{"id":14846,"date":"2020-03-11T12:12:03","date_gmt":"2020-03-11T01:12:03","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=14846"},"modified":"2020-03-11T12:13:57","modified_gmt":"2020-03-11T01:13:57","slug":"gearing-strategy-insights","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/gearing-strategy-insights\/","title":{"rendered":"My insights on the power of a gearing strategy"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"14847\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/gearing-strategy-insights\/pros-and-cons-email\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Pros-and-Cons-Email.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Pros-and-Cons-Email\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Pros-and-Cons-Email.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Pros-and-Cons-Email.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Pros-and-Cons-Email.png?resize=1000%2C250&#038;ssl=1\" alt=\"gearing strategy\" class=\"wp-image-14847\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Pros-and-Cons-Email.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Pros-and-Cons-Email.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Pros-and-Cons-Email.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Borrowing to invest, particularly in property, has been a very popular investment strategy in Australia. A mortgage is a wonderful servant but a terrible master. If you use mortgages properly, in a risk adverse way, it can be a very powerful wealth accumulation tool. However, if used poorly, it has the power to destroy more wealth than it creates. After almost 18 years since establishing this firm, I thought it was timely to share some insights and observations about a gearing strategy. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/588611?theme=light&#038;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\">Inflation will eventually eat away\nat the value of debt over time. <\/h3>\n\n\n\n<p>Interest rates reflect <a href=\"https:\/\/www.rba.gov.au\/inflation\/measures-cpi.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"inflationary expectations (opens in a new tab)\">inflationary expectations<\/a>. That is, when inflation expectations are high, so are interest rates. As such, borrowers are paying for the inflationary cost of debt each year. This is evidenced by the fact that a loan\u2019s amount does not change from year to year. If you borrow $200,000 today and don\u2019t make any principal repayments, in 20 years\u2019 time you will still owe $200,000. <\/p>\n\n\n\n<p>But we know that\nover time, due to the impact of inflation, our purchasing power reduces. A\n$200,000 loan in the mid-1980\u2019s was a big deal. Today, it is considered a small\nloan. Whereas a loan for $1 million today is regarded as a big loan. However,\nin 20 years, a $1 million loan will be equivalent to $670,000 in today\u2019s\ndollars (assuming an inflation rate of 2% p.a.). And only $550,000 in 30 years.\n<\/p>\n\n\n\n<p>Because interest\nrates include the cost of inflation, and investors pay for that each year, in\nreal terms, the value of their debt reduces over time. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">It magnifies your return on equity<\/h3>\n\n\n\n<p>Using some\nborrowings to fund the acquisition of an investment means you can contribute\nless of your own cash. For example, assuming interest rates are 5% p.a., if you\ncontribute 60% of a property\u2019s price in cash (and borrow the remaining 40%), I\nestimate the investment will be break-even from a cash flow perspective. That\nis, the rental income should be enough to pay for the property\u2019s expenses and\ninterest costs. <\/p>\n\n\n\n<p>If you retain this\n$750,000 property for 20 years and it appreciates in value by an average of say\n7% p.a., it will be worth circa $2.9 million. I estimate that the investor would\ncrystallise approximately $2.05 million of cash after selling the property (net\nof costs, repaying the loan and CGT) after 20 years. So, the initial cash\ncontribution of $450k (60% of the purchase price) has grown to $2.05 million\nafter 20 years. That equates to a compounding annual growth rate of 7.9%.\nWithout any gearing, the net return would have been only 5.9% p.a. So, the\nexistence of a modest gearing rate (40%) has increased the investors return on\nequity by 2% p.a. This is the power of gearing. &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Return on cash is even more\nimpressive <\/h3>\n\n\n\n<p>What if you\ndon\u2019t contribute any of your own cash savings when you purchase the property?\nThat is, you borrow the total cost. In this situation, your only cash\ncontribution will be to fund the holding costs. That\u2019s because if you borrow\n100% of the acquisition costs, the property\u2019s income will probably not be\nenough to pay for its expenses and loan interest. As such, you will have to\ncontribute some of your salary income towards meeting these expenses. <\/p>\n\n\n\n<p>I estimate the cash\nflow holding cost of a $750,000 property to be conservatively circa $175,000\nafter-tax over 20 years. If you sell the property after 20 years, you will walk\naway with $1.58 million in cash after repaying the loan, selling costs and CGT.\nTherefore, your cash contribution of $175,000 over 20 years has generated net\ncash gain of $1.58 million. That equates to an annual compounding rate of\nreturn of 11.6%. That is referred to your return on cash, since you didn\u2019t\ncontribute any equity (cash) at the beginning. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Gearing allows you to invest your future income today&nbsp;<\/h3>\n\n\n\n<p>What do you\nthink is a better strategy? Option one is to invest $20,000 each year for the\nnext 30 years i.e. $900,000 in total. Option two is to borrow $900,000 and\ninvest it all today and then repay $20,000 of the loan each year for the next 30\nyears. You don\u2019t need to be a mathematician to realise that investing the lump\nsum today will likely yield much better results.&nbsp; <\/p>\n\n\n\n<p>This is the\npower of a gearing strategy; borrowing your future expected surplus income and\ninvesting it today. This allows you to enjoy the benefits of compounding\ncapital growth. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">An alternative way to look at a gearing strategy<\/h3>\n\n\n\n<p>The traditional\nway to look at a gearing strategy is that you borrow money to buy an investment\nand then, over time, you gradually repay the loan. One day, you plan to own the\nasset and be debt free. <\/p>\n\n\n\n<p>An alternative\nway to view borrowing is that it allows you to own an asset for a finite period\nof time and enjoy the investment returns over that period. Then, one day, you\nwill eventually sell the asset and repay the loan. This strategy doesn\u2019t assume\nthat you will ever make any repayments towards the loan. The loan is merely a\nfinancial facility that allows you to hold an asset and participate in its\nappreciation in value over time. Given how expensive property has become in\nblue-chip locations, I think a growing number of people will adopt this\napproach. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">A gearing strategy only works if\nyou do two things successfully <\/h3>\n\n\n\n<p>It is foolish to\nbelieve that borrowing to invest is a guaranteed way to build wealth. In fact,\nthe reverse is true. In my experience, the majority of investors achieve very\npoor results. <\/p>\n\n\n\n<p>I have said many\ntimes that investing successfully is not difficult. It is routed in simple\nlogic and evidenced based strategies. This is simple to understand but now\nalways easy to implement correctly. <\/p>\n\n\n\n<p>If you are going\nto borrow to invest, you must do two things very well: <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 1: Borrow safely <\/h4>\n\n\n\n<p>Investing is a\nmarathon, not a race. Building wealth safely takes time, often many decades.\nThe aim is to enjoy the process i.e. spend a little today and save a little for\ntomorrow. This means its critical to borrow within your safe limits. Be\nprudent. And always consider possible changes. <\/p>\n\n\n\n<p>But most\nimportantly, it is prudent to prepare for unexpected changes. No one could have\npredicted the coronavirus a year ago. Or the oil price shocks that occurred a\nfew days ago. The point is that you have to be careful and to some degree,\nexpect the unexpected. It is the unpredictable events that cause the biggest\nshocks to markets and volatility. That is not to say that you should be\ncontrolled by fear &#8211; quite the opposite. My point is that borrowing\nconservatively is typically the most sensible approach. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 2: Quality assets + low\nvolatility + patience <\/h4>\n\n\n\n<p>The second thing\nyou need to do is invest in the <em>right<\/em> assets and have patience. <\/p>\n\n\n\n<p>Assets that have lower levels of volatility are better suited to gearing strategies. Lower volatility means values\/prices are more stable. The share market has a historic volatility rate of about 20% whereas residential property has a volatility rate of 10% (see page 80 of <a href=\"https:\/\/wealthcoach.com.au\/stage\/books\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><em>Investopoly<\/em><\/a>). This is why people typically feel more comfortable borrowing to invest in property compared to shares. <\/p>\n\n\n\n<p>It stands to\nreason that you cannot expect above average investment returns from average\nquality investments. The <em>quality<\/em> of your investments will determine your\ninvestment returns. So, if you are going to borrow to invest, make sure you\ninvest in the highest quality assets your budget will allow. <\/p>\n\n\n\n<p>The last element is patience. Few people get rich\novernight. It typically takes many decades of astute decision making and the fortitude\nto ride out any challenging times (which share market investors are currently\nexperiencing). &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Low rates and higher growth <\/h3>\n\n\n\n<p>A few weeks ago <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/wealthcoach.com.au\/stage\/investment-property-holding-costs\/\" target=\"_blank\">I wrote a blog<\/a> that highlighted how cheap money is at the moment. For example, a $800,000 investment property costs only $6,000 p.a. to hold. Because of that, borrowing to invest has never been a more powerful and effective strategy. <\/p>\n\n\n\n<p>Of course, if you need help working out your personal borrowing\nstrategy, don\u2019t hesitate to reach out to our Associate Director, <a href=\"mailto:kmckeown@prosolution.com.au?subject=From%2012%20March%20blog\">Jodi\nMcKeown<\/a>. <\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>Borrowing to invest, particularly in property, has been a very popular investment strategy in Australia. A mortgage is a wonderful servant but a terrible master. If you use mortgages properly,&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[142],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>My insights on the power of a gearing strategy (&amp; how to make it work)<\/title>\n<meta name=\"description\" content=\"Here are my insights on the power of a gearing strategy after nearly 18 years since establishing my firm. 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