Protecting Your Family Home

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Using the equity in your family home is a great way to get ahead with your property investing. Be warned though, the banks can set you up in a way that will suit them and not you. In this video, Phil talks about protecting your family home from risk associated with property investing.

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Transcription

G'day, team. I'm Phil Anderson from LifeCorp, the home of street smart property investors. Today, I wanna talk with you about safety, particularly about protecting your family home. I've been exposing the dirty tricks of the property industry for many years now, but today's information may surprise you.

Let me show you how the Great Australian Dream really does run the risk of being the Great Australian Nightmare. I've been working with hundreds of people in recent years, and what I've noticed is some pretty interesting common characteristics. Most people that I work with are in a position where they're following the Great Australian Dream of wanting to own their own family home by the time they wanna retire. I think that's a pretty common goal for most Australians. The problem is, as we assess most people, what they have as far as wealth goes, their plan of paying of their family home is one thing, but the other underlying wealth that they're building up are their superfunds.

Now, when I get in touch with people, when I get them to understand what they're gonna need in retirement when they really do take hold of what that's gonna require as far as funding goes in retirement, most people are shocked when they do the numbers that their superfund is likely to only be able to fund that sort of retirement lifestyle for around about 6 or 7 years. 6 or 7 years before that retirement fund is gonna be exhausted. And all that super's gonna be spent, putting a lot of pressure on their family home. Now, we wanna protect our family home.

So, I wanna give you an example of what may be a better way to look at this. In this scenario that I'll give you now, I wanna replace, in this particular position, a couple of investment properties. This is where I'd like to see you add investment properties, securing your family home above and beyond that particular scenario. So, as you build up an investment property portfolio, what we're seeing, people are taking control of their lifestyles now, aiming towards having the retirement incomes they want- from positive cashflow from their investment properties and so forth- out for an additional 20 or 30 years into retirement. Even if they have to sell an investment property to be able to fund this retirement lifestyle, who cares? Just so long as they've being able to protect this family home.

Now, in Sydney at the moment, we're seeing lots of people that have to sell their family home because they haven't set this up. Having to sell their family homes. And, it's like a gray tsunami at the moment. There are thousands and thousands of people stuck in the workforce in Sydney, close to 70 years of age or even beyond, selling their family homes because they haven't set this up. And of course, what they'll do is, sell their million-dollar home, put a half a million dollars into their retirement fund to help push out their ability to fund their retirements, and then go and find a more affordable family home somewhere else. So, that gray tsunami is creating a lot of opportunities for investors. But that's a topic for another video as well.

What I want to project at the moment, what I want to make sure you do, is understand that without setting this up, you can't protect your family home-eventually, you may have to sell that as your biggest asset. The sooner you get a plan, by starting here and knowing what it is that you wanna be able to fund, the lifestyle that you want in retirement, the sooner you get that planned, the better. If you don't, what's your choices? Retire on a pension? I don't think so. I don't think a pension is gonna cut it. Most of us want a better lifestyle than that. The sooner we get a plan, the sooner we have the best chance at protecting our family home.

Look, guys, I love sharing this stuff with you, just opening your minds to what I'm seeing by talking to hundreds and hundreds of Australian investors at the moment. Look, I hope you're enjoying this information. I can't wait to get more to you very, very soon. And if you're thinking about buying an investment property- if you can't buy it with your lunch money, don't do it.

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