Retired with 5 young kids (had a baby this week) currently living in Oz

[Cossack]

Hi. I am David, 43. My wife (39) and I retired a few years back. We have 5 kids, 10, 8, 7, 4 and a newborn born a week ago. I never really had the desire for stuff and have lead a pretty simple life. Which might be a little different than some here, but anyway it took us around 10 years to become wealthy and retire. We have been able to travel and live in a few different countries over the years. We were able to retire because we have passive income through property and term deposits. We did have a few businesses, but did not make huge money through them. They were very useful though for paying for expenses that were for both business and personal use and personal tax we needed to pay.

I really want to help people with their finances. I have written a book on financial freedom (not for sale) which is in the beta reading stage. I am probably a couple of months out from releasing it and getting back into the fastlane (although I am not sure I was really on the fastlane and I am enjoying retirement a bit too much). I hope to help people by sharing my experiences and I am sure I will learn from others around here as well.

 

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[Thoelt53]

Hi. I am David, 43. My wife (39) and I retired a few years back. We have 5 kids, 10, 8, 7, 4 and a newborn born a week ago. I never really had the desire for stuff and have lead a pretty simple life. Which might be a little different than some here, but anyway it took us around 10 years to become wealthy and retire. We have been able to travel and live in a few different countries over the years. We were able to retire because we have passive income through property and term deposits. We did have a few businesses, but did not make huge money through them. They were very useful though for paying for expenses that were for both business and personal use and personal tax we needed to pay.

I really want to help people with their finances. I have written a book on financial freedom (not for sale) which is in the beta reading stage. I am probably a couple of months out from releasing it and getting back into the fastlane (although I am not sure I was really on the fastlane and I am enjoying retirement a bit too much). I hope to help people by sharing my experiences and I am sure I will learn from others around here as well.

Welcome! Great intro!

You sound like you are well rounded in many areas of life. I'm looking forward to seeing what nuggets of experience you leave behind in your journey through the forum.

There are plenty of members here who are also in "retirement," as well as those of us who are on the way there, in addition to those of us who are just starting out. I'm sure all of us will learn from what you have to share and vice versa.

I do have two questions for you; I hope you don't mind sharing: how have you and your wife juggled time management with 4 kids? Do you think the 5th with require any changes?

Rep+

 

[Cossack]

Welcome! Great intro!

You sound like you are well rounded in many areas of life. I'm looking forward to seeing what nuggets of experience you leave behind in your journey through the forum.

There are plenty of members here who are also in "retirement," as well as those of us who are on the way there, in addition to those of us who are just starting out. I'm sure all of us will learn from what you have to share and vice versa.

I do have two questions for you; I hope you don't mind sharing: how have you and your wife juggled time management with 4 kids? Do you think the 5th with require any changes?

Rep+

Thanks. We are retired so time management doesn't really come into play too much. My wife home schools the kids because we have moved around a bit. The 5th won't require too many changes because our daughter (10) is a big help. Although, I might have to help out a bit more with home schooling.

 

[becks22]

Welcome. Congrats on the new baby. Looking forward to hearing more from you

You mention your previous businesses made money but never enough to get you to fastlane. Any ideas on what you will do different this time? Have you read Unscripted or only TFM?

 

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[MJ DeMarco]

Impressive story, the natives around here are gonna want to hear "how you did it!"

Welcome to the forum.

 

[mindfulimmortal]

Hi. I am David, 43. My wife (39) and I retired a few years back. We have 5 kids, 10, 8, 7, 4 and a newborn born a week ago. I never really had the desire for stuff and have lead a pretty simple life. Which might be a little different than some here, but anyway it took us around 10 years to become wealthy and retire. We have been able to travel and live in a few different countries over the years. We were able to retire because we have passive income through property and term deposits. We did have a few businesses, but did not make huge money through them. They were very useful though for paying for expenses that were for both business and personal use and personal tax we needed to pay.

I really want to help people with their finances. I have written a book on financial freedom (not for sale) which is in the beta reading stage. I am probably a couple of months out from releasing it and getting back into the fastlane (although I am not sure I was really on the fastlane and I am enjoying retirement a bit too much). I hope to help people by sharing my experiences and I am sure I will learn from others around here as well.

Hi David welcome to the forum and thanks for sharing you success (past, present and future)! Question: It sound like Real Estate was your primary vehicle. Did you pay cash for your properties or do you have some loan leverage? If so is there a risk of a real estate bubble (like what happened in the US) that could reduce or eliminate your ability to make them profitable? How did you get started buying property/real estate? Saved up or inherited cash? Thank-you in advance David!

 

[Alexo]

Hello David,

Congrats on the new baby, we also just had one born recently. Would love to learn how you started and made business work especially with so many kids (which is a good thing).

 

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[Ivan2BAlive]

Hi. I am David, 43. My wife (39) and I retired a few years back. We have 5 kids, 10, 8, 7, 4 and a newborn born a week ago. I never really had the desire for stuff and have lead a pretty simple life. Which might be a little different than some here, but anyway it took us around 10 years to become wealthy and retire. We have been able to travel and live in a few different countries over the years. We were able to retire because we have passive income through property and term deposits. We did have a few businesses, but did not make huge money through them. They were very useful though for paying for expenses that were for both business and personal use and personal tax we needed to pay.

I really want to help people with their finances. I have written a book on financial freedom (not for sale) which is in the beta reading stage. I am probably a couple of months out from releasing it and getting back into the fastlane (although I am not sure I was really on the fastlane and I am enjoying retirement a bit too much). I hope to help people by sharing my experiences and I am sure I will learn from others around here as well.

Greetings David,

Congrats on the newborn and welcome to the forum. Looking forward into learning how you grew your success!!

 

[GMSI7D]

Hi. I am David, 43. My wife (39) and I retired a few years back. We have 5 kids, 10, 8, 7, 4 and a newborn born a week ago. I never really had the desire for stuff and have lead a pretty simple life. Which might be a little different than some here, but anyway it took us around 10 years to become wealthy and retire. We have been able to travel and live in a few different countries over the years. We were able to retire because we have passive income through property and term deposits. We did have a few businesses, but did not make huge money through them. They were very useful though for paying for expenses that were for both business and personal use and personal tax we needed to pay.

I really want to help people with their finances. I have written a book on financial freedom (not for sale) which is in the beta reading stage. I am probably a couple of months out from releasing it and getting back into the fastlane (although I am not sure I was really on the fastlane and I am enjoying retirement a bit too much). I hope to help people by sharing my experiences and I am sure I will learn from others around here as well.

good news : you don't need to become free

you are already on the other side of the game



so i have made a special medal that i show every now and then for people like you



( yes i am crazy anyway with crazy ideas. but i won't become a "normal" guy at 40 . this is too late )


not for the advices you gave for years like real legendary contributors here

but for the results you got without being here

and the lessons and motivation you are going to give users here

 

[Cossack]

Welcome. Congrats on the new baby. Looking forward to hearing more from you

You mention your previous businesses made money but never enough to get you to fastlane. Any ideas on what you will do different this time? Have you read Unscripted or only TFM?

I am not sue I will try to do things that much differently. Before I used to do things because of financial reward. Now, it is only a bonus. I don't have that as a motivation, it now more to help others.

 

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[Cossack]

Hi David welcome to the forum and thanks for sharing you success (past, present and future)! Question: It sound like Real Estate was your primary vehicle. Did you pay cash for your properties or do you have some loan leverage? If so is there a risk of a real estate bubble (like what happened in the US) that could reduce or eliminate your ability to make them profitable? How did you get started buying property/real estate? Saved up or inherited cash? Thank-you in advance David!

Yes, real estate was our primary vehicle. We had mortgages on our properties to begin with. We never went for capital gain, although they got plenty. We looked for ROI. Then we would try to make them more profitable by adding rooms and we had one that we added another dwelling. Even if the property market crashed we would have been safe as we were getting such a good return. We saved up cash as deposit for the first property.

 

[windchaser]

Wow. Amazing story! Congrats on your newborn. Looking forward to hearing more about your story

 

[Sean Kaye]

Yes, real estate was our primary vehicle. We had mortgages on our properties to begin with. We never went for capital gain, although they got plenty. We looked for ROI. Then we would try to make them more profitable by adding rooms and we had one that we added another dwelling. Even if the property market crashed we would have been safe as we were getting such a good return. We saved up cash as deposit for the first property.

You're not exposed to the massively over-leveraged property market here in Australia - very smart and good for you.

When this cycle takes a dip, there is going to be a bloodbath here in Australia. You have 28yo kids with five and six properties where they are negatively geared and running at 95% leveraged. A 20% dip in the overpriced market and they're done.

 

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