Finance advice

5 tips for achieving financial independence

MiriamSandkuhler  70x60Having assets behind you can sometimes be the only way to protect yourself when life throws you a curve ball and women in particular need to pull their heads out of the sand.

Blogger: Miriam Sandkuhler, founder, Property Mavens

The Council of Australian Government’s Reform Council Report, shows women earn 12 per cent less for non-managerial roles – $31 an hour compared to $35 for men. In total, a woman working 40 hours a week in a non-managerial job will earn $8,736 less than a man in a similar role. Women earn 17.5 per cent less than men, on average – adding up to $266 per week. "Lower pay and workforce participation means women are retiring with an average of 36 per cent less, or $87,000 lower superannuation than men," said the report.

Scary, isn’t it? Ladies, I say pull your heads up out of the sand and do whatever you need to do to create financial independence for yourself, regardless of whether you are married or single. Too often things happen beyond your control, such as death, divorce or desertion and it’s often too late to make up for lost time. Having assets behind you is the only way to protect yourself.

The most empowering place anyone can be is to be financially independent, as this leads to having choices, as opposed to having none. Property is a great vehicle for women to invest in as it’s tangible. Where the ladies often come unstuck however is underestimating how to get started, where to go for help and too frequently they allow emotions to get in the way.

As we are naturally more emotional and nurturing than men, it is easy to get sucked into the vortex of buying property or making important decisions with emotions at the forefront. This is why the auction system works so well, because the auctioneer relies on whipping buyers into an emotional frenzy to generate bigger results for their vendors.

Some tips to get started:

1    Don’t wait for others to get the ball rolling when it comes to creating your own financial independence. Time is of the essence, and for every 10 years you wait, your wealth decreases by half!

2    Always keep your emotions out of it when making financial decisions. Deal in facts, analysis and figures and move forward on that basis. If you are emotional, then seek the help of a licensed buyer's agent to research, source and negotiate for you. It’s common for women – who are more passive by nature – to be bullied by real estate agents and my clients are frequently of this ilk, so do what’s necessary to prevent yourself making bad choices due to not being assertive enough.

3    Hope for the best, but always plan for the worst. Seek professional advice around investment and structuring and how to protect assets from your accountant, financial planner and lawyer before purchasing property.

4    Create your own financial security first and do not put others ahead of yourself, despite your nurturing nature, even if this ahead of helping your children. To be frank, there is no point helping your kids buy a property if you can’t keep a roof over your head or feed yourself. While everyone wants to see their children get ahead, we are all living longer and these nasty things called retirement and superannuation keep rearing their ugly heads. Plan for those first and then help your family with surplus funds.

5    Gold-digging is no longer a female only trait. With divorce on the rise and the consequences quite brutal for both men and women, plenty of guys are looking for a ‘sugar mummy’, so put legal agreements in place to protect yourself and your assets. At least if the fun comes to an end, you retain your assets in the process.


About Miriam Sandkuhler
MiriamSandkuhler 340x408

Miriam Sandkuhler is the founder of Property Mavens – a specialist property advisory firm based in Melbourne.

Unlike most ‘Property Advisors’, Miriam is an Accredited Property Investment Advisor (PIAA), Licensed Estate Agent and REIV member and award nominated Buyer Agent, with fourteen years of real estate experience in two states. She is also the author of the book Property Prosperity.

Miriam excels at identifying high-performing property and strategically building a client’s portfolio with high capital and income growth assets. She is also a passionate advocate of fair play for all and complete accountability and transparency in the real estate industry. She has a strong track record helping investors and home buyers and believes education is the key to empowering people on their journey to achieving their goals.

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
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Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  string(38) "From pirouettes to property investment"
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  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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