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Discussion in 'Introductions' started by TadhgMor, 21st Sep, 2016.

  1. TadhgMor

    TadhgMor Well-Known Member

    Joined:
    5th Sep, 2016
    Posts:
    77
    Location:
    Penrith NSW
    Hi all,

    Wife & I are are late to the game, in our mid 50's looking to make retirement look better.

    I'm a IT type, care & feeder of a small data centre, and that keeps me busy up 50+hrs a week and haven't had a holiday in 2+ years. Stopped for 10 days ( cause HR made me ) and been investigating property investment after thinking about what retirement might look like.

    Our financial advisor suggest we're in a good position to invest so I've been reading heaps, and I feel like I've been living under rock!

    Currently investigating Silverhall & Empowerwealth as possible paths.

    Thanks in advance to all who might provide the pearls-of-wisdom we seek.
     
    GoJohnnyGo and MTR like this.
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Location:
    Adelaide, SA
    Seems to be plenty of IT types here, welcome :)

    Being that you're almost retirement age (no offense intended) how do you feel this might alter your investment plan? I think you'll need to take a more active less passive route to get it done.

    Do you have much by way of nest egg already or will this be the start?
     
  3. TadhgMor

    TadhgMor Well-Known Member

    Joined:
    5th Sep, 2016
    Posts:
    77
    Location:
    Penrith NSW
    No offense taken :) - I'd retire tomorrow if I could, but I do love my job and could quite happily keep going for the next 10-20 years. Heck our CIO is 70+ !

    The only nest egg we have is my super which is ~350k, I'm salary sacrificing an extra 5% in to that.

    As for plan we have have a good idea where we want to be, I'm just trying to work out what's the best path to take, with acceptable risk, in obviously the minimum amount of time. I know its not impossible, I just have to work out how.

    Good to make your acquaintance @D.T.
     
  4. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Penrith!
    Did you go to last night's Wenty meetup?

    My advice... keep reading the forum!
     
  5. JacM

    JacM VIC Buyer's Agent Business Member

    Joined:
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    Location:
    Melbourne, Australia
    Welcome @TadhgMor :)

    A good place to start is to understand what your annual cost of living would be if you both stopped working, and thus how many years the current super balance would last. This will help give you an idea of how much more super you need to accumulate. From there you can decide which superannuation strategies will get you there reliably.
     
  6. TadhgMor

    TadhgMor Well-Known Member

    Joined:
    5th Sep, 2016
    Posts:
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    Location:
    Penrith NSW
    Hi @Gockie , No .. didn't go , we had other activities arranged to attend to. Maybe next time :)

    Wenty is only 30min away from here, so easy to get to.
     
  7. MTR

    MTR Well-Known Member Premium Member

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    Location:
    Perth, Melbourne, USA
    Welcome
    and good idea, meet successful investors in your own back yard.
    Networking is key
    Word of advice make sure you always do your own homework this is a commercial forum
     
  8. TadhgMor

    TadhgMor Well-Known Member

    Joined:
    5th Sep, 2016
    Posts:
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    Location:
    Penrith NSW
    We've done that with our Financial Advisor, and I'm aiming at $1.3m by 65 hence the extra 5% salary sacrifice. I chose a percentage number since I get quarterly bonuses that can be quite healthy so I wanted a chunk of those to end up in there too. This also presupposes that super runs about %10pa and while that would be nice if it did, I feel the long term average will be lower.

    That being said I'm a belts-n-braces kinda guy and don't want to just rely on one thing to get us there hence the investigation into property investment.

    So the aim is to try to make the $1.3m number a reality, and create an income stream so that we're not dependent on it for the rest of our lives.
     
  9. TadhgMor

    TadhgMor Well-Known Member

    Joined:
    5th Sep, 2016
    Posts:
    77
    Location:
    Penrith NSW
    Thanks for the welcome - I've already read heaps of your pearls-of-wisdom @MTR :)

    And doing homework is what I'm doing!

    I've been reading this forum every day, read Ben & Bryce's book in 2 days, read pages and pages of blogs and articles from RE.com, all the blog post of the Property Twins, a and a fair chunk of the gov's MoneySmart site, a number of articles from "Your investment Property" magazine and downloaded a bunch of spreadsheets from the repository on this forum. I've actually designated today as "Math Day" to try and get my head around at least some of the machinations of it all and applying what I've learned by playing "what if" scenarios.

    I know I'm a newly minted n00b , so apologies to all in advance for any n00bish things I might say or ask :)
     
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  10. MTR

    MTR Well-Known Member Premium Member

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    Perth, Melbourne, USA
    Its never too late, I started investing when I was 41 years old and at 47 years I was retired purely on property investing, nothing remarkable other than buying in a boom market and continuing to identify boom/rising markets. I tweak it a little with developing for chunks of cash and US property for cash flow

    All the best

    MTR:)
     
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