7 Wealth Myths Busted
Updated: Mar 7, 2019
I Don’t Have Enough Money to Invest
Most people have to start somewhere and often it is at zero. People have resources and money to invest but often its not what you earn but its how much you are spending. Look at what you are earning and look at what you’re spending. If you are spending beyond your means or spending more money than you have, overhaul your budget to cut out nonessentials to start saving for a deposit. Live within your means.
I Need Money To Make Money
You don’t need a lot of money to start making money, just start small. See what you have access to, do you have equity in your home? If not start saving what you can to go towards a deposit. Most property investors started out modestly and with one property but by leveraging their existing assets they are able to grow their portfolio. Just take the first step.
My Superannuation and Pension Will Take Care of Me
Depending on your job as an employee earning $450 or more before tax in a calendar month, you get a pay called the super guarantee (SG): the SG is currently 9.5% of an employee's ordinary time earnings in Australia (as of Oct 2018). Do you think you can live on about 10-20% of your current salary if you live 2 (or more!) decades after retiring? Your quality of life might drop and what happens if there are urgent medical needs? This will take away from your savings. Plan for your future so you have passive income in addition to your superannuation.
I Don’t Have the Knowledge
Not being smart enough is just an excuse, you can start learning today. There are TV shows, books and seasoned professionals (like us!) they offer no cost advice to help you start learning. Be careful who or where you get your information from. Its best you consult people who know what they are talking about or from a reliable source.
Investing is Too Hard
With access to information and experts all through a smart phone there are many who will take time to explain and help you plan out the right path for your future investing. At Infinity Investing we can help you devise a plan to secure a property, sometimes if you aren’t ready we can help you come up with a step by step realistic plan.
Investing is like Gambling
If you don’t know what you are doing and overpaying for a property this is far from ideal but even then you won’t lose all your money. Property investing is one of the more trusted and safe options. Have you heard of that saying ‘As Safe As Houses’? Real estate is generally a great investment option. It can generate ongoing passive income and usually a long term investment if the value increases over time. Banks are willing to let you borrow funds for a house or using a house for equity, letting you know it is one of the safer investment strategies.
The Timing Has to Be Right. I’ve Missed the Boat.
The best time to invest was 10 years ago? Maybe even 20, or 40 years ago! None of us have time a machine so when is the next best time? It's Today.