“How do I get started?” is the most common question I hear in relation to property investing and my answer is to start with wealth education. Increasing your knowledge and developing your mindset is a key beginning step in property investing. There are a lot of great books, podcasts, courses and YouTube videos around that will help develop your knowledge base. It’s important to read widely and study conflicting view points in property investing so that you can develop your own opinion and path. If you don’t do this, you may find yourself being indoctrinated down a path based on someone else’s view point that may not work for you financially. Hire yourself as your own best financial advisor and seek the knowledge to grow your expertise so that you can best advise yourself. There is no path to follow in property investing so you need to create one.
Developing good money habits is also an added benefit in property investing as it requires some planning and commitment to get started. Initially, a deposit is required which can mean developing good money habits to acquire the deposit. Budgeting is a great strategy to learn, but what is even better is giving each dollar a purpose and living a lifestyle where you do not go without the things you love. This involves splitting the ‘saved’ part of your income into ‘saving’, ‘investing’, ‘living’, and ‘giving’ portions. How much is apportioned will depend on your income, typically 20% to 50% of overall income is a good strategy or more for those on higher incomes.
This is the ‘pay yourself first’ principle and it works by taking the apportioned 20% to 50% of your income and putting it into a savings account to be used for saving, investing, living, and giving. What is left is then used to pay bills and expenses. This can even work for people on lower incomes; it just means that the percentage saved is less, say 10-20%, and then the 80-90% that is used to pay bills needs to be budgeted more carefully over time if the entire bill cannot be paid at one time. The important thing here is to get into the habit of saving a portion of your income. If you don’t, then all of it will go towards expenses and your life will exist to pay bills with no consideration for your financial future. The saved portion can then be put into your saving, investing, living, and giving strategies as you require for your individual circumstances.
Contact us for training seminars on the ‘evolution of wealth’ and how to begin with a simple salary and plan to grow it into an empire.
About Xenia and ALEXA Real Estate
Xenia is the Principal and CEO of Alexa Real Estate www.alexarealestate.com.au. Xenia developed alexa real estate from concept in 2006 and it has now expanded to a rent roll of over 300 properties and 10 staff members and the company enjoys massive growth every year due to a strong focus on specialisation and solving difficult, specialised property management problems
See Xenia’s real estate blog here: http://blog.alexarealestate.com.au/
Xenia is also an entrepreneur, has developed several businesses in the areas of real estate and self development and is married with 3 children. Xenia loves to share her passion through writing and has written books on in the areas of millionaire mindset, emotional resilience and human consciousness. She has appeared as a keynote speaker on many stages around Australia and overseas including sharing a stage with Bob Proctor at a wealth creation conference in Europe.
Xenia’s books:
Don’t believe everything you think or feel: https://www.amazon.com/Dont-Believe-Everything-THINK-Feel/dp/1507594895
Your Inner Journey to Wealth:
https://www.angusrobertson.com.au/books/your-inner-journey-to-wealth-xenia-ioannou/p/9781456854294?gclid=EAIaIQobChMI3oeky-qN2gIVGiUrCh0l1woWEAYYASABEgLaLfD_BwE
Prior to discovering her gift in developing businesses Xenia was a medical research scientist obtaining a PhD from Flinders medical centre followed by a 3 year post doctoral fellowship at the university of Saskatchewan, Vaccine and Infectious Disease Organisation in Canada. During her post doctoral years Xenia published 8 medical research papers in top medical journals and travelled around Canada and the USA speaking at scientific conferences about her, now patented, vaccines and research.
Other social media pages:
FB: https://www.facebook.com/xenia.ioannou.33
LinkedIn: https://www.linkedin.com/in/xenia-ioannou-290898143/
Twitter: https://twitter.com/XeniaIoannou
Blog: http://blog.alexarealestate.com.au/
Property management information brochure:
http://alexarealestate.com.au/marketing-material/property-management-brochure.pdf
