We have a lot of threads on goals and aspirations, so I thought we should have one where important investment milestones are reached. For me anyway, long term goals are great but it can be a long journey so the achievement of intermediate milestones along the way gives me that sense of accomplishment and confirmation that I'm on the right track. Obviously, feel free to share as much or as little as you like. What would be helpful though if you want to share is how long it took you to get to a particular milestone, what the next one is, how long you think it'll take you to get there and the plan to achieve that. I'll start. APRA has made me sit down and assess more closely my loan portfolio recently, so while doing that I realised that I've just ticked over the 1 million net worth mark (shared with my partner but I'll refer to it as mine for convenience). While that doesn't go very far at all nowadays it's still a convenient round number which has crept up on me. I started full time work in 2009 so it's essentially taken 6 years to get here. I think the next million should be much shorter, hopefully within the next 2-3 years. The plan to get there is through equity growth from the existing property portfolio and the share market which is where I will be now focussing the cash flow from the JOB.
Great achievement KDP. The numbers do creep up like that. I don't have dreams of the second million as such, personally I don't have that as a milestone. My milestone is to use rent/equity from first million and when that runs out the other ips will have been paid down sufficiently by tenants (P&I mortgages) to give us sufficient cash for the remaining years.
First mill in 6 years is great work! And there's still people out there trying to tell us that shares are superior asset class long term
Numbers definitely do creep up and congrats on your achievement as well. Have you stopped working now? Or is it a combination of work as well as using the rent/equity for living expenses?
Thanks Dan. Nothing wrong with shares either. Property is just more suited to leveraging up when starting out. If I had the gumption to leverage into shares in the same time-frame it would probably have been the same result (or more if US market).
Thanks RA. I saw that thread after I made this but I think it's slightly different. I'm more interested in the strategies behind getting to the particular milestone and then onto the next one.
Yeah I'd think carefully about that. I know some experienced investors that really regret margin loans. I'm sure you'll find a few regrets here too. Leverage as in equity from Property I don't mind, but margin loans personally can be scary..
