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Scientist from Sydney

Discussion in 'Introductions' started by t3t5ujin, 19th Aug, 2015.

  1. t3t5ujin

    t3t5ujin Active Member

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    Hi everyone, my name is Tetsuo or you can call me Tet.

    Just a bit of background about myself. I’m Japanese, arrived in Australia 16 years ago. I’m married to a beautiful wife Iris from HK and recently gave birth our first child, Sion 7 months ago. We are excited and joyful but definitely tired haha.

    My reason for investing is so that I can make time for my family and not rely on others for money. Recently my wife gave birth to our first child and I really want to provide for us without the stress of having a secure job. As a Christian, I also want to contribute to NFP organisations with my time and money.

    I’m a real beginner in investing. In fact, I was probably more against it than for it. The investing journey began only when my parents-in-law helped us buy a negative-gearing investing property which we ended up living in. My aunt-in-law is also a mortgage broker and explained a lot about the benefits of investment properties. I then started going through various books and podcasts and seminars to learn more about IP and came across this forum.

    I’m located in Sydney and my financial goals are passive income of 50k p.a and pay off my debt. This will mean I need to grow my capital to around 900k with 8% return on commercial property or high yielding residential property owned outright. I hope to achieve this in 10 years time.

    As a research scientist in a pharma industry, my skills are probably in analytical skills and research skills. I also enjoy doing maths and enjoy working with people. I am also good with people but I know I need to improve. I’m not naturally an attention-to-detail type of person although it’s something I’m improving and is critical in my job as a scientist. From the different strategies, I was thinking maybe a subdivision/development deal may be a better one for me but what do you guys think?

    Since getting married, my wife and I have been using YNAB to to budget. I’ve learnt through playing cashflow 101 is that cutting down on expenses really make it easier to be financially free!! We have tried to reduce our expenses by cutting down on internet/phone bills as well as a magazine subscription. Another thing I want to cut our expenses down on is groceries. Does anyone have any tips on reducing cost on groceries?

    Next steps I’m thinking of taking are:
    1. Do SWOT analysis
    2. Choose a strategy and practise some number crunching.
    3. Keep reading on propertychat!
    4. Keep listening to educational materials. They are great source of inspiration and information.
    5. Attend a property meeting!

    Anyways, that's enough about me.

    Look forward to meeting you all :)
     
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  2. Azazel

    Azazel Well-Known Member

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    Hey Tetsuo, how's it going?
    Honestly, some might find it 'tight' (there is a thread on here) but things at the grocery stores tend to go on sale somewhere in a 6 week cycle. Keep an eye on the main ones when the pamphlets come out (Woolies, Coles, IGA...) and find the things you would normally buy. If you can put off things that you might want (outside of staples like milk, bread etc...) until you can have a look at the next pamphlet, you might be able to save 25-30% off your regular grocery bills, just by buying things you normally buy when they're on sale. Especially buying things when they're half price.
     
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  3. Biz

    Biz Well-Known Member

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    Damn hard game Tatsujin.
     
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  4. Chilliblue

    Chilliblue Well-Known Member

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    Welcome Tetsuo and congratulations on your achievements to date.

    Its looks like you have a plan so best of luck with it.
     
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  5. Hodor

    Hodor Well-Known Member

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    Welcome and good luck.

    Hope to follow your progress
     
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  6. Raydar

    Raydar Well-Known Member

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    Welcome brother,
    Congratulations on the new addition to the family and taking the first steps to securing you and your families future. You will find a wealth of experience and knowledge on this forum. Be prepared to learn a lot.
    Sounds like you know what your goals are which is half the battle.
    Look forward to hearing more on your story as you progress.
    Ray
     
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  7. Azazel

    Azazel Well-Known Member

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    Good stuff, nice to see you've put some time into thinking about the future and putting a plan in place.
    This does sound familiar, did you modify this approach from Steve McKnight's stuff?
     
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  8. chylld

    chylld Well-Known Member

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    #3 is all the research you really need, be sure to check out the old Somersoft forums too.

    The rest is just analysis paralysis. Do #3, make a decision if it's right for you or not right for you, and then act.
     
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  9. Azazel

    Azazel Well-Known Member

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    And read plenty of different books to get an idea of different strategies.
     
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  10. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Welcome Tet! You've come to the right place.

    Congratulations on starting your family and thinking about your financial future. :)

    As a science lover and fellow analytical/numbers guy, I can say those attributes are VERY helpful with investing. The one battle we tend to face is analysis paralysis–getting too bogged down with different scenarios and failing to take action. So be mindful of that along your journey.

    Shop at Aldi, get your produce from local grocers, pre-cook meals, buy on special, get your meat from local butchers (things like pork/lamb shoulder roasts are very economical).
     
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  11. trinity168

    trinity168 Well-Known Member

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    Welcome Tet!

    I can be frugal at anything BUT food. I love to eat! Doesn't mean we eat out at fancy restaurants or anything.

    Shop at your local markets when you can. We try and go organic as much as possible. I think the biggest waste we have is not consuming everything we buy so that is the part we have to work on.
     
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  12. t3t5ujin

    t3t5ujin Active Member

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    Thanks ;)
     
  13. t3t5ujin

    t3t5ujin Active Member

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    Hi Azazel,
    Thanks for the helpful tip :)
    Do you have like a mental list of how much things cost on those 6 week cycles? I find it it gets really confusing trying to track prices every time they go on sale!
     
  14. t3t5ujin

    t3t5ujin Active Member

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    Thanks Chilliblue for your kind words and welcome!
     
  15. t3t5ujin

    t3t5ujin Active Member

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    Thanks for your encouragement Hodor :D
     
  16. t3t5ujin

    t3t5ujin Active Member

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    Thanks for your kind comments and the welcome :)
    I know it's a long journey so I want to be part of a warm community where I can learn but also have accountability to fellow investors :)

    Anyways, hope to learn from you too :D
     
  17. t3t5ujin

    t3t5ujin Active Member

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    Hi Azazel,
    Yes, i learnt this from my mentor who was mentored by Steve :)
     
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  18. Azazel

    Azazel Well-Known Member

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    No worries. I have a general idea of how much things normally cost. When things are a couple of dollars off you notice. If they have a percentage off in the ad it's easy. If it's half price it's really easy.
     
  19. t3t5ujin

    t3t5ujin Active Member

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    Thanks for the advice. Yeah, I have really benefited a lot from this as a knowledge base. Sometimes there is just so much that I'm overwhelmed and don't know where to start.

    At the moment, I'm interested in subdivision/development deals so I'd like to read sections of them.
     
  20. Azazel

    Azazel Well-Known Member

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    Did you have to pay for this mentor by any chance?