OH! Magazine - Australian Version May 2015 | Page 27

THE STEPPING STONE TO
FINANCIAL FREEDOM

TIM
BOYLE

www.finfin.com.au

(Financial Fitness )

Tim Boyle explains the long term benefits of property acquisition.
nce you’ve taken the leap from
being a tenant to an owner, the
next step to really set yourself up, is to
become a landlord! You can use your
home as a ‘wealth engine’ to grow your
assets and income for retirement, to fuel
your lifestyle or whatever else you
choose.

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Let me first say though, this is not a
shortcut approach. It is a low risk,
proven strategy that just requires a little
discipline and willingness on your behalf
to stick to the plan. Thousands of people
use this system and it works – if you are
sensible, don’t get greedy, and stick to
the plan. And in ten years’ time, you will
be chuffed you did!
Set Objectives and a Plan
This should be your starting point before
doing anything. Unfortunately, people
do this part wrong and have an objective
such as ‘I want to own ten properties in
ten years.’ This may sound good, but
instead, you should take a ten-year view
and set an income goal that you want
from your property investments. A
reasonable example is to target 50 per
cent of your current salary in ten years’
time. So, if your salary is $80,000
today, then set an objective to be earning
$40,000 after all expenses from your
properties. Think what this would do for
your lifestyle and future life choices!
You then need to create a plan. To do so,
follow the strategy provided. If the plan
doesn’t feel right (e.g., it is out of your
comfort zone), then adjust your objective
and keep reviewing it periodically.
Importantly, you must have a target and
a structured way to get there – the
numbers themselves can be re