What Will Your Money Life Look Like in The New Year?
Now that we’re into the new year have you put your resolution to buy an investment property in the new year into motion?
If you’re still unsure where to start, I’d like to make some suggestions on getting started. The sooner you begin, the sooner you’ll be able to tick this particular resolution off your list.
Do you have a wealth creation plan?
Your employer has a financial plan, and if you’re self employed, no doubt you’ve created a financial plan for your business.
But do you have a wealth creation plan for your personal life?
A wealth creation plan is simply a strategy for building and most importantly, preserving your wealth.
One well proven way to build up your wealth and secure financial freedom is through investing in real estate.
However, while thousands of Aussies own an investment property, they’ve not achieved financial freedom. In fact, many of them will end up selling their investment property, unconvinced that property investing works.
This is because they didn’t have a strategy, so when they ran into the brick wall called “no serviceability” they were stuck…unable to grow their portfolio and secure financial freedom.
Don’t let that happen to you! Speak with an experienced property mentor who can help you work out the best wealth creation plan for your situation.
What is your debt situation?
Debt not only impacts your financial choices, it also adds stress to your life, and who needs that?
When it comes to buying an investment property you’ll want maximum serviceability, so pay off as much debt as possible.
Are you routinely saving?
When you apply for finance to buy that investment property, the bank will want to see that you’ve been consistently saving.
If you’re not, make it easy on yourself to get into the good habit of saving by automating your savings. Have money pulled out of your paycheque and put into an interest bearing account before you even see it and get the chance to spend it!
Do you know where your money is going?
Put together a spending plan. You know yourself best…whether you decide to track each and every expenditure or simply allocate percentages to different categories, choose a budget that works best for you and that you’ll stick with.
More personal tips on how to manage your portfolio? Book a free consultation with one of our expert Investment Coaches!
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When it comes to property investment there are some things you can never have enough of.
When it comes to property investment there are some things you can never have enough of. Good tenants, reliable builders, a great relationship with your bank.
But more than anything what you need is good cash flow.
Having a steady income of cash means never having to dip into your own pocket to top up repayments, complete repairs or make another purchase.
Here are the top five ways you can ensure the cash keeps flowing, so you can keep your investment portfolio growing.
Don’t be caught without it.
As a property investor who is building a portfolio, it’s vital that you have access to your equity whenever you need it.
There’s nothing more frustrating than finding that perfect new property to purchase, only for it to be held up – or worse still, lost completely – because your finances weren’t in good shape.
Having an interest-only loan structure with a healthy off-set account is a great way to ensure you have equity at your fingertips whenever you need it, but that’s not the only way…