q wealth: LIFE­STYLE PLAN­NING

Q Magazine - - Q Wealth -

How to de­velop a wealth cre­ation plan to achieve your ul­ti­mate life­style Go to work, get paid, come home, cook din­ner, pay the bills, go to bed and re­peat. Sound fa­mil­iar?

This story is played day in, day out for mil­lions of Aus­tralians through no fault of their own. Of­ten this is re­ferred to as the “rat race” – classy hey! Some may even be ex­cited about liv­ing this type of life, – but not you, right? Were you born to just go to work and pay the bills? Are you on this planet to sim­ply ex­ist or are you here to make the most out of ev­ery day and ev­ery year you are alive and live your best life?

For most, go­ing to work, get­ting paid and re­peat­ing the process is just nor­mal. That’s what their friends do, that’s what their par­ents did and they are happy so it can’t be bad, right? That may be true, but to some ex­tent many peo­ple liv­ing their lives this way may have ruled out many of their dreams over time as they have ac­cepted that they sim­ply aren’t go­ing to hap­pen.

That beach­front house is far too ex­pen­sive, those an­nual over­seas hol­i­days may only hap­pen ev­ery 5-10 years, and that new dress or those new shoes – ‘for­get it, I don’t need those any­way, right?’ By the same to­ken, there are many out there where these lux­u­ries are so far out of reach that they have dis­missed the thought many years ago. They are just mak­ing ends meet, with even small lux­u­ries like go­ing to the movies or eat­ing out at a restau­rant are un­af­ford­able.

Money habits are formed from a young age, and sadly money man­age­ment and wealth cre­ation are not taught at school. And with easy ac­cess to credit over the last 10-20 years a lot of peo­ple have found them­selves drown­ing in un­se­cured, high in­ter­est debt that they are strug­gling to pay off. Pay­ing only the min­i­mum bal­ance on some credit cards could take a stag­ger­ing 20-30 years to pay off!

If you are se­ri­ous about mak­ing some changes and cre­at­ing your ul­ti­mate life­style through prop­erty in­vest­ing, what steps can you take to make that hap­pen? Be­low are some of the key ac­tions to help you get closer to get­ting out of the rat race and do­ing ev­ery­thing you have al­ways wanted to do with your life.

1. De­cide that chang­ing your re­sults is im­por­tant to you. You need to de­cide that you are go­ing to make a change and com­mit to your­self that you want to im­prove your re­sults. If not now, when?

2. Get a Men­tor to help you on your jour­ney. You need to be ac­count­able to some­one, not your part­ner or a friend, but some­one that is go­ing to kick your butt if you don’t do what you say you’re go­ing to (with your up­front per­mis­sion of course!)

3. Get a clear un­der­stand­ing of your cur­rent fi­nan­cial po­si­tion, so that you know how you got to where you are at. We call this your ‘Point A’ po­si­tion.

4. Build an ex­pert team around you. Peo­ple that have great re­sults al­ready, and that al­ready have the runs on the board and are suc­cess­ful in their pro­fes­sion. This will likely in­clude ac­coun­tants, so­lic­i­tors, mort­gage bro­kers, prop­erty men­tors and oth­ers that will lead and in­spire you on your jour­ney.

5. Set goals. Be very clear about what your goals and dreams are, how much money you need to achieve them, and when you want to achieve them by. Most peo­ple skip over this part be­cause they don’t see the value in it but this is su­per im­por­tant. Once you know what you are try­ing to achieve, your ul­ti­mate life­style, and what that ac­tu­ally looks like, then you will be able to make de­ci­sions around those end goals. We call this your Point B po­si­tion. We have a great tool on our web­site for this which you can check out here: https://www.the­p­rop­er­ty­men­tors.com.au/my­a­tob/

6. Take ac­tion. At some point, you need to take ac­tion if you want to im­prove your re­sults. That will mean get­ting out of your com­fort zone and do­ing things you haven’t done be­fore.

7. Hang in there. Wealth cre­ation is a long-term game. It is part of your life for­ever, not some­thing you do to make a quick buck. Long term sus­tain­able wealth takes time, de­layed grat­i­fi­ca­tion and pa­tience. Keep check­ing in with your men­tor to make sure you stay on track as things in­evitably hap­pen in your life.

Your plan of at­tack is go­ing to be dif­fer­ent from your friend or your neigh­bour, so our ap­proach to in­vest­ing is to get a re­ally clear un­der­stand­ing of you as the in­vestor, how you make fi­nan­cial de­ci­sions, and ex­actly what you want to achieve in your life. Once we es­tab­lish that, we hold your hand and come with you on the jour­ney and ed­u­cate you along the way. You were born to do more than pay the bills and die. Let’s Get Real about where you are at in your life and what you want out of it. You are only on this planet one time, make the most out of it and live your best life!

Luke Harris and Matthew Bate­man are co-founders of The Prop­erty Men­tors, a Mel­bourne-based busi­ness com­pris­ing an elite team of prop­erty pro­fes­sion­als who ed­u­cate, mo­ti­vate and fa­cil­i­tate clients from all around Aus­tralia. Their new book, Let’s Get Real (Ma­jor Street Pub­lish­ing $29.95) is now avail­able. For more in­for­ma­tion visit www.lets­ge­tre­al­book.com.au/give­away

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