Super impressive even $2 million to $10 million in 4- 10 years.Or for those that want need a video to explain the same concept see below. This was explained to me at a young age, I took it to heart at 14 and retired from my day job at 36 with a couple of million, today I am in my 40's and in the low 8 Figures, compounding is amazing.
FMG went from about $3 to $29 over that time, and paid me about $2 Million in dividends, so that helped a lot.Super impressive even $2 million to $10 million in 4- 10 years.
Some very important parts of the puzzle already in this thread.
At least one confirms my opening statement re P.A.Y.E employment.
People get too wrapped up with money.
Assuming you're referring to a reverse mortgage, how well protected is the owner in that case?If you run out, sell part of the house.
Assuming you're referring to a reverse mortgage, how well protected is the owner in that case?
Does the law ensure the bank can't ask for repayment, force a sale or similar?
I can see many being uncomfortable with it unless the law's extremely watertight to the effect the owner can't possibly be forced to repay before death no matter what.
Generally it’s part of the contract that the house can never be sold unless you die or decide to move out, and the loan can never be greater than the value of the house.Assuming you're referring to a reverse mortgage, how well protected is the owner in that case?
Does the law ensure the bank can't ask for repayment, force a sale or similar?
I can see many being uncomfortable with it unless the law's extremely watertight to the effect the owner can't possibly be forced to repay before death no matter what.
One unfortunate side affect I have learned the hard way, is people start to treat you different if they think you are doing ok with money.True that. While having sufficient funds is an important issue to consider, if it's a priority over building and maintaining relationships I do consider that's the losing side.
My 2 cents.
From Bendigo Bank.Assuming you're referring to a reverse mortgage, how well protected is the owner in that case?
Does the law ensure the bank can't ask for repayment, force a sale or similar?
I can see many being uncomfortable with it unless the law's extremely watertight to the effect the owner can't possibly be forced to repay before death no matter what.
One unfortunate side affect I have learned the hard way, is people start to treat you different if they think you are doing ok with money.
So when it comes to family, definitely down play it as long as you can.
Ok on principle, the 10% annual return year on , after tax is BS..but yes demonstrates the conceptstart early, live within your means.
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Fully agree with your last sentence. I just went with my own one man company and 15y of that was enough to give me a chance to be in the China based startup (no financial gain there but at least I had the opportunity) and self retired at 53.For me it has always been placing myself and my family in a position that we/I don’t need to be concerned with Future “ What ifs “ .
50 years ago I remember as clear as crystal sitting at the laminex Kitchen table with my first wife both 20
We had just combined our fortnightly wages and considered a budget.
There was $10 left for Julie and I .
I remember looking at Jules and shaking my head
I said “ I don’t know about you but I can’t live like this!”
I /we didn’t and haven’t.to this day although Julie and I are no longer together
My simple method and opinion soon.
Starting With
Being a regular/standard P.A.Y.E employee JUST WONT CUT IT !
You assume pension , in current state, it is enough for the average Australian with current pension system.$300K is enough.
People get too wrapped up with money.
You have to spend it though. (20k a year + pension.)
If you run out, sell part of the house.
And being Australia, we can have retrospective laws, a concept hard to believe in many real democracies ..Assuming you're referring to a reverse mortgage, how well protected is the owner in that case?
Does the law ensure the bank can't ask for repayment, force a sale or similar?
I can see many being uncomfortable with it unless the law's extremely watertight to the effect the owner can't possibly be forced to repay before death no matter what.
At least one confirms my opening statement re P.A.Y.E employment.
ditto.Nah P.A.Y.E my whole life (someone has to pay tax) wasn't hard to get enough to retire although trading and property played a part.
Nah P.A.Y.E my whole life (someone has to pay tax) wasn't hard to get enough to retire although trading and property played a part.
ditto.
EDIT: luck helps
What does it matter where you get your money from? The important thing is not to spend all of it, and put those savings to work.Right Place Right Time and being in the position to take action
and DOING SOMETHING.
How do you think both of you would have gone without "Luck" and or Trading and property?
Simply a P.A.Y.E wage earner (Perhaps along with your wife).
Even worse if you were 20-30 NOW and starting on your journey. (After Education).
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