Post to SinFongChanRE.wix on 13/12/2017 at 2:48 PM
Commenting on “Most homeowners with mortgages couldn't handle a minimum rate rise”
https://www.domain.com.au/news/most-homeowners-with-mortgages-couldnt-handle-a-minimum-rate-rise-survey-finds-20171213-h036eb/
Last year, I talked about real estate and related bad news would keep on coming after September 2017. Sure enough, the release valve was opened, and bad news kept appearing in different media.
When I wrote my blog yesterday 12 Dec 2017, I did not expect to read another bad news article like the one linked below so soon.
I have warned many times that when investing in property, one must always keep within the budget, and keep some reserve as back up at least for a short period. I also warned not to take the advice of many "get rich quick" investment gurus, because if their schemes are so good, they should just keep investing using their own schemes and become billionaires.
It is important to recognise that owning a property should not be the ultimate goal in life. There are many reasons why renting is not a bad option. If the property ownership and property investment craze is to continue, the biggest killer disease will not be cancer, but mortgage stress!
In order to avoid getting into trouble in mortgage repayment, it is time to review the phone plan, utility suppliers, insurers, car usage frequency, food shopping regime, reduce extra cups of coffee or take away food, stop those unnecessary subscriptions, no more new electronic gadgets, etc.
Obviously, a better way to avoid mortgage stress is to bring in more income. For that, I have leave it to the individuals because they know themselves better than anyone else including me.
If they can't sacrifice a bit of their life style, they may end up with sacrificing their lives!
Thank you for reading.
Commenting on “Most homeowners with mortgages couldn't handle a minimum rate rise”
https://www.domain.com.au/news/most-homeowners-with-mortgages-couldnt-handle-a-minimum-rate-rise-survey-finds-20171213-h036eb/
Last year, I talked about real estate and related bad news would keep on coming after September 2017. Sure enough, the release valve was opened, and bad news kept appearing in different media.
When I wrote my blog yesterday 12 Dec 2017, I did not expect to read another bad news article like the one linked below so soon.
I have warned many times that when investing in property, one must always keep within the budget, and keep some reserve as back up at least for a short period. I also warned not to take the advice of many "get rich quick" investment gurus, because if their schemes are so good, they should just keep investing using their own schemes and become billionaires.
It is important to recognise that owning a property should not be the ultimate goal in life. There are many reasons why renting is not a bad option. If the property ownership and property investment craze is to continue, the biggest killer disease will not be cancer, but mortgage stress!
In order to avoid getting into trouble in mortgage repayment, it is time to review the phone plan, utility suppliers, insurers, car usage frequency, food shopping regime, reduce extra cups of coffee or take away food, stop those unnecessary subscriptions, no more new electronic gadgets, etc.
Obviously, a better way to avoid mortgage stress is to bring in more income. For that, I have leave it to the individuals because they know themselves better than anyone else including me.
If they can't sacrifice a bit of their life style, they may end up with sacrificing their lives!
Thank you for reading.
