Ok, it’s the start of a new year and I’m sure that a lot of us have made all sorts of resolutions a few weeks ago. Now that we have passed the middle of January (January is always the shortest month of the year for me – to my mind it whizzes by so quickly and February appears out of nowhere), many of those resolutions and goals have been dropped and we are possibly back to square one. I decided that since January is such a short month that I would just enjoy it, take the time to set my goals and get started somewhere around February 1st (although, yes I know, technically February is shorter than January!). Since we are in the middle of a searingly hot summer here in Brisbane, Australia I don’t see the need to push myself too much – I’ll potter around in my air-conditioned office, concentrating on completing the work tasks we set last November. I’m sure when we did our planning we forgot how short January really is, because to achieve everything we put on our January to-do list we’d need a 60 day month! Oh well.
Part of my reasoning for being so laid back with the whole resolutions thing – apart from being Australian – is that we did a review of our investment strategy back in October, around the time I visited the tax accountant. This visit allows us to have a chat about how well (or how bad!) our investments are performing and make some informed decisions about what we need to do going forward. This year, it is selling a couple of under-performing properties that are holding us back. We will lose some money by selling earlier than planned, but this is offset by gains on some of our other properties. As the accountant explained – we can lose money slowly by holding on for another couple of years in the hope that the market they are in will turn around, or we can take a hit now and move them on quickly. As we have changed our investment strategy, these properties no longer fit our portfolio. Rather than continue to pay out rates, land taxes and insurances, we decided to put them on the market and move on. While we could berate ourselves for buying these under-performing properties, there’s no point in crying over spilt milk. What’s done is done. I’m sure we’ll get over it.
Talking of strategies, over the Christmas break I was inspired to write something about our investment strategy journey, and why we settled on property – as well as a couple of other investments. I’ll be posting that article next week and showing the various options that we considered. You never know, it might inspire you to define your own investment strategy. It’s something that I believe in firmly. Just as you wouldn’t set off to travel from Brisbane to Melbourne without some sort of plan of where you’re headed and what mode of transport you would be using, you shouldn’t just jump into the first type of investment you come across without considering a few things first, like your risk profile or how much money you have to invest. But that’s next week’s topic.
Now, back to those New Year’s resolutions and my goals for this blog in 2017. Well firstly, I’d like to get back into posting more regularly and finally unveiling the completed new build – I must say it’s very comfortable to live in. 2016 was a busy and stressful year completing the house, working in the business and juggling finances and investments. I realised that this focus has detracted me from other things and I feel my health has been sitting on the back-burner for a while so I’ll be looking to be more balanced in different areas of my life and this will be reflected in the ‘and in my spare time’ posts. I will be expanding the range of topics to cover different areas of investment, such as investment in finance, health, wellbeing and in our relationships. Well, my slant on these anyway.
So, here’s to a great 2017 and New Year’s Resolutions. I hope you’ll join me on the journey!