time for us.
    If I was 20 years younger of course it would play out differently.
    But I've got money aside for that 2019 crash we know will happen. So I don't think it's the end of my love affair with property. I do love a good reno. Maybe we can help with reno's as we travel around the country. Have motorhome well reno! haha!
     
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  19. mja

    mja Well-Known Member

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    Travelbug + Hubby in a year's time:



    :D
     
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  20. wombat777

    wombat777 Well-Known Member Premium Member

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    Great story - Thanks for sharing!