Formulating Never Ending Wealth. Where to start!
Updated: Oct 18, 2020
Wealth has a different meaning for every single person! What my version of wealth is will never be the same as someone else's version of wealth.
Once you find out what your personal needs are and figure out the lifestyle you want to live, let real estate investing be the vehicle to take you there!
As I've said numerous times before, I only purchase income-producing assets that fit the purpose I allocated for it!
So let's get down to the basics. I believe keeping your 9-5 is the most valuable way to build generational wealth. This gives you the opportunity to build your wealth, save, and transfer your cash into equity. While you might have purchased your 1st or 2nd property, your job is the key to keep that success flowing until you can completely rely on your income-producing assets, if that is your purpose of investing in real estate.
Did you know the average American household earns $67,000 USD yearly, and only $6,000 of that is put away? Most Americans spent this on emergencies, lavish holidays or expensive luxuries that they don't need! One of the craziest things I see is when people run into a large sum of money, they spend their money on products that depreciate in value as soon as they buy it! I don't see wealth or purpose in that!
If you Learn to put away at least 30% of your income away, you are already going to be more successful than 80% of Americans! Take that into account!
Be prepared to sacrifice that new couch you saw on Amazon or a fancy lunch with friends, learn to sacrifice now so that you will never have to sacrifice again!
Once you have established a plan to sacrifice some of your earnings to your savings account, this is when you can invest in income-producing assets that pay for the lifestyle you intended!
You CAN start investing with $12,000 if you have the right knowledge, I learnt that
investing in real estate is possible and now I'm at a stage where I can help hundreds of people do the same thing.
Real Estate investing has created the most millionaires in the world! Once you have built equity in your first income-producing asset, you can refinance your property to purchase another! People seem to think that because the money isn't in their bank account it isn't there! You just transfer money from one bank account into another. That becomes your net-worth!
Once you have created enough income, this is where mailbox money comes to play! MONEY WHILE YOU SLEEP, PASSIVE MONEY! It's my favourite part of Making Real Estate Real! I was tired of working for my money until I made my money work for me!