ACT reports progress of ‘Better Suburbs’
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Whether it’s a family member, your spouse or even just a like-minded friend, investing with a partner can help you achieve your goals quicker, but can also be a rocky road to navigate. Here are some tips and tricks from a couple who have been successfully investing together throughout their relationship.
When Robert and Alana Jones met they had one property each in their investment portfolio; and through a twist in fate their properties were worth a very similar value, meaning they were both on the same page to begin a portfolio.
“When we got together and started investing, [our properties] had a very similar value; it was interesting that it was early days with [our relationship] and we were able to withdraw similar amounts of line of credit to invest together. It was interesting that we had the same purchase, the same value when we met, so we were on very level playing fields,” said Ms Jones on The SPI Show.
This level playing field, alongside a wish to turn their passion for property into wealth, was what brought the pair together. A trip to a Grand Design expo in Sydney taught the pair how to turn their passion into profit and they’ve been investing together ever since.
It was this shared goal which helped propel the pair forward in both their relationship and their portfolio; if you’re planning on investing with another person then sitting down to discuss your goals and the path you want to take is a very important first step. Property investment can mean different things for different people, and if one of you is planning to retire in a few years after flipping houses while the other wants to play the long game with a massive portfolio you’re unlikely to see eye to eye with your purchases.
Mr and Mrs Jones share both a goal and the path they want to take to achieve it. For them, “financial freedom and not being tied to a job” is where they want to be, said Ms Jones, adding that for the success of their relationship and their portfolio it was “important that they were on the same page”.
“Have a goal you can work towards together, because if you've got two different goals, you're not going to work together. Obviously focus on what you both want financially and then work towards that and try and bounce ideas off each other,” said Mr Jones.
Mr Jones’ other big tip was patience; finances can be one of the most stressful parts of a relationship and in property investment you’re not always 100 per cent in control. Being patient, listening to your investment partner and making sure you’re both across all decisions is going to help mitigate the stress involved and keep you both on the same page throughout your wealth building journey.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.