Aussie Working on a Ship

Hi Scott,

I'm an ozzy working abroad -- I'm the executive chef on a superyacht. I earn euros and the money is tax free! My mantra is to make 'smart decisions for the future' so I am investing in shares and cash. Unfortunately I had a restaurant for several years and now have a bad credit rating. I'm now kicking goals, making plans the for the future but I feel the credit rating is holding me back from moving forward into the property market. I'm not sure how to proceed best from here.

Cheers,

Chris

Hi Chris,

You sound like you’re living most people’s dream. Just remember to enjoy it.

Now, as far as your bad credit rating is concerned, I’d like you to quantify it. How bad is it? Have you checked? Veda.com.au will give you a free report once each year. If there’s anything on there that doesn’t check out, challenge it.

If I were in your shoes, I’d be saving as much as you can into shares. Of course there’s nothing stopping you from getting into the property market. Try looking at listed real estate investment trusts. Chances are you’ll get a better return from them than in a residential building.

Plus, you won’t have to get into debt.

Scott