It doesn’t matter if you’re a budding entrepreneur or a seasoned expert in your field – at our core, we all crave financial security. This is why we work so hard to secure incomes that cover the expenses which accompany ‘the great Australian dream’. However, earning an income is only the first step towards securing a stable financial future.
Have you ever calculated what income you will need annually during your retirement years? If not, give me a call and we can go through this simple exercise together. This will form the basis of what you need to do now to secure your financial future.
Buying into investment property is one way to ensure that you’re taken care of well into the future. However, successful property investments don’t just happen. They require insight into the current industry landscape as well as careful planning, so that you don’t make costly mistakes. Every investment portfolio is unique and should be treated as such. The year is already in full swing, but there’s still enough time to plan your investment future. Here’s our guide on how to approach it.
Step One: Retrospection – Ask Yourself What Was Successful & What Wasn’t In 2019
Take a look at all the actions you took on your property investment last year. This includes everything, from buying new property or land to refinancing or any other cost reduction measures. Also take into consideration negative points, such as missing a payment or leaving your investments to run stagnant. A review of this kind shows you where you are so that you can work on where you want to go.
Step Two: Planning – Set Out What You Want To Achieve In The Current Year
Decide which goals are top priority going forward. This is where you list intentions, such as reducing tax, investing in your super fund, testing your borrowing power, just to name a few. Focus on correcting the missed opportunities identified in step one and improving on what you got right.
Step Three: Implementation – Get Into The Specifics Of How You’ll Achieve Your Goals
The final step is actually putting the plan into action. Here, you will complete applications, consult with financial advisors, and move resources to where you need them most. Remember that whatever you implement will form the basis for step 1 of your plan next year. You want to start off on a strong footing. The point is to grow your investment portfolio, and that will only happen if you make moves.
No property investment is too small or big for you to plan adequately. Changes in the economy make it essential to review your portfolio regularly. This way, you can make informed investment decisions. Because it concerns your future, it’s worth it to invest in a consultation with an expert.