Monday, March 24, 2008

Where have I come from....

At the moment I'm 30 (turning 31 in 4 days!!) I grew up in an average middle class life in Perth, Australia. In one form or another i have been working since I was 10 years old. Odd jobs to part-time work, to full time work.

I bought my 1st Investment property when i was 19 (i went half's in a small 2 bed apartment with my brother). Over the following years i bought and sold some more properties, without actually making much money. I also put some money into the share-market for some hot tips that where a sure thing. Needless to say overtime, they all whittled away to nothing. I also put $10k into a online Currency program (that I now know was a Ponzi program) and lost that in short order.

As you can see I was doing all the classic things for losing money not making money. I thought I was smart for trying all these things!!
Looking back now, I can see I was wandering about in the dark without much of a clue as to what i was doing!

The online Ponzi scheme i got involved with, was the wake-up call I needed to start to think about Investing and money that I needed. Even now the $10k i lost in that scheme, has lead me to make 10 times that. That was the moment I started to see what I was doing. Chasing the next great thing that would solve all my problems for me. I was not taking responsibility for my own actions!!

I was the only person capable of making myself successful. It would have to begin with my own education. Over the next few years I started to learn about finance, property, money. It's a slow process sometimes. I was lucky one of my friends was a mortgage broker and he explained alot about how to get money from banks, what they where looking for, and how to use equity.

I read lots of books on property (this was my only focus in my twenties) started to buy a couple better properties, although they where far from perfect ie now i wouldn't of bought them.

In Perth where i live we had a massive property boom over the last 3 years property prices have pretty much doubled. So this set me up in quite a good spot. At the height of the boom I had 1.6 million in porperty with debt's of 1.3 Million. Quite high LVR (Loan to valuation ratio). I have since sold a couple to pay down debt and to buy our future family house.

I have been told by more than one person I was just lucky to get that sort of boom happen to me.Yes i was lucky to have prices double in such a short time!! But on the other hand was it luck to have positioned myself in investments that had the possibility of booming?? You have to make your own luck!!

Unsuccessful people make excuses and have all sort's of valid reasons why they didn't do something. Successful people just do it.

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