how to build wealth using property
If you’re like me and keen to utilise property as a means of building wealth then here’s some tips to help you get started.
Have a listen to the my millennial property episode where we dig into these tips further:
earn money
You are not going to build wealth sitting at home on the couch. You need income to get this journey started with money to invest, which requires some form of paid work. The money you earn is what you turn into investing dollars in your property portfolio. If you can, choose an industry you enjoy working in and a role you can do well and add value to. If you’re looking to boost the cash you can invest, then look into a side hustle or second job, even if it’s only for a short period of time – if that helps you get in the property market earlier then throw that option in the mix.
add value
Deliver more than what you promise in your working role. Think: how can I add value to this role, bringing better returns for my workplace? Be engaged and passionate about your role and you’ll create opportunity for your team, and ultimately for you. Show initiative and put your hand up for higher roles, special projects, or volunteer where needed to gain experience. Have a positive mindset, be flexible and open, and be a team player alongside your colleagues. Consider things like working a bit more time-wise, or check-in on whether there’s opportunity for a pay increase thanks to the value you bring to your job. This enables you to fast track your savings towards getting your property portfolio going.
save well
Putting money away is a critical part in beginning the property investment journey. Create a habit of saving. Choose a decent percentage of your income to put away each pay cycle. If you’re living at home you should be able to save a large proportion of what you’re earning – 80-90% if possible. Cut any unnecessary expenses in your life to maximise your savings potential and let it build!
invest wisely
Spend the time and effort required to establish a rock solid strategy for your property portfolio goals. Get educated in all areas of property you need to be informed in – there are so many options for this education. Read books, listen to podcasts, ask questions, talk to property people, research online, look at the data, sign up to courses – know everything that’s ahead of you in your property journey and you’ll be ready to get tackle it.
– John
