Why you should plan ahead to get ahead
Mortgage broker Francis Raymond has come full circle since his first investment back in the early 90s. At the time he was working in the hospitality industry, living the frenetic high-life of many 30-somethings.
“It was a ‘Friday I’m a millionaire, Monday I’m a pauper’ lifestyle,” says Francis. So his father decided to intervene, encouraging him to invest in property.
“Unfortunately it was terrible timing,” says Francis. He and a friend purchased an Eastern suburbs property right before the 1990s recession.
“Suddenly the manageable 7% interest rate rose to 19% practically overnight,” says Francis. As did his stress levels.
“I had this incredible pain in my stomach, thinking it was appendicitis,” says Francis. “The doctor said ‘There’s nothing actually wrong with you, other than you are the most stressed person that’s been in my office this month’”.
So Francis sold the property for less than the purchase price. “It was a steep learning curve about property and prices.”
As fate has it, after years working in the hospitality industry, Francis pursued the very career where he could apply this life lesson – mortgage broking. For him, it was the perfect role to continue to help people, while enjoying a more balanced lifestyle.
“I love working with people to achieve their goals.” he says. “Every person has a unique problem we’re trying to solve and it’s so rewarding when we can get the ideal result for them in a timely manner.”