Manage episode 282581925 series 1537109
We’re into a new year, and there’s lots of good news on the horizon.
We’re going to have a better year this year than in 2020.
We can’t have all of those challenges again this year, can we?
There’s lots of good news. The economy is picking up, we’ve beaten the recession, it looks like we’ve contained the virus, and there’s an earlier-than-expected arrival of a vaccine. The path to normality has come along a lot faster than we expected.
What happened to that fiscal cliff? It was merely a step down before we started to ascend again.
But among all of the good news, there’s some bad news. Some people have had health issues last year, others have had financial issues that are continuing on.
To increase your chances of financial and property success in 2021, I’m going to have a chat with two experts who are going to share their wealth building tips with you, in addition to some tips for success in 2021.
Highlights of my interview with Kate Forbes:
Kate’s advice included:-
- The only certainty we have is that everything will change.
- Every year there’s an X factor – an unexpected event that affects our markets on the upside, or often the downside.
- You need to be able to roll with the punch and tweak things to adjust, even within your long-term investment strategy
- We can only hope for the best, but 2020 shows that we also have to plan for the worst
- Insurance offers a buffer and peace of mind
- Owning quality assets are also a form of insurance, that’s why it’s important to own the best assets you can afford
- The best strategy is acquiring the best property you can at the best price you can and sitting on it
- The strategy of reinvesting may not be appropriate for as many people at present.
- Don’t try to time the market
- You’ll need a more holistic approach to be successful in 2021
Highlights of my interview with Ken Raiss:
The lesson this year is nothing new from prior years. People who don’t get good advice make the same mistakes over and over again.
- Strategic investors structure their purchases to protect their assets and maximize their cash flows
- It’s harder and more expensive to fix these ownership structuring mistakes after the fact
- In 2021, review your affairs to minimize risk
- All investors should have a holistic plan that maps out their journey
- The plan should maximize their wealth creation and protect it and pass it on to the next generation
- The plan needs to have the correct structure to meet these goals
Links and Resources:
Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Kate Forbes – National Director Metropole Property Strategists Ken Raiss – Director Metropole Wealth Advisory
Shownotes plus more here: Wealth building tips for 2021 from 2 property experts – with Kate Forbes and Ken Raiss
Some of our favourite quotes from the show:
“That’s one of the reasons the percentage of first homebuyers is at record levels.” – Michael Yardney
“Taking on extra debt, taking on extra commitments doesn’t actually help their cash flow.” – Michael Yardney
“Buying an investment isn’t an event, it’s actually a process and it starts long before you buy it.” –Michael Yardney
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