Many of the clients I talk to every day are looking to invest in property but are concerned they don’t have enough of a handle on their finances.
Now, if that sounds like you, you probably want to know how you can stay on track financially to make your goal of investing in property, a reality.
So, what steps should you be taking?
There are 3 things I highly recommend you do:
- Keep a good eye on your expenses
There’s one thing I do regularly to keep my expenses in check, that you can do too.
I actually download my expenses from my bank account every fortnight.
I go through them line by line to make sure there’s nothing superfluous there that I might be able to save money on.
It also gives me a good understanding as to where my money is going each week so that I can make adjustments if I need to.
- Seek advice for long-term planning
When you’re looking to invest in property, I recommend you sit down with somebody who can help you plan for the long term.
They could be an accountant or a financial planner, but it’s essential to find the person to best help you in your particular financial situation.
Getting the right advice will help you determine whether you need to buy three, five, or even ten properties in the short term to make sure you’re going to hit your goal in the long run.
- Prepare for the unexpected
Please make sure you’re looking after yourself financially by preparing for the unexpected.
Of course, nobody likes to talk about it, but things like serious illness and accidents do happen.
If you’ve got a family, it’s equally important to make sure that you have income protection or permanent disability insurance in place.
That way if the unthinkable happens, your financial commitments are taken care of.
So, if investing in property is something you want for your future, staying on track financially is a must. Remember that it’s equal parts what you can regularly do to keep expenses down, getting help for long-term planning and having the right insurances in place.
Do those three things, and you’re on your way to a stable financial situation and achieving your property investment goals.