You are forgetting those who are on the forum while at work.
What? Who would do such a thing? That's outrageous.... oops here come's my manager!!
Cheers,
The Y-man
Somersoft Members 80/20 Rule to Financial Independence.
- Thread starter Rixter
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What? Who would do such a thing? That's outrageous.... oops here come's my manager!!
Cheers,
The Y-man
What? Who would do such a thing? That's outrageous.... oops here come's my manager!!
Commonly know as the trouble & strife?!
Hi 2bw,
I think you can find them published by the Aust Bureau of Stats - they get their figures from the census data collected every 4 years.
Aimy
I find this thread fascinating, about people, about those people that maybe investors, what makes it (part) tick, the why's and how come's...of course there is no correct or perhaps accurate? answer; it just is, all very different reasons, degrees of investing, and styles; but very interesting to listen to the discussion on all this and stuff thrown up in the discussion.
The number of people I know personally, and not from this forum of course, that have IP's are on one hand. Six people. One has one IP, another 2 x IP's and the other 4, multiple IP's.
Aaargh! Nearly forgot, us!! We are multiples, just good old bread and butter 2 and 3 b/r's residential, and a little patch of land.
It got me curious to Polls on number of IP's I got searching a little and found this:
http://www.somersoft.com/forums/showthread.php?t=22902&highlight=polls
Mark B:
The number of people I know personally, and not from this forum of course, that have IP's are on one hand. Six people. One has one IP, another 2 x IP's and the other 4, multiple IP's.
Aaargh! Nearly forgot, us!! We are multiples, just good old bread and butter 2 and 3 b/r's residential, and a little patch of land.
It got me curious to Polls on number of IP's I got searching a little and found this:
http://www.somersoft.com/forums/showthread.php?t=22902&highlight=polls
Mark B:
I stared at each of my hands and counted my fingers, and re-counted and re-counted, but keep coming up with only 5
I feel a bit ripped off.I stared at each of my hands and counted my fingers, and re-counted and re-counted, but keep coming up with only 5
Perhaps you might have more luck with your feet
I think I should try to explain....
Nope, best I just slink off to another forum, something that doesn't require any math or counting beyond five..
I stared at each of my hands and counted my fingers, and re-counted and re-counted, but keep coming up with only 5
You havent shaken hands with any lawyers lately have you?
.....However, there is an old expression we use in the bush; "two birds in one hand is better than a drought".
Or; "being chased by some irate farmer after your dog chased his sheep".
Hence; we learnt that five fingers may actually be as good as six, but whose counting.
Or; "being chased by some irate farmer after your dog chased his sheep".
Hence; we learnt that five fingers may actually be as good as six, but whose counting.
Maybe there needs to be a poll as to the range of free passive that each person generates from their investments.
Its all well and good talking about multiple IP's but this tends to be somewhat meaningless as one person could have 10 all worth 200k and someone else could have 2 that are worth $1mil each. I think I would prefer just the two as its less work
So the question is 'How much passive cash flow, as income, do you obtain from your investments'. This excludes any draw downs that are used for living expenses but does include cash flow that is generated from equity that is reinvested.
The categories are :-
not yet reached positive cash flow
LOE with -ve cash flow
LOE with some +ve cash flow
+ve cash flow no LOE, not sufficient to live off
+ve cash flow sufficient to meet all living expenses
+ve cash flow for all living expenses plus reinvesting
Cheers
Its all well and good talking about multiple IP's but this tends to be somewhat meaningless as one person could have 10 all worth 200k and someone else could have 2 that are worth $1mil each. I think I would prefer just the two as its less work
So the question is 'How much passive cash flow, as income, do you obtain from your investments'. This excludes any draw downs that are used for living expenses but does include cash flow that is generated from equity that is reinvested.
The categories are :-
not yet reached positive cash flow
LOE with -ve cash flow
LOE with some +ve cash flow
+ve cash flow no LOE, not sufficient to live off
+ve cash flow sufficient to meet all living expenses
+ve cash flow for all living expenses plus reinvesting
Cheers
As posted above, it's a mindset thing. Gererally speaking, as passive income increases so does job income. There's the perception that to be comfortable you need a passive income to match your current job income. At best, rents rise at the same rate as wages growth, so financial independance is unlikely to happen for a looong time using a pure B&H strategy.
I was bushwalking at the weekend with an exec in top Syd firm - he earns a little less than $2Mpa. I asked him when he was planning to retire - another 12 years because my wife (me actually) isn't prepared to reduce her lifestyle. If I took home $1Mpa, the bare minimum I'd do is buy (with cash) 2 median priced houses each year and retire within 3 years. But his mindset won't allow him to do that. All his investments are in super.
What is financial independence ?
A basic definition could be having sufficient to cover your basic living expenses - rent/mortgage, food, utilities.
At the other end of the spectrum, it includes a couple of 5-star O/S holidays & a new top of the range car every year and a beachhouse.
As to where the $$ comes from to finance the outgoings it's a mindset thing - does LOE count?
A well structured portfolio can start at the first extreme, and within 10 years be at the other extreme.
What about a more focussed poll, only looking at this option?
With YES or NO options.
I know it excludes LOE, but I think it gets a bit complicated when you include this, and polls will be harder to interpret and perhaps less meaningful...
I suspect a lot of the accumlators here would be negative gearing and would answer NO...
Or maybe, how much net passive income (again no LOE) are you generating from your businesses or investments?
So if you're actively working IN your business, then this wouldn't count as 'passive income', or if you develop and sell properties or shares, this wouldn't count as 'passive income'?
Haha. I've done a few polls here, and I've learnt that you need to be pretty specific otherwise people tick the wrong boxes! And if you don't get the question or the options right at the start, the information you get out of the poll can be very meaningless.
My definition of financial freedom is simple: $150k per year without consuming equity (in 2005 dollars), and PPOR paid off completely.
Not that I have high expectations, or anything.
Not that I have high expectations, or anything.
Financial Freedom is the choice to do whatever, whenever... you choose how to spend every day of your life. Your time is not for sale.
The amount of money needed depends on the lifestyle you want.
I do not want to work for someone else, it's funny.... how much is an hour of your time worth? does anyone on the forum want to put a figure on it?
I have asked some of my friends who are not into investing and they actually came up with a figure. One said $25, i nearly spat out my coffee.
The amount of money needed depends on the lifestyle you want.
I do not want to work for someone else, it's funny.... how much is an hour of your time worth? does anyone on the forum want to put a figure on it?
I have asked some of my friends who are not into investing and they actually came up with a figure. One said $25, i nearly spat out my coffee.
LOL yes the question was understood.... i think she got a little cross with me and then said "Well how much do you think your worth huh"...
I told her that my time is not for sale! and that i cannot put a price on an hour of my life!
I told her that my time is not for sale! and that i cannot put a price on an hour of my life!
