Check out our five simple tips to fast track your wealth creation strategy for 2022.
If your 2022 New Year wealth goals haven’t entirely gone out the window, this is your chance to learn about our favourite tips to add to your wealth creation strategy, this year. Our CEO, David Chehade, has shared his five biggest tips that are guaranteed to help Aussies achieve their dreams of achieving financial freedom sooner.
Each of these strategies have been tried and trusted within our business model for more than eight years. In fact, they’ve been utilised by thousands of our clients who’ve successfully been able to create wealth.
Wealth creation strategy one: have a buffer in place
Most successful entreprenuers have a buffer/ war chest. This is an essential level of financial security that can protect you at the worst of times. Just take the last two years as a prime example.
When your everyday income is compromised, you need to be able to protect yourself, assets and investments. Hence, this is why we suggest ensuring that you have at least six months’ worth of living expenses saved for uncertain times. This is also known as a buffer or war chest.
To learn more about how you can create a buffer or war chest, we recommend reading this article. It outlines the purpose of a war chest and simple strategies to create one, even while you're building wealth.
Wealth creation strategy two: seek support from an experienced team
Have you ever heard of the phrase, "never be the smartest person in the room?"
While being knowledgeable on a certain topic can be advantageous, it's highly recommended that you seek assistance from a range of professionals when you're creating wealth.
When buying an investment property, you'll need to work with a range of property investment advisers or professionals. These professionals come from a range of different backgrounds. They include:
Financial Planners
Accountants
Mortgage Brokers
Property Specialists
Solicitors
Property Managers
Surveyors
Building Inspectors
Many More
It would take a person of superhuman power to be able to manage all those components on their own.
Real estate investors need to accept the expertise of various property investment advisers in order to succeed!
Wealth creation strategy three: treat your investment as a business
Good real estate investors don’t attach emotion to their investments.
When buying an investment property, you need to remember that it's all business at the end of the day. A good business mindset will also allow you to look at the numbers behind your investment and make logical business-based decisions.
In a recent video series where he explains this strategy in further detail, David highlights the importance of understanding the tax system and how you can maximise your incentives.
Wealth creation strategy four: have a plan in place
People always say that you should take chances in life. However, spontaneity is discouraged when building wealth. Planning is fundamental for establishing contingency around decisions that are financial in nature.
If you require any support when building financial wealth through real estate investments, REIF are your go-to experts. Following on from our previous suggested strategy, a plan can also discourage you from making an emotional based decision.
Wealth creation strategy five: leverage your equity for investing
If you’re already a homeowner, review your equity today! The value across Australian housing markets increased by 21%, last year. The equity that lays within existing property can be leveraged and may help you with buying an investment property or even growing a property portfolio.
If you’ve been following our blogs for a while, you probably already know how this works. If not, you can review it here.
To review the equity within your home or implement any of the suggested strategies that we've discussed, feel free to reach out on the contact details listed below. Let REIF help manifest your 2022 wealth creation goals into full fruition.
Ph: 1300 130 932
For more information
Check out this video that explores our favourite wealth creation tip for 2022.
We explore this topic in our eBook 'Building Wealth Through Property.' Check it out here for FREE!
