Struggling to start

[Zorba's]

Hi All,

Thanks for letting me join, I really appreciate it.

I stumbled on this group while trying to find ways to invest and grow (I do not have any or any experience), and what I read in the first hour ways great. It made me feel like this is a welcoming group that enjoy helping each other.

Unfortunately I do not come with experience to share but a thirst for knowledge.

I am finally debt free apart from my mortgage, which I would get rid of if I could now knowing its a liability not an asset. I would love to replace my income with passive income so I can then put my time into growing my assets even further.

I hope to talk to you all soon and learn a great deal from you all.

Cheers.

 

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[p0stscript]

Welcome to the forum
A great place to learn and develop, you will find posters at all different points on their fastlane journey, some travelling much faster than other, each contributing differently.
Looking forward to your future contributions.
Good luck with your journey.

 

[Kaan Gullu]

Hi All,

Thanks for letting me join, I really appreciate it.

I stumbled on this group while trying to find ways to invest and grow (I do not have any or any experience), and what I read in the first hour ways great. It made me feel like this is a welcoming group that enjoy helping each other.

Unfortunately I do not come with experience to share but a thirst for knowledge.

I am finally debt free apart from my mortgage, which I would get rid of if I could now knowing its a liability not an asset. I would love to replace my income with passive income so I can then put my time into growing my assets even further.

I hope to talk to you all soon and learn a great deal from you all.

Cheers.

Could you give a bit more information on your life stage and experiences and what your goals are? Welcome to the forum and by the looks of it it's good that you only have 1 major debt.

 

[Zorba's]

Could you give a bit more information on your life stage and experiences and what your goals are? Welcome to the forum and by the looks of it it's good that you only have 1 major debt.

Hi Kaan,

Yeah sure.

I'm 43 years old with a young family. Back in my late teens and early 20's I read a lot of books like "Rich Dad Poor Dad", "Cashflow Quadrant", "Think and Grow Rich", "From 0 to 130 Properties in 3.5 Years", "$1,000,000 in Property in One Year", "Lateral Thinking and the use of Lateral Thinking" etc.

I was in the process of trying to decipher what it all meant and how to implement it all. I was setting up a budget etc and getting ready to engage a Financial Adviser to help with investing in shares and purchasing some passive income producing real estate and hopefully growing from there.

Unfortunately my life took a pretty serious turn for the worse and I lost my way with life in general. By the time I pulled myself out of that I had completely forgotten all what I had read and pretty much even the fact I had read it. I got stuck in a rut (rat race) and only now at 43 I am trying to start again where I left off 20 years ago.

All the books I mentioned were purchased 1996 to 2000 so I may need to get updated copies or other books entirely.

I am in Australia so I do not know if this is or can be an issue with different ideas, tax rules etc?

My wife an I both have pretty good jobs at the moment so with only the one debt I hope to be able to invest and grow quickly. I plan on having enough passive income that I can leave my employer and focus my time on growing my assets full time. I am trying to learn to look for the right opportunities that can turn profits quickly (eg. purchasing a bargain property that no one can see the potential in, clean it up or market it differently and flip it. Or learn to read the market better and see what is currently low but about to boom and get in while prices are low etc).

I hope this covers everything but if you can think of anything else please ask.

Thanks for taking the time to respond to my introduction.

Regards,

 

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[Zorba's]

Welcome to the forum
A great place to learn and develop, you will find posters at all different points on their fastlane journey, some travelling much faster than other, each contributing differently.
Looking forward to your future contributions.
Good luck with your journey.

Thank you p0stscript.

 

[Kaan Gullu]

Hi Kaan,

Yeah sure.

I'm 43 years old with a young family. Back in my late teens and early 20's I read a lot of books like "Rich Dad Poor Dad", "Cashflow Quadrant", "Think and Grow Rich", "From 0 to 130 Properties in 3.5 Years", "$1,000,000 in Property in One Year", "Lateral Thinking and the use of Lateral Thinking" etc.

I was in the process of trying to decipher what it all meant and how to implement it all. I was setting up a budget etc and getting ready to engage a Financial Adviser to help with investing in shares and purchasing some passive income producing real estate and hopefully growing from there.

Unfortunately my life took a pretty serious turn for the worse and I lost my way with life in general. By the time I pulled myself out of that I had completely forgotten all what I had read and pretty much even the fact I had read it. I got stuck in a rut (rat race) and only now at 43 I am trying to start again where I left off 20 years ago.

All the books I mentioned were purchased 1996 to 2000 so I may need to get updated copies or other books entirely.

I am in Australia so I do not know if this is or can be an issue with different ideas, tax rules etc?

My wife an I both have pretty good jobs at the moment so with only the one debt I hope to be able to invest and grow quickly. I plan on having enough passive income that I can leave my employer and focus my time on growing my assets full time. I am trying to learn to look for the right opportunities that can turn profits quickly (eg. purchasing a bargain property that no one can see the potential in, clean it up or market it differently and flip it. Or learn to read the market better and see what is currently low but about to boom and get in while prices are low etc).

I hope this covers everything but if you can think of anything else please ask.

Thanks for taking the time to respond to my introduction.

Regards,

I appreciate you telling your story. I unfortunately have no clue about Australia's tax rules but im sure you can get good enough help online. You seem like you're in a pretty stable position and with regards to your goals are you taking into account that you have to build up a CENTS based business if you eventually want proper financial freedom?

 

[tobifastlane]

My wife an I both have pretty good jobs at the moment so with only the one debt I hope to be able to invest and grow quickly. I plan on having enough passive income that I can leave my employer and focus my time on growing my assets full time. I am trying to learn to look for the right opportunities that can turn profits quickly (eg. purchasing a bargain property that no one can see the potential in, clean it up or market it differently and flip it. Or learn to read the market better and see what is currently low but about to boom and get in while prices are low etc).

You mention debt. If its debt for liabilities, pay this one off first as fast as you can. The interest eats away your freedom. Then use debt as a leverage for assets.

 

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[Zorba's]

I appreciate you telling your story. I unfortunately have no clue about Australia's tax rules but im sure you can get good enough help online. You seem like you're in a pretty stable position and with regards to your goals are you taking into account that you have to build up a CENTS based business if you eventually want proper financial freedom?

Honestly, I had to search CENTS as I had not heard of it yet. Surprisingly I found it here lol. I am about to order MJ's books and get stuck into them. By the time they arrive I should be finished with the ones I am reading at the moment.

I did know I will need to develop a repetitive (automated) style business of some sort, just don't know what at the moment. I am also genuinely interested with real estate so it would great if I could come up with something there.

 

[Zorba's]

You mention debt. If its debt for liabilities, pay this one off first as fast as you can. The interest eats away your freedom. Then use debt as a leverage for assets.

The one debt left is the mortgage. If I continue to pay it off the way I have worked through everything else I would be looking at about 3-4 years. I can't wait that long to finally start growing after the time I lost/wasted. The mortgage is very manageable now that everything else is gone so I'm looking for something to put the money that was my payments to the other bills towards growth.

I don't want to put it in the bank and collect next to nothing for it.