There are few things in our lives that cause more stress than debt. It can encroach into every aspect of our lives. The source of this stress can be from any debt that doesn’t have a clear achievable action plan to pay it off making the debt seem like an insurmountable obstacle.
There is no doubt that investing in property for the first time can be a bit daunting, especially if you are going it alone. Here are our 5 top questions to ask yourself before you take the leap.
1. What are my investment goals?
It’s important to know your goals before starting on your investment journey. Starting with the end in mind helps enormously as it allows you to break down the stepping stones required to get there. For example, if you think you need $1 million in your super and savings to retire and you’ve got 28 years to get there, it allows you to map out a plan to achieve it through investment and growth without overstretching yourself financially now.
Because the property game just got turned on its head…
Our OYOB team is unlocking the secrets of collaborative investment, bringing together Victoria’s best property investment specialists and developers to help every day Australians gain access to wholesale pre-developed land prices.
According to this recent article by realestate.com.au, Melbourne’s hot property market has added hundreds of dollars a day to house prices in scores of suburbs over the last year. From Epping in the north at 12.5% to Cranbourne in the south at 13.6%, there has been a wide range of suburbs in Melbourne performing over and above the Melbourne average of 10%.
So, the question on many homebuyers’ and investors’ minds is… am I too late to get into the market? Have I missed the boat?
Usually, we love what Scott Pape, the Barefoot Investor has to say. It’s simple, actionable advice, presented in a way that can help many people to take control of their finances. However, as is the case in many relationships, we occasionally disagree!
In the recent article “How to comfortably retire – you don’t need $1m to live well,” Scott makes the claim that the only number you’ll ever need to aim for in retirement is $250,000. We can agree on one thing; this figure is a crowd pleaser! However, it is far from the one million dollars often touted and at OYOB we don’t necessarily agree.
Let’s have a look why:
August saw 8 members of the OYOB team along with 4 members of our extended community undertake the challenge of riding 500km across Thailand to support Hands Across the Water.
- Hands Across the Water is a growing charity supporting Thai children who need a helping hand. It provides kids with a safe, caring and educational environment and empowers them to lead happy, healthy and productive lives.
Property is considered a good investment because it tends to have less volatility than shares and generally maintains its value even when other assets decline. It has the potential for capital growth (an increase in your property’s value over time), attracts considerable tax benefits and can offer a steady income through rental returns.