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introducing Giddo- B Boomer RE investor frustrated traveller

Discussion in 'Introductions' started by Giddo, 10th Jun, 2006.

  1. Giddo

    Giddo Active Member

    Joined:
    9th Jun, 2006
    Posts:
    42
    Location:
    SE Qld
    Good morning fellow investors,

    This is to introduce myself to other members. (that is why it is in the INTRODUCTIONS section!:rolleyes: )

    I am a babbling baby boomer becoming boring in my quest to accumulate a few rubles with which to retire at about 60 or so. 10 years yet.
    I started my investment career about 18 years ago but only became serious 4 years ago. My portfolio is modest by many peoples standard - just over $1m or so.
    I encourage any young person not to waste time like I did.
    I have 3 offspring - 2 in their late 20s and one at 17.
    I have a supportive wife too, lucky for me - she suffers a lot.:D
    I am currently aiming to see a bit more of the world before the men in white coats turn up. Am trying to find a way to retain all my investments and trip around a bit and put food on the table - all at the same time.;)
    Any suggestions welcomed.
     
  2. -T-

    -T- Well-Known Member

    Joined:
    2nd Apr, 2006
    Posts:
    194
    Hey Giddo

    Welcome! Sounds like a good plan. I have a suggestion to make it work (since you asked): draw down as much as you can, leave a little to pay off interest and then go travelling until it runs out. When you get back, then you can deal with it. Maybe sell down and do it all again. Hopefully you'll have enough super to get you through retirement knowing you had an amazing 5-10 years. Irresponsible? Maybe. A good time? Definitely!

    Just a suggestion :D

    -T-
     
  3. TakeStock

    TakeStock Well-Known Member

    Joined:
    14th Aug, 2005
    Posts:
    140
    Location:
    Sydney
    Welcome aboard Giddo.

    Equally, it is large by many people's standard.

    And these are arguably the most commonly stated words when people discuss their investing history. If only you knew then, what you know now. However, you can only work with what you know at the time.

    Well, stick around and read the previous posts. Also have a squiz at the articles - some great info there.

    Cheers
     
  4. TryHard

    TryHard Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    863
    Hi Giddo and welcome

    Like you I only started getting serious (and actually trying to understand what I was doing) a few years ago, after 18 years of 'investing' (which is a misnomer for what I was actually doing ;-) ) The time I wasted is the thing I keep kicking myself for too, but its best to concentrate on the positives as TakeStock pointed out :D

    Plenty of people would be very envious of a $1M portfolio on which to begin the next phase of their wealth creation / life enjoyment :p.

    Could you combine some business and pleasure somehow on your travels ? - the idea of running up the km's and accommodation / meal costs on a valid income earning business trip appeals ;-)

    Good luck :p
    Carl
     
  5. Giddo

    Giddo Active Member

    Joined:
    9th Jun, 2006
    Posts:
    42
    Location:
    SE Qld
    Thanks Tryhard, and Takestock and T,

    Yes I am thinking about strategies. I have a company structure so that is a start I think. I dream of laptops, expense accounts and the winter sun!
    Possibly I will try to work my way around and take as long as I like too.
    I am lucky my wife is a nurse, so if I can't get work in a particular place (sob) she certainly will.:D

    This is a plan that could begin in 6-12 months so in the meantime I will continue to work in my little business.
    Thanks for your welcome all.:D
     
  6. MichaelWhyte

    MichaelWhyte Well-Known Member

    Joined:
    5th Oct, 2005
    Posts:
    798
    Location:
    Sydney, NSW
    Giddo,

    Welcome mate. Good to see you posting over on these boards too. There's a fair bit of diverse information here that should keep you interested.

    Thanks for the synopsis of your plan too. Didn't know that was where you were at or what you were trying to achieve. Helps me to understand where people are coming from with their posts when they share a brief intro like that. Good stuff.

    Cheers,
    Michael.
     
  7. Leandro

    Leandro Well-Known Member

    Joined:
    8th Dec, 2005
    Posts:
    228
    Location:
    Sydney
    Mind mentioning what your "little business" is? It might give the group some further insight, allowing them to offer more suggestions about possible approaches to your desired travels.
     
  8. TryHard

    TryHard Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    863
    Heh, plus when we know what sort of business is about to set you up for tax-deductible world travel, we might all want one :D

    Probably the world can only have so many travel writers ;-)
     
  9. pudsa

    pudsa Well-Known Member

    Joined:
    19th Oct, 2005
    Posts:
    55
    Baby Boomers

    Welcome Giddo,
    I to am a B Boomer a couple of years on from you. Am at that interesting stage in life (they've all been interesting) where you know its more than half over and investment takes on a new meaning i.e. you become a little more cautious well aware there probably arn't too many second chances. Like you I wasted many years (had a good time though :D ) but on and off had a reasonable crack at investing with mixed results. Am still in there but sometimes have trouble sustaining motivation. Read a post on here a while back where the poster was considering giving up the job to concentrate on investing full time. Am considering same what stops me is the feeling I need a 'bum kicker' to keep me going, becoming a bit like a cat (cats dont lack persistence/motivation they just lose interest). Also a very keen traveller and to prove I really am a baby boomer I just bought myself a motorbike (cruiser 'jharley' - jap harley :cool:).
    Would appreciate your thoughts on things boomerish and things investment wise.
    Cheers
    Pudsa
     
  10. Giddo

    Giddo Active Member

    Joined:
    9th Jun, 2006
    Posts:
    42
    Location:
    SE Qld
    A great welcome from so many nice people.
    I must rememmber not to be verbally abusive and mean, and then maybe everyone will continue to be nice to me.;)

    About your question Leandro, I took a punt 4 years ago and borrowed up to my eyebrows LVR 80% and had 6 units built near a local private hospital.
    I furnished them, cleaned them, mowed the lawns, fixed the toilets,talked nicely to my customers and managed to get to 2006 ok.
    As the units are resi ones, I am really in the business of RE investment, but the income and work keeps me going while (hopefully) the equity increases.
    Like many others I was lucky I caught the boom. In my town, median prices (unreliable I know) even rose 14% this last year. So I am satidsfied with that.
    But being a boomer I am sick of janitor duties now and I just know I am destined for better things.
    Pudsa good onya for getting your jap harley - how very boomer of you.

    I got a second hand 6 cyl BMW car which I love, but I am not brave enough to get a bike (and my wife won't let me).
    That's ok; as long as she lets me borrow the $$$ for my next development project I am happy.
    I am very happy to get such a great welcome like this!:D
     
  11. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Sounds like the "janitor duties" have stood you in good stead so far, Giddo, and I bet have kept you fit as well :D

    If you don't mind me asking, what do you do about serviceability when it comes to borrowing for the next dvpt? Do you have another income source, besides the six units rents?
     
  12. Giddo

    Giddo Active Member

    Joined:
    9th Jun, 2006
    Posts:
    42
    Location:
    SE Qld
    Jacques,
    My wife works 3 days a week; so we pay all our bills, interest on the loans on our income.We have always been modest in our lifestyle anyway.
    My old friend equity has helped out since the boom. We have borrowed against the increased equity and bought more houses.
    If the prices/CG keeps going at 14% as it has been in this town, I am pretty happy with that, as future benefit to us.
    Not really living on equity stage yet but hope to get there.:)