In this first episode of the bonus series on property investing, Mike gets some great ideas from Tom Momsen, from Newcastle Financial Planning Group, on saving a deposit in record time, without eating two minute noodles. Well, at least not every day.
In today’s modern culture of Instagram aspirations and easy availability of money, it’s more and more difficult to resist temptation and build up the deposit needed to get into the property market. Couple that with ever increasing prices and higher demand for properties, it can seem an almost impossible task to get ahead.
It might be tough, but it’s not impossible. This podcast is all about keeping it simple, breaking it down into bite size pieces and still having some fun along the way. Mike and Tom share their experiences and also some advice on steps you can take to make the dream of owning or investing in property a reality.
If you’re watching the market in dismay and wondering how you’ll ever get ahead, then this podcast is for you. Even if you’re well on your way and just trying to build up some buffer, then you’re sure to learn from Mike and Tom. Make sure to listen now.
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We’re going to look from the beginning at how to save for a deposit, or how to use equity to purchase an investment property, through to common questions like houses Vs units. How do you do research on certain areas, all the way through to protecting your assets and settling down and becoming financially free. Starting off with episode one. We’re looking at how to save for a deposit. So top tips to save for a deposit in record time. We’ve got a special guest from Newcastle Financial Planning Group Tom Momsen, who you may have heard on the longest series of the Geared for Growth property investing podcast.
What we cover in this episode
- Three simple steps to saving a deposit
- Needs vs wants
- Learning to say “no”
- Fun money
- Saving dollars with App sharing
- Don’t be a hero
- The easiest way to save
“It’s a jungle out there for people who are trying to save, for either their first home or in this case, an investment property. The principles are the same” Mike 3:35
“There’s a big difference between your needs and your wants…one of the big things, you just need to be clear – what is your number one priority, not priorities” Tom 4:22
“Keeping it simple, stick to the absolute basics. It doesn’t need to be overcomplicated at all, and allow yourself some room for temptations” Tom 4:54
“Don’t be a hero. Trying to save every single penny, it’s going to blow up at some point and you’ll just go out and binge buy” Tom 8:09
“Just getting into the market, but making sure you get into the right part of the market as well, because getting into the wrong part of the market can put you back to square one or behind.“ Tom 17:55
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