Just look what’s happened to Qantas and Virgin.
Like many other businesses they are being crushed by the COVID-19 economic slowdown.
Qantas lost billions of dollars and has shed thousands of employees.
Virgin went broke and similarly its employees, including pilots, are facing layoffs or job losses.
While a gate attendant might easily transition into a customer service position in another industry, what does a pilot to do?
How do their special skills translate into a new industry?
Of course, pilots aren't the only people with high-paying, prestigious jobs based on skills that are narrowly marketable should the industry they're in slow down.
Chefs and entertainers are suffering.
Even many surgeons were temporarily put out of business to preserve medical capacity for COVID victims.
It can happen to anyone with very little warning.
Do you have skills that are transferable?
And if so, which industries are expanding? Is there even room for you?
If you think about it, it’s really no different than when an illness, accident, disability, or any severe life event takes you out of action.
When you trade time for dollars … even for a high income…you are vulnerable.
And even if you have insurance or some money saved for a rainy day – this might not absorb the entire impact.
Of course, the key to security and resilience is to have a cash machine.
By that I mean a portfolio of investments that provides you with enough income to live on … and more ... whether you work or not.
For years I’ve been talking about the concept of building a cash machine that will provide you income whether you choose to work or not.
And the right time to start building that cash machine is right now.
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
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- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Sydney property market forecast for 2024
- Also read:Home Price Growth Still Strong Over November | Latest Housing Market Stats
Actually, that’s wrong!
The best time to have started building your property portfolio, your cash machine, would have been 20 years ago. The second-best time is right now.
Somebody very clever once said: “The time to repair the roof is when the sun is shining. "
I really hope it’s sunny in your life.
But I know for some people storm clouds have been hanging over them.
Maybe some raindrops are already splattering around you.
Wherever you are now, it's smart to use what you have to create resilient wealth to shelter yourself from tough times … whether they’re on the horizon or on your doorstep.
The good news is .... properly structured property portfolios have a strong track record of resiliency through challenging times.
The bad news is it takes money, knowledge, relationships, credit and in particular time to build a resilient portfolio.
And when you’re short one or more of these things, it’s tougher.
I don’t know your personal circumstances; maybe all you can do at the moment is hunker down and get through the challenging times we are going through.
But for many Australians now is the time to get all your ducks in a row and look after your future.
Now is a good time to prepare to take action and set yourself up to take advantage of the next stage of the property cycle which will come sooner rather than later.
If you're wondering what will happen to property in 2020–2021 you are not alone.
You can trust the team at Metropole to provide you with direction, guidance and results.
In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that's what you exactly what you get from the multi award winning team at Metropole.
If you're looking at buying your next home or investment property here's 4 ways we can help you:
- Strategic property advice. - Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! This will give you direction, results and more certainty. Click here to learn more
- Buyer's agency - As Australia's most trusted buyers’ agents we've been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective - that's something money just can't buy. We'll help you find your next home or an investment grade property. Click here to learn how we can help you.
- Wealth Advisory - We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
- Property Management - Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.