Sometimes fear can hold us back from creating a life we love. It can stop you from taking risks and chances which means that nothing ever changes. I know that it can also stop you form making a really bad mistakes so we should not always ignore those nagging feelings that something is not right.
I recently helped a couple who were nearing retirement age. One of them had recently left a secure job with a steady income and promising pension. They had opposing opinions – he was keen to get a couple of investment properties and she was very conservative and was not keen to get into property investing. She felt very uncomfortable with the idea and hesitant to move forward.
I met up with the couple and we had a strategy session. We talked about their roadblocks and future plans. We also discussed in depth the wifes fears and worked through them. One of her fears was her own income. Presently she is unemployed and the income is reliant on the husband. Her other fear resinated from past experiences where they had been stung in the property market. They had lost money and she was wary of going through the same again. I understood where she was coming from and together we started working on a plan to move forward.
Together we will take small steps as we move through their investment plan. They will be moving forward with their investing and together we will start building their wealth for a happy retirement.
Our first step is to research lenders and find the clients an equity loan to draw out equity from their exiting property we would also leave a buffer that can be utilised in the event of any issues with the property. When they purchase their first investment we will look at an investment property loan that has no on-going fee’s and potentially a fixed rate to lock in the cost of the investment, this way they can both be comfortable with the costs. Both of these strategies will help make the wife comfortable with moving forward. They will have extra cash in the equity loan on their own house in-case of any unexpected costs and they will have certainly about the repayment on the investment property as the rate will be fixed.