How To Have More Money (Part 7)

Today, the 11th day of September 2015, is polling day in Singapore and I am glad to be able to squeeze some time to continue with this series on How To Have More Money.

In countries where there is good government, stability and social-economic progression, the price of real estate would increase over time and it would make economic sense to own your property rather than lease one. 

If you could service the mortgage on your property until completion, you would be better off in the future when the price of your property would have appreciated in market value. Even if you could not service the mortgage, you may choose to, say, let out a room and obtain passive income to ease your financial commitments. 

It is advisable to hold on to your property as far as possible rather than sell out and revert to leasing. Some smarties would flip their property after it has appreciated in value and use the proceeds (and tidy profit) to fund a new acquisition, and repeat the process. These shrewd opportunists usually do this when the property market is on a roll and, savvily at that, before the authorities step in to avert a property bubble. 

So start early by allocating more financial resources towards the down payment to start your journey towards owning your own home. Start small within your budget and keep at servicing your home mortgage by adjusting your lifestyle or improving your economic value as a worker (you are paid according the size of the problem you can solve for your boss). 

It's a long term investment project in view of its size and economic significance, and you are gonna have to slog for it. But, the reward or exchange value is worth it. You are enriching your own life rather than the pockets of a landlord.

In summary, Make Real Estate Investment a Priority and you would be able to lock in much money, instead of squandering them on leasing, and become the eventual owner of a property which would appreciate in value (if you have done the homework, obtain expert advice and barring unforeseen adverse circumstances).  

Notes:

* Money is not the root of all evil. It is the love of money which is the root of all evil.

* Money is great servant but a terrible master.

* You can give without loving, but you can't love without giving.

* "Don’t wear yourself out trying to get rich; restrain yourself! Riches disappear in the blink of an eye; wealth sprouts wings and flies off into the wild blue yonder." (Proverbs 23:4-5; MSG)