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Discussion in 'Introductions' started by Chris C, 4th Apr, 2008.

  1. Chris C

    Chris C Well-Known Member

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    My name is Chris, I'm 23, live in Brisbane, and I'm very interested in getting more heavily involved in investing over the next few years, so when I came across these forums I just had to join.

    I have been stalking these forums for a few days now, and I recently came across this section:

    http://www.invested.com.au/seminars/

    In this section it was advertising an event called "Breakthrough To Success" and in its description it said, "Limited Offer: FREE Tickets to WealthSeminars.com.au." What exactly does that mean?
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Welcome Chris - great to have you here at InvestEd.

    That's a good question about the seminar - this section is new for us and that seminars site only launched on Monday.

    I'm guessing that it means that people booking through Wealth Seminars get in for free. I'll double check on this.
     
  3. Chris C

    Chris C Well-Known Member

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    It's great to be here. I'm hoping I learn a lot from all you guys, and maybe one day, help a lot as well. Like I said I have been stalking these forums for the last few days, and I have already learned so much, and I'm super eager to learn more.

    I was reading that Young Investors Thread and that was a bit of an eye opener as to what is achievable at a young age. Here I was thinking I was doing alright for a 23 year old... oh how I was wrong!

    :rolleyes:

    Please let me know if you find out; I'd be very interested to do something like this this.
     
  4. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    I can confirm that the seminar is free if you go through the Wealth Seminars website.
     
  5. DaveA

    DaveA Well-Known Member

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    i wouldnt beat yourself up chris... your doing much better than most 23 year olds... you actually care about ur finances so therefore id imagine are on top of 90% of the population or so...

    use that thread as insperataion, thats all its meant to be...
     
  6. Chris.R_WA

    Chris.R_WA Well-Known Member

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    Hi Chris, from another young Chris!


    Good to have you onboard, just the fact that you are here will put you WAAAY beyond your peer group. Even if it is just your mindset at first, you will find the dollars will come soon enoguh.

    My mate (23yrs) just bought a brand new SS ute on finance :confused::confused: so it could be worse...

    Regards, Chris R
     
  7. Chris C

    Chris C Well-Known Member

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    Thanks for that. Seems like a pretty good seminar and the price is definitely very competitive.

    :p

    I didn't mean to sound like I'm beating myself up over lost time or anything. I love what I have done with my life over the past 4 years (18 - 22), I have been lucky enough to be able to have traveled through Europe, South America, all over Australia and parts of Asia. I'm 3/4 through two uni degrees (Business Management & Economics) and I was lucky enough to represent Australia at the end of last year at the World Beach Championships for Ultimate Frisbee, which we won! The majority of this was all done in between living a good old fashioned uni lifestyle of lots of partying and short holidays. And whilst it definitely cost me a lot of time, energy and bundle of money - that's life, I've enjoyed it, and so far I wouldn't too change much about it.

    Though with that all said, on my 23rd birthday, which was about a month ago, I was reflecting a bit and sort of realised I should probably start working towards some more mainstream goals, like buying a house, settling down, etc etc, and I started reading those Money magazines (my mum buys them) and a couple of good mates just bought their first investment property each which sorta made me realise that I should really be looking to do that same.

    So I definitely see that Young Investor Thread as more a motivation and inspirational thread, and I hope in a couple of years (still being a young investor) I will hopefully have a nice little portfolio of my own to be proud of.

    :D

    I actually think I'm very lucky in the way that I have quite a financially intelligent peer group (friends) most of them have all recently graduated in commerce, economics, business, accounting, law etc etc and many are, and have been, involved in share trading, day trading, CFDs etc for months if not years, and like I said above a couple of them have just picked up their first IPs. Having good influences like that around you never lets your mind drift too far from financial reality...

    :rolleyes:

    I don't know if posting this in my introductory thread is the right place to do it, but I figured I should probably let you all know where I'm at and what I'm thinking in regards to my own investment future, and I'd love to hear everyone's opinions on it.

    OK so basically I currently have about $25,000 to my name ($10k in shares and about $15K in cash in ANZ V2 Plus - earns something like 6.25%pa plus is conveniently linked to my other ANZ accounts). I don't have any debt other than HECS which is about $20K or something, and I own my car (Mitsubishi Mirage, worth about $7K). Ahaha - its not exactly a chick magnet, but I got it for a very good deal off my grandma at the time.

    :cool:

    As for income, I'm a uni student/self employed, I have deferred the first six months of this year to work on my "business". I say business loosely, because basically it was a hobby, running websites, that recently turned into more of a business. I have yet to register an ABN, I saw an accountant a few months back who suggested I do that and sort out all my tax obligations etc etc which I'm planning to do in the very near future (I have been saving up my expected tax and putting it to the side). My income (advertising revenue) does fluctuate a little bit from month to month, but at the moment I'm averaging around $6,500 a month before tax. I expect that those earnings will continue, if not increase over the coming months.

    I currently live out of home with a mate, and my rent is $160/week. Our lease ends in July, at which point I'm planning to move back home for at least a few months to help with saving for either a PPOR or IP (or potentially a PPOR to do a bit of reno on before turning it into a IP after 12 months to capitalise on the FHOG). At this stage neither of my parents are able to help me out with a deposit, but both have said they'd be willing to go guarantor on any loan I take out.

    I don't suppose you guys have any general advice in this regard? At this stage I'm torn between all my options. I'd like to be able to take advantage of the FHOG if it is feasible, and at the same time I don't want my PPOR to be too far out of Brisbane if I need to live in it for 6 months to take advantage of the FHOG. I'd had also hoped that I might be able to save enough to avoid mortgage insurance, but I think this is looking less and less likely. Can I ask what is the deal with mortgage insurance? How much of a deposit do you usually need to avoid paying it if you have guarantors for the loan?

    With all this said I haven't even spoken to a bank or anything about getting a loan, I hear they are harder to get these days with the whole "credit crunch" issue especially if you not a good candidate. I'm assuming being self-employed with no substantial equity to my name isn't going to work in my favour. Though with the ANZ online borrowing calculator it suggested that they would give me in the ballpark of $250,000 - $350,000, though I have my doubts that this would be true if I was to walk in on Monday. Also is it harder to get a IO loan with an offset account? Like does the bank prefer you paying off the principle?

    I haven't really considered at any great length the option of major investing in shares at this point (I have traditionally had between $10-20K in shares over the last 3 - 4 years) and have owned shares since I was 12, but I have always treated the stock market as just a place to put my money rather than keeping it in bank accounts.

    Though, my main objective of looking to start investing in IPs was for tax deductibility and to start building a portfolio of growth assets, and I figured that I'd probably get a bigger loan investing in property than I would for investing in shares, so this would be the better option at least for negative gearings sake to offset tax. Do you guys have any opinions on this in regards to my situation?

    Sorry if I have blabbed on a bit I just figured the more you knew about my situation the easier it would be to give me some feedback. Anyway I'm looking forward to your responses.
     
    Last edited by a moderator: 5th Apr, 2008
  8. Nigel Ward

    Nigel Ward Team InvestEd

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    Welcome to InvestEd!

    What sort of websites do you run to generate such a healthy level of advertising income?

    You may find some financiers reluctant to lend without a history of business income, particularly in the present lending climate.

    ps. Definitely move home if you can stand it - you'll save heaps.

    Cheers
    N.
     
  9. Chris C

    Chris C Well-Known Member

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    I run a bunch of different gaming sites.
     
  10. crc_error

    crc_error The Rule of 72

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    anyone who can achieve $6500 per month from gaming websites at the age of 23 I think is doing far better than most.

    Question is how are you going to use that income will determin your future success.
     
  11. Redwing

    Redwing Well-Known Member

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    Old thread alert, but reading a piece below from Chris C

    How can you hold shares at 12 years old?

    Trust?

    A Beneficiary Account of some type?