Many people view being wealthy as a pipe dream; something they’d love to achieve but never will. But building your wealth via property investment doesn’t have to be difficult, provided you have the right mindset, a proper plan, a bit of persistence and good support along the way.
Here are three tips to get you started.
- Think about the big picture
You first need to work out your ‘what’ and ‘why’. What do you want to achieve financially and why?
Perhaps it’s to build your wealth to make life easier for your family, especially if something bad happens such as an illness or injury.
Maybe your focus is on retirement and ensuring you’re comfortable in your golden years. It’s definitely a good ‘what’ and ‘why’, particularly when you consider 64% of Australians can’t retire at 65 due to insufficient finances (Australian Bureau of Statistics).
Or maybe you’re on the younger side and believe you’ve got plenty of time to plan for retirement. Your focus is likely only on the now, but you might want to have a re-think on that one as it will creep up before you know it!
- Follow a proven system
Every successful person has a system that works for them; Bill Gates, Donald Trump, Roger Federer etc. The key is finding the right investment system for you.
Start by speaking to others who are already doing what you want to do. Ask them about their methodology, or for some reading recommendations. Perhaps they know other people who may be able to help as well, or be interested in mentoring and coaching you when have difficult decisions to make in your investment journey.
By doing these things, you will uncover the system that suits you, rather than wasting time going it alone and essentially ‘reinventing the wheel’.
One more thing to note: you will encounter naysayers who deride your chosen path. Try your best to ignore them, as if you’re following a proven system that’s worked for many others, there’s no reason it won’t work for you too.
- Be persistent and stick to your plan
Building wealth is very much like building a house. You start with a great plan, build a solid foundation and then work up from there. You don’t abandon the build completely when you encounter a problem (and there’s always a problem when building!). You persevere until the end.
Sticking to your wealth creation plan and following that system requires the same amount of effort and persistence. Too many people give up at the first hurdle, preferring to pack it in rather do the hard yards. And you can bet they never end up being the wealthy ones!
Start building your wealth now. Don’t be like so many others who regret their late start, saying ‘Oh, how I wish I’d done that 10 years ago!’. This way, even if you don’t hit 100% of your target, you’ll be at least 80% of the way there and that puts you in a much better position than you are now.
Should you need further assistance with your wealth creation plan, such as assessing your affordability to purchase an investment property, please contact us.