279 | How To Master The Pillars in Pandemic Times

As a property investor, you have to master the frameworks. But during a pandemic, you have to tweak specific strategies in each framework to not just survive in this climate, but thrive — now and in the future.

Make no mistake…the fundamentals DO NOT change! But in a brand new world, there’s no doubt that adaptability and proactivity in regards to our Four Pillars of Mastery — Asset Selection, Borrowing Power, Cashflow Management and Defence (ABCD) — are critical and will set you up for life… provided you work with this time of self-isolation, economy upheaval and uncertainty…NOT against it!

When this is all over, we will see that the folks who were able to act and adjust quickly will be the ones who get out on top. We have seen it throughout history and most recently during the GFC…so, while the coronavirus is an unprecedented and uncomfortable time for all of us, there are practical and smart strategies you can adopt NOW to make certain you get through the other side…not just “unscathed”, but potentially in a great financial position.

So, maximise your results and efforts during this time and you will be rewarded for it.

And, please folks…DON’T buy bargains. The “bargains” are that way for a reason…and we’re going to see a fair bit of this junk stock coming onto the market. So, don’t be tempted. Don’t do anything stupid. And stay focused on the objective.

In this episode:

• Asset Selection – How To Find, Negotiate, Buy and Rent an Investment Property During a Pandemic
• Borrowing Power – Key Tips To Maximise Your Borrowing Power Right Now and What To Do With Your Home Loan In The Time Of COVID-19
• Cashflow Management – Why Cashflow Has Always Been King & How To Manage Your Money, Navigate Government Handouts and Have Enough Cash In The Bank, Even If You Lose Your Job
• Defence – The Truth About Income Protection and Landlord Insurance and How To Keep Your Assets Safe During A Recession

 

Free Resources

• PICA’s Webinar: COVID-19 and Your Investment
• Free Book: Make Money Simple Again – Achieve Financial Peace in less than 10 minutes a month
• Free Book: The Armchair Guide to Property Investing – How to retire on $2,000 per week
• Free report: Our Top 5 Frameworks for Property Investors
• Free MoneySMARTS Portal: Moorr app
• First 20 Episodes: Your Binge Guide to the Foundations of Property, Finance and Money Management
• Episode 153 | The Do’s and Don’ts: The Discoveries We’ve Learnt in Property Investing (PART 1)
• Episode 154 | The Do’s and Don’ts: The Discoveries We’ve Learnt in Property Investing (PART 2)
• Australian Tax Office (ATO): https://www.ato.gov.au/
• Isolate and Chill Playlist Mix (there’s a playlist on Mindset too)
• Bonusisode: COVID-19 & Share Market Analysis (chat with Michael Savy)
• ABC iView – Escape From The City
• PICA Website
• We’ve also created summary notes for this episode: Top Tips on How to Master the Foundational Pillars in Pandemic Times

 

More on The Pillars of Mastery…

• Episode 003 | Four Pillars of Mastery – Cash Flow Management
• Episode 004 | Four Pillars of Mastery – Borrowing Power
• Episode 005 | Four Pillars of Mastery – Asset Selection
• Episode 006 | Four Pillars of Mastery – Defence

 

And of course…Additional Helpful Resources on COVID-19

National Update: Click here

States Update:

• Australian Capital Territory – Click here
• New South Wales – Click here
• Northern Territory – Click here
• Queensland – Click here
• South Australia – Click here
• Tasmania – Click here
• Victoria – Click here
• Western Australia – Click here

And One Final Word…

If you’re worried about your finances or have no clarity on your cash flow position, we strongly recommend you organise your finances now. It’s more important than ever to have a clear view (down to the exact cent) on how much you’re spending each month and how much surplus you’ve got. If you don’t know what that is, then log in to the Moorr app and crunch the numbers now!

Want to learn more about MoneySMARTS? Claim your free copy of our best-selling book Make Money Simple Again which explains it all in detail!