Everyone’s definition of freedom is different.
A common concern that many people talk about when looking at buying their first investment property is that it will limit their financial freedom. My own perspective, is that it doesn’t have to be that way. In fact I’d go so far as to say that property investment is the simple path to freedom and one of the most effective ways to ensure you’re set up for a retirement without compromises.
With money at cheapest levels in history, the current market presents ideal conditions for investors and starting to steadily build up a portfolio gives you a dependable asset, which if well selected will put you on the path to financial freedom.
Property is, in my opinion, the best way to achieve real wealth and to ensure you’re well set up for your later years. It’s solid and relatively easy to understand and is fully supported by a stable government and banking system. This is why you won’t see property owners panicking like shareholders might when the market takes a turn for the worse. Property can also be self-funded and can provide a passive income. Contrast this to business owners who start their own business to escape from a job, but often end up working twice as hard.
A careful property investment strategy will, over time, start to provide you with long term rewards and the freedom to focus on doing the things you love with the people that matter most or take some well-deserved time off to travel; all the while knowing you are backed by a bricks-and-mortar asset. Unlike you, your property portfolio should be working 24 hours a day, seven days a week to constantly expand your wealth.
I believe property is the best possible investment; however the key to getting rewards is to buy well. If you adopt the right attitude and take the right steps, you will give yourself the greatest chance of long term success.
Investing and building a property portfolio doesn’t necessarily have anything to do with amassing a big fortune. It can be about creating freedom of choice, experiencing greater simplicity in life and making yourself available to better support others.
Salena Kulkarni is a Chartered Accountant and Certified Property Advisor with Phoenix Wealth Group. She works with time poor professionals who want to leverage their time, create independent wealth and who are interested in maintaining their lifestyle into retirement. You can reach her at www.phoenixwealthgroup.com.au