Newbie's Cry for Help!!

Discussion in 'Investment Strategy' started by m1k3, 2nd Jan, 2008.

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  1. DaveA__

    DaveA__ Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    580
    Location:
    Sydney, NSW
    Just remember only buy what you think you can read...

    No point spending 1k on books when you read 1 book every 6 months...
     
  2. m1k3

    m1k3 New Member

    Joined:
    1st Jul, 2015
    Posts:
    4
    Location:
    Melbourne, VIC
    I realise that :)

    I do read a lot though....

    Cheers


    Mike
     
  3. tilguy

    tilguy New Member

    Joined:
    1st Jul, 2015
    Posts:
    1
    Location:
    Sydney
    Hi - welcome to the forum. I understand that you have not planned to fail... you have just failed to plan (hackneyed saying but true).

    First off take a reality check on the debt position - as others have said get rid of this first... BUT PLAN TO DO IT

    First step is cash flow - understand what comes in and what goes out - you need to run U and your spouse like a little company - income and expenses... simple stuff. this is simply budgeting
    Second is spending - understand the difference between "need" (non negotialbes such as food and utilities) and "wants" (negotiables - do you need another shirt? U only wear one at a time - do you wan the shirt more than clearing off the debt?:rolleyes:). This step is where your spread sheet comes in
    Third -pay yourself first - before you spend another cent pay the $4-5K off the debt each month; top of the debt repayment at the end of each month with any surplus $ (and through the month apply the want/need question)
    Fourth grow asset base - once the debt is cleared don't relax your new disciplines - start building an asset base

    good luck with it all - look forward to hearing how you go!!:)
     

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