Actions speak louder than income.
What do I mean? I have always been a firm believer that it isn’t what you earn, but what you do with it that makes the biggest difference to your wealth over time. I don’t just mean financial wealth. I also mean time and freedom wealth as well.
I have met many property investors over the last decade that completely defy the odds in obtaining their financial success. Why? Because they carefully set out a simple plan of attack and worked carefully towards implementing it and making it happen.
At the other end of the spectrum, I know many people who would be regarded as very high incomes earners, who have little other than a nice car and house to show for their efforts. They struggle to save much at the end of each month as a result of living a lifestyle that matches their income.
Many people are preoccupied with the idea of how can they earn more income. How they can get a bigger pay packet at work, or how can they increase the turnover of their business? But imagine if you took the income you had and invested it in a way that neither compromised your lifestyle and gave you a return that would outweigh the efforts of trying to earn more through work.
Effective property investing is a simple way to create wealth over the long term. You don’t necessarily need to have lofty goals to consider the idea of property investing. You just need to think about the reasons that having more money could be helpful. Perhaps it might insure against unforeseen financial hardship or life stresses in the future, or enable you to help out your kids, or just give you some extra luxuries you might enjoy.
If you gave a small amount of attention to increasing your appreciating assets, in the event that you suddenly lost your income, you’d still have something supporting you. You don’t even need to be an expert to do this. Find a property professional you respect and trust and engage them to help you on your journey. It doesn’t need to be overwhelming.
There is no magic bullet. Creating wealth takes time. We are a lucky bunch here in Canberra because our average income levels are higher than most of the rest of the country. But remember, creating wealth its never about how much you earn. It is about what you do with it that will have the biggest impact on your wealth over time.