We have all heard the saying ‘time is money’. How well do you manage your time? If you are not creating the space to work on your investments in your day-to-day life, then the financial return is not going to be so rewarding.
So what are the challenges to managing our time?
Most of us simply don’t have a system to handle the emails and tasks that bombard us daily
We aren’t prioritizing our workload, meaning often the reactive and non essential stuff takes up a lot of our day; suddenly we look at the clock and we have spent two hours faffing around on a task that we probably shouldn’t have even been doing in the first place.
The ‘non work’ stuff, e.g. like managing your investments doesn’t get done during the day, so you end up looking at it later on, in the evening, and then you are feeling exhausted and resentful about doing anything.
If we don’t keep this is check, we not only end up missing out on great opportunities (e.g. taking the time to see what’s available on Ifind) but we can miss doing some essential stuff too.
How do you manage your to do list?
Up until a year ago, I used to simply have a journal, where daily, I wrote down what I had to do, crossed out what I got done through the day, and then recreated a new revised list the following day.
Whilst at some level, it felt like I had a handle on things, I was risking simply forgetting some pretty important stuff. It also was a bit time consuming, particularly when I had a lot on.
The next iteration of managing my to-do list was popping everything on Evernote, which is a cool web-based note app. But there were challenges with synching between my phone and app and there was no real structure to it.
I finally feel that I have got it nailed…
and now, Iike an ex-smoker, or someone who had dropped 15 kilos on Paleo, I just want the world to know, because it has seriously changed my life for the better!
Firstly, I engaged a productivity expert (hiring an expert is always a good thing to do when you want to cut through stuff that isn’t working in your life). He got me to approach this conundrum of to do lists as follows;
Find a productivity framework that suits
Choose a productivity platform that suits
Set up your to do list accordingly
This has just made so much sense to me! The productivity framework I chose was Dave Allen’s Get Things Done (or GTD). I know some people who say that there are more sophisticated frameworks available, but for me, this is perfect.
Essentially, all you need to do is;
Get everything out of your head, and on to a list. This supposedly really helps our stress levels, particularly when we are are awake at night, and worrying about stuff. Just keep thinking of what you need to get done.
Chunk them into an overall pattern that works for you, including projects and tasks. For example, ‘write a book’ is a rather massive (and overwhelming) task. Better to assign it as a project, and then have sub headings like ‘book overview, title name, decide publishing route etc underneath. Dave Allen talks about a ‘someday/maybe’ folder which is really good for those bigger ideas which you come up with, but don’t want to lose sight of.
Think about ‘what is the next action moving forward?’This just means that you don’t get overwhelmed by the enormity of something, and focus instead on what you need to do next.
Use the two minute rule for small tasks. If sending someone an invite to a meeting (eg while they are on the phone with you) is going to take 30 seconds, then don’t spend 20 seconds adding it to your to do list, just get it done!
Schedule non negotiable time for a weekly review. This is brilliant, you simply look at your plan and think about what you can add, delegate, defer or delay. Last thing on Friday is a cool time to do this because you can kick into the weekend knowing you have things handled!
Once you have done this, (and believe me, it is not that onerous a job, I am thinking two or three hours and SO worth it), then find a productivity app that works for you. Some of the apps available (including on iPhone and Android) are Todoist, Asana and Nozbe. I have chosen Nozbe, and I love it!! It synchs beautifully with my phone and I can keep short term stuff that doesn’t need to be assigned a project to my inbox. There is a wonderful priority system ( you just click on the star for top priority and it shows up in your priority list) and the time scheduling and collaboration elements (I have a virtual assistant in the Phillipines I assign tasks to) are super slick.
Does this all sound a bit too hard? Like so much in life, I delayed getting around to implementing a productivity system that works, but seriously, this has just changed my life so much for the better. These apps cost a few dollars a month, but give you so much control over your life, and for Ifind subscribers particularly it may result in some fantastic financial gains, simply because you have been able to assign more time to your investment portfolio! Just give it a go!
My name is Sabine Slade and I live with my husband in Kawerau. I came to New Zealand 26 years ago from Berlin, Germany. We own a number of investment properties throughout the Bay of Plenty which I manage myself and a couple of years ago other investors started to approach me about their properties and I now manage investment properties for others as well. I find that being a Property Manager takes patience and the ability to deal with many different personality types, which is a challenge I thrive on.
I locate tenants through a mixture of advertising in the local papers and online via Trade Me.
Interested parties fill out an application form that includes a privacy waiver clause so that I can conduct full reference and credit checks. Sometimes searching for a new tenant can be an adventure, I have seen people give false details on the application form about their employment, credit rating or where they live. I often will have a browse on the internet as part of the checks for my clients. Social media sites can be helpful as well as the Tenancy Information New Zealand (T.I.N.Z) database.
From time to time smaller towns can have problems with unemployment and gang related issues, so every person who wants to move into a property I manage, has to fill out an application form, thus eliminating the chance that the well dressed, well-spoken and mannered working mother, gets the house and then has her gang affiliated partner moving in with her.
This may sound onerous, however there are usually fewer people looking to rent, than in larger towns and cities so a strict vetting process that may eliminate some candidates is much preferable than dealing with a bad tenant later on.
Given the size of the market I do not charge a letting fee, however I ask a full 4 week bond.
Once a tenant is found, the key word for retention is service. When I ask prospective tenants why they are moving, the response many times was that the landlord is “slack”. The tenants had problems such as a stove or power point not working, or a leaking roof, notified the Landlord and nothing happened.
I try to solve any issues within 24 hours either by organising tradespeople to visit and quote for the bigger jobs or we simply perform repairs ourselves if it is a smaller issue such as a dripping tap. This not only ensures a very positive tenant / landlord relationship but tenants will make more effort to keep the place well looked after. Saving money is good, but not at the expense of your tenants.
However quite often the tenants do not ring me with problems, so regular 3 monthly inspections are important. They keep me in contact with the tenant and also to keep up with any maintenance or repair issues.
I check the rents when they are due. If a payment is missed, I ring or visit the tenant letting them know that the rent was not paid and find out how they plan on catching up.
99% of the time they catch up when the next rent payment is due. If this does not happen I will give them a 14 day letter to remedy which is then followed by an application to the Tenancy Tribunal. In bigger markets property managers are stricter, however it can pay to show some flexibility to an otherwise very good tenant – at least for the first occurrence.
As a rental property owner it certainly helps if you have some sort of cash cushion. More houses means more liabilities and you should be in the position to replace a large ticket item like hot water cylinder or wood burner / heat pump if anything goes wrong. We experienced it ourselves when we wanted to insulate one of our rentals and the company giving the quote found several leaking spots in the roof, which had to be fixed before they would install the insulation. It could not be repaired and we had to reroof the house at a cost of $12000 when we wanted to only spend $2500 on insulation.
Lastly I want to touch on maintenance. Often it can be tempting for an investors to let maintenance slide, however with a smaller buyer pool that has choice, properties in good condition will be vacant for shorter periods and attract better quality tenants who will stay longer. Because we are close to the properties and living in the market we serve, we can provide investors with accurate upcoming maintenance and imTrading is about obtaining items that set cash back into your wallet. It could appear frightening, but when you have a bank term deposit or come in KiwiSaver – you’re an investor.
You then become a once you put your cash into items that could generate revenue or grow in importance. The typical intention would be to earn at the least an aftertax return more than inflation’s pace. Becoming a buyer also requires a degree of chance. Typically, the bigger the bigger the risk, the return.
Your buyer account
Strategies to invest
Top tips for committing
Your entrepreneur report
Hint: Understanding your trader report can help you work out the mixture of ventures that is correct for you personally.
Shares? Securities? Residence? Term deposits?
Realizing your trader account can help you workout the types of investments (and mixture of ventures) you should look at.
You can find four attributes for your investor report:
Duration: How long are you wanting to speculate for?
Earnings: would you like revenue or growth?
Liquidity: do you want to be able to truly get your money easily?
Risk: understanding your own personal attitude to risk and Understanding the risk involved in different kinds of expenditure.
Find out how to sort out in regards to and your buyer profile the different kinds of purchases.
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Methods to spend
You can spend ‘specifically’ through a bank (period remains), sharebroker (stocks and securities), real estate broker (house) or other agents. Should you commit right in stocks, securities or house you’ll have to be wellinformed regarding real estate arena or the sharemarket, and also the enterprise.
You can also devote ‘indirectly’ by way of a managed fund. In a managed account (or device trust) your money is pooled with that of additional shareholders, plus a professional fund manager invests it in a variety of purchases for you.
Read more about home trading, stocks and term remains.
Read more about managed resources including KiwiSaver.
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Top tips for investing
Before you step into any investment decision, there are some significant guidelines you must follow:
Set: Determine what it’s that you will be currently looking to obtain. Where do wish to be at some time in the foreseeable future? What is the last consequence that you want from your investments and what is your schedule? Think of debt – is investing the best alternative for you today? Could you be better off using your cash to pay off high -interest debt (e.g. Charge card, hire purchase), or even to reduce your mortgage?
Recognize your chance report: You need to know what kind of buyer you’re – essentially, how much cash are you prepared to lose? Just how much volatility (good and the bad) are you able to accept? To work your entrepreneur variety out, use our investment manager.
Discover how you want to devote your money: What mix of investments fits your buyer kind? Ties, shares, property, bank remains? Do you want to invest right oneself or employ managed finances? Your investment planner can help here.
Research different companies’ expense alternatives: discover which corporations fit your kind, if you’re going to commit immediately in a business. Do they offer the type of assets you are after? What are return for every investment’s premiums? What’s the level of danger linked to the return?
Research the companies themselves: exactly what does the business do? What areas is the firm in? Who’s working the organization? Have they actually been declared bankrupt? How may be the organization work? Does the board have separate owners? Has got the corporation done recently – is there a constant performance with time?
Obtain the correct assistance: check around for an Authorised Financial Adviser (AFA) who you have confidence in. Sanctioned Financial Consultants should tell you (in a written disclosure statement) how they are settled and also the impact that could have about the advice they provide you with. Find about receiving investment advice more out.
Do your preparation: Research, compare anything – or get someone to do this for you. See the enterprise parts of the paper, get online, speak to bank boss, your advisor, or accountant. We suggest in addition you read any files, such as /or prospectus and the expense statement, referring to the investment you’re currently considering.
Distribute your chance: don’t placed all your eggs in a single basket Whilst The saying goes. Distribute your risk around various companies and different options. For example, if you should be contemplating high-risk ventures, you are able to balance your threat with different investments in income and securities bank deposits or lower-risk regions.
Perhaps you have questioned the way the prosperous got their success then held it developing? Does one desire retiring early (or to be able to retire whatsoever)? Are you aware that you ought to spend, but-don’t know how to start?
If you responded “yes” to the above concerns, you’ve come to the correct position. Within this guide we will address of trading from the ground-up, the practice. The world of money can be extremely daunting, but we strongly think that larger monetary earth and the stock exchange wont look so complex once you learn several of important principles and the terminology.
Aside from lifestyle your personality type or passions, this article will allow you to to know what trading is, what it indicates and how time makes income. Nonetheless it does not end there. This training may also educate you regarding the blocks of the globe as well as the areas, give you some insight into strategies and techniques and enable you to think of which investing techniques suit you best. Therefore do a lifelong benefit to yourself and keep reading.
We have to emphasize, however, that committing is not a get-rich- plan. Getting control of the private finances will require function, and, yes, you will see a learning curve. Nevertheless the advantages will considerably outweigh the necessary work. Despite popular notion, that you do not need to allow investment professionals or banks, managers drive your cash in guidelines that you just hardly understand. All things considered, no body is in a place that is better than you’re to learn what is greatest for you along with your cash.
One thing that is very last: remember: you’ll find no “dumb” issues. We would love to hear from you if after reading this article you still have unanswered issues.provements needed to bring in, and keep great tenants while at the same time making sure they don’t overcapitalise.