I want to be RICH and SUCCESSFUL in Australia

[STR8UP]

Originally posted by apluspimp
Well not to burst your bubble but the info Kiyosaki puts in his books is way off. The Rich Dad series has many flaws heres a site that will explain more

http://www.johntreed.com/Kiyosaki.html

Consider your sources....

Becoming rich like they say in the Rich Dad series is very unlikely, the books are used to motivate people.

It is unlikely because most people are unlikely to put anything into practice, not becuase the information is flawed or the world is working against you or any BS like that. With that kind of attitude OF COURSE you will never get rich. But don't blame it on anyone or anything but yourself.

Starting in real estate investment is hard, and its not like they say in the book. What you need to do if you want to get into real estate is to learn as much as you can by reading legitimate texts, and making contacts.

And what would you consider a legitimate text? Something that tells you to work a job and pinch pennies to save down payments? Great advice if you don't mind busting your tail for a payoff that you won't see for many years.

Reading can explain alot, but going out and meeting other real estate investors and talking to them about what works and what doesn't is the best way. Thats how I learned.

You know real estate investing, yet you are bashing Kiyosaki? Sounds like BS to me....

 

[STR8UP]

Originally posted by pimpfromdayone
The only advice I can offer is:
It takes money to make money.

False.

Money helps TREMENDOUSLY, but it isn't a requirement.

If you are creative enough you can find a way to make money without capital. The best way is to learn how to borrow money. Borrow at 7%.....earn 20%....pocket the difference. That's how you become wealthy quickly. Think like a bank.

There are people on here who claim they went straight from $2k to wealth and it's easy to do, but they're all full of shi-t.

To whom are you referring? I don't remember seeing anyone make such a claim.

I have very limited knowledge of real estate but you need good credit or cash or SOMETHING before you go doing the big deals that will make you rich.

1) It isn't the big deals that make you rich. It is starting small, learning how to not be afraid to LOSE money, and eventually you will increase your success rate and the size of the deals. It isn't about hitting a home run. It's about learning how to consistently get base hits.

2) How is it that you feel qualified to preach investment advice about a subject that you admit to having little knowledge of?

Everything requires a pretty big initial investment.

That is absolutely 100% FALSE. You aren't talking from experience, you are repeating what you have been told all your life and it's WRONG.

I do deals all the time with very little or NO money. Go do a dozen or so deals then come back and teach everyone what you learned.

 

[reyalp]

you've got to be able to tell good adivce from bad advice, that's one big thing about succeeding.


for instance, some people tell you to pursue your passion. pursuing your passion may not be right for everyone. kenneth lay, for example, had a passion. a passion for stealing money and retirement savings from his employees. some people shouldn't pursue their passion. you might be one of them.

 

[STR8UP]

Originally posted by manuva
Key to making money:

Work hard.

Recognize opportunities to create wealth.

Work hard.

Have the balls to pursue the opportunities you identify.

Work hard.

Take out the 'Work hard' part and you pretty much have it nailed.

Wealth is generally NOT created through hard work. It is created through wise choices that allow you to leverage your time and other resources.

Make no mistake, wealth DEFINITELY requires effort. But it isn't the long, hard hours that get you to the payday. Concentrate on learning how to make MORE money with LESS effort, that's how it is done.

 

[STR8UP]

Originally posted by reyalp
for instance, some people tell you to pursue your passion. pursuing your passion may not be right for everyone.

That is one of the biggest misconceptions when it comes to money.

It isn't the passion for a particular field that makes you wealthy, it's the ability to be successful on the business end (building an asset) that builds wealth.

 

[reyalp]

point taken, but your response was out of context.

 

[Rudy_TubeSteak]

I live in a mining town, pop 26,000 and predominantly male. (Mount Isa, QLD, AUS)

What kind of wealth venture could you possibly do in a place rather than moving out to the big smoke?

I was jokingly suggesting being a pimp and opening a brothel for all the desperate, testosterised males from the mines. Surprisingly the person I was talking to frequents hookers because of the shortage of females in the area and he couldnt be bothered getting a girl.

Somehow owning a legal brothel sucking the money out from the miners aint my big thing...but hey, someone else will one day.

Working in the hospitality business allow me so see where all the money goes. Drinks at the nightclub I work costs 3-4 times more than anywhere alse and EVERYONE is forking out all their money. Going at the local strip club and every desperate male is forking out big money for girls below 2 in my books. scary huh???

Everyone here is making so much money they don't know where to put it all. I am tempted to work in the mines but its very dangerous and a very low quality lifestyle. I want TOP lifestyle along with TOP finance. But I am sticking with my guns with uni and finishing asap.

Somehow all this wealth obsession is consuming me and I feel rather edgy as if my head is going to burst. But I know I have to stick with normal everydays routine and uni as well. At the moment I feel like just busting out and driving as fast as i can to let things out of my system.

 

[reyalp]

I know how you feel, I get consumed by greed from time to time, I'll be outside pacing thinking about how I can get my piece of the pie.

You want some cheap ideas to get some bucks rolling your way?
Google "blogging for dollars" . put it in quotes. read the article about PVRblog.com
That should get you motivated, it's an almost no-startup biz you can make a little extra cash at.

Look at it this way
You can either work for your money, or make your money work for you. It's the whole time is money concept.
Right now, you've got a little time and not a lot of money. When you're ready, invest your time, make some money. (You're already investing your time by being involved in this discussion)
Then when you've got enough, start making your money work in your place.

I just came up with this idea in the middle of this post:
Contract Computer Programming. Subcontract programmers of your choosing for jobs you land. All you have to do is get their resumes, screen the idiots, and then pose jobs to them and have them bid on it. Mark it up 20% (10&10 O&P) or so and then submit your bid for the job to the customer. Just make sure these guys are competent or you're going to have a freakin headache to deal with.
Rentacoder.com always has tons of small odd jobs flying around, if you can find programmers, you're good.

This could apply to other fields, so consider that as well.

 

[Rudy_TubeSteak]

OK so now while I am doing uni, what possible options could I go for so when the time comes I'll be ready for it.

Here are the some options I could go for/have done so feel free to add more ideas:

Work for Free (rich dad etc) - working for opportunities rather just money. From there I could either see ideas or make connections like I have from my nightclub job.

Go to auctions - check out how things work.

Find mentors - I've made efforts to spend time with like-minded people and ones who have been there and been successful. I will try to avoid financial conversations about making money from people who have money problems or have a negative view on money.

Read, read , read - Get educated and motivated. I have think and grow rich and most tony robbins stuff but ive either been slack or hard up on time.

 

[STR8UP]

Looks like you are on the right track.

I especially like the "work for opportunities rather than just money" mentality. I'll tell you right now that if you learn to practice this way of thinking you WILL go far.

 

[Rudy_TubeSteak]

Yea Ive just recieved the book "Barefoot Investor" by Scott Pape and Guide to Investing by Kiyosaki.

At the moment I dont have money, connections and means to start getting rich but I guess I could work on my mentality, attitude and confidence RIGHT NOW.

I dont know how people could complain how they couldn't find a job. I came back home and within a week I had 3 jobs giving me roughly $600-700 a week plus student allowance. And from the connections I've made I can get many jobs for if I decide to work while in uni. Apart from getting good money I've learn a lot of things that money could not buy. Having 3 jobs instead of just one allowed me to see things in many different angles although I'm still going to get badly taxed.

When I get back to uni I'm planning to track down investors, real estate experts and mentors. Doing bartending gives me opportunities to meet these people if I get a place where they all go.

 

[jiza101]

Originally posted by Rudy_TubeSteak
Yea Ive just recieved the book "Barefoot Investor" by Scott Pape and Guide to Investing by Kiyosaki.

At the moment I dont have money, connections and means to start getting rich but I guess I could work on my mentality, attitude and confidence RIGHT NOW.

I dont know how people could complain how they couldn't find a job. I came back home and within a week I had 3 jobs giving me roughly $600-700 a week plus student allowance. And from the connections I've made I can get many jobs for if I decide to work while in uni. Apart from getting good money I've learn a lot of things that money could not buy. Having 3 jobs instead of just one allowed me to see things in many different angles although I'm still going to get badly taxed.

When I get back to uni I'm planning to track down investors, real estate experts and mentors. Doing bartending gives me opportunities to meet these people if I get a place where they all go.

Wow man, im in a similar position except 2 years before you, im at uni doing a degree in geomatic engineering, im starting my second year, atm i have a **** part time job behind at uni 5 days a week fulltime leaves not much time. But im working on a new schedual this semester to free up some days. I read rich dad poor dad, and im brainstorming ways i can get some more income in, im struggling atm, with uni fees and car insurance.

 

[Rudy_TubeSteak]

My mother has a sh*tload of cash sitting in the bank but I guess that's her money and its for a rainy day one day. I was telling her that because she takes care of the elderly, she can slip in a sly word about buying their house because some of them don't have relatives and they don't have much time. So my mum can be the first person to place interest on their house. But my parents would not approve of this and think its gold-digging the elderly. But hey its an idea.

I was working at my dead end job at a pizza joint and was talking business with my boss who is fairly successful. He says to look out for the real estate market because too many people are buying big house that they can barely afford at the moment and in like 3-5 yrs they will be in financial strife and can no longer make payments. (having kids, illness, divorce etc) Then, I can strike at that opportunities.

 

[bauer_23]

its not who you are, its who you know. what kind of networking do you have in the professional world to help you get to the top? What kind of plan or model do you have to set yourself up to earn big? If you struggle to finish with college in a relativly trivial field, how do you expect to even come close to dedicating yourself to earning millions?

The only person I know who has done this was a hard nosed mother ****er who didnt know how to lose. He had his buisness model, and went with it. he was intelligent, and was an expert in his chosen buisness. He dedicates himself 100% to his buisness, takes no time off. you prematurly talk about your partying life.

I want TOP lifestyle along with TOP finance

You wont have one if you want to be sucsessful with no real connections. its a pipe dream.

with you, I see someone who wants to make money for that sake alone. That won't suffice. There are plenty of people who do what you plan to do who do it better, and will never make it big. You need to find a passion, and follow that regardless of what others say. Real estate investing isa good idea, but you are only pursuing it because someone ELSE suggested it.

 

[Rudy_TubeSteak]

What do you define as being RICH???

Everyone has their own definition of being rich. I have my own and you have yours.

Some like to stack up money to the point they dont know if they could ever, ever spend it all.

For me I want to be rich and successful in Australia, not FILTHY rich and Ruthlessly successful to the point that I've crushed or alienated everyone for the sake of money.

For me being rich is being able to afford anything I want to live comfortably. My dream house, dream car and dream lifestyle. Having the freedom to do EVERYTHING that I want. Everything has to be practical not flamboyant. That's how I see it.

At the moment, at this stage of my life, everything is a swirl of ideas and possibilities. Passions change every now and then. Confidence goes up and down. I can be just comfortably being the way I am now BUT I know I am ambitious and want to make it big and do everything I've ever dreamed of.

I dont want to be average nor poor...And on the other side of the spectrum is the bright future which I aspire to be at.

I used to live below the poverty line. My widowed mum worked 3 jobs and constantly dropped us off at different relatives while she worked her back off. My mum, sister and I used to sleep together on a single wooden bed with no mattress , sometimes even on the bare floor. Those were the young years and it has taught me to see money in a different light.

Money can either control you or you control it. I choose the latter.

Yes I was strugglin with uni beforehand but its a part of the learning curve. I am constantly trying to make my dream a real achievable one, not a pipe dream. Everyone (folks back at home) is against me at the moment, but they are in no position to speak because their reality has so many constraints compare to mine. I will prove them wrong. My own dad has been against me from day 1. My mother is even scared to let him know that she has put some cash towards uni for me. How's that for support. The world is full of toxic people. You can even wake up in the mornin and have breakfast with them. They dont allow you to dream and to aspire because theyre jealous and old school thinking that the sky is going to fall.

Right now I am just removing the monkeys off my back and unbog myself from the mess I've put myself in. From then on I can groom myself to get a head start to what I've planned on doing.

How do you define something to be your passion?

I've always like designing houses, looking at houses and seeing the potential it can make. I can't see myself doing other things like webstuff, marketing hoohaas or inventing something. I am only young and can easily adjust to what I want to do if I have the means of doing it.

Right now, even if I quit uni and get slammed down to ground zero, I know I will start back up and build up. I know I can start from having $0 to having something significant because I've already done it. And you know what my dad said, "so f*cking what that aint sh*t"

Everything is a test. I am constantly challenging myself if I could bring myself to conquer what obstacles lie ahead. I fail a lot too but the thing is at the bottom, I always get back up.

 

[diplomatic_lies]

Don't forget Australia is VERY conservative (similar to Europe) in financial terms.

Things like property flipping is harder (I learnt this the HARD way) with taxes, CGT, restrictions, laws, etc. I mean, your income is already taxed at almost 50% when you make $50K.

On the plus side, government welfare is higher, so you can afford to take risks. In the US they let you rot on the streets, in Australia they give you free housing and food.

 

[bauer_23]

I can't see myself doing other things like webstuff, marketing hoohaas or inventing something.

I hate to be the next person to shoot you down like this, but you won't even work up to middle class status with this kind of ethic. you think everyone starts at the top? you think everyone gets their first ideal job? Even the best start with ****ty jobs like fork lift operators, or menial desk jobs.

you seem to talk a pretty big game about how you want to become filthy rich, but have no real substance.

I've always like designing houses, looking at houses and seeing the potential it can make

than think about getting some sort of engineering degree, working construction. Think about what you can do to do it better than the top people in the field. From this sentance, I dont even think you know what you are talking about. Designing houses? looking at houses? how are they related. Potential from what? reselling? managing property and renting? These are all good ideas...but guess what, you need to dedicate time in front of a computer in order to facilitate any of them.

want to build? you better damn well believe you need an idiot box to draw up the schematics. Unless you want to do them by hand, which is of course entirely possible. Learn CAD programs, learn how to dimension, and the like

want to rent? you had better be up to date with what towns/ cities are growing fast. Which towns could you get away with charging insane amounts of rent should you manage to gobble up some cheap propoerty ( ha ha good luck with that) A computer will aid you here too.

To conclude, I know very little about this field. But you know far far less it seems. If you want to become truly dedicated to houses ( haha), start actually doing a little thing called research . until than, your a bag of hot air.

 

[Adone]

Originally posted by STR8UP
That is absolutely 100% FALSE. You aren't talking from experience, you are repeating what you have been told all your life and it's WRONG.

I do deals all the time with very little or NO money. Go do a dozen or so deals then come back and teach everyone what you learned.

Can you make some examples? I have no knowledge at all about this, but I'm really interested and I'd really like to know what you mean when you refer to doing deals even when you (like me) have no money at all. Thank you very much!

 

[diplomatic_lies]

Well I used a credit card to fund my first business, and while it didn't bloom into a billion-dollar megacorp, I got a decent return when I got bored and shut it down (about 25%pa). So technically, it was using no money to make money. And it was great fun.

 

[al77]

Originally posted by diplomatic_lies
Well I used a credit card to fund my first business, and while it didn't bloom into a billion-dollar megacorp, I got a decent return when I got bored and shut it down (about 25%pa). So technically, it was using no money to make money. And it was great fun.

Interesting. What were you doing?
Did you have to pay interest on your CC and how much was it?