There are only 2 reasons to build a portfolio
Hey guys,
Prior to working in property I owned an international franchise for a personal development self study course and seminar company. I would travel around the country giving seminars and conducting teleconferences. Throughout this time l realised that Anthony Robbins and Neuro Linguistic Programming (NLP) had it spot on when they said that people are motivated by two things.
They are motivated by the need to increase pleasure and avoid pain and if l am truthful the latter was a bigger motivator.
My interest in becoming wealthy lead me to move into running property and using my public speaking skills to run courses to educate people to build a portfolios yet still I realised that the same two things appeared again but both had a more specific and practical aspect.
The fear based motivator of avoiding pain was expressed through the realisation that the governments around the world were no longer going to look after our retirement.
For the oldest of us this meant we would still be OK, albeit at a less than desired level, for the youngest of us and if we acted reasonably quickly, we would still have time to make the necessary changes, but for the middle section which includes the majority of baby boomers, they were in real danger of being left short. It’s this fear that has motivated so many to turn to people like myself to help them to avoid the pain of an unfunded retirement.
Once l sit down with people l explain my simple 3 plus 1 strategy. Put simply because I explain in detail later – Own your own home (This has always been a giving) then own 3 buy to let investment properties without mortgages that each will have tenants who pay approximately a third of their income to you as rent. These three thirds will become your income.
Now in truth you probably will never pay your mortgage to zero except on your own home. So l have found that once you own between 7-10 properties with mortgages you have successfully secured your retirement within the following 7-10 years.
<>
Now that you have successfully secured your future you can focus on the much more fun task of enhancing your lifestyle.
This is perhaps an even harder task than securing your future not from the point of being able to spend the money but from the pure point that so many of us have so many hangs ups about being wealthy.
Our whole lives most of us have been told money is evil, money doesn’t buy happiness, rich people are rude and selfish. I cant say what your hangs up may be or even if you have any but as l watch my clients portfolios grow l find myself more and more dealing with emotional and mental issues than actual technical questions about property.
So let me give you some of the things that l find most enhance my clients lifestyles, maybe you could consider a few, obviously there are heaps more than this:
- a massage every week in your own home
- dinner in a restaurant every week
- a weekly cleaner for your home
- going away once a month
- staying in a luxury hotel rather than a budget hotel.
- Business class and first class train and plane travel.
- babysitters on call
- Agent provocateur sexy lingerie for her
- regular clothes shopping in Harrods
- catching a taxi rather than the bus or worse – the train
I think you can probably think of many more. The important thing l have found is that most clients are not turned on by the big stuff (houses, boats, cars) but its the little everyday conveniences that truly change your life and lifestyle.
So which of these would you like in your life?
Live with passion,
Brett Wood
What's all the fuss over credit rating?
Would you agree to a regulated buy to let market?
Tories tells us the necessity of recovery without the fine details
Standard variable rate reversal causes outcry for Skipton Building Society customers
House prices stay low... is this the right time to invest?
