I wrote in last weeks blog about what questions to ask yourself before you make a purchase.
Did you know that there was a study done in the UK that suggested that
5% of the UK population under 25, were over a £100,000 in debt
and that interestingly they did not own a property, a car or any shares or equity -all the money was spent on holidays, makeup, clothes and shoes
That in my opinion is completely avoidable with the right education and information.
As well as a few handbags with matching shoes, that £100,000 could have been investing in a several “buy to lets” (lets say approx 4 in northern region) meaning that the income produced would be about £1000 a month.
Thats a shed load of shoes and handbags PLUS thats every month AND you also own the property which will ulimately be profitable in the future.
So where are we going wrong?
Is it that we live in a culture where debt is a common expectation, like two buses coming along at once or having 2 minutes with the doctor.
Or is it that we are teaching our young people to borrow with the mindset that they probably wont have to pay it all back-or that bankrupcy is no longer the same stigma or time restraints that it did have and is used by very successful people as a turning point to be adhered to, so not that bad an option in the long run.
Or is it that the population just expect to be in HUGE debt but not necessarily feel responsible to pay it back….
At the end of the day, I think there should be credit available for those who have the self discipline and self responsibility to use it wisely.
I firmly believe that you
in property, create a positive cahflow and then be able to shop till you drop, if thats your bag OR be able to afford whatever makes you happy. 🙂
It”s not rocket science!
Please think before you get that credit card out, what specifically are you going to use the money for? will it create more money for you, will it add value to your life?
Perhaps you could work on a strategy, for example-for every property deal you source or “buy to let” you gain-after the completion-you can acknowledge the success, celebrate by buying a pait of fantastic shoes, or clothes, meaning that you get positive cashflow AND a cool new outfit or shoes AND have a smile on your face!
So , buy and borrow wisely, earn money, celebrate and be grateful for all that you have
Give it a go – test it – a week, a fortnight, a month, 3 months, 6 mnonths, 1 year
Create new habits and thinking, if you need to increase your credit score start working straight away on how to build up your financial reputation, time taken to improve this element of yourself will be beneficial for many years to come!
To our Success!
Providing training and coaching to make money through your property knowledge