• Real Finance

How to create wealth in 2022 with these 5 simple tips

Updated: Apr 4

If your 2022 New Year wealth goals haven’t entirely gone out the window, this is your chance to learn about the opportunities to build wealth this year. Our CEO, David Chehade, has come up with his five strategies that can help everyday Aussies to build wealth and improve their quality of life.

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.

Have a buffer in place

A buffer/ war chest is a level of financial security that even the most successful entrepreneurs have. It protects people in times of financial insecurity. This is something that we’ve become well acquainted with, especially throughout the breakout of COVID-19.

When your normal income becomes impacted, 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.

To learn more about how you can create a buffer or war chest, we recommend viewing this article we wrote last year. It outlines the purpose of a war chest and simple strategies to create one, even while you're building wealth.

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.

Real estate investors should seek assistance from a range of professionals
Investors should seek assistance from a range of professionals

Being a property investor, for instance, will require you to seek the support of a vast range of professionals on your investment journey. There are many professions and backgrounds that make up a person’s property investing journey. They span across finance, property development, building, legal, accounting, surveying, property management and more!

It would take a person of superhuman power to be able to manage all those components on their own.

Successful real estate investors can accept the support and expertise of professionals in each of these divisions.

Treat your investment as a business

Good real estate investors don’t attach emotion to their investments.

Being a real estate investor is a business within itself. That’s because you’re ultimately trying to create a profitable income from an asset. A good business mindset will also allow you to look at the numbers behind your investment and make strategic 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.

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.

Leverage your equity for investing

If you’re already a homeowner, review your equity today! The 2021 property market saw house prices increase by 21% across Australia. The equity you may hold in an existing property can be leveraged to build 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!
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