Bulletproof Investing. James FitzGerald
is repetition.
Clearly, John followed instructions well. By age 20, he had syndicated over $5 million in developments, started a national property magazine, Property Weekly Update, and begun trading property through JLF Corporation.
The rest, as they say, is history. Today, my uncle's business turns over more than $100 million in transactions a year. But if you ask what gives him the greatest satisfaction, he will very quickly reference Toogoolawa, the unique school he jointly founded and funded for underprivileged youngsters aged between 8 and 15. He still loves dealing in property, but his genuine inspiration is seeing others, particularly disadvantaged and underprivileged children, learn and grow. Toogoolawa, a not-for-profit project he established in 1991 in conjunction with husband-and-wife psychologists Ron and Suwanti Farmer, remains at the very ‘pointy end’ of that satisfaction.
A timely career change
As well versed as I am in his business now, as a 20 year old I was largely ignorant when John asked me if I was interested in doing a couple of weeks' work experience. All I knew was that John had something to do with the property market and quite regularly appeared on TV. People were clearly interested in his opinion, which confirmed to me that he must have known what he was talking about.
In any event, I took him up on the offer, sensing that I had nothing to lose. I certainly wasn't 100 per cent sold on my career as a lawyer. I'd spent some 18 months working as a clerk for a firm that specialised in litigation (i.e. suing people). I'd conducted research and drafted documents for people suing other people or defending themselves against someone suing them, but often we'd do all this work, only for the matter to be settled before it went to court. It was unfulfilling at best, frustrating at worst. Most days, the highlight was my 2 pm coffee break, so I was curious enough to try something else. Perhaps in the back of my mind I was thinking how property and law might fit together. Litigation was of no interest, but property law? Could that be a fit? At the very least, I'd get exposure to the client's perspective of property law and go from there.
John's friendly team kept things simple in my introduction to the business. I was told JLF had six arms, or pillars:
1 Property investment (the management of the company and John's personal investments)
2 Property developments (primarily residential subdivisions)
3 Financial services (mortgage broking, financial planning and capital raising businesses)
4 7 Steps to Wealth (the ‘self-help’ book John wrote about investing in property)
5 Custodian (the investment coaching business)
6 Toogoolawa (the not-for-profit school for disadvantaged youths).
I was told I would be working with the legal team that supported and assisted all the different divisions in relation to the company's legal, administrative and compliance requirements.
Those initial two weeks flew by. I was welcomed by everyone and shared a common bond and interest with more than half the office — AFL football! But what I enjoyed most was the casual setting of the office, the relaxed mood and the social ‘water cooler’ chats in the staff room at lunch time. It was (and still is) a happy and fun place to work.
After a fortnight, I wasn't ready to leave, so I asked John if I could stay on three days a week. John was fine with that arrangement, so I phoned the senior partner of the law firm I was working for and broke the news to him. Perhaps it was a sign that he readily accepted my resignation and told me I wouldn't have to give notice. It seemed the feeling was mutual!
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