I am only new to this forum and want to know if anyone else is successfully investing in Property when only employed on a contract basis. Both my husband and I work full time and earn a decent wage for our work, but never know when the contract will end. I have Income insurance, is that enough? Please let me know if you have been in a similar situation, and how you made it work.
I am on contract but luckily it is a five year contract. I have been through two contract bids so far and each time there is a different winner but luckily they hire the exsisting staff each time. What i do just before contract renewal is get my personal debt down. Get my resume out to possible alternate employees and hope for the best. I dont let it stop me from doing what i want i just be carefull around that time.
Thanks Devo76, I suppose I am just a little scared of over committing! Do you have any stragegies in place if you did lose the contract you're on, and didn't get work straight away?
I am lucky as i have a expensive car thar is appretiating in value which is worth around $100 grand plus some equity in my PPOR. So i could sell both the PPOR and my car. Pay some of my IP to give me a buffer then go on a holiday and look for work Maybe Dubai or something. A forced change in life cant be that bad.
When we were working in research it was only on a contract basis. Now we have 2 businesses that have not been operational for more than 2 years so we are again in the same boat.
Thank god for low doc loans! They allow anyone to become a successful investor
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