5 Quick Tips For a Stress Free Retirement Plan

April 13, 2017 Sam Saggers

The superannuation balance of Australians is dismal. Men have on average $183,000 in their accounts whereas women have barely more than half that – $93,000.

In fact, only 10% of Australians have in excess of $100,000 in their super!  Obviously then, lots of Australians will be faced with taking a pension to live out their twilight years.

You don’t have to be part of this statistic.

Begin to plan your escape now…

What’s your dream?

What do you want from life? Maybe you’d like to travel the world, set your kids up in business or just relax on your private beach, greeting the sunrise every morning?

Maybe you’d like to do them all!

No matter what you want to do, you can do it with the right plan guiding you along the way. In fact, your dreams are the fuel that will fire your imagination when rough patches come along.

One thing, however, is certain. Unless you establish clear, actionable goals designed to help your dreams materialise, you’ll still be dreaming after earning the proverbial gold watch at retirement age.

Let’s get started:

1. Evaluate your situation

What is your financial situation right now? Do you live paycheck to paycheck? How much do you have in your super? What about your rainy day fund?

No matter where you’re at right now there’s an investment property strategy you can follow that will deliver the retirement you desire.

Consider speaking with a finance specialist to learn tips and strategies to quickly pay off your debts and build wealth using the income you’ve got right now!

investment property strategy

2. Set specific, actionable goals

Set down in writing what it will take to reach your goals.

For example, if you have a home mortgage and/or consumer debts (a/k/a bad debt) focus your efforts on paying these obligations off as a first priority.

This will free up the funds you need to supplement your super, add to your emergency cash and perhaps buy your first (or next) investment property.

 

3. Set and follow a livable budget

A budget is only a good one if you follow it. Start with keeping track of every dollar you spend for at least two weeks – one to three months is even better.

Once you know where the money is going, you’ll be able to spot patterns. Not only will you see the money you’re wasting (e.g. late fees) you’ll see areas you can cut to increase your expendable income.
Design a budget that will let you have those indulgences which mean the most to you, while helping you cut back on unnecessary or frivolous spending that doesn’t help your financial situation at all.

4. Pay off debt

To ensure a stress free retirement you need to eliminate all of your debt – both the good and the bad – before you put in your notice.

retirement

5. Buy investment property(ies)

Clever management of your investment property portfolio can help you pay off your debt much more quickly than simply making extra payments when you can.

Take a look at the following example:

 

New home $425,000
Finance (5%) $   42,500
Interest        $    21,000
Other $     3,000
Total holding costs $24,000
Rents  $25,740
Positive cash flow   +$1,740

 

If you’re after more tips related to Property Investment, you should join us at our next Property Investor Night and meet with our wonderful Coaches. You’ll be able to ask them any question you want and it’s a free event! Book your seat here.

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How To Negotiate “Like a Boss”

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Is a Structural Renovation Right for Your Investment Property?

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