Many people who would otherwise invest in buy 2 let are concerned that we property investors are putting prices up for the first time buyers, and don't wish to be a party to that.
When I was at school, as a tenant farmer's daughter, it never entered my head that we should buy property, until one day in class when doing a project - it transpired that I was the only person in rented accommodation. For many years in the past it was a definite minority of people who owned their own property, and I feel we may be reaching a new era in that respect.
My father tried desperately to invest in property - on two occasions he did so, but the changing fortunes of farming turned against him each time; the cost of producing food, and later foot and mouth disease, have a lot to answer for.
Is it feasible to have an interest only mortgage on one's own dwelling? I was not sure that this would be on offer from the banks, & also it's a bit scary for people to not be even starting to pay off their mortgages - but I see a great advantage in terms of delayed payments while we set up our passive income streams for a few years...
Many doctors leave medical school now with £30,000 of debt, so although they have a higher earning potential than most, there is still a lot of delay before getting started with wealth creation. Also there are all those financial advisers telling them that they should take out insurance to protect their high salaries in the event of x, y & z.
The answer as ever is to think outside the box....
Subscribe to the Financial Freedom for Doctors 101 day E-programme on the right and make a start now on your bid for financial freedom!
All the best for February!
Alison
Alison Grimston is a GP who has invested in her own knowledge about wealth creation through property, the stockmarket, the internet and business. She is passionate about enabling other doctors to see how they could become financially independent of the NHS (if they are in the UK), the Government and their employers. She believes that this financial freedom will enable them to be happier in their lives, whichever way they wish to take them.
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