So you didn’t win millions in the big lottery, but then neither did several million other people who during the last week poured enough money into the prize pool for retailers to notice a dip in their sales.
The golden component of property investment is a concept called ‘passive income.’ For most people on wages or a salary, work is all there is. I.e. except for paid holidays, no work = no pay.
Many beliefs and attitudes were developed when people were very young. They watch and learn lessons from parents, other family members, friends and teachers.
Arguments about money are a frequent cause of breakdown in life partnerships and can be just as destructive in a business relationship.
Could you survive without your next wage/salary payment? If you’re not sure of the answer, you need to assess your budget now. Not being able to survive a missed wage/salary payment is just one warning sign you may be heading for financial trouble.
An essential is a pre purchase check list for buying property for investment purposes.
Property investment is a business and must be treated like one. Whether residential or commercial, a new property investor is now ‘in business.’
One of the dilemmas of being a parent is deciding how much financial assistance to give your children.
With every economic crisis the first to suffer financially are usually those whose situation has been weakened by debt. Low levels of debt provide immunity to adverse conditions so that personal financial crisis can be averted.
Wouldn’t it be wonderful to wake up one morning and find your bank account had increased into the 6 figures. Unless we’re lucky enough to win lotto, it’s highly unlikely it’s going to happen. However you can increase your wealth gradually by putting your efforts into the most profitable areas.
Do You Need To Consider Who Owns Your Properties? Sole owner? Joint Tenancy? Tenancy in Common? Ordinary Company? Loss attributing qualifying company? Family Trust?
Property investors, whether they are following the trading strategy and/or the buy and hold, will need to be aware of the wide ranging and often complex taxation ramifications. Taxation (including GST) is the largest single expense you will face.