7 Clear Signs You’re Not Ready To Invest in Property

https://www.youtube.com/watch?v=e0AtuU4Ix9o

Investing in property is an exciting thing but how do you know if you're ready to invest or not? Here are 7 clear signs you're not quite ready to invest in property yet.

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0:45 - #1: You Have Lots of Debt At High Interest Rates

1:45 - #2: You Live Paycheck To Paycheck With No Buffer

3:00 - #3: Not Having a Deposit or Not Being Able To Borrow Money

4:24 - #4: If You're Susceptible To Get Rich Quick Schemes (Shiny Object Syndrome)

5:34 - #5: If You Don't Understand Market Cycles

7:53 - #6: You Have No Clue How To Invest In Property Yet

9:23 - #7: You Have No Clear Investment Strategy

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Transcription:

Ryan 0:00investing in property and achieving financial freedom can be a really exciting thing that you likely want to do however not everyone is ready to invest just yet and in today's episode i want to share seven and clear signs that you're not ready to invest so let's go through these to see if any of these exists in your life and if they do focus on getting rid of them and if they don't then maybe you are ready to invest hey i'm ryan from onproperty helping you achieve financial freedom and let's have a look at the seven signs that show that you're not ready to invest yet and as we go through this have a thing does this apply to my life and if it does you need to focus on okay how can i remove this barrier so i am ready to invest the first one is that you have lots of debt at high interest rates so if you're in a situation where you've got lots of debt whether that be personal debt car loan credit card debt excetera if you've got lots of debt and you're paying high interest rates for those then it's likely that you're not quite ready to invest yet a you're not really in a cash flow position to be able to do it you likely don't have a deposit so you probably can't get any can't get a loan anyway but if you've got yourself into this position that i mentioned not the best at managing money or something's happened to you you need to kind of pull yourself out of that hole before you can be ready to invest in property now obviously investing can be a way to pull yourself out of that hole but going further into debt to try and get out of debt can be a really risky thing to do is to be highly educated to pull that off so being heavily in debt generally speaking you want to focus on wiping out all of that bad debt before you start investing in property the second thing is you live paycheck to paycheck with no buffer so if money comes in each week each fortnight each month from your business or from your job and you're living paycheck to paycheck meaning that you get to the end of the month and there's no money left over and if you don't have a buffer fund in place so you don't have savings in place that can cover you if you lost your income so generally speaking most people advise having about three months of income set aside as an emergency fund in case something happens to you if you're not in that situation where you have that emergency fund and you're still living paycheck to paycheck not really being able to save everything then that says to me you might not be ready to invest yet because with property things go wrong from time to time there can be cashflow issues with the property let's say you lose a tenant or a tenant vandalizes your property and then you can't rent it for a while yes there's insurance but there's going to ...