The big news uscitizens of the world is that that America has finally increased interest rates.
Ever since the GFC, the US Fed has kept rates super low in order to kick start the US economy back to life.
And, this new rate rise tells us the U.S economy is officially “resurrected”
In fact, they’ve just enjoyed record streak of private jobs growth –with unemployment now at 5% bringing it back to pre-GFC levels.
What about Australia?
Australia’s a ‘tale of two cities’. Our economy is humming along ok, with relatively low unemployment etc.
Housing construction is doing much of the heavy lifting since the phasing out of the mining construction boom….and now of course, we’re heading into the Ideas Boom!
However, our government budget issues remain a problem.
So, hopefully that can be addressed in the next few budgets – and through taxation reform – dampening the economy.
At least that will give us all certainty, as investors, tax payers and wealth creators.
But here’s what’s most important for you as a property investor…
Ultimately the economy will do what it will do.
We all play a part sure, but Australia is part of a global economy and a large part of it is out of our control. We can’t control how much people want to pay for our Iron Ore.
So what’s important is to be responsible for your own “economic boom”
You see here’s the truth.
Even in America with over 200,000 jobs being created last month, much of the middle class is not thriving.
That’s because, so many jobs have been outsourced, or made redundant by technology.
And, many of the new jobs be created are not high paying jobs – they are low paid service jobs.
This has led to a gutting of a middle class.
And, the same trend is happening Australia.
That’s why it’s vital to always be increasing your “Income Value”.
That’s a term that I just made up to describe how much people are willing to pay you for the value you provide.
Take time to brainstorm ways, that you can add 10x more value to society…to your work place…to your clients etc…and receive 10x more income.
Whether that’s as a property developer…increasing your value in your own workplace to get a raise…starting an online business…expanding your current portfolio…doing renovations etc.
Because when you find ways to create your own economic boom…. because that way you become master your own ship…captain of your own destiny.