Our last blog focused on the importance of a risk assessment in the workplace and applying this same thought pattern to one’s own future. For instance, what would it be like retiring & not owning a home and being debt free. How would your lifestyle be funded beyond your working years? Will your funds maintain their value over time? What can you do to best set yourself up?
Wake-up call
It is easy to get in a rut, earning good money, enjoying life & putting off making the important decisions in life, until one day you wake up, realise you are 45yrs of age & that you had better grow up. Sadly, many families who have been earning good money for years, have nothing to show for it.
What do you do after the wake-up call?
Don’t look back and think ‘if only’. (Save the advice for your children) Open the door to your future and think positive. After all, it’s better late than never. Like a Risk Assessment, every case is different. The first step is to make the decision to get off the debt/spending merry go round & form a plan. Without a plan & a target, it is like setting out on an ocean voyage without a destination. Start by putting this number into your phone – 4987 7567. Call Steve Taylor for a free and casual chat over coffee.
What’s involved
Phone Reni for an appointment. To help us best help you, you may wish to give a summary of your current financial situation. During the meeting with Steve, he will look at your goals, 5, 10, and 20 years into the future. Your data will be formulated into a cashflow so that you can see tangible options ahead. You have the opportunity to…
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…ask any question. There is no such thing as a silly question. You will be given methods on how to get rid of bad debt, such as credit cards & personal loans. You will find easy solutions to start an organised savings programme.
Creating good habits
As humans, we all have limited means & unlimited wants. In other words, no matter how much we earn, there is always something to spend our money on. The solution is to open a special purpose savings account, have your pay office deposit 10% of your income into it & NEVER touch it until you have reached your goal for the deposit on your first residential investment property.
Expand your horizons
Whilst it is important to own at least one home, & no debt on retirement, many of our clients end up retiring owning several. Owning a few homes & no debt is the best way to protect yourself from inflation after retirement. If you retire with $1m in the bank in ten years, it might only have the purchase power of $.5m, whereas, if you own several houses, you are protected from inflation with the value of the properties & rents rising accordingly.
Need help to start your residential property investment portfolio the right way? Schedule a free, no-obligation consultation and let’s discuss your options.
If you prefer to listen here is my radio interview on Emerald 4HI:
At the helm of Steve Taylor & Partners, Steve has been delivering expert advice and product knowledge to clients for over 30 years. We provide individuals, couples and families with the right strategies to create wealth and change their lives with solid bricks and mortar.
DISCLAIMER
All information presented on this website https://stevetaylor.com.au has been provided as general advice only and should not substitute the obtainment of independent professional advice given in consideration of your personal financial circumstances, needs or objectives. While Steve Taylor & Partners Pty Ltd intends to only present up to date and accurate material and information through its website, we accept no liability for loss or damage (including indirect, special or consequential loss or damage to any person) with respect to decisions or actions taken in reliance of such information. We recommend users to exercise their own skill and care. Further, Steve Taylor & Partners Pty Ltd takes no responsibility as to the accuracy of information on third party links made available through our website but are merely provided for the users’ convenience.
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