Would you rather look rich or be rich?

Would you rather look rich or be rich?

I heard this important question a long time ago. It really had some cut through with me and I have been sharing it with people ever since.

In my experience most people would rather look rich. They prefer to travel overseas, drive flashy cars, eat out at fancy restaurants, wear designer clothes… and then bitch and complain about how hard it is to get into the property market.  Now there’s no question that it’s hard to get in but it’s always been hard to enter the market.

Life is full of choices. My advice is to choose to become financially comfortable first, and then drive the fancy cars and take the overseas holidays.

I know from experience that you have to make some sacrifices to become financially independent. I was already paying off five properties before I bought a car worth more than $12,500

Part of my reason for doing this was because I have the view that if you can’t afford to pay cash for the car you drive then you shouldn’t be buying it as financing a car breaks my investment rule number 17 of “never finance a depreciating asset” unless of course you’re happy to pay around  double its purchase price. 

I firmly believe that if I can build up a successful property portfolio then so can you! Just in case you were wondering, my parents didn’t give me one cent to help me buy my first car or my first property. They didn't use their house to guarantee my loans either.

I worked two or more jobs for several years and I saved hard. It wasn't that my parents couldn't afford to help me out a little. It's that they wanted to teach me the power of standing on my own two feet which is why I guess they encouraged me to have part time jobs from an early age right throughout my schooling years.

By the way, it's never too late to start. Whilst I started when I purchased my first property in my early twenty’s, many of my clients are purchasing their first home or investment property in their forties and fifties. If you only have 10 or so years left in your working life then  you have time to significantly improve your financial position however the sooner you get started the better as the power of time in the market and compound growth is not to be underestimated. 

So if you want to get ahead financially and receive tips from someone who started with no capital or financial support and has actually created a six figure income stream from his investments in under 20 years then I suggest you give me a call on 02 9904 4722 or send me an email by clicking here and we can discuss how to get you from where you are right now to where you want to be in the least amount of time.

PS. Through experience and the necessary lessons I’ve learnt along the way I reckon I could now achieve my current success in close to half the time it took me the first time by avoiding the many mistakes I’ve made. I look forward to sharing my experiences and lessons with you. 

Categories: Investment Property