You need that income!
One of the primary things you need to be a successful property investor is a job. Why? Because you need money. You need a job to borrow money. You need savings or some cash to buy your first property.
But the sad fact is, a lot of people don’t love to work. They hate their job, they don’t like their boss, the commute is a killer. You name it. We don’t all love our jobs. But we need money.
How many times have you imagined a situation where you never have to work a day in your life ever again? It might have been when you were on holiday with your family and thinking, ‘Wouldn’t it be great if life was always like this?’
Or maybe you were having a shocker at work one day and dreamed of telling your boss to stuff it and walk out, never to return.
The fact is the idea of not working appeals to us all at some points. But the reality is very different.
Would you really enjoy never working again?
Do this exercise with me. Really think about never working again. What would every day look like? Once you’d played all the golf or done all the Pilates classes you could stomach. After you’ve drunk all the coffee with mates and walked the dog every day, five times a day, and mown the lawn, and watched all the movies and read all the books. What would fill your time?
The truth is you’d likely be bored.
But what’s the alternative? Most people wait until they’re in their 70s to retire. They go from working five days a week, to nothing. While it might be a welcome change, the reality is that at 65 or 70 we might not have the energy or ability to do all the things we’d dreamed of.
So, what’s the answer?
Make Your Work Meaningful
We spend an average of 13 years at work over our lifetime, so doing a job you hate isn’t going to do wonders for your general frame of mind. Find a job, a career or some work that you get satisfaction from. Choose to do something that provides challenges and opportunities and pays you well enough that you can live the kind of life you want. Find something that adds value to your life and the world around you if you can. If you like – or better yet, love – what you do, putting in the hard yards to be a success will feel good.
Scale Back Your Working Week
Going from working five days a week to working none is a flawed concept. It’s not good for our mentality and is also very hard to achieve. Aiming to be able to afford to work a four-day, then three-day week, is a better approach for property investors who want to reap the rewards of the passive income they get from their portfolio, but are also still buying real estate.
The sense of achievement at suddenly having a three-day weekend, then a four-day weekend, will feel amazing as you are able to see and feel the benefit from the income you’re getting from rent and capital growth.
Scale Back Your Hours
If dropping a day of work (and income) is still out of reach, can you afford to work shorter hours? If the growth and cash flow you’re getting from your investment properties can turn your eight hour day into a six hour day, you’re already reaping the rewards of property investment.
Successful property investors are able to redesign their lives to suit their own needs. Once your properties start to grow in value, rents come in and capital growth creates equity, you can use the investment process to achieve the things you want, faster.
Start The Redesign Process
Having a solid property investment plan doesn’t just account for the bricks and mortar real estate that you plan to buy. It factors in the type of lifestyle you want to live and includes a pathway of how to get there.
To learn more about what this might look like for you, join our free property investing masterclass.
Our team of expert property investors and coaches will be able to advise on the steps required to get you from where you are now to where you want to be.
Book here – Property Investment Seminar
Founder – Positive Real Estate