Looking back at the world famous “Great Depression” era, during the 1930’s that struck America like an ongoing snowstorm, how prepared are we, as individuals, for tentative similar future events? As the old joke goes: “Economists successfully predict 9 out of every 2 upcoming recession periods”, which is not a bad estimation, considering daily speculation about economic downfalls in the news, since the beginning of time… and yet we still somehow survive each scare.
Being a survivor is in an inspiring quality, no doubt, but have you considered being a little more than a survivor… Like an Investor? According to the article “Dubai communities that saw the biggest price drops in H1 2019” – Gulf News, 20 August 2019, now seems to be a golden opportunity to invest the extra savings per month and turn it into an all year-round summer holiday rental.
Savings. Property is one of the most solid investments – just ride it out and it is yours! Most people get this overwhelming feeling when they consider saving to buy property (Can I afford it? How will I afford it? Where do I put the extra cash? How long will it take?) All that thinking will reroute your brain to “Moving on…. What’s for dinner?” Don’t overthink it! Try these 3 easy savings steps for beginners:
Goal
Life and its disturbing sense of humour; we work long hours just to pay off someone else’s property and yet, the owner made a decision which, ultimately, the renter applauds and assists by paying off his debts. Set a goal and choose your first property/project.
Timeline
The word pretty much sums up the description. When do you want to achieve your goal? Are there any obstacles that might interfere with your timeline? How will you defeat these obstacles without derailing from your goal? If you can answer your own questions, write it down and refer back.
Restrictions
Whether it’s a separate account or cash, ask the bank to restrict any withdrawals from this account for a certain period OR, superglue that cookie jar! Make sure you set your rules and abide by them by preserving your goal.
After the timeline expired and your great expectations have been met, Frank Porter will do the rest. We advertise and list your property as well as take care of rental agreements, housekeeping and maintenance by using Airbnb rental management and Booking.com. Our aim is to meet you halfway and turn your dedication into a successful venture so you can finally sit back, relax and start earning your savings.
Property Management has never been this easy, just keep it simple and get in touch today.
