Property Archives - Page 2 of 2

Build Generational Wealth

Posted on July 27, 2021

Have you got a money plan? Do you have a clear and precise written plan for your future or just a general idea? To build generational wealth, you will need to be specific and intentional with your plans.

The main thing holding you back in this era is your mindset. Secondly, it is your follow-on actions. Arguably you can be doing the right actions with a poor money mindset. Although, the mindset usually comes first before the motivation and actions. Regardless, it is better if they are both aligned.

Are you earning money only to pay for your current lifestyle? Or are you earning, saving and investing for now and for ‘retirement’. Ideally you are earning, saving and investing, with thoughts of your years ahead without an active income. And then ultimately, it would be great if you were preparing to have sufficient investments remaining to leave in an inheritance.

Preparing your finances is an important item on your to do list. The earlier you start, the stronger the habit will be. In addition, you are much more likely to have more money for yourself and for your heirs, the earlier you start.

Get a separate savings account set up. Place some money in it every week without fail. Learn about investing. Take it seriously. Though you can make it fun and interesting too. Begin investing for the 20, 60 and 140 year horizon.

Build generational wealth.

Action Gratitude Health & Fitness Property

Open Up And Say Ahh

Posted on July 2, 2021

Our corner of the world is getting better. Lockdown and restrictions are lifting and almost gone. We can open up and say ahh.

We did that Thursday night with our monthly property meetup. The first Thursday of each month we organise an opportunity for property investors to join together to meet and chat. It was a lovely evening on Richmond Green. We had donuts to celebrate Canada Day and also Alan’s birthday on the 4th.

It was a great evening outside. We could buy drinks at The Cricketers, where we’ve been holding the meetup for almost 5 years. It was so nice to see many other groups on the Green. Short sleeve shirts and some shorts were common. I did not see any masks. It all started to feel rather familiar.

That was the second consecutive property meetup we’ve held in person. It was a nice change to our Zoom calls. They had their pros and cons, and so do the in person gatherings.

I’ve seen the future and I think you are going to like it. It looks similar to 2019. In the UK we are due to open up fully on the 19th of July. It could be quite exciting. It is only 2.5 weeks away. Most children will be out of school by then or by the end of that week.

Open up and say ahh.

Action Observe Property Think About It

Finding Opportunities

Posted on April 30, 2021

How do you find things you want? What thought process do you go through? Finding opportunities is a process but you need to follow the steps.

A friend is finding property opportunities in the new build space. He’s found a property to tear down and replace with two. He has also found some land where he could build several properties. Meanwhile, someone asked him how he did that as there were no opportunities to be found. He had been told there were no more land parcels to build new homes.

So while one person is out looking for possibilities, the other has chosen to accept that there are none. In my experience, people looking for something are more likely to find it. Perhaps it won’t be found in the first place you look. This certainly can be the case when looking for car keys or glasses.

However, if you are certain you will find them, you keep looking. Though the sensible person will look in different places. However, a person may return to a location and look more carefully or make some enquiries. These tactics also make finding something more likely.

Of course you can wait until someone brings the great deal to you. But you could be waiting all your life. So get out there!

Finding opportunities is about being very clear on your desired target and then looking in areas it is most likely to be. Speaking to lots of people and asking the right questions is also a very useful skill. So is listening.

Financial Observe Property Reframe your thoughts

Good Debt

Posted on February 10, 2021

Some words just have a bad connotation. While others are riding high with positive brand awareness. Good debt straddles the middle.

For some, all debt is bad or evil or unnecessary. That is how it sits in the bad camp. However, those in the know about debt are happy to have good borrowings in their portfolio.

Generalisations do not help. Often as we get closer to the specifics of a topic we split off into different perception points. This is helpful. We can then better understand our position. Ideally we wouldn’t carry any debt for any purpose. Although, a little bit of borrowed money to help build a company, buy assets and get your future flowing, can be a good thing.

It is always interesting to me when people react to the word debt. It is a word many people want to clarify, if they do not condemn it straight away.

Many people have a difficult personal story involving borrowed money. It is not uncommon for people to have been in sizeable challenging positions when they were young. And unfortunately it is usually bad borrowing that they have collected.

I am trying to raise the awareness of debt, both good and bad, money, finances and life options. That is why I host Money Mindset Monday at 10:30am UK time on Clubhouse. My co-hosts / co-moderators are great and people get a lot of value.

In the meantime, get to know good debt.

Action Observe Property

A Distracted 6 Year Old

Posted on October 25, 2020

Have you ever been distracted or lost your focus? Of course you have. People can easily go off track like a distracted 6 year old. A phone rings, a note reminds you of something, or you just walk into the kitchen and you forget what you were going to do.

This happens to everyone at some point in their life. I know this can happen to me severely times per day. Sometimes it is funny and I laugh at it. At other times, it is a little frustrating to forget something, maybe have to backtrack, or lose 15 minutes and you can’t remember how that happened.

People have good intentions to stay focused. Though there are so many things going on in our days, it can present a reasonable challenge. Remember this any time you hire someone or ask a person to get something done. Assume they are well intentioned but follow up with them. And do that more frequently than you think you should.

This is particularly true when buying a property. It is very easy for people to get distracted with other work or activities and unnecessarily shift things to tomorrow or next week. A friendly call to ensure things are on track is very useful in between milestones. It’s better than an unpleasant surprise at the end.

But maybe don’t tell your friend about a distracted 6 year old theory just before they board a plane. Especially if they’re not a keen flyer…

Action Financial Property Reframe your thoughts

What’s Your Number? Flow Versus Pot.

Posted on March 2, 2020

Have you ever played a game with your friends, where you discuss how much money you would need to retire? What size of pot would you have to have accumulated?

I remember one time playing this game about 15 years ago, and a friend decided that he would need £15 million. With this you could buy a fine home, some nice cars and a place in the country for weekend getaways. With the remaining £8 million, you could invest it for some cashflow to pay for the food, financing, and fun. Invested at 5%, you could gross £400,000 per year. This would make most people pleased.

Strangely, that little bit of friendly, whistful thinking was what many people would call their estate, or retirement, planning.

The one significant challenge most people found in this friendly game, was that it would take the majority of people far to many long years of work to amass that level of savings in a pot.

So maybe look at it another way. What level of cashflow could you live on and be happy? £1,000 per month? £8,000? £27,000? £376,000 per month? £3 million per month or more? It may be easier for many people to find a lower level of cashflow income, of several thousand pounds per month, coming from some investments (Dividend stocks, bonds, property, royalties, etc), than to work, save and build a large pot.

Could you do a side hustle, online perhaps, that, over the next three years, you could build up from £100 cashflowing income per month to say £5,000? If that money could be generated by a more passive income, imagine your free time too.

So how much would you need to earn, as a bare minimum, on a monthly basis? How could you start trying to make this extra income? Think about it. Do some research. Change your life!

Property Reframe your thoughts Think About It

Property Perspectives

Posted on January 24, 2020

How do you decide what is most accurate? There are so many different views on property. This is mostly because there are so many different people with different experiences. People, generally, will find what they are looking for. If they don’t like renting, or landlords, or banks, they will find ideas and data to back up their perspective. And if a person likes investing, DIY or moving around a lot, they will find data and ideas that will support those perspectives.

However, let’s ignore, for the moment, all of the opinions about property that are being expressed these days, based on the current situation. Remember to take things back 200 or even 500 years ago to get some real perspective. 500 years ago, people used houses as shelter, to protect themselves from the elements.

I would imagine most people, save for the hardened cynics, would agree housing is better now than it was 500 years ago. Electricity, heating systems, indoor plumbing, fresh running water, television and wi-Fi to name just a few modern miracles.

Preferences for owning your own property or renting one, is based on emotion and your desires in your imagined perfect world. But when it comes down to the very basic idea of having shelter from the wind, the rain and the cold, you probably wouldn’t care too much about the mechanism for having access to that property.

Have a look at this video put out by The Economist a couple of days ago. Try to watch it unemotionally. There are quite a few comments and points that could be debated. See if you can challenge your own perspectives and see the other points raised.

Think about the points you have been programmed to agree or disagree with. Think through the alternate view and try to own that view, if just for a minute.