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Financial Freedom: Give up The Day Job?

Kevin Wright, Independent Financial Adviser comments

A pronouncement heard frequently at property meetings is 'I am full time in property'. My question is 'are too many people in too much of a rush to get to this nirvana like state, without fully realising the adverse effect it has on their ability to raise mortgages?'

Would they not be better to slow down and take their time reaching that pivotal moment in their lives until the ability to raise BTL mortgages in particular was much less relevant?

Being 'full time in property' is one of the most commonly voiced goals in property circles. To be able to create enough passive income from property to be able to give up the day job and become a full time property investor. It is frequently taught and encouraged on many property courses and at meetings. It is held up as the definitive status symbol, to be worn almost as a badge of honour. Some speakers will spit out the term 'wage slave' almost as a form of derision.

There is undoubtedly great merit in finally being able to throw off the shackles of an unrewarding and unfulfilling job. Rightly there is a huge sense of achievement in bringing about such a momentous life change. A celebration of the greater freedom of how you spend your time going forward is well deserved.

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