Migrating to a new country brings with it numerous challenges, particularly when it comes to building a stable financial future. For me, as a first-generation migrant who moved to Australia at the age of 10, I know firsthand the challenges faced and have since successfully built a thriving business and strong property portfolio.
Through my business, I pass on my knowledge to people – including migrants – to secure financial freedom and security, and share some of my key advice below.
I founded my business, Job Search, Immigration and International Education Consulting Services (JICS), around eight years ago after identifying a critical gap in the Australian job market for new migrants. Many skilled migrants with strong educational backgrounds and experience struggled to navigate the local landscape and secure suitable employment.
My investment philosophy has centered on property due to its stability and potential for sustainable growth.
Recognizing this, it was a natural transition for me to establish my business, to share my knowledge and support migrants in their journey, including job search assistance, CV and resume support, education on visa requirements and more.
The business has grown quickly since, predominantly through word-of-mouth referrals. Fortunately, this loyal client base and organic growth has been a core vehicle to build my wealth and secure financial stability. With the revenue generated by my business, I was able to explore other income streams to continue wealth building, investing strategically in asset classes such as property.
But how can others, including migrants, do the same?
Property investment as a core wealth building strategy
My investment philosophy has centered on property due to its stability and potential for sustainable growth. However, I encourage others to uncover investment opportunities that work best for them, based on their employment situation, finances and risk appetite.
For me personally, this is how I approached my investment journey to continue building wealth:
Education first
Rather than go in blind and start my journey with little knowledge, before I started pursuing investments, I educated myself through research. Wealth creation books were a particularly worthwhile resource to build my knowledge and upskill, such as Rich Dad, Poor Dad.
Strategic property investments
Once my business was thriving and growing steadily, I started acquiring properties and actively built a portfolio within three-to-four years. I started small, before achieving the capital gains needed to build a portfolio worth over US$10 million.
Professional guidance
Not everyone will have the same personal finance journey, nor do they have to do it alone. While my partner and I joined forces to build a strong property portfolio, we also enlisted support and guidance from professionals in the industry. We called on experts such as buyer’s agents and specialists to help make more informed decisions, find appropriate properties and streamline the buying process.
Long-term focus
I continue to approach investment opportunities with a long-term lens and focus. My business comes first, but research into new properties to invest in is always on my radar. While they may be worthwhile for others, I avoid volatile investment options such as crypto and shares and maintain a focus on property for long-term gains and reliability.
It was a natural transition for me to establish my business, to share my knowledge and support migrants in their journey.
My personal finance tips
Based on my own personal finance journey and my extensive work with migrants, below I share my key advice to help those on their financial journey, whether you were born and raised in Australia or are planning a move here.
1. Mentally prepare yourself
For migrants who are planning to or have recently made a move to Australia, an important first step in your journey is knowing that migrating and settling into a new country can be a challenge. A different culture, new job market, and education and visa requirements all require adaptation and preparation. It’s important to be ready for roadblocks and adjust expectations accordingly.
2. Explore options based on your situation
Simply earning and spending based on one income stream can be a challenge if you want to save money and build wealth. Ultimately, it is up to personal preference and factors, but I encourage you to assess your income and risk appetite for suitable investment opportunities, whether in property, shares or other assets.
3. Start small and build gradually
Many migrants I’ve worked with begin by investing small – an approach I advocate for, whether you have made a move to Australia or always lived here. For instance, if property is the investment vehicle you choose to pursue, consider investing in affordable properties in regional areas to start. Even with modest incomes, it is possible to secure properties priced around US$250,000 that yield good rental returns.
4. Focus on education
Continuously educate yourself about wealth creation and investment opportunities. In my own journey, reading and upskilling empowered me to make better-informed decisions.
5. Establish financial buffers
Always account for risks and have sufficient savings to handle worst-case scenarios. Preparation is key, and having buffers in place to navigate unexpected roadblocks and challenges will help you in the long run.
6. Start early
Whether you’re new to the workforce or well into your career, starting the investment journey sooner rather than later can significantly impact long-term growth.
I have worked with migrants who established themselves quickly by simply starting their journey. Some may not be high-income workers, however, they have been able to invest in more affordable properties and build their portfolio so it doesn’t impact their pockets too much.
