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Andrew B | Geologist
Kalgoorlie, WA | 27
I became interested in wealth creation from a very young age. My parents are quite experienced in investing with a mixed portfolio of shares and property so I guess that is where my curiosity began. They were able to share their experiences with me but felt bad about investing. I was really encouraged to invest in shares as it was a good mechanism to start off with. My parents encouraged me to buy my first shares at the age of thirteen with money I had earned doing holiday work instead of wasting it, which was very tempting at the time! I monitored it at the stock markets regularly and calculated how much money I had made. Each time the value of my shares increased, I dreamed about what I would do next. Even at thirteen, my interest in wealth creation was strong.
From my early teens I read book after book about investing on the stock market and about the property market. I had a lot of questions and a huge curiosity about how to build wealth using these vehicles. I quickly learned that “knowledge is power” so I kept reading and learning.
When I graduated from university I started working full time for a mining company in Kalgoorlie at the age of 23. While some of my mates were spending their money on cars, bikes and holidays, I was looking at property to increase my wealth. I had read an enormous amount about property and different wealth creation strategies and armed with this knowledge I decided it was time to jump into the property market. I bought my first home in Kalgoorlie in 2004 which was really exciting as I bought something that has appreciated in value rapidly and given my passion for investing an extra boost.
A year later, I decided to use the equity that I created in my home. I got a line of credit so I could do it all again. Perth was doing really well at this point in time and I decided it would be great to get into that market. The only thing I was disadvantaged by was that I live 7 hours from the city. A work colleague had recently bought a property with Property Wizards and recommended I work with them to buy a property in Perth.
I wanted to buy a property which I could just buy and hold and wait for the area to appreciate in value. Within 14 days of signing I had that property; a 4 bedroom house on a good sized block in a fast growing suburb. It was a brilliant location and had all the right growth factors set in place so I could just sit back and wait for the equity to pool in the property. It was minutes away from several schools and the university, sporting centers, the main shopping centre which was getting a massive refurbishment, ovals, the pools, the new train line and the ocean is only a few minutes drive away.
I haven’t had it valuated yet, but since I bought the property there has been a lot of development and upgrading and I am sure that I have created substantial equity which I will use to invest again in the near future.
t was great to work with a company that truly understands the keys to making money through property. The investment I made was not about buying a pretty house, it was all about the land and its location, as this is what creates wealth. The home is rented out which gives me income along the way to help with the cost of the investment, but it is the growth where the real income is made.
It has been great to get such an early start on setting myself up for the future; I know that by the time I have a family that I will be comfortable enough to enjoy the journey without financial stress. This is not something a lot of people my age can say. I enjoy property investing and what it can do. My goal is really just to have the ability and freedom to do whatever I want to do whenever I want to. I’m not really focused on retirement at this point because I am still quite young. Based on what I have done already I have confidence in using property as a wealth creation vehicle and will be looking to continue investing in property.
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