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Most people have no financial plan. In fact, many don’t even understand their current financial situation. As a mortgage broker for the past 13 years, I’ve known that for a while, but I was shocked when I conducted a survey for this book to find just how uneducated people are when it comes to their own finances. I sent the online survey to a wide range of people I’m affiliated with – staff in my office, business associates, clients, friends and family. I asked about how much money they have in superannuation and what impact the global financial crisis has had on their super accounts. Most people had no idea.
Hardly anyone I surveyed has ever sat down to document their financial future. Most people have vague ideas – I want to pay off my loan home within the next five years... I want to save enough to send my kids to private school… I want to buy an investment property sometime in the future… but ideas are useless. A great idea for the next best-selling novel holds no value unless you write and publish the book. A plan to start a business selling online video cooking classes is fantastic but unless to pull the camera out and start uploading videos, you will never make any money.
With this in mind I developed a five-step process to becoming a successful property investor. My aim was to make it simple and easy to follow because, as you probably know, there are enough complicated and convoluted guides to making money out there in the marketplace already.
This book is all about those five steps. In it, I take you through them one by one and explain them in detail.
The INVESTMENT Property Plan