Keywords: Wealth for Life, Ed Chan.
An excerpt from the transcript of Wealth for Life™ presented by Ed Chan Okay, what I'll show you now, is a client came to me and she was aged 60. Her name's Maria. Actually, two clients retired a couple of weeks ago and they had about 15 properties, Grace and Rob, I won't use their surnames. And Rob said to Kim, who's one of our accountants, client managers at work, Kim looks after him...
He had 15 properties, and he's 70 years old. And we're all here wondering, is it too late for me? And he was 70. And he said to Kim, "I only started buying my properties eight years ago." So he started buying his properties at 62, right.
And then, he had nothing. He had a little bit of superannuation at age 62, and when he got the size of his asset up by buying property, then I'll talk about that later on, how it's really not property that makes you money. What makes you money is the size of your asset, and getting the size of your asset up is what's important, all right. And I'll talk about that this afternoon.
He had 15 properties, and he's 70 years old. And we're all here wondering, is it too late for me? And he was 70. And he said to Kim, "I only started buying my properties eight years ago." So he started buying his properties at 62, right.
And then, he had nothing. He had a little bit of superannuation at age 62, and when he got the size of his asset up by buying property, then I'll talk about that later on, how it's really not property that makes you money. What makes you money is the size of your asset, and getting the size of your asset up is what's important, all right. And I'll talk about that this afternoon.
But he was able to get the size of his asset up, so that if you've got assets that much, and at that size, and it works for you, then when it doubles, it doubles like that, all right? But if your assets are like that, and then it doubles, it doubles like that. So what Rob did was, at age 62, was to get his size of his asset up. And the only way to get the size of your asset up is to get into property. Because you can't get the size of your asset up through shares, right?
The only way you can get the size of your asset up is to borrow the money, right. You got to the bank, and three quarters of them won't lend you money on shares, and the ones that will lend you money on shares, may only do it to a 50% LVR. A very few banks may go to 80% of the LVR, but they won't lend you $2 million or $1 million.
Right, there's a restriction on how much you can borrow to invest into shares. And I'll show all that to you this afternoon. But Rob got the size of his asset up at age 62 for us, in our 40s or 50s who are thinking, oh, this is too late for me, I'll do this for my kids, well it's not.
Right, there's a restriction on how much you can borrow to invest into shares. And I'll show all that to you this afternoon. But Rob got the size of his asset up at age 62 for us, in our 40s or 50s who are thinking, oh, this is too late for me, I'll do this for my kids, well it's not.
An excerpt from the transcript of Wealth for Life™ presented by (Disc 1, Chapter 1)
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