Achieving Goals Earlier Than Planned
Dale Gatherum-Goss | Retired by 43 | VIC
My wife and I knew from our twenties that we wanted to retire early and would only be able to achieve this goal if we were to take charge of the process ourselves and find a way to create the wealth required to achieve our goal.
It wasn’t until our late 20s that we really started to do anything about it and it wasn’t till our early 30s that we actually started getting quite serious with the array of wealth creation concepts around. It was at this stage that we set an incentive and goal of retiring by the time we turned 45.
In order to achieve this goal we had to make a few sacrifices for the next few years, we chose to live moderately, minimizing the purchase of unnecessary items, expensive dinners and those coffees that seem to add up to a lot of money. We were financially conscious about where our money went rather than frittering it away and we bought what was needed and minimized the waste.
We threw ourselves into this mission and read a lot about different wealth creation strategies as well as attending some weekend seminar, through this process we found that property was predominantly the strategy used by people who had successfully created a lot of wealth, enough too be able to do as they choose and this is the freedom that we desired; to do as we choose, retire early and live a luxurious life.
After a few years of investing, we decided to capitalize on the growth in the Perth market. When we began looking for properties in Perth, we were unsure where to buy. It was important for us to buy a property in an area that was going to give us a lot of capital growth and help us along the way with our goal of retiring by the age of 45. I picked up an API Magazine and saw the ad for Property Wizards and three other like companies. I called them all. The first two never called me back and the third one I didn’t care for.
Property Wizards followed right up and called back the next day to make sure that we had everything we needed, they were very comforting and reassuring.
Their professionalism came through in every interaction.
In the heated market it did take us a little longer to find a home under the parameters we wanted (about 2 months instead of a few weeks) but Property Wizards communicated right up-front all of these details. We had clear expectations and we were happy with this as it was important that we bought the right property, at the right price, to ensure that it would be a wealth creating asset in the years to come.
Property Wizards moulded their search around our criteria of a buy-and-hold in a high growth area and bought us a fabulous property in a great area at just the right time.
We bought in an area that is armed with an array of equity building economic drivers which almost 100% guaranteed the future growth of a property bought in this area. We bought this property minutes away from beautiful beaches, a foreshore which was being upgraded with lots of new shops, cafes and restaurants; the main shopping centre was also being given a complete makeover. The train line was due to start running in the next few years with 2 train stations in the area and there is still a lot more development planned. The area was and still is just exploding.
We had the property evaluated a year after we purchased it and that value had gone up over $100,000 in a year, that is like getting a 3rd really good annual salary without actually doing any extra work, we were so very happy with this and the crazy thing we haven’t even been to the property, still to this day. We relied on the Property Wizards and their systems for finding us the right property which they did.
What makes it different buying property with Property Wizards is the strategic process behind buying the property.
We could have bought without using the agency and the property would probably have done well but it would not have been an educated choice.
In just over 10 years my wife and I have achieved our primary goal, we set a target of retiring by the age of 45 – I retired at 43 and my wife retired at 42. We are living what we consider the good life. We travel every year, we have actually just been to London, Paris and Spain as well as taking smaller trips around Australia, but more so than anything we have lots of time on our hands and no real obligations. We are able to live our lives as planned, we are able to take time to enjoy ourselves and do as we please. Our portfolio of soon to be 10 properties as well as shares and cash allow us to live totally of the income they generate.