Investing Through Financial Hardship

Financial struggles are tough. Many of us have experienced monetary hardships at some point in our lives, and if not, we know someone else who has. But the most important thing to keep in mind if you’re ever in that position, is that it’s incredibly common. Nearly everyone was, is, or will be in those shoes at some point, and it is indeed possible to both survive and thrive. If you ever find your own feet slipping rather too fittingly into these shoes, don’t panic. Take a stance of objectivity, and remain optimistic about the future.

That’s where investing comes in.

Some might see investing in property as a ludicrous proposition when already on dire straits, but it can actually be just what you need to turn things around. Clever investing can be a means of not just surviving hardship, but actively beating it, and emerging in a better position than where you started at. Ambition can be a very positive attribute when the going gets tough. Of course, as long as it’s kept in perspective.

Here are some basic steps you should always follow in order to make the best of your position:

1. Pay off existing debts or finance schemes

If that shiny new car, boat or jet ski cost you a few more pretty-pennies than anticipated, paying it off needs to be your first priority. You can only feed your income into so many projects, and purchasing a new property when you already owe money elsewhere. Property investment is a long term strategy, not a quick-fix solution – it will take time for strong results to materialise. Smaller debts can be obstacles, and you need to remove them before focusing on the bigger picture that is property.

2. Create a budget

It’s tedious and cliché, but strategising is fundamental to facilitating financial success. A budget means you are fully aware of how your net income (salary minus tax) needs to be divided, what you can afford and what you can’t. Budgeting should be seen as more than just an analytical strategy, it’s about planning. With an accurate budget you can begin setting your investment goals.

3. Do your research

You want to invest in something that is truly of value to you; something that will provide long term returns and won’t drain you of money. What sort of property can you afford? How far can your budget stretch? What area should you buy in? Thorough research leads to the best outcome for you financially, and all these things need to be considered.

4. Get advice

Experience counts when it comes to investing. The team here at Madeleine Hicks understand the finer details of investing, and can help you choose the right property for you. Reliable advice can be the most secure way to make sure that your investment plan really pays off. Property is a powerful tool when it comes to overcoming hardship. It’s also a substantial investment, and getting help will always pay off.

5. Don’t rush

It’s easy to think you might have found a dream property that will solve all your problems immediately – but you can’t take it on face value alone. Follow all the usual steps involved in purchasing a property. Building and pest inspections are a must, make sure you’re getting a good mortgage deal, and ensure that you pay a fair price.
If you or someone close to you is worried about their financial position, and wants to really turn their situation on its head, follow these steps. Investment is a constructive and long-term approach to getting ahead in the finance game, and it should always be considered, even when going through hardship. If you need some advice on how best to start beating your difficult situation through property investment, give the Hicks Real Estate team a call today: (07) 3355 6845.

We always recommend that you seek professional financial advice before investing. The team at Hicks Real Estate are highly skilled, dedicated and people focussed professionals. Call us today on: 07 3355 6845 for any of your real estate selling, purchasing or investment questions