This is Gary Staples.
After a divorce six years ago, and the subsequent financial settlement, he began to think about his future… and how to make a difference for himself and his kids.
This is his story…
Well, I’d been through a divorce and managed to buy a small townhouse for myself. I’d always owned my own home and occasionally invested in property in the past and I was looking around thinking about what I wanted to do when I retire (I will be 59 this year).
I don't want to be on the pension, because I don't believe it will give me the lifestyle I want.And I know for sure I want to create a more secure future for my kids, who are currently 20 and 18.
Share trading didn’t appeal because I felt it would take too much time to learn enough to be comfortable investing in the share market.
So, because I’d always had an affinity with property, and had some experience in that area, I started looking at how I could ramp things up through property investing.
That's how I become aware of Phil Anderson’s seminars and the lunch money property idea really appealed to me.You need good information to make good decisions.
And there’s a big time factor involved if you want to do all the research yourself.
For me, I wanted to have the time to keep working and earning the money and I could see there was a lot of expertise in Phil’s group, so I could capitalise on all their research and save myself the time.
Also, importantly for me, I wanted to get traction and not have the property investments be a burden initially. That meant making the right decision, to buy in the right place, at the right time (the perfect trifecta when it comes to property investing) and so that was the big attraction for me with regard to what Phil was offering.I could see Phil was into a lot of markets around Australia.
Rather than just having people buy in their local neighbourhoods, Phil is really across the big picture and understands where the hot spots are around Australia.
I live in Melbourne and, at the time, I didn't think it was a particularly good market to be buying in and I had no idea how to get information about where to buy in other places around the country. So that was a real plus to have Phil’s team guiding me.
Now, you’ve got to understand something about me…
I’m one of those people who likes to push the envelope a little bit¦It’s just part of my nature and I've always been that way. My experience has shown me, if there's a whole elephant, I won't just cut off it's leg, I'll try to eat the whole bloody thing!
And I took that approach when I started out with Phil looking at what was available, considering all the hot spots and I went ahead and bought 4 properties right off the bat… 1 in my super fund and 3 others in my own name.
The mortgage broker Phil’s team recommended to me was fantastic and they helped me do everything in the right order, so I was able to get all 4 properties across the line (even though one of the properties ended up being finished 3 months earlier than expected) and for holding costs I could manage.
If I was 10 years younger I might not have gone out so hard. I would have had 2 or 3 property cycles before I want to retire, but as I’ve only likely got one, I’m going to go for it.
Now it's done and dusted and we'll let them do their work for a little while.
The property in my Self Managed Super Fund is not costing me anything and the other 3 properties are negatively geared by only a small amount each property. And it will get easier over the next 2-3 years and I will be at the stage where I’m ready to add a couple more.
Where to from here?
I'm happy and quite comfortable with where things sit at the moment.
I’m a truck driver down at the ports. It’s a good paying job. I put in the hours and I am happy to keep doing that to get where I want to be financially.
Making a better future for my kids
All parents want their kids to have it better than them. And I look at Phil, retired at 38, while his kids are still young and while he's young.
And I'd like to be able to set something like that up for my kids.
I am doing most of what I am doing now for my kids.
The only regret I have in life is that I didn't have enough time when it was really important when my children were young.
I was too busy out there earning the money and I didn’t get to have as much time as I would have liked to spend with the family.
It’s just the way life's been for most people forever.
My old man was a taxi driver and I still remember he would often be working night shifts 7 days a week.
A double shift was not uncommon (16 hours) and he'd do them 6 or 7 days a week. He had 5 kids.
So, here’s my plan…
I’m aware that property takes time. I’ve probably only got one more property cycle before I want to retire.
And, the idea is that my properties will be paying for themselves by the time I want to retire, then I will be able to sell my SMSF property and not pay the capital gains on it and then be able to pay down the other properties to develop an income stream for myself.
And, if I don't have to sell those other properties, they will continue to grow in value and get better rent returns and become vastly more positively geared over the next 1 or 2 property cycles and the kids will inherit those.
Then they will be in a situation where they have significantly positively geared investments behind them and they will have the opportunity to make more choices with regard to spending time with their kids I’d love for them to be able to say I don’t have to go and do 50-60 hours a week to be comfortable.
Yep, I’d like to help them to become time rich, not time poor, like me.
Meeting Phil has allowed me to provide the future I’ve dreamed of for my kids. And, there will be enough there for me to be comfortable in my retirement too.
Any advice for others?
Get in a little bit earlier, do it a little bit easier.
Meet Gary’s mentor, Phil Anderson, LIVE at his upcoming half-day seminars