The property market can be thanked for the rise of the ‘mum and dad’ millionaires who aren’t going to give Warren Buffet a run for his money, but they’re certainly chasing down their own financial goals.
So how do they do it?
First up, it’s important to talk about your financial situation with your financial advisor. Expert advice is worth its weight in gold. You might not even need to achieve millionaire status to reach your financial goals.
But for those that are lured by the prospect of a millionaire title, here are six tips property expert Chris Gray shared with Your Mortgage magazine.
- Don’t fear the gear. In other words use debt to invest in property assets that will increase your wealth over time
- Buy and hold in blue-chip areas where possible
- It’s about time in market, not time of market, so don’t expect to become a millionaire overnight
- Go against the crowd as property billionaire Warren Buffet says
- Keep focused on your bigger picture
- Refinance to tap into equity in your properties to buy more properties
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