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What is your backup plan??

Discussion in 'General Property Chat' started by Leo2413, 24th Jan, 2016.

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  1. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Hypothetical: You are not allowed to invest in property ever again. What would you then use as your vehicle to create further wealth?


    Would love to hear back up plans, alternatives, innovative ideas, strategies etc that are non-property related. For me, if I could never invest in anything property related again then I would probably become obsessed with becoming a technical analysis trader, in particular, focusing on Wyckoff volume/price analysis. There is a master at it on this forum so i would get him to mentor me properly.


    Looking forward to all your ideas.


    Cheers
     
    Last edited: 24th Jan, 2016
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  2. Xenia

    Xenia Adelaide Property Manager Business Member

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    Businesses
    Although they are also classified as a form of real estate.
     
  3. Heinz57

    Heinz57 Well-Known Member

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    Real estate is my back up plan
     
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  4. Biz

    Biz Well-Known Member

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    Selling Mangos on the side of the road.
     
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  5. Speede

    Speede Well-Known Member

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    Become the new El Chapo
     
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  6. D.T.

    D.T. Adelaide Property Manager Business Member

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    Try limes, better yield
     
  7. Biz

    Biz Well-Known Member

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    People don't pull over for limes.
     
  8. MTR

    MTR Well-Known Member Premium Member

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    Pension:p
     
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  9. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    They do if a blonde in a bikini with big melons is selling them !
    The Melons would get my interest though.:p
     
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  10. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Lol some funny replies!

    No serious ideas..?
     
  11. Rugrat

    Rugrat Well-Known Member

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    This is kinda where I am finding myself at the moment. Although I do hope that property investment is not off the cards forever, just a temporary set back for a few years or so... :(
    We are looking into our other options, but haven't yet actually committed to anything.

    We are primarily considering shares at this point, but not sure if we will diversify into other areas too. But I don't feel as comfortable or familar with other investment classes as I do with property, so I find myself hestitating to actually commit to anything.
     
  12. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    I'm a technical trader too, so that would definitely be my back up plan. Also forex trading for shorter term trades to diversify from long term investments/dividend focused shares. And probably the odd opportunistic options trade when the moment is right.

    I had my obsessive 5 years trading, stepped back to focus on property and business but very much looking forward to picking it back up again - I'm finding it hard to decide between saving for next dev project or investing in shares again. It will probably come down to how much I can borrow at the end of the FY.
     
  13. ellejay

    ellejay Well-Known Member

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    It'd be pretty boring but I'd just enjoy the fruits of what I'd made. I don't actually need more wealth as all my ip's are providing an income and are on P&I mortgages so the equity in constantly increasing. I'd probably concentrate on slowly renovating current IPs to get the equity and rents up. Probably work a couple of days a week for the structure and social contact and to reduce length of the mortgages further...but basically enjoying life and forgetting about the next million for a while.
     
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  14. Hodor

    Hodor Well-Known Member

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    Hard to say. Buy and hold shares I would imagine. writing covered calls to produce more stable income but I don't know enough yet to make it work
     
  15. S.T

    S.T Well-Known Member

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    I'm not selling anything
    I'd just keep working on my mindset
     
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  16. Random Username

    Random Username Well-Known Member

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    Do you get to keep your existing property?
     
  17. Random Username

    Random Username Well-Known Member

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    Maybe you could hire it out?
     
  18. mrdobalina

    mrdobalina Well-Known Member

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    Invest in my children, by teaching them how to invest and take calculated risks.
     
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  19. HUGH72

    HUGH72 Well-Known Member

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    Pay down ip debt, I probably don't need any more. Increase salary sacrifice more to super, buy more income producing shares.
    I could say buy or start a small business but I most likely wouldn't.
     
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  20. barnes

    barnes Well-Known Member

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    Good idea. I'm learning how to trade since 2003. Price analysis + trend trading is a way to go. Volume - maybe? but there is little use of it in Forex.
    Not really sure that you need some mentoring from somebody, you will not trade as your mentor when you'll get good at it. Use your experience of real estate in your trading and you'll be a mile ahead of 97% of folks out there. Patience is the key.
    That's why women trade a lot better then men, they were born patient, at least some of them.
     
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