Recently, the RBA has tried to keep its cash rate at 1%. And I don’t know if you heard this last month, but they are planning to slow down the pace of pumping cash into the economy from 5 Billion to 4 Billion a week in an effort to keep everything running amid the current lockdowns.
So the question is, how do you stay safe when the unexpected knocks on your door? How do you protect yourself in a time when everything else seems to be failing?
I dare say you need to start creating a good passive income. An income that you make when you’re either awake or asleep. Because if you keep on working for money, there comes a time when you don’t have the time or capacity to keep on doing it anymore.
Maybe you have some kids and need to take a step back. Maybe you get unexpectedly ill, or have to care for an unwell family member. Maybe you want to retire. Or maybe you just get plain and simple burned out from working so hard for so long.
The best way to set things up to give you the lifestyle you want is to let your money work for you, instead of the other way around. When you switch the ‘live to work / work to live’ equation, it gives you the freedom to pursue the things you love doing in life.
Creating passive wealth also gives you great protection from the coming inflation, lockdowns, and anything else that could hurt your active earned income.
But for most people, they have no idea how to flip the switch and start making their money work for them, instead of them working for it. In my experience, the best way to do that is to invest in the property market. I really believe that if you want passive income, property should be your number one goal.
Passive income keeps on coming day after day—week after week.
I’m not telling you that you should aim to stop working if you love what you do. For many people, their work gives them a purpose. My work certainly does that for me, and I love doing it. I tried sitting on an island drinking margaritas all day and I got bored. Which is why I started Positive Property, and it’s the best thing I’ve ever done.
So if you love what you do, then keep doing it. But it would be best if you still protect yourself with a passive income stream to supplement your income and keep you safe as houses no matter what happens in the world around you.
You need to ask yourself one question: What if something bad happens and you can’t make the income you’re making now?
For instance, if you break your leg, you might not be down for up to four months. And the truth is, not everyone has such long sick leave.
When getting a passive income, you need to think like the rich. It’s not just making more money. It’s protecting your income so you can protect yourself and your family amongst life’s little emergencies.
I Couldn’t Work For Six Weeks
I remember one day long ago when I went diving in Bali. Then the unfortunate happened. I couldn’t get enough air supply while several meters under the water.
Luckily, I signaled my instructor immediately for help. We did an emergency ascend, and I was saved. But I suffered inner ear trauma. It was painful, and I couldn’t fly home because of the condition.
I had to be kept off work for about six weeks.
Back in my earlier years when I had a job working for a boss, I would have been screwed. Six weeks off work? I didn’t have that kind of holiday or sick pay, and I had no income protection insurance or anything like that.
But since I had built my property portfolio that gave me passive income every month, I was not worried at all. I stayed in Bali and still had a great stress-free time.
I couldn’t fly, but I could do everything else I enjoyed. I was very fortunate because I was covered and insured. I had no stress about paying bills because I had money coming in from my properties that I didn’t have to ‘work’ to earn.
And this is why I recommend it to you. Get all relevant insurances you need and create passive income as much as you can.
Don’t Repeat The Same Mistake Most People Do
One mistake most people make when they’re starting out is using their earned income to buy toys. They get good money and buy fancy cars, boats and spend on other luxury items. But you don’t want to do that. You need first to invest and make passive income. And then, you can use the passive income to buy all the toys you need.
In fact, I am going to sell my Porsche. I will sell it, get the money and buy a property. And then, next year, I will use the equity to buy another Porsche. I will have a Porsche and a property.
But the goal is not just to invest in any property. Don’t take shortcuts because it won’t work. Don’t make the mistake of buying super cheap property. If it’s super cheap, that’s because there’s a problem with it that you just cannot see. If you try to beat the system, then the system will take you down. If it was that easy, everyone would be doing it, and you wouldn’t have a chance.
This is why you need to get expert strategies. Strategies that have been tried… tested… and proven to be working in property investment.
If you’re curious to know how to do it yourself, I have a 14-day challenge to help people who want to create their own Blueprint for creating a cash-positive property portfolio that gains value and gives you passive income on autopilot.
Over 14 days, participants hear from the experts and learn from me how to develop your plan, fix your credit, look good for the banks, organise your tax structure, choose the right property, set yourself up for 5-10 properties (instead of getting stuck at 1), and much more.
The Challenge helps you get educated and create an informed plan for getting your first, second, third, and beyond cash flow positive investment properties.
It’s a great way to get your ducks in a row and start on your path to becoming a property investor in a safe and steady way.
At the moment I’m offering entry to the challenge with no payment upfront, so there’s basically no risk involved.
If you’re interested in finding out more, go visit this link to check it out.