There’s so much uncertainty with what’s going to happen to our economy and our property markets.
How do you plan for your financial future?
That’s one of the questions we’re going to answer today in the first of a series of question and answer podcasts.
Today I’m going to have a chat with Brett Warren to answer some of your questions including how to formulate a property plan, what your endgame should be, and how many properties you need to retire comfortably.
At the end of today’s show, you should have answers to some of the common question investors like you are asking.
Highlights from my conversation with Brett Warren:
- People don’t often know where they want to end up. Property investors need to start with the end in mind and work toward that end, rather than starting with the property but no clear end goal.
- In the current climate, it’s hard to tell what will happen to your superannuation, so you can’t count on that alone. You need a long-range plan.
- It’s more important to have quality properties than a large quantity of properties.
- You need to begin to build wealth by acquiring assets that will grow in value.
- Then you’ll need to work on adding value to your assets and increasing your cash flow.
- Property is not a get rich quick scheme. Property isn’t a quick way to build wealth, it’s a long-term process. But you can find ways to add value and increase your returns.
- If you only have a short amount of time to build wealth, you can’t afford to make mistakes. Getting a good team around you that can help you achieve better results is even more important if you’ve left wealth-building until late in the game.
Some of our favourite quotes from the show:
“You’ve actually got to accumulate your assets first, and then live off the cash flow.” – Michael Yardney
“If you do what everyone else does, if you listen to who everyone else listens to, you’re just not going to build the wealth that you’re looking for or that you deserve. It’s just not the way property works.” –Michael Yardney
“We’re all walking around with one foot on the accelerator and one foot on the brake.” – Michael Yardney
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