Since 2014 there have been many articles and reports written in the British Press on how difficult it is for first time buyers to save a mortgage deposit.
The first one in that year www.ThisisMoney.co.uk reported that: “Life is on hold for first-time buyers: Young home-hunters face 22-year wait to save for a deposit”.
Then www.Propertywire.com reported that: “The need for a large deposit to buy a first home in the UK is still hampering the hopes of many buyers despite government schemes like Help to Buy”.
And the www.DailyMail.co.uk reported that you should: “Get on the property ladder before your 29 or you may never be able to buy a house”.
Then in April 2015 the www.Guardian.com reported that a Halifax survey showed: “Young people in UK are increasingly giving up on owning a home”.
OK, this post isn’t about doom and gloom it’s about a little known way to save a substantial deposit for the property that you want. All within two short years. If you are struggling to get a deposit together then this is could be for you.
So what are the options? Some of the British Media’s favourite tips are to:
- Get a better paid job
- Get a evening job
- Do a Martin Lewis www.MoneyExpert.com Money-Makeover
Each of these will yield some cash to stash away for a deposit but even if there was a better paid job out there how long would it take to find it?
You could, I suppose, get an evening job but the hourly rate that such a job would pay would most likely not be a realistic saving opportunity so would it be worth your while?
Now Martin Lewis’s money makeover could save you around £5000 a year so, it may be one of the more realistic options available, but it also means a huge change in lifestyle.
But what if there were another way?
My wife and I have used this option, not to create a mortgage deposit, but to fund our yachting lifestyle. This option has allowed us to build a 45 foot sailing yacht, quit our stressful day jobs and head off to meander around the Mediterranean for 10 months of the year.
Ok, I have to also say that this option is not for everyone, I really don’t know if this option would be for you and there is however, only one prerequisites, it is time, meaning if you think you have no time to invest to create a mortgage deposit then read no further.
Every one of us has the same amount of time in a week, we all have 168 hours. On average 56 hours are spent sleeping, 40 hours working, 35 hours eating, showering traveling etc, that leaves 37 hours.
I am talking about 7 to 10 hours a week for the next two years and of course it can be 7 to 10 hours shared between two people.
Ok, so what is this little known way?
I call it being a Foreverpreneur.
Ann and I can teach You, coach You and mentor You, over the next six to twelve months, to become a Foreverpreneur.
All You’ll need right now is about an hour, an hour to see if being a Foreverpreneur is for you or now.