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Hi Tom,
Thanks for getting back to me.
I have tried to provide answers below as best I could…
1. What are your investment goals? I would like to own a small-medium portfolio that generates an additional income. The field I work in will never result in making significant amount through wages so would like to generate another income through property.
2. What is your time frame (5 years, 20 years etc, this will make a big difference)? Long-term strategy. I am not looking to buy and flip, get rich quick etc…this is for a reasonably early retirement and to secure my long term finances.
3. What is your level of investment knowledge and experience? Very beginner and basic…That is why so much of what I have been told and read just confuses me.
4. Have you completed a balance sheet, cash flow statement and calculated your net worth? (I can provide advice on how and why to do these). I have completed these.
5. How do you generate your income today (wages, pension, investment income, business income)? Income only
6. How is your super going? Have you consolidated all your accounts? Do you maximise your contributions? Do you salary sacrifice (this is hands down the best investment option for most wage earners with lower net worth) Only employer contributions, so nothing significant…another reason why I am looking at property to help this area. I don’t put anything extra into super and I do not salary sacrifice.
7. What is your investment risk profile? Probably low risk as I am looking long term
8. What are your expenses (lots of personal debt, child support, kids in private schools, car loans etc). If you have large debts it may make sense to pay these down before investing, as many lenders may look poorly on high levels of debts. No personal debt except a credit card with a small limit. No car loans, no personal loans etc.
9. Are you a first home buyer? Yes, I am a first home buyer. Another confusing issue I have is to buy my first home/apartment or an investment property first.
10. Do you have equity in an existing house (owner-occupier)? No.
Hope this provides some further insight. Just looking for some advice to get me started on the right track, I don’t think it is fair to come on here and expect step by step help but more in the direction of what to do and where to start. It can be confusing and scary and many of you would know.
Appreciate the time and help :)
