Most young adults are having financial issues simply because they are impulse buyers and tend to use their credit cards to buy something they don’t really need.
People who just started working should also start saving for the future.
Of course, you might want to use a year or two of your salary just buying the things you want and not the things that’ll impact your future. If only life is that easy to figure out. What if the unexpected happen? You got laid off, contracted a disease, someone in the family needed emergency financial attention. Then what?
Investment in this case is not something you ponder about and weigh if the decision is right, it’s a mandatory requirement for a fulfilling life. Here’s how investing in a property benefits your life.
Long-term investment. Investing on properties early on is the fastest way to prepare yourself for retirement. You know that you have money when you retire because of your investment. You can start right now by researching properties online or looking at properties for sale on McGrath. You don’t want to live the rest of your life in a home you don’t own, don’t you?
Time advantage. As you invest your money in a property, it naturally gets bigger, and when you rent it out and earn enough, you can reinvest it to open new opportunities. Instead of putting your money in a bank why not make it grow by investing in the stock market or simply owning a property? By investing, your money will grow unlike when it’s in the bank where it only sleeps and earns a paltry amount annually.
Tax benefits. A good advantage of investing in properties is that it can deduct multiple of taxes in you. Maintenance and repairs, insurance, and building depreciation are factors that affect how much the government will return to you.
Positive asset base. When you have a good investment, it automatically serves as a good sign that you have a good credit score. This means that you can manage your investment wisely and you’re not in any trouble with bankruptcy. It is important to have a good financial image so that when you loan from others, they can see your spotless record and that you have the ability to repay them.
Regular cash flow. Owning a rental property gives you a consistent source of income. After about 1 to 2 years you can get your capital on your investment.
House is a need. You don’t need to worry if you’ll get your money’s worth since rental properties never go out of style. There will always be people looking to rent a property.
Attachment. If you want to see and feel how your investment is doing, investing in property is a sure way to do this. Investing on a property allows you to see where your money is going and get continuous returns as well. You’ll feel comfortable knowing that your investment is growing.
As with all things, owning a property is not without risks. The good thing is that you’ve taken a bold step towards your future while still young. You will have a long time to commit mistakes and still more time to correct them. Good luck!