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There’s plenty of options out there for investors to put their money into, but as this mortgage broker recommends, there’s one thing every investor should be investing into.
Houses, units, apartments, studios, east coast, west coast – the amount of options open to investors is countless. It can be difficult for an investor to know what exactly to invest into.
However, as mortgage broker Troy Phillips shares, the best place an investor can invest in is actually in themselves.
“I think the investment in yourself is the best thing you can do,” Mr Phillips said.
“You don’t want to have that much debt, and that much risk that you’re actually in a PAYG job, and you're relying on that to service your property.
“You don’t want to wake up one day and be 40 and have missed the opportunity to have actually had a chance – if you’re an entrepreneur – to invest in yourself, ‘cause you won't then. And all you are is someone who is beholden to a massive amount of debt to a bank, riding a property market. You need to have some other string to your bow.”
For investors that see themselves as entrepreneurial, Mr Phillips suggests to invest and ensure there is a plan B available.
“So, if you are an entrepreneur, I always take the punt that invest in yourself first,” Mr Phillips said.
“If you’re someone who is a really rigid and disciplined person, and understands the market, whether the stock market or the property market, you back yourself in that, and that's investing yourself, I suggest. But, always have a plan B.”
An investment is an asset or item purchased with the expectation that it will generate income or appreciate in value in the future.