G’day Guys,
I often hear the saying titled above ( The worst thing you can do is nothing), but with the current state of things should I really be buying an IP?
for context, I’m 26, I currently rent a place in Sydney and do NOT own any property, however, I have saved a sizable deposit and am eager to buy somewhere in regional Queensland for some positive cash flow. This obviously isn’t the best time to be starting my property journey but I’m curious as to what the best course of action is exactly. Sit on my nest egg and watch inflation chip at it? or I dive in and hope for the best?
Cheers
Hi Andre,
Welcome aboard. :) “The worst thing you can do is nothing”. Phrases like that are often accompanied by solicitations to buy whatever a promoter has to sell. i.e. It can be a marketing ploy to nudge you into action. Diving in and hoping for the best is also not recommended. But, it is good to hear you have saved a deposit and are considering your next move.
Re “this obviously isn’t the best time to be starting my property journey” is an interesting phrase too – what do you see that has you say that? What it tells me is that I am glad you are asking for ideas from others as any time can be a good time if you find a good investment. So HOW do you do that?
I believe the main way is to educate yourself by poring through forums such as this one, picking up knowledge from those who have been there and done that. Reading investing books is worthwhile too. If you haven’t already, check out the “Training” link at the bottom of each page where you can purchase Steve’s books – his writing style is easy-to-read, but the information he shares is invaluable. Also, spend some dollars on seminars, webinars, etc to grow your “investing IQ”.
And, one important and timely note, DO join up for Steve’s up-coming webinar (see note at top of page in Red highlight) where he is going to update us on the current state of the markets in Australia – it arrived in my inbox yesterday. Perhaps you got it in your email too, but if not, click on that red bar above.
Other than that, think on Steve’s maxim – that the objective of investing is “to make the most money in the least time, with the least risk and the lowest aggravation”. Of course, in his books he expands on that simplistic maxim – it is more a memory-jogger than a creed to live by. But once you have educated yourself, that simple line can help you to stay focussed.
Good luck with your learnings, and do come on back if you have more questions,
Benny
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