Dave Gow
speaker
271 appearances
1 recordings
1 series
first heard Dec 2022
last heard Dec 2022
Dave Gow’s voice in public audio — every appearance, attributed to the second.
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Appearances
And so it doesn't actually take that long if you're good with savings.
So that's the key.
that's the key trick there the key criteria you feel good with saving it doesn't take all that long for that passive income to start getting bigger and bigger because you're constantly throwing in savings to the portfolio every month so the portfolio gets bigger starts spitting out more income you can reinvest that income and then eventually you can use that to scale down work i guess as your income grows you can do it all at once or one day at a time or however you'd like to do it but
it's kind of i find it more certain that way because you as soon as you put that money in your passive income goes up so i like that aspect of it so and it's a it's a lot simpler as well you don't have to take large leveraged bets on single assets in specific locations and there's not the cost involved as well so like i guess with property you've got tens of thousands of dollars in stamp duty and sometimes tens of thousands more for lenders mortgage insurance
And then quite often the property's negative cash flow to start with in most cities in Australia.
So that doesn't help.
And then interest rates might go up.
So you're out of pocket even more.
Then the growth might be flat for a little bit.
So you can be easily looking at like five years or sometimes even longer with no actual profit because of all these costs that kind of put you behind to start with.
um then you've got to catch up and then get some growth after that so it's yeah there's a bit more to it than than first meets the eye when comparing the two but i would probably just do shares if i was starting again today just because it's a bit simpler
So I guess one of the –
one of the first things that uh was a challenge for me was convincing my partner that it was a good idea just to like save more aggressively because i was the one who was a bit more i guess obsessed you could call it yeah um than she was but so so she was a bit hesitant at increasing our savings she liked the idea of investing and being able to retire early and spend your time more selectively but the spending this part was a little bit trickier so
We had a few discussions about like what was important to us and what we cared about, what we didn't care about, how we wanted our lives to look like over the long term and short term and whatever.
So that was quite helpful, like opening up the discussion.
And then...
To her credit, she was willing to try it and to test this, to test like my theory of like, we could try and do this, this and this.
And let's just see if we are less happy because that's obviously one of the big worries that everyone has is like, if I reduce my lifestyle costs, well, surely I'm going to live like a less enjoyable life or I'm not going to have as much like, not going to be as happy basically, right?
But a lot of the time it turns out that that's not actually true.
It's just what we've become accustomed to, whether it's higher or lower or whatever.
Showing 101–120 of 271 · page 6 of 14
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