ASK055: I am in debt, how can I get on the ladder quicker?

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.8 • 2K Ratings

🗓️ 13 September 2016

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rob B issues a note of caution - beware those who tell you there is a way to do this that means you pay a little more now to get started as an investor. The truth is there is no real shortcut, and you probably should pay your debts off first. It's frustrating, and tempting to want to find a quicker alternative, but not the best move. Avoid the people making the big claims and the courses that say otherwise are a waste of money. If it's a choice of paying off your debts or investing, you need to make a decision based entirely around return. So if your debt costs you 9% a month and you can comfortably pay this, but you can get a property that gives you an 8% return, then it's a no-brainer - pay off your debt. But start by paying down your most expensive debt first, get that paid off as soon as you can, and then maybe you will reach a point where you have some cheaper debt which you can accept whilst investing. Rob D admits yes, it's not the fun approach but waiting is the right thing to do, but suggests you make a plan now. Work out when you are going to be ready to invest and use that time to get experience and learn, so that when you're financially ready, you are as educated as possible. So don't feel disappointed that you can't start now, get a plan together and get excited about what you will be able to do in the future. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hello I'm Rob and I'm Rob and this is Ask Rob and Rob.
0:04.0	Yes welcome to another episode of Ask and Rob.
0:07.0	Yes, welcome to another episode of Ask Rob and Rob, the show where the name really gives it away.
0:16.3	We are Rob and Rob and we will answer one of your questions.
0:19.9	A question this week comes from Derek, he's got a great question for us to get our teeth into.
0:24.3	But before we do that, let's quickly run through how you can ask a question of your own.
0:29.1	Well, you'll be pleased to know it's nice and simple, and we give you more than one option. You can go to the Property
0:34.8	Hub website and you can go to the Property Hub.net.
0:36.8	podcast follow the link there and ask us a question or you can call this number if you're on your phone
0:44.5	013 808 triple 035 that's 013 808 808 triple 035 and leave us a voicemail message there.
0:55.2	It'll go straight to voicemail, leave a message, you might hear yourself on the
0:58.8	podcast very soon.
1:00.5	That's exactly what Derek did and here he is
1:03.5	Hi Roberov my name is Derek from Brighton. Um, I I've always been a keen property well I've always been keen to get involved in invested in property
1:14.9	but my issue is that I have roughly about 30,000 pounds worth of debt
1:20.3	that in credit cards and personal loan and I'm always I'm really not sure about how to go about starting investing because if I wait to pay off my debt
1:32.0	property prices running away from me, which means I can't raise the deposit.
1:37.0	So I just wonder if there's any sort of anything that you could advise that I could get me on the ladder quicker.
1:44.0	I look forward to hearing from you very soon.
1:47.0	Thank you very much.
1:48.0	Derek, these are the type of questions that I just love to say, you know what, you do this do this you do that and suddenly you've got a
1:54.1	property and your death's gone and wouldn't that be wonderful but unfortunately it's not
	...

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