Is your money working hard enough for you?

The last few months have taught us a lot – especially when it comes to our personal finances. With headlines every day reporting job losses, it’s clear our economy will take a while to recover from the pandemic. So if you haven’t already, it’s wise to start thinking about making your money work harder with multiple income streams.

With interest rates at an all-time low savings are bringing little return, and while money is locked away in a pension, how can you make your money work harder? Invest in property. It’s a strategy that allows you to use some of your equity in an asset that both grows in value and could also provide a monthly income – if you rent the property out. But, it’s not without risk if you don’t have the right education or experience behind you.

Last week we launched the ‘Profitable Property Facebook Challenge’ – the second in our series to help people share our experience and educate people to invest in property the right way. Once again, we were joined by a whole range of people from investors just starting out, to experienced developers who’ve had reasonable success, but now want to make some serious profit from their projects.

Each night, for 3 nights, we live-streamed an hour’s presentation where we shared our story – the ups as well as the downs, to educate people on how to avoid costly mistakes. If we’ve learnt anything in the decades we’ve been investing in property it’s that you can easily loose thousands of pounds buying the wrong property or employing the wrong people.

We shared advice on how to find the right builders, what you should ask them, how best to work with them and how you can get evidence to back up their claims on the standard of their work. Then we also explained tips on how to make projects run as smoothly as possible like how to produce a schedule of works, payment schedules, set up contracts and how important it is to clearly communicate.

If you want to hear more and missed the challenge you can still catch the recordings of the streams on the ‘Profitable Property Challenge’ Facebook Group: join here.

So as 2020 to draw to a close why not start planning how you could invest in property and set-up multiple income streams into 2021? A simple way to educate yourself – and avoid the costly mistakes we made, is to take a look at our courses here. There’s something for everyone – from complete beginners to experienced developers, to help you work less, but your money work harder.