My Finances are…. terrible and that is where it starts

First Milestone Achieved – My First Blog Post

So here the journey starts, my investing journey, my path to financial independence, my goal, call it what you want but you get the idea. I want to achieve a state of finances that are firstly debt free, secondly generating a second income (passive income) and thirdly enabling me to choose when I retire. I have more to aim for than this and will be writing this up in my Goals/Milestone post so I can track my success. I think that being able to track my success is going to be very important for both me and my readership.

How can you know where you are going when you do not know where you have come from

To give some context and to make this relevant to my blog title, I have decided that my path will be dividend investing. I suppose though one does not wake up overnight and say “Hey, I’m going to invest”. For me the idea of investing in shares was sparked when I was 16, I had just started a little business as a Sole Trader repairing and supplying computers. One of my first clients was a man named Peter, he was a day trader, and he really wanted to show me what he was doing and that I could do it too. Now I was super interested, this man just told me I could make so much money from sitting behind a computer every day, this was like the grass is not just greener on the other side, it is golden and magical.  Needless to say, I was 16, I did not have the maturity or the patience to learn, I was scared of numbers and maths.

It was that experience with Peter that left a lasting impression, and it has stayed with me. 10 years on at 26, I decided the time was right to begin this journey. I know, I know, if I had started 10 years ago, with all that compounding look where I would be. However I did not, and I am where I am and that is how it is. I started by reading, I read everything I could find online, articles, stories, webinars. I even got as a gift a copy of “The Barefoot Investor” by Scott Pape. After all this reading, and time, I was still apprehensive. Some might say Scared to buy my first lot of shares. It was only when speaking to an Uncle who has invested that I finally found the courage, and it was from his words:

Now is the time to invest and lose it all, as you are young and will have time to recover financially; or this could be the move that enables you to get what you want

So it was that moment, September 2016 that I made my first two purchase. The first being in IVE Group Ltd (IGL:ASX) and secondly Flight Centre Ltd (FLT:ASX).

As for that context: In 2016, I was renting, living on my own having just trading in a car I still owed money on, and then getting a bigger more expensive loan for a better car, having a credit card debt of $5000 and realising with a resounding amount of anguish that if I continue like this financially I am not going to have the things I want. So I made one of the most magnanimous of choices and that was to move back home with my parents. To somewhat admit defeat, to end my independence in a large way, BUT and most importantly I chose to do this, and sometimes when I am old I am probably going to say it was the best decision I could make.

Since the move which happened in February 2017 I have made more mistakes, and I will continue to make them, all the while learning from them.

Signing off for tonight, but will certainly be continuing this tomorrow

Pat

6 thoughts on “My Finances are…. terrible and that is where it starts

    • May 11, 2017 at 1:51 am
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      Than you for your comment Froogal Stoodent. It sure is good advice, and I am following it 🙂

      Reply
  • May 11, 2017 at 6:25 am
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    Congrats on launching your blog 🙂 You have a great goal and we look forward to following along with your journey.

    Good luck!

    Mr DDU

    Reply
    • May 11, 2017 at 6:31 am
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      Thank you Mr DDU, your blog was a Big inspiration. I have followed and subscribed to your blog so I do not miss a post. Thouroughly enjoying reading most of your posts. Best of luck as well.
      Pat

      Reply
  • May 12, 2017 at 2:38 am
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    Hey Pat! Great to read your first post. It’s awesome that you’ve already started and in fact all the reading/learning you did since you first got interested in investing will help tons. Congrats on getting under way.

    Reply
    • May 12, 2017 at 2:51 am
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      Hey wealth from thirty,
      Great to hear you have read my post. It certainly helps to read as much as possible and learn. Ultimately I am learing from my mistakes and how to best correct them. I am really enjoying reading other bloggers stories such as yours. It is such a fantastic community full of people, ideas and support.
      Cheers
      Pat

      Reply

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