Sunday, December 17, 2006

When Should We Learn to Invest?

I was on a school camp last week running the kayaking with a group of 10 year olds. These kids were in no way from privileged homes. In fact many of them were poor. We were all having a great time. The thought struck me that why can't these great times last longer for these kids. I realised it's because they don't get the financial training they need from school or home so it is going to be hard for them to break the cycle. I have talked frequently to my kids about investing with an emphasis on real estate, but also about saving and investing in others things like shares. My son has set himself a goal of buying a house by the time he is 21. He is putting money aside now to do it, around $150/week. In addition to this, he has been involved in 2 do-up projects with me and a couple of mates. These netted him a couple of thousand and he has now put in for some sections that we have bought. He is well on his way thanks to my involvement. But how about those other kids who haven't got the role models, how can they be supported in their financial dreams. Any ideas, blog in.

Thursday, December 14, 2006

Make some investing rules

I think that in order to get rich, become wealthy, get that financial freedom that we desire, we need to establish some rules to make sure that we stay on track to financial nirvana. Some of the rules that I have are that the deal must return the same percentage as the mortgage plus 2%. This is not as easy as it was a few years ago before the world-wide boom in housing. However they can still be found if you shop around hard enough. Another one is to specialise in one or two areas of a city and the type of residential unit. By doing this you can quickly be an expert in your area and can identify deals which meet your criteria. There are a lot of rules you can follow but you only need a few to get started. What about you? What rules do you follow? Blog in and give us an insight into your highway to financial freedom and you may also help others on this rewarding and exciting trip.

Sunday, December 10, 2006

In talking about a plan what do you thinkmakes a good plan to get rich? Some of the common ideas are having a goal, timeframe, budget, rules when buying an investment property, a checklist when purchasing, what steps will have been completed at the end of each week/month/year, and so on. Blog in with your ideas on what should be in a plan with a goal of becoming wealthy in 10 years. Who knows we may be able to come up with a template which we can all use. While you're at it what about reviewing a plan. After all circumstances change, things are always in a state of flux - the economy, the market, your personal life, interest rates, your goals, etc. So how can we plan for all these things in our pursuit of financial freedom and an enriched life? Blog in!