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Discussion in 'Introductions' started by pcj821, 22nd Nov, 2008.

  1. pcj821

    pcj821 Member

    Joined:
    18th Nov, 2008
    Posts:
    17
    Location:
    Newcastle, NSW
    Hi all,

    My name is Paul; I’m 24 years old, work as a Research Assistant, have studied Business at TAFE, live in the Newcastle area and am currently at the beginning of my investing life.

    After finding InvestEd about a week ago, I have to say that I am very impressed with the information presented on this site and the knowledge of its members. From what I have seen so far I believe InvestEd is an invaluable resource and one that will no doubt help me enormously in the coming years.

    My desired outcome from investing is simple:

    Attain financial independence so that I may be able to choose when I want to work, provide for my family, create an inheritance for generations to come and help the community in as many ways as possible.

    Getting to this outcome however will surely be anything but simple. The good thing though is that I already have a plan to do it (whether it works is a different story).

    The first step of my plan is to create an income producing business (which I am currently in the process of creating).

    The second step is to stream the majority of this income into 3 separate purposes:

    • Shares
    • New Business Ventures
    • Property

    From investing in shares I hope to create an additional income source that will be used for investment in property.

    From investing in new business ventures I hope to create additional income sources for investing in shares, property and more new business ventures, while also creating an increase in my net worth as the businesses shareholder.

    From investing in property I hope to create increased net worth through capital growth.

    This is an ambitious plan and will require lots of work. But if other people out there in the world can do it, then I can too (with help from InvestEd of course).
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,623
    Location:
    Sydney, Australia
    Welcome Paul - great to have you here.

    You're way ahead of the game already in one major category ... you have a plan! Once you learn how to put a bit more detail into that plan, you'll be doing well. Ask as many questions as you need to help you on your way.

    Something I'd suggest you also work on (this might take a few years - difficult to do for most people when they are young) ... is to have a set of personal goals written down somewhere. These aren't financial goals - these are personal goals for what you will be doing (or will be able to do) once your financial goals have been reached - a description of what you see your life becoming.

    This is the carrot and the focus to help you decide whether the financial strategies you will put in place are suitable for your own situation. The more specific and detailed the better - but something vague is better than nothing at all. It's important to write them down to help give them more meaning. They can be changed if necessary as your life and circumstances change ... but it really is an important step along the path.
     
  3. pcj821

    pcj821 Member

    Joined:
    18th Nov, 2008
    Posts:
    17
    Location:
    Newcastle, NSW
    Hi Sim,

    Thanks for the welcome and the advice, it is much appreciated. I will begin to work on your suggestion shortly and I know exactly where to write it down too.

    I've been thinking of making a short video presentation on the computer that automatically runs through a set of slides that display my goals (financial and now personal). I will then upload this video to my mobile and watch it each morning to keep me on track with my plans. perhaps I'll even throw in a bit of motivational music.

    Anyway, thanks again and I look forward to making the most of this community.

    Cheers,

    Paul