a single parent with a mortgage which would amount to 30% of total assets.
Am coping with repayments but only just.
Question how can I improve my situation?
1. Do I rent my house and go and rent another of lesser value
2. Do I by an investment property using the extra equity I have and hope for the best?
3. Or?????????????????
Any suggestions are much appreciated[
]Hey gogirl,
To improve your immediate position you may want to look at refinancing your current loan in order to stretch it over a longer period of time. This would reduce the monthly payments and give you a little extra cashflow.
This would of course only be a good idea if you’re going to use that extra cashflow for usefull purposes, such as further investing [
] Read through previous forum posts to get an idea of what investing strategies may suit you best.Obviously you could use the equity in your property to begin building a portfolio. But keep in mind that if you finance out any equity your monthly payments will increase.
Good luck, Leigh
Hi,
Once again, it’s important to look at what outcome you are trying to achieve.
Leigh has rightly pointed out that if you are planning to invest then you will need capital… but if you are already on the financial red line (coping only just) then there are perhaps some personal money habits that you need to first master.
Question how can I improve my situation?Not enough money is a symptom, not the problem.
Throwing more money at the problem is not the answer. What’s needed is to sit down and carefully consider what you need to do differently to attract abundance.
Sorry this is “warm and fuzzy”, but before investing it’s essential to know which money habits help and which ones hinder.
Thanks for your post and welcome to the community.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hey Go Girl
whip out to the local book store and order a copy of John Burley’s (Australias) Money Secrets of the Rich, (thoughtfully marketed in a green and gold cover [
]).We found it invaluable in getting over the first hurdle of getting the dollars together.
It has some day by day practical things to do (many of which are not glamourous, but then you are learning about being your own financial master, not about being “glam” [
]) but it is a great way to learn to spend less than you earn !hoo roo
the B [
]Another one to add to the list is ” The One
Minute Millionaire” , It may sound tacky but it is a very good read. Full of good ideas to help shape your paradigm…… I really enjoyed it and have given a few away to friends for encouragement.
Worth a look in conjunction with Big Bad Bruce’s recommendation…..[}]Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.” -David Brink
yes
]
] Read through previous forum posts to get an idea of what investing strategies may suit you best.
]).
]) but it is a great way to learn to spend less than you earn !
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