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Wealth Accumulation series – This video is 2 minutes and 6 seconds long.

Are you wasting money each month on rent?

Do you own your own home or commercial property? Or are you renting from someone else. I appreciate that for young people it’s very difficult to get on the property market right now & that houses are extortionately priced. The 5th Key to Wealth Accumulation is to own your place.

I think you’ll agree that rent money is dead money. There’s no long term return on anything that’s rented. Although in business there are sometimes tax breaks for renting, you’ll still be better off with a property that your company will eventually own. Obviously do your research though!

Once you own the property, then look for ways in which you can improve it, extend it, rent parts out & make more out of your investment.

When choosing a place to own, try to overlook it’s current state & have a vision of what it could be when you’ve improved it. It’s amazing how many people turn away from an awesome property because it needs some work.

On my last 2 homes I was lucky enough to get somewhere that hadn’t been touched for 20 years. Old bathrooms, worn out kitchen, manky carpets & so on. So I got to gut the house, extend it & choose every part of it myself. A bit tough for 4 months while the work is going on, but worth it!

If you’re a business owner with a team of more than 5 people and you’d like a free discussion on how to grow your business then book a call with me on the below button.