I recently interviewed Tyson Silver, a 32-year-old supervisor at Rio Tinto.
Tyson earned good money at an early age in the gold mining industry. But like many youngsters with plenty of cash on hand, he wasn’t an avid saver and property investment was never on his mind until he had a serious discussion with his father.
However, after the chat, his party lifestyle started to seem less and less desirable.
Why?
It’s because Tyson realised that many miners who earned good money had nothing to show for their work after 20 or 30 years in the industry and Tyson didn’t want to be in the same position later in life.
At his father’s advice and with his family’s help, he started looking at real estate. Keep in mind that this was around 2006 to 2007 when interest rates were 7 to 8%.
Like many first-time investors, Tyson faced three primary obstacles:
First, he didn’t know much about property investment.
Interest rates seemed high, and Tyson wasn’t sure about the investment.
And when he did find his first property, he started looking at it as a potential home, given the great location and price.
I know you probably have some of the same concerns.
But here’s what happened to Tyson after he overcame those obstacles and made a smart investment choice…
Within two years of paying off his interest and renting out the property, he gained around $100,000 in equity!
That allowed him to borrow more money at better rates. By the time he was 22, he’d already bought his second property – a two-bedroom townhouse which he moved into.
Tyson realised that even if he was to spend all his income, he would still get to save money because he could pay off the property’s principal interest.
There’s always a temptation to spend money on things. However, forced savings like property investment allow you to go through life with a safety net.
So, where would you rather spend your money?
If you want help answering these questions, and more, for yourself, then reach out and give me a call at 0403341341.
Looking after your own interests is not an easy task and a burden shared is a burden halved. Michael and the team at IPPA are ready to help you today and you can start with a free 45-minute investment strategy session.
