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Author: John Michael Article source: http://www.honestmortgageadvice.com/. Used with author's permission.
More money can mean better:
- Health Care
- Relaxing Vacations and Adventures
- Education for your children or yourself
- Better home than you have now
Best of all it can reduce stress from not having to worry about money!
Many of us have problems in life that additional cash will help solve the situation. Did you know that 80% of problems in life could be simply resolved with additional cash.
Your first step to becoming financially secure is getting involved in real estate as an investor. Now you must take the next step "Stop chasing money".
John Michael, the founder of Stealth Educational Services has a vary simple but phrase he loves to use.
Money has twelve legs and you have two - It will always out run you when you chase it.
Fundamentally, there are two areas to focus on to build wealth and generate cash.
1. You must develop skills and strategies to reduce your expenses along with maximizing your life style.
2. You must develop skills and strategies of generating additional revenues.
You will need to learn how to use:
OPM - Other Peoples Money
OPT - Other Peoples Time
We all have life expenses such as:
- Food - Meals
- Auto Insurance
- Auto gas and oil
- Rent or Mortgage payments
- Along with other purchases
You easily spend $2,000, $5,000, $10,000, or even more every year on these expenses.
Did you know that for every dollar that you make tax deductible you can receive approximately 15˘ to even 50˘ back from the government and yes it all depends upon your tax bracket and tax rate. The easiest and fastest way to get tax breaks you will need is to simply start a small business.
As a real estate investor, you have a small business!
This should be your goal for your financial strategy as a real estate investor over the next 12 months:
- $50,000 to $100,000 income from real estate investing
- Cut your tax bill in half
- Reduce your auto insurance by 1/3
- Save $1,000's on your next purchase of a car
- Reduce your food cost by 10%
- Decrease your health cost up to 20%
- Open your KEOG retirement plan
- Improve your credit
- Protect and shield your assets
Just to name a few.
You may have to work full time and do real estate investing part-time for several months until you get the ball rolling. You will need multiple sources of income to become successful as you grow and start your carrier as a real estate investor.
Let me give you another set of goals that you should shoot for as well:
- Build wealth in real estate
- Develop multiple sources of income and residual income
- Make money while you sleep
- Develop a profitable real estate investing business
- Earn at least 15% on your investments
- Use your real estate investing business for tax deductions
- Use compounding of money and time to build wealth slowly
- Become worth more to an employer until you are able to fire them
Stop chasing money, it is not how much money you "earn", it is what you "learn" to do with the money that matters.
You must have a good plan for building wealth!
More wealth and cash can make life more exciting, dynamic, and fun.
"Daring ideas are like chessmen moved forward. They may be beaten, but they may start a winning game." By Johann Wolfgang von Goethe John Michael is the author of "Getting Started In Real Estate Investing"
In addition, you can review his book at: http://jmichaelrei.com
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