Everyone’s definition of wealth is different. For some people it’s about more time, more life experiences, freedom to spend freely or ability to contribute and support others. Regardless of whether your life aspirations are financial, non-financial or both, will really drive the way you develop your property investment plan. Even if you don’t care to be ‘rich’, property investing is a great way to fulfill life dreams.
I hate using the terms right and wrong when it comes to investing. I believe there is only opportunity cost and preference. Buying off the plan can seem like an easy, low stress way to accumulate investments, but in the current market with it’s uncertainties, buying off the plan units is definitely a higher risk strategy.
So many finance professionals are quick to advocate the use of structures when it comes to property investing. In reality, the use of structures is a complex idea and there are a number of pros and cons to using them. This short video looks at one key consideration when considering if using a trust structure is right for you. Make sure you get specific advice from your accountant before committing to any trust or other structures to be sure if its right for you.
Debt is one of the key reasons that many would be successful property investors get stuck. This video describes my personal journey to understand debt and how over time, I have come to see that if managed properly, it can be a powerful tool.