Feb 4, 2014

Tips from JDL Strategies: Push for Financial Progress with Property Investing

Financial success is not about playing it safe. You don’t make millions by salting away a small portion of your salary monthly. If you’d been unwise in the past and have riddled your credit score with debt, you can still take care of your obligations while doing something to improve your investment portfolio. To significantly alter your financial picture, you need to make a bold, but well-calculated move. Even if you’re still paying off loans, you can budget your income in such a way that will allow you to make a smart investment.

If you truly want to side with caution, you can invest in properties. It may involve a large amount of money, but it also means that you don’t have to put in much time and effort to make it earn unless you decide to purchase a fixer-upper that you want to turn into a DIY project. Even then, you can choose to make it a weekend and after-work affair.

Investing in properties basically means that you can keep your day job and the salary it provides. You don’t have to sacrifice your regular income while you wait for your venture to take off. With a property investment, you can start earning right away; that’s the beauty in being a landlord and receiving residual income. And in case you’d taken out another loan to finance that investment, you can simply make the property itself pay off that loan. As you build your financial portfolio with property investments, you methodically work on eliminating your debt. It’s all a matter of system. You can better figure out the minute details by working with a financial expert.

If you’re about to invest in your first property, the following are some tips from JDL Strategies:
1. Establish clear goals. Are you building wealth or setting up a retirement fund? Do you intend to earn from the investment through regular but smaller residual income or do you want to resell it for an immediate and more significant one-time profit?
2.   Work out a budget. You need to figure out everything from your own income and expenses to your mortgage and other related expenses, to your monthly rental income and the savings you can get each time.
3.   Research. You need to stay on top of the property situation in your area and the entire country so you can figure out how much to charge for rent, where the strong demand lies, etc.

Being riddled with financial obligations doesn’t mean that you can’t make investments. You can actually invest to help advance your wealth building project. With a well-thought out system and the invaluable guidance of a financial advisor, you can definitely move forward, minimise debts and be more financially stable in the process.

About the author: Kenneth Lawrence is a passionate "handyman". His craft involves DIY concepts and he likes to share guidelines and tips about stuff on home improvement. He writes and reads almost anything that can hone his skills and increase his knowledge about DIY concepts. He uses helpful website like www.jdlstrategies.com.au when writing his articles.
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