Is Now Still a Good Time to Invest?
Happy Friday again, from lockdown here in metro Melbourne, the COVID capital of Australia…
Now, while I always need to be careful not to be facetious about it, with some worrying numbers coming through and given that it is basically limited to Melbourne only, I see why Dan the Man needed to do something. 200 cases per day (while extremely low comparatively worldwide, and certainly not a drain on our medical system) could easily turn into 2,000 per day, and that would surely have massive impacts.
My heart goes out to the Melbourne businesses though, some of which have spent hundreds of thousands of dollars preparing for the reopening’s, even if they were with reduced numbers, only to be shut down again, only DAYS later. A lot of businesses have not even been open 10 days yet…
Wow, soul shattering…
This is certainly a massive kick in the guts the Victorian economy did not need.
And word on the street, it looks like a number of the U.S. states are preparing to head down the same path, back into lockdown.
With the numbers they are seeing, that is not surprising, but it will be interesting to see what their ‘lockdown’ looks like, as I feel it will certainly be a different creature than it was 12 weeks or so ago when they first brought in the restrictions.
With all this happening, you would be well within your rights to ask “Is it really a good time right now to invest?”
Now, I preface this by saying I am certainly not a financial advisor, and this is a question you would need to be asking your professionals to make sure they take into account your full circumstances based on today’s economic climate.
But, let’s say you have done that, and are looking at investing and asking is the market OK to invest in… Well that is a different response.
What I can say is that investing, done right (not speculating… watch this space for future blogs on this) can certainly be done, in a rising market, flat market or declining market.
Good, solid growth strategies, not heavily reliant on market forces will always put you in good stead and I still feel strongly that there is no better market than the residential housing market. Whatever happens, people need to live somewhere, this is high on Mazlo’s hierarchy of needs.
As I mentioned last week in my Musings, you may need to adjust strategies right now, what was working well six months ago, may struggle right now, but other strategies that were cool, might be killing it!
As the great Robert Kiyosaki has always said – “The best time to invest in Real Estate is 20 years ago, the second-best time is now.”
I cannot tell you how much profit you will make on your next U.S. property deal; I cannot even tell you how long your next/first deal will take.
What I can guarantee though, is if you do nothing, you will make nothing…
Moving forward, however slowly, is still progress. Take your time, do your due diligence, talk to your advisors, ensure you are comfortable with what you are doing, but do something…
Even if now is the best time to start learning how, that is moving forward for you.
Go for it.
Investing in yourself is one of the most important deposits you will ever make.
Sitting on the couch, watching the next big series on Netflix, complaining about the world ‘out there’ will not get you anywhere but older…
Will this pandemic be an opportunity taken, or an opportunity missed?
You got this!
Happy Investing all and have a great weekend!!