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Investopoly
Each episode is packed with concise tips, strategies, research, methodologies, case studies, and ideas to help you safely and effectively grow your wealth. Stuart Wemyss, a qualified financial advisor, accountant, tax agent, and licensed mortgage broker, delivers holistic advice. With four authored books, including "Investopoly" and "Rules of the Lending Game," Stuart shares his insights through a weekly blog, which is replicated on this podcast.
Investopoly
Ep 333: Future-proofing your children’s ability to buy property
New Report: The Evidence-Based Approach to Investing in Property & Shares: download here.
Read full blog here.
Stuart highlights the growing concerns parents face about their children’s ability to enter the property market, offering a balanced strategy that prioritises parental financial security. The foundation of his advice is ensuring your own retirement is fully funded before considering financial support for your children. This prevents potential future dependency on them.
He explains that while parents may wish to help, their support should align with the child’s interest and motivation to buy property. Forcing the decision rarely works, as building wealth requires intrinsic motivation.
Stuart proposes a proactive strategy: parents purchasing an undervalued investment-grade apartment now, which can be sold to their children at a later date, potentially at a discounted rate. Melbourne’s stagnant apartment prices, combined with rising construction costs and low supply, make these properties an attractive investment likely to appreciate significantly over the next decade.
This approach ensures parents have control over their financial commitment while also providing a safety net for their children. If the child decides not to buy, parents can retain the property as an investment. Stuart advises professional guidance to navigate complexities like borrowing and inheritance planning, ensuring fairness if multiple children are involved.
Ultimately, he stresses putting your financial security first.
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Do you have questions? Email questions@investopoly.com.au
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
