One of the biggest problems most would-be property investors have is that they don’t have any patience.
If you’re patient and prepared to be consistent with what you do, over a long period of time you’re going to come out on top.
Unfortunately, too many people want to have it all right away and most of them aren’t prepared to work for it to begin with.
To put things in context, what if I told you, it was very much possible to retire with $15 million worth of property to your name in only 30 years? Some might not believe me, while others will likely say that 30 years is too long to wait. My response to that would be, what’s the alternative? If you don’t start putting in the work and actively planning for your future, then you can really only expect an average result when you finally do reach retirement age.
If you want to set yourself and change things for the better, then the time to start is right now. Let’s say you’re a 25 or 30-year-old, then there’s no reason why you couldn’t build an impressive portfolio worth upward of $15 million over the course of your investing journey.
For most people that have a regular income and can budget effectively, it’s more than possible to purchase an investment property every 3.5 years. With capital growth and increased wages over time, that means you can really build up a property portfolio of 5-10 properties or even more over a long period of time. You just have to stay consistent and invest well.
When all is said and done that property portfolio will likely be worth upward of $10 million and that’s being conservative. The way to do it is to simply buy the right assets, take a long-term approach and not react to the market sentiment.
That’s how you build long-term sustainable wealth. It’s all about starting and then being consistent. There really is no right time to start, you just need to start when you can afford that first property.
We know that the market will have its ups and downs, but it’s more important to start than to try and time the market.
In reality, most people don’t need $15 million dollars. For an average person, even one-tenth of that would be more than enough and in reality, that would be a lot better than what the average retiree will end up with.
Most people walk away from the workforce with anywhere between $150,000 to $200,000 when they turn 65 according to KPMG. If you think that’s going to be enough to see you through your retirement years, then that’s great.
If not, now is the time to do something about it.
Start now, be consistent and always think about the long term and you can get there.
If you are interested in the above, feel free to reach out to a Henderson buyers agent today for more information.