Hi from Adelaide

Hello all, finally got up the nerve to introduce myself as I feel a bit overwhelmed by all the success stories having lost the lot in the property bust in the late eighties. Never have been able to get back on my feet so I am hoping some of your success will rub off on me.
I am now approaching my mid fifties, so with retirement not too far off, my wife and I are trying to get a small bookkeeping service off the ground to clear debt and give us a means to quit full time work.
Any ideas or suggestions on how to start again at this time in life would be greatly appreciated.

Keep at it DKBook - attitude is everything. From everything I've read, all the truly successful people have been to the wall at least once. So you can probably be pleased you've got your 'once' out of the way - so onward and upward ! Looking for better ways to do things is a great step in the right direction so good on you for getting into InvestEd

Cheers
Carl

Many thanks for your encouragement Carl. We are not about to give up yet.

Best of luck with getting back on your feet DK. I'm sure everything will come good for you, you're certainly in a good place here.

Do you mind telling us how you went bust in the 80s? I'm sure you have lots of knowledge to pass onto the rest of us. The school of hard knocks turns out the toughest graduates!

Had to do a bit of thinking on this one. Not much to tell really, a combination of high interest rates, inflation, property price crashes, unemployment, economy in a nose dive, poor choices on my part.

A few don'ts may avoid a lot of pain:
- Don't over extend your commitments
- Don't rely on ever increasing land/property prices
- Don't rely on long term, high paid employment or dual incomes
- Don't rely on real estate agents hype
- Don't rely on any favours from your bank or mortgage provider
- Don't make any decisions when under emotional stress
- Don't rely on the government to make the right choices or to bail you out
- Don't expect the current economic bliss to continue indefinitely

Make your choices for the LONG term, the last bust took Victoria about ten years to recover ground lost.

In other words, expect the unexpected.

Some very sage advice given above. This is where insurance and careful planning come into their own. Risk management is critical. You literally have no idea what tomorrow may bring. Life seems to drift along pretty much as expected and then suddenly, without warning, someone or something throws you a curved ball that can tip your world upside down in a flash.

Keep going DKbook. You are still in a very productive stage of your life and no doubt you have a tremendous amount to offer. By taking the time and trouble to discuss your situation here, it demonstrates that you do have what it takes to really move ahead again...

Cheers

Curved balls - you betcha - and the vast majority are way beyond your control.
Yes, expect the unexpected and cover your ass!

So let's not forget the importance of insurance
Income protection, life, property, contents and the list goes on.....

Hi dkbook

I'm a newbie and I'm thrilled to have come across this website. My goal over the next 12 months is to increase my financial IQ and my financial wellbeing. So I know I'm going to enjoy being a member of investEd - what a fantastic resource .. and it's Australian too!

I hope your bookkeeping biz is getting off to a good start - good on you for starting a new venture, I take my hat off to you. It's never too late in life to reach for your dreams and begin something new.

All the best,
Debbie

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Debbie-Jo Dutton
Your wealth matters - take a look and decide for yourself ...
AGEL - The NEXT Generation Business Opportunity

Thank you for the encouraging words Debbie-Jo.

Not a lot happening with the business just yet, we have been promoting it a bit more the past month or so. I guess it is a bit early yet for most people to start thinking about getting their accounts in shape for the tax man!

No doubt panick will set in as June 30 approaches.

Good luck with your biz. To the success of all.