It’s been an interesting time over the past few weeks living with COVID.
Staying at home is starting to get to most of us by now. While we must be thankful for the position we’re in, it’s safe to say that the novelty is wearing off.
When you think about it, one can’t help but notice the similarities between a life on lockdown and a life on financial lockdown.
If you don’t have the funding to go anywhere or do anything, you are not really free.
You might be allowed to leave your home, but when everything is expensive, your options will be limited.
Say goodbye to eating out, travelling, or even just living a decent standard of life. No helping family or even helping yourself.
Really, the pension is not enough.
I don’t know about you, but that sounds awful. When you can’t afford to have choices, you really are stuck.
That’s not a way to live out your golden years.
These recent times have also interrupted many people’s income streams. This uncomfortable fact draws attention to a challenge that everyone faces at some stage.
We often speak with our clients about the concept of being Just Over Broke. The question is – how long can most Kiwi’s last without their income?
Usually everyone’s estimates are way off, ranging from weeks to months. But the reality is that on average most Kiwi’s are just 2-4 weeks away from being out of money.
A reality check
So while this lockdown has been a little bit of a taste of retirement, it’s also been a bit of a reality check.
When you can’t work and your income is limited, then you are at risk of being Just Over Broke. So imagine living like this for your whole retirement.
The point of this is not to discuss drama for the sake of it. Instead, we want to encourage you to be mindful of where you are heading.
While some are thinking that this is the worst time to get started and focused on the now, many are using this chance to reset and look ahead.
There is never a better time than the present, especially while we’re all at home and have free time, to start making plans and putting things in place.
Generally speaking, relying on one income stream is always risky. Ideally, you want to have multiple income streams that operate independently of one another.
There are countless ways to achieve this, but the number one safest and enduring method we champion is property.
How you achieve this is up to you, but as part of our Mentoring Education program we teach and coach our clients to build a property portfolio that generates passive income as it grows in value.
If any of this is striking a chord with you, it might be time to get moving and start putting things in place. You don’t need to rush out and buy a property. But you do need to start as soon as possible – this all takes lots of time to learn and carefully follow the process.
You can start by attending the next regional online Property Investment Masterclass for your area.
These events contain all of our usual power-packed Masterclass content and will be hosted by the coach for your region.
You can meet an active investor who knows your area and is ready to help you get started.
We’ll be discussing the factors that go into successful property investing and sharing strategies that you should immediately apply to your situation.
Use the button below to grab your spot and we’ll see you there!
– Sue Irons – Director