A Passive Income Property Strategy / Ep 270
NZ Everyday Investor
The Dunning Cruger Effect
The dunning cruger effect is, the less someone knows about something, the more confident they are that they know everything about it. It's just letting ege get in the way of making good decisions if you think you already know. What you don't want to do is destroy your money with over-confidence.
The 3PF is a new book published by Andrew Malcolm, one of the co-founders of Mortgage HQ, one of NZ's fastest growing mortgage brokerage.
I've now read the book and I'd describe it as this: It's a mental framework that simplifies the idea of building passive income through property investment. We're talking a little about some of the core strategies in the first part of this book today.
If you're thinking about it, or you already are a property investor who's reliant on a return over time - then GIVE IT TIME. We may not be out of the woods yet with the current property market correction but long term, the odds are high property prices will double in value from here every 7-10 years.
So for passive income, we grow first, and then we harvest.
Buy property that will appreciate in value at a rate which is higher than your overall holding costs – it’s kind of that simple. 1 to live in, one for long term income, and one to fatten up for the slaughter in 20 years time. While you’re able to fund your life with your income, you do, but all the while you’re growing capital gains that will convert into yield assets later, when passive income, is going to be essential.
YouTube Version here: https://youtu.be/TykRGRhwu0U
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