Accountability is the most important factor that will define whether you’re successful with your money or not. Whether it’s accountability from within or externally, it needs to be ever present if you are going to succeed with property investment.
So, what does accountability refer to?
In a general sense, accountability is simply taking responsibility for both your successes and failures.
In a more specific sense, it means that you don’t simply blame the circumstances, but rather, your actions within the circumstances that you could have controlled. In terms of personal finance, it means being aware you’re not on track.
The simple cheat? Third party accountability! Having an external stakeholder who can keep you on track is invaluable for most. The Investor Express Program is designed to ensure stable progress through all the ups & downs of personal finance. Setting achievable goals, keeping track via the AllianceCorp Wealth Portal and having that third pair of eyes is truly the best way to fast track your investment property purchase. Partner this with a 10% return through our IncomeGen service and you’ve got the best chance possible of your savings keeping pace with the continuous growth of the Australian property market.
The Relationship Between Accountability & Personal Finance
Personal finance success is highly dictated by accountability to yourself and your finances.
According to industry-leading finance coaches, personal finance is 80% behaviour and 20% knowledge.
If in the instance above we’re relying on 80% behaviour to be successful in personal finance, then accountability, consistency and focus is essential. Furthermore, to ensure your behaviour is effective you need to have a big enough WHY. Remind yourself why you are doing this; Is this to leave a legacy for your kids? Is this to leverage into your ‘dream home’ later down the road? Is this simply because it’s a smart thing to do? Either way this WHY needs to be powerful enough to keep your behaviour in check.
Take Ariel for example. Ariel approached AllianceCorp in March 2022 with the intention of building enough of a deposit to purchase his first investment property. Leveraging the help of our Investor Express Consultants and IncomeGen program over the last four months, Ariel is already three months ahead of his projected goal, accelerating his goal of getting into the property market as early as December 2023!
So to help fast-track your property investment journey, we’ve consolidated our advice into five top tips:
- Track Your Spending: Make use of the AllianceCorp Wealth Portal on a regular basis to ensure you’re always on target. Filter to the ‘by budget section’ and compare your budgeted vs. actual.
- Prepare For Emergencies: Ensuring you have money set aside is a key way of keeping momentum through rough patches. Having an emergency fund allows you to keep your funds allocated to wealth creation i.e. that first investment property
- Set Boundaries: Avoid lending money to friends or family, especially if you can’t afford it. There is always a chance you might not get this back.
- Make It Difficult To Break Your Budget: Avoid the use of credit cards or ‘buy now, pay later’ applications. These promote impulsive, unconscious spending habits, which are bound to break the budget.
- Reward Yourself: Sticking to a strict budget isn’t easy, find a cost effective way to celebrate your achievements!