Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
I saved my first deposit by spending less than I earned
Each to their own obviously. People who live a different approach will say they have different goals in life.
Thats right Deltaberry, our values and our goals determine our actions, which gives us the results. The frustrating thing is when people expect to have one set of values and goals and behaviours (i.e. I value eating out, regular international travel and buying shiny things) and expect a different result (I should be infinitely wealthy by now and own the house of my dreams with no mortgage).
These stories inspire me and remind me that building wealth in real estate is still as possible as ever, our journeys are all similar, but different, and it just takes a little sacrifice to get started.
I worked hard and saved it all, thanks to living at home. I also worked as a waitress on weekends. My dad then said, 'Do you have any money in the bank?"' to which I responded, 'Yes'. He said, 'Give it to me' and I did--no questions asked. He put a deposit on a house for me. The tenants paid it off. I have a good dad.
80% finance on each one.
Still don't save.
These 2 lines are at odds with each other. Where does the other 25% come from if you dont save and don't like using 105% finance?
I assume he sees holding cash, and "saving" as two different things.
(I agree with him, btw)
These 2 lines are at odds with each other. Where does the other 25% come from if you dont save and don't like using 105% finance?
In my case I came to this late. After some bad decisions was as good as broke at 40, then learned from my mistakes and my business came good, but I didn't change my lifestyle so the money began to accumulate. An adviser summed it up as 'executive income, student lifestyle'!
Then - although it was not a great move in other respects - I bought a Central Equity unit off plan - had the 10% initial deposit at that stage and knowing I had to find another 10% at settlement acted as forced savings. That left me owning a property that was a cash sink with no negative gearing to help (was living in the UK then) so paying down the mortgage as fast as possible was the way to go. Which meant that by the time I wanted to do something else I had a lot of equity.