A glimpse of the future spurred this young investor
With a level-head and the drive to build a successful financial future, Coby Dawson isn’t your average 24 year old.
While others in similar high-paying jobs indulge in new cars and other extravagances, Coby understands the importance of saving your money and spending wisely, values instilled in him by his father.
Even before entering the lucrative mining industry, Coby was always eager to get onto the property ladder. Scraping together whatever money he had, he purchased his first property, with a friend, in the suburb of Cloverdale.
Yet it wasn’t until a ‘crystal ball’ moment years later that Coby would step up his wealth creation journey.
Speaking with older colleagues, he realised that despite earning good money, many had very little to show for it in terms of assets. Some still rented and others even had to come out of retirement after running out of superannuation.
He wanted to take a different path and use his wages to build wealth, which would provide financial security in the long term and allow him to live his chosen lifestyle. Simply, he wanted his money to work for him.
He says that despite what many people think about the high wages you can earn as a fly-in-fly-out worker, “It’s not all it’s cracked up to be”. Working four weeks on and one week off, Coby has very little down-time to spend with friends and family. “It’s a tough job and I don’t want to have to do it forever”, said Coby.
Coby knew he had to do something, so he set out to speak to others who had already achieved what he wanted to achieve. Like many people, he wasn’t sure who to turn to. A real estate agent? A financial planner? An accountant?
After a few bad meetings with various professionals (including one financial planner who admitted to being broke), Coby was left feeling rather discouraged. However, all this changed when he met with Mark Casey, one of the buyer’s agents at Momentum Wealth. “Everything that Mark said was on the money,” explains Coby. Mark provided exactly what he was after, someone to walk him through the process of building wealth through property, while also sharing his knowledge and experience.
With Mark by his side, Coby purchased his first investment property in early 2013 in the popular northern suburb of Heathridge. The property was purchased below market value and the suburb has already seen 14% growth.
Coby describes the process as “one of the easiest things ever” and that he never once felt pressured.
Mark and the Momentum Wealth team gave him all the information he needed to make an informed decision, and handled everything from the finance through to property management.
What does the future hold for this focused twenty-something young man? Keen to continue investing and building his asset base, Coby wants to finish renovating his Cloverdale home (which he now fully owns after buying out his friend) and then use any available equity to purchase another property. He’ll only stop when he has a substantial portfolio that can support him in the future.
With a passion for health and fitness, Coby is now studying to become a personal trainer. This will allow him to spend more time in Perth and do what he loves to do, even if it means he’ll have to take a pay cut, but that’s why he is investing.
When asked whether he will work with Momentum Wealth again, his answer is an emphatic, “One hundred percent!”
For someone who never knew anything about equity or leveraging your money, Coby now sounds like a seasoned investor and is happy to pass on advice to friends and family.