How to retire early?

[Deactivated] on 04/06/2014 - 14:56

I understand I am in desirable position but have no idea what financial direction to head in order to set myself up for the future? In summary – I don’t want to work for the rest of my life and want to retire early!

Currently on double income (155kpa + 90kpa) living in our primary residence valued at 500k. No other debt, investments or kids.

Mortgage is variable interest only, with 100% offset account.
Property value = $500k. Loan remaining = $425k. Offset Account = $200k.
Offset Account is constantly growing from our savings and at the current rate I predict the offset account will be equal to the loan remaining amount in around 2 to 3 years.

Looking for some advice on the next step financially?

The real kicker in this scenario is that my partner and I are both 26years old.

Financial

Comments

  • kingsville on 04/06/2014 - 15:02
    +2

    are kids a possibility??
    they cost a lot!

    • [Deactivated] on 04/06/2014 - 15:19

      Maybe one day, but definitely not on the immediate agenda.

  • bittervalue on 04/06/2014 - 15:05
    +1

    Sounds like you're in need of some professional advice. You would be surprised, but a quick trip to somewhere that specializes in retirement (big focus in FS at the moment) would do you wonders in the long run.

  • cr7 on 04/06/2014 - 15:15
    +1

    If you don't mind me asking, what do you and your wife work as?

    • [Deactivated] on 04/06/2014 - 15:34
      +13

      Big assumption on the wife bit there! :P

      Accountant & Financial-based Government Contractor.

      • hahaboy on 05/06/2014 - 13:06

        What type of accountant? sector?

    • devilbabies on 05/06/2014 - 13:33
      +11

      "Well, he's a tax attorney."
      "And he's an anaesthesiologist"

    • [Deactivated] on 04/06/2014 - 15:23
      +10

      Paying it off the home loan has the exact same financial implications as keeping it in the 100% offset. Except with the money in the offset I have the control over it, as opposed to the bank.

      Re: financial advisers - comment noted, this has been even more so reinforced with recent Ozbargain posts on the topic.

      • Steptoe on 04/06/2014 - 15:53
        +20

        Wise move with the 100% Offset.

        If your current PPOR becomes an investment property you'll be glad you kept it.

        • StewBalls on 04/06/2014 - 15:54

          ^This

        • cloudy on 04/06/2014 - 19:25
          -1

          Isn'tthere a price topay for the privilege for the 100% offset? Surely banks knowiit's not in their favour to have all their loans paid back quickly.

          So I think a better mortgage deal be brokered by having a small offset account.

        • [Deactivated] on 05/06/2014 - 08:58

          I don't believe so. I could not get a better mortgage interest rate if I tried, currently negotiated to variable 4.85% with 100% offset.

          The rate would not be lower if I did not have the 100% offset account either.Just part of most banks standard package. I am really surprised when I find out people do not have one.

        • Jam0864 on 05/06/2014 - 12:01

          If you don't need the liquidity or short-term gains then you can earn more than 4.85% long-term if you move that money into ETFs or similar.

        • Steptoe on 06/06/2014 - 03:59
          +2

          Don't miss the point that it's a Tax Free guaranteed return. ETF's or similar not so much.

        • [Deactivated] on 06/06/2014 - 09:32
          +2

          Tax Free guaranteed return - doesn't get much better then that!

        • tohara on 06/06/2014 - 19:11

          not everyone is as frugal as op

        • [Deactivated] on 08/06/2014 - 21:44
          +1

          I'll take that as a compliment :)

        • tohara on 10/06/2014 - 08:44

          you're welcome

      • Bystander on 04/06/2014 - 19:52
        +1

        Does the offset pay the same rate as the mortgage charges? That's the difference here.

        As for retiring early, invest with caution and diversify. There are a number of variable rate instruments out there that will benefit from rates going up, if and when that happens.

        • Steptoe on 06/06/2014 - 04:00
          +1

          100% Offset matches the mortgage rate. Not the same as any old offset account.

    • ddxsamx on 06/06/2014 - 14:08
      +1

      lol. obvious troll is obvious

  • tomleonhart on 04/06/2014 - 15:25

    How early is early and how much is enough ?

    Perhaps you should set the target so people know what you're expecting.

    • [Deactivated] on 04/06/2014 - 15:36

      Two questions I do not know the answer too.

      This is really my reasons for this post, to open up to such discussions.

      • ozeebee on 05/06/2014 - 11:28
        +5

        Build up your assets, whether it's properties, shares etc.

        Because to retire early, you will need passive income. Lot's of it. Depending on the quality of life you want after retirement.

        If you think your current combined income is comfortable and want to keep same income when you retire. Then try and work out how much assets you need to accumulate in order to sustain this.

        Of course the hardest part is discipline. And once you have kids, this will throw stuff out of the equation a bit.

        But the real wealthy (not rich) people who enjoy their life relatively young mostly relies on rent income, share dividends etc. which they worked for early in life.

        Sydney property seems expensive at the moment, but if your long term plan is to keep it forever for income, then there really isn't much wrong with that plan. High property prices specially close to CBD also means decent rental income and people will always need to put a roof over their heads.

      • young_dazza on 06/06/2014 - 21:36

        Here's one way to think about it - If you own three houses outright then you'll be able to retire.

        You see people pay about one third of their income in rent. So if you own three houses and rent them all out you will receive the equivalent of one full income for the rest of your life. And that income will keep up with inflation. You can live in one and rent out the other two, or you could rent all three, buy another property and pay that off with the rent from the other three.

        With your income and no kids you should be able to put away 100k+ per year. I'd suggest in the next few months you use the money sitting in that offset account to buy another house, and after a few years buy a third.

        With this plan you should be able to retire in less than 10 years, or sooner if you can put more money aside.

        Ps I'm not a financial planner or anything. Do your own math to figure out whether this will really work for you or not.

        • Typical16-bitEnjoyer on 07/06/2014 - 12:33
          +2

          That's the idea a lot of people in the USA had. Doesn't work out so great when prices plummet.

          OP see a professional.

        • Shitstorm on 07/06/2014 - 15:30
          +2

          Housing is 1990's advice.

          House prices are going no where for the next 100 years but down. The only reason they aren't plummeting now is because the government steals 10% of your wage and gives it to super companies which in turn buy houses with it (shares as well but that's another issue). Most people under 40 will never see this money again, it's a pyramid the baby boomers created. As such they will take it all.

          As soon as the boomers take out their super everything crashes. That's why the government has to keep raising the super withdrawal age. Every investment avenue in Australia is massively over inflated thanks to super. Unlucky for everyone that isn't a boomer because you can see the bubble peak coming (where the early investors boomers are getting out) but can't do anything to prevent your funds evaporating.

          Guess we better raise super contribution to 25% to fix the problem guys. Don't worry. The businesses pay. It's not your money. They wont reduce your pay by 25% to compensate. I swear. It's magic money from fantasy land.

        • StewBalls on 07/06/2014 - 19:57
          -8

          it's a pyramid the baby boomers created.

          It always comes back to this, the typical Gen-Y crybaby attitude doesn't it…boo-hoo the baby boomers stole my future. FFS, study engineering, build a bridge & get over it!

        • Typical16-bitEnjoyer on 07/06/2014 - 20:21

          And that's the response baby boomers give isn't it…."hurry up and get back to work gen y in the job you won't move up as all my 50-60 year old pals get priority, hurry up and pay the rent on the house i bought in the 80s cheap and would be impossible to afford these days, and hurry up and fund my retirement from the job i got with my free degree before hecs"

        • StewBalls on 08/06/2014 - 11:15
          -4

          Jelly much??? :D

          Seriously, you can spend your life playing the whiny victim; or you can sack up, adapt to the real world, & get on with life…Jesus H. Christ, Gen-Y sure as hell is the glass is half empty generation! I hate to break it to you, but life wasn't all beer & skittles for us baby boomers champ, we just didn't continually piss & moan & blame everybody else for the challenges we faced like you guys do.

          Pro tip for you kids though, improve your literacy skills & you might actually move ahead in your jobs. Honestly, communicating with a lot of Gen-Y'ers is like an episode of Arby 'n' The Chief…

        • satanguy on 08/06/2014 - 16:29
          +1

          lol "study engineering, build a bridge & get over it!"

  • StewBalls on 04/06/2014 - 15:30

    People often forget about talking to their accountant regarding these matters…a good accountant will have a wealth of knowledge & experience (probably both personal & vicarious) about how to move ahead financially!

    They'll be a bit cheaper than many FA's too, and since you're already gonna be there in a month or two anyway, most will absorb a nickel's worth of free advice whilst they're doing your returns! :)

    • [Deactivated] on 04/06/2014 - 15:39
      +1

      Let me introduce you to my accountant…

      https://www.ato.gov.au/Individuals/Lodging-your-tax-return/L…

      I, nor my partner, have never been to an actual accountant. Our finances have been relatively simple enough that we can manage ourselves.

      • StewBalls on 04/06/2014 - 15:45
        +13

        Abraham Lincoln coined a phrase for a very similar situation to yours: “He who represents himself has a fool for a client”

        Get yourself a good accountant, you'll never look back…with your combined incomes, not doing so is penny-wise but pound-foolish!!! ;)

        • edgar28 on 05/06/2014 - 23:47
          +1

          he enjoys pounding around , living the life!

      • schwinn on 06/06/2014 - 10:32
        +6

        Isn't the OP an accountant himself? (!!)

        • tohara on 06/06/2014 - 19:13
          +1

          there are heapssssssss of disciplines in accounting. Even though most have a good grip on tax, accountants who do tax day in day out will have better knowledge of how to squeeze the most out of a return plus they tend to do it a lot quicker

        • [Deactivated] on 08/06/2014 - 21:48

          Agree with tohara.

          Accounting is very broad discipline - do some research into it and get a better understanding of the field. Not all of them will be able to do your tax return for you :P

          I am not the accountant, and my partner is not a tax or a personal accountant.

  • uder on 04/06/2014 - 15:33

    The earlier you want to retire, the more risk you would likely take. Take that 200k and chuck it into some local and international equities, invest in a side business that generates more income.

    For me I'm relatively risk averse so I'd invest in some blue-chip shares and also hit mortgage hard. Once you do have kids, if you have your mortgage then all your income can go into raising them/other investments.

    • meowmeowmeow on 04/06/2014 - 15:53

      Agree…you need to decide how much risk you are willing to take, and how much time you want to spend looking after your investments.

      Low risk would be property investment in a stable low risk area, ETF's or blue chip shares…high risk is geared investments, structured products etc.

      Super is not going to help you retire early, cos of the preservation age, but could be worth salary sacrificing in there for the long term to save yourself some tax and get some compounding returns over the years since you are so young.

      • tomleonhart on 04/06/2014 - 16:00

        OP doesn't know how much he/she wants for retirement and how early they want it. I find it hard to provide any options…

  • mskeggs on 04/06/2014 - 16:03
    +18

    You could likely retire now, if you are prepared to relocate to a low cost country.
    You should give some thought to what you want to do after you retire.
    If you want to sail the world living modestly you could retire by the time you were 30.
    If you want to live in reach of Sydney Harbour you have a lot of work left to do.
    Until you work this out, all the other comments are meaningless.
    Well, except I would agree with get an accountant.

    • tomleonhart on 04/06/2014 - 16:08

      Well said SIR…

    • Gravy on 10/06/2014 - 13:46

      Was going to say the same thing (about moving to a low cost country).

  • RockyRaccoon on 04/06/2014 - 16:13
    +3

    The problem you face with your planning is your age.

    Retirement plans are often targeting those of age 55 or above. (Note I say retirement not superannuation which is also "retirement" planning, but not what you are looking for)

    The true issue is that while plans now are useful for 55+ people, with the changes being muted now by the government these same type of plans might only suit those of 60+ as the pension age shifts.

    So in effect you are really looking for wealth creation, that will mean you can effectively generate an income off investments, this is in effect independent from the "standard" retirement planning which takes into account early superannuation withdrawal and conversion of super into a pension fund.

    So your wealth creation needs to be a target for you to generate an income that supports your lifestyle so in effect this means you wont have to work.

    Investing in super is great if you intend to retire at an age when this will be accessible. But as I and others like meowmeowmeow said this date is already moving and given that even now you would have to wait 30 years, to get this based on todays rules.

    While property could be overpriced, negative gearing would enable you to reduce tax and increase your longer term gain if the right property is obtained. But there are schools of thought that think that this is overpriced especially with OS funds coming in.

    Nice thing is at least you can consider what you can do and you do have a great savings regime in place already.

    • [Deactivated] on 05/06/2014 - 09:05

      Interesting thoughts, I am still not convinced superannuation is the best vehicle at this stage in my life - I am more convinced by property investmenting

      I would rather be sinking 100% of my spare income into my mortgage and minimise the interest I am paying. Financial freedom to me is not having the massive debt of a mortgage looming above my head.

      People enter retirement age having just paid off their mortgage a few years before - they will never experience financial freedom in their lives.

      • coolhead on 05/06/2014 - 11:36
        +3

        i few weeks ago i found out that we can put additional super pretax up-to 25k per annum,,
        considering ur salary u r taxed at 37%.. if you put around 10K additional in super (assuming ur present contribution is around 15k) to keep it just under 25k, then since super is taxed at 15%, you will save 22% on that 10k straightaway…
        hope that makes sense…

        i know you are not a fan of super but this money will eventually come back to you and u save 22% instantly on this…

        • [Deactivated] on 05/06/2014 - 11:57
          +1

          Being 60years old is just too far away for me to consider this.

        • coolhead on 05/06/2014 - 12:08
          +1

          yeah thats true mate… just a good option with spare money..

        • mooboy on 05/06/2014 - 16:51

          I can agree that the problem with super is not only is it so far away to not seem worth considering, but you also never know what future governments will change to it before you can get your cash.

          However, I think you should still consider it from a tax perspective. You're getting very close to the top marginal rate. The extra contributions you make, come from your pre-tax salary.

          So, you have an immediate effect on the tax you're paying. Then, all the money you're earning in superannuation is also only getting taxed at 15%, rather than your top marginal rate.

        • zeomega on 06/06/2014 - 09:10

          Self managed super fund is the way to go if you're going to do a super pretax.

          It is a lot more work, but you definitely will make your super work a lot harder for you via many possible streams. Typically SMSF to do property investment is a good option.

      • mehow on 05/06/2014 - 16:45

        I guess I'm financial free then? Trust me its another can of worms when you reach this goal.

  • peterw1 on 04/06/2014 - 16:25
    +2

    i think the question you need to answer is why do you want to retire early. Even the packers, murdochs, renhardts and gates still work. Better to plan on working and retire just before you die. Life is good, enjoy it. don't become like reinhardt or packer, sad life.

    • Diji1 on 06/06/2014 - 12:42

      I don't understand this comment - why does he need to answer this query? Are you suggesting that he would be better off not retiring early and therefore not having the option to work rather than the sad necessity?

      A person's circumstances grant them power over their own lives to the extent that they have options. The only people claiming money doesn't make you happy are the one's who don't have it.

      • StewBalls on 06/06/2014 - 12:46
        +1

        The only people claiming money doesn't make you happy are the one's who don't have it.

        That's an old chestnut spruiked by those selling get rich quick schemes.

        I personally knew a millionaire who recently committed suicide…money doesn't change what's inside, and for some the pursuit & retention of wealth (for it's own sake) is actually a significant personal burden.

        • [Deactivated] on 08/06/2014 - 21:50
          +1

          Money is not everything that is for sure. But it does give you alot more control and power over your life.

  • p1 ama on 04/06/2014 - 17:57
    +8

    26 and earning 155,000 p.a.

    Nice.

    May I ask how you managed to get there? If you're 26, I assume you've been working for around 4 years or so, graduated from university at 22. How did you manage to get to a six figure salary after 4 years?

    • cloudy on 04/06/2014 - 19:28
      +3

      Working for the governmen . Op said so in prior post.
      That's probably why abott is cutting the public service, lots of money to be saved.

    • [Deactivated] on 05/06/2014 - 09:11
      +14

      3 years study, and just on 6 years experience.

      Constant career movement at least every 12 months onto more money and always wanting more.(It went something like this - 50k > 60k> 85k> 95k> 130k > 155k)

      • coolhead on 05/06/2014 - 11:33

        this is great mate.. i just opened seek after readin this message..

        this is what i thought a few years ago but never actually did it..

      • Windows7forever on 06/06/2014 - 10:48

        I gotta say I'm a little envious of you.

      • johnno07 on 06/06/2014 - 17:22
        +1

        Well done, mate! You're obviously good at what you do (or a talented conman) if people are willing to pay you more and more like that.

  • Baghern on 04/06/2014 - 20:35

    yeah see a financial adviser.

    My main question is what are your goals, living standards you want?

    On your 2 income and living in a 500k home, that's very weird for Australians.

    I can't fathom you want to be living like that for the rest of your life, especially you want kids.

    • [Deactivated] on 05/06/2014 - 09:12

      Very weird for Australians?

      This place was our first home buy and would be above the average, I plan on turning it into an investment vehicle down the track.

    • johnno07 on 06/06/2014 - 09:32
      +2

      You don't know where RichardWise lives - 500k can buy you a lot of house in the right location. Plenty for just two people. I don't think most Australians would have a half-million dollar home as their first place.

      • Diji1 on 06/06/2014 - 12:46

        I haven't checked in a number of years but I think 500K is pretty close to the city median price even in cheaper markets like Adelaide isn't it?

        • johnno07 on 06/06/2014 - 17:20

          You're assuming city, though.

  • Baghern on 04/06/2014 - 20:36
    +7

    ….

    Buy 21 apartments in your block… and retire on that rent

    Why 21?

    https://www.ozbargain.com.au/node/145972

    • [Deactivated] on 05/06/2014 - 09:12

      That is actually not a bad idea :)

    • [Deactivated] on 05/06/2014 - 20:15

      Sooo many eggs in one basket. If it was me, I'd invest in shares and houses with a small amount in the bank should the economy go belly up for a while and you need lots of help to keep the payments on your houses in check.

  • gimme on 04/06/2014 - 20:49
    +4

    I'm confused. You're an accountant and people are telling you to see an accountant. Anyway unless you're extremely well off, retirement is overrated.

    • StewBalls on 05/06/2014 - 08:10
      -1

      No, what's no doubt confusing many of us is that the OP is apparently an accountant, but is essentially asking for financial advice from laymen on OzB???

      If you look at the times of replies, you'll see that the OP also didn't disclose this fact until after the advice was given.

      • Baghern on 05/06/2014 - 08:52

        I'd still advice from OZB for all sort of weird things.

        Just because there is such a varied intelligent response here, and most importantly relax.

        Asking thinks like this on Whirlpool can get you quite militant responses…

      • [Deactivated] on 05/06/2014 - 09:16

        I am not the accountant - and have no formal qualifications in the field. My field is not in the area of personal finances, this is still a learning curve for me.

        My partner is not a tax accountant either as many assume - the accounting field is much broader then just tax accounting.

      • [Deactivated] on 05/06/2014 - 09:19
        +1

        I am not asking specific financial advice as such, but more how would you handle yourself if you were in my situation. I see these as two as completely different things.

        Also the intelligence of many lurkers is this forum is of a high standard - some very helpful and positive responses already.

        As for everyone else, here is a video I prepared for you:
        https://www.youtube.com/watch?v=o1eHKf-dMwo

        • meowmeowmeow on 05/06/2014 - 09:25
          +4

          How would I handle myself? I'm in a similar situation as you. I'm paying off the mortgage and travelling as much as i can while i have the income and no kids. It's not all about money, remember to take the opportunity while you are young to see the world and live life.

        • peterw1 on 05/06/2014 - 10:24
          +5

          I was going to buy this on itunes but am now waiting for the extended version

        • StewBalls on 06/06/2014 - 09:42
          -1

          Looking for some advice on the next step financially?

          I am not asking specific financial advice as such…

          Yes, you are.

    • TQS on 05/06/2014 - 10:24

      LOL! I was gonna say the same…

  • mrmarkau67 on 05/06/2014 - 09:39

    You are already on the right track. Get the mortgage covered first. Where you go after that depends on how much you love your work.

  • twodollah on 05/06/2014 - 09:43
    +13

    Damn. Making 155k pa and still driving a 1992 Holden Barina…that's discipline!!

    https://www.ozbargain.com.au/node/133234

    • tensai on 05/06/2014 - 10:03
      +7

      because Richard is a ozbargainer!! Hence still driving a 1992 Barina and earning 155k pa!! All adds up!!

      Richard, while you are still young and your offset looks extremely healthy, take some time off with your partner and travel. Few years later when kids comes into play and your partner taking maternity leave, then you will have to live with one income for a while, and later on nappies, childcare….

  • dlakers3peat on 05/06/2014 - 10:01

    First world problems.Sigh

    • hahaboy on 05/06/2014 - 13:10

      This is a problem? This is a golden ticket for these guys.

    • Cheap Steve on 06/06/2014 - 07:09

      The desire to be financially independent is universal and timeless. Everyone on the planet is on the hustle. The OP is just ahead of the curve.

  • Hackenbush on 05/06/2014 - 10:29
    +1

    Read 'Early Retirement Extreme' by Jacob Lund Fisker. You probably won't like it, but it make may you think about issues in your life when you are not working. Available from The Book Depository, about $18 delivered free.

    • Cheap Steve on 05/06/2014 - 15:46

      Thanks for the book recommendation. This looks really interesting, the author lives on $7,000 a year. Holy cow!

  • niknah on 05/06/2014 - 11:24
    +2

    You're in a better situation than I was at 26. And I retired from full time work at 34. Have only been doing casual work since.
    Most people tell me that full retirement is boring if none of your friends are also retired.
    I used an accountant for a few tax returns then afterwards just followed the tax return from previous years.

    You can do something with the $200k, get another property, shares or something. Pay more interest to reduce tax.
    Risk = Return as they say.

  • Ace26 on 05/06/2014 - 11:45
    +2

    You could consider investing

    Super (pros: Reduced tax of 15%, no tax obligations each year. cons: Locked in until preservation age of 60)

    Managed Funds (pros: available when you need them, can be negatively geared with margin loans. cons: Tax on
    Earnings)

    Property (pros: reduce tax legally with negative gearing, possible positive return in long term. Cons: area you might buy may go backwards, generally not good for short term) You can pay some portion of your principle place of residence (PPR) and take a 100% loan on investment with collateral on PPR for even better tax reduction

    Shares: pros: strong returns if invested correctly. Cons: might feel they are too risky

    Buying business (pros: can be very rewarding, you are your own boss. cons: you may lose your current 155k pa salary, not guaranteed to give returns you want.

    It all boils down to when you want to retire and how much you want to earn in retirement.

    Your serviceability to loans will change when any of the following changes

    1. You have kids
    2. You and or your partners want to go back to full time study or a career break
    3. Interest rates changes
    4. You change your mind about your past investments

    Retiring too early might sound in general but it can be quite boring as well.

    • [Deactivated] on 05/06/2014 - 20:22

      Honestly the scariest thing about super is that laws around it mean interest or tax could change at any time and you wouldn't be able to move your money anywhere… scary shiz dude.

  • centrelink on 05/06/2014 - 12:09
    -2

    I consider myself retired at 27 though I do technically still work. Most of my work is automated and generates passive income and probably put in like 2 hours of work a month.

    Though I don't know how long this will last (I've been doing this for the last 5 years) but I hope I never have to work in a job again.. I just hate working and I always see people always trying to justify themselves that its ok to waste 80% of their life on a 9-5 job just to make themselves feel better than me.

    For the OP, I suggest you branch off into something light worked and home based allowing you more freedom in your work lifestyle.

    • Hunter80 on 05/06/2014 - 12:27
      +1

      Yeah Mate, because of those who work 9-5, you can get away with thinking 'How long this will last'. You know taxpayers (people who work and waste their 80% of life) are always there who will foot the bill later in your life.

      Good on you and keep picking on others.

      Well, if you are just rich then it really doesn't matter what majority of people do with their life as you will never know what they go through and maybe they would rather work and secure their life now instead of asking for others to help and then pick on them.

      • centrelink on 05/06/2014 - 13:29
        -2

        Picking on others? You got me wrong, I don't really care of what other people do because people want to make money. What shits me is when people say things like "I'd rather earn my money by working" directly to me just to make themselves feel better and me look bad or lazy. Maybe the first few times it won't bother me, but when they go out of their way to embarrass me or try to look down on me in a condescending way then it bothers me and thus it forms my response directly at them. They tell me its a career and they love it (saying it in a way to make me look bad), my response.. "You call it a career to justify that its ok to work 9-5 everyday for the rest of your life".

        and yer I say it back like that to piss em off. Wouldn't of happened if they didn't say it and asked what work i do..

      • [Deactivated] on 05/06/2014 - 20:24
        +3

        What work do you do? Your lifestyle sounds amazing…

    • lemons4lime on 05/06/2014 - 13:15

      spn can you elaborate on what you do? you seem to have an ozbargain-ers dream job.

      • centrelink on 05/06/2014 - 13:30
        +1

        I'll tell ya its not a dream job.. The only good thing about this is I can travel around the world while making money at the same time.. other than that.. its shit ass boring..

        I could tell you what I do, but its always going to end up the same way because people are going to be skeptical about it. Passive income is possible but for me, it required alot of late night workings before hand before it was able to do that.

        So broadly, what I did was, found a reliable drop shipper, made a website and advertise the hell out of it. It generates traffic to the site and I set up the site to be automatic and it will inform my suppliers what they need to send and to who.. automatically.

        Nowadays I just log into the site and do things like adjust keywords for adwords and SEO and bidding amount in order to create traffic and generate sales.
        Possible for people to do it themselves and I did use quite a few broken methods that was exploited as well, and requires a very good drop shipper as alot of them are so crap so research is required.

        • lemons4lime on 05/06/2014 - 14:51

          thanks for your reply, i understand what you have done, as myself and a friend have attempted this in the past however never been successful due to, as you said, crap drop shippers.
          do you think i could send you a message to have a real quick chat about it?
          Thank you

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