Hi dreamerman.
Hm yes, dilemma. What are your wife's concerns? Sounds like you have enough cash to put down a 20% deposit and also pay for the stamp duty on a property, without having to offer up your home as security. Perhaps your wife needs to hear what the backup plan is if something goes wrong (eg you get zero tenants – unlikely). If you've put down a beefy deposit, you could always sell the IP. Your home would not be at risk.
Your money in the bank may not be keeping up with inflation. Inflation runs at about 8%. Your bank account might be paying a similar rate of interest, however your interest is being taxed. So your money is actually depreciating. Each year it will be capable of buying less and less stuff.
Perhaps take your wife along to a few seminars? Might be helpful to have her hear the message from people with similar goals..
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Dreamerman,
Does she like to read, then my advise would be to go and buy michael yardney's book (how to become a property millionaire in your spare time) and you read the book first then you may be able to give her answers when she reads it, or if she doesn't want to read it then pick out the best pages in the book that will help her understand why money in the bank is not as good as money in a property. my wife is the same she's not interested but I am trying to get her to read stuff that might make her think twice. the way I get around it is we have seperate bank accounts and we go halfs on the bills and I pay for the mortgages, may sound odd but it means I controll 100% of everything I want to do, she works and I don't, one day she might work it outHi all,
How would you feel if the bank of your choice paid you for your business to them? and you got to deal directly with that bank for the whole loan process.
Money for Jam gives 75% of the referral monies back to the client. That's $300 per $100k loan
Check it out
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