It has come to my attention, that the women of my generation are more concerned with getting the latest Givenchy handbag, instead of investing in their future. Men have a different mentality engrained from birth, as they were always pushed by example to be providers and to save their money. Women were programmed differently ; spend money on your looks, on your physique, on your appearance, and find a rich man to sponsor the rest.
From past experience, I will tell you living that lifestyle has a short term expiration date, and you don’t have to check the label twice, just read this article once to get hit with the headline. It’s time that we address this matter to my fellow ladies who need to start SAVING their income to become home owners instead of SPENDING it on their weekly mani pedis, hair extensions, make up, and lavish shopping sprees. Because what you don’t realize is, instead of putting your money into a rabbit hole, that sucks it all dry – you can invest a portion of it and eventually live off the profit, and spend that money on whatever you’d like, but only AFTER you’re already the owner of a property.
Let’s build a scenario example of a traveling 25-30 year old consumer. (We’ll call her Mila).
Mila spends $500 a month on hair and beauty arrangements.
Another $4-5,000 per year on cosmetic surgeries.
She purchases one designer handbag per six months at a rate of $3-5,000.
Mila spends over $20,000 a year on her shopping sprees. This is after taxable income meaning really it’s around $30,000.
In just three short years, Mila could’ve saved $90,000 which would be enough downpayment for a condominium, h*ll even a building in certain cities. To that answer, Mila might say something a little like:
“I don’t have any credit, neither can I buy it myself.”
Aha! That’s where I’ve got my very own Real Estate GOSS with expert advice on the subject, Natalia Sokova, here to clear up the matter for all of us.
Why do you believe this is the best time for first home owners to invest in the Montreal real estate market?
As a home owner, do you have any advice to give young girls that are looking to buy a property?
As a home owner myself, I know that while paying off my mortgage, I am in essence “saving” for my retirement. As every month I am accumulating equity in my real estate investment. If you are looking to invest in real estate, one of the most important things that you could do is to have a good credit history. Yes, true, you might want to splurge on the latest Louis Vuitton, but is it really worth it? Make your payments on time! I advise my clients to make an appointment with a mortgage broker, sometimes a year before they decide to make an investment in real estate. You want to be able to get the best rate possible and have the freedom to buy the home of your dreams.
What areas are the best to invest in?
Its a buyers market, like I mentioned before. There is a huge variety of condos for sale at the moment. Which gives you guys an opportunity to get a great deal, as selling prices can be negotiated down. $10,000-20,000 less!!
So now ladies, next time you’re contemplating whether you want to splurge on that brand new designer handbag, or those stunning Christian Louboutin limited edition booties you saw in the window at Saks, have this thought in mind: do I REALLY need this? Let’s make you an independent lady first, and then once that’s done – you can buy all the designer hand bags your heart desires. Now, are you ready to play with the big players?