Lets have a quick look at the big picture.
Have you thought about at what age you would like to stop working?
Have you thought about what kind of lifestyle you want and what your income needs to be to support it ?
“Better” or “at least the same” are the usual answers to those questions but unfortunately for most Australians, it doesn’t turn out that way.
It is difficult to work out exactly how much we will need, mainly because we fail to remember all the things that we will need to spend on in the future. Things like new cars, renovations, holidays, helping out the kids, clothes, toys, etc…. etc…. all the insurances are still there and all the usual living costs haven’t gone away. The most common mistake people make when trying to calculate this is to not take into account rising costs of living – that a bottle of milk wont be the price it is today.
We have to work it out in tomorrows dollars. Our calculation sheet will help you work out the future income you will need.
I urge everyone to do this. Once we know what your ideal retirement will actually cost and have a look at how your super should be performing it is usually a fairly bleak picture. On the positive side it is also a great motivator and gets us thinking about doing something sooner rather than later.
For information about how to use property to create passive income, we offer free consultations or information packs which outlines our proven investment program and includes the calculation sheet (mentioned above). It’s easy – pop your details into the spaces below or simply give us a call during office hours on (02) 49 333 711