Updated: Jan 4, 2020
Are you willing to do what is required to become financially independent? Many of my clients get into real estate investing because they want to earn more money and have the finance's to fund their dream life...
But they do not have any direction or a clear understanding of money!
Can you relate?
Unfortunately we are all surrounded by average people that think small and are just looking for the "magic pill" ...that will not work.
You must put in the time and effort to learn about money as well as the assets that will help grow and protect your wealth.
Real estate is a great way to do both...
And it requires money ( But it does not have to be your money. (More on that in a different blog post)
Now let's chat about money...
I am reminded of a great line from the movie Wall Street, where Gordon Gekko says, “Money never sleeps.” This is NOT the time to relax no matter how well you did or didn’t do.
Now Gordon Gekko was a fictional character. You are living in the real world. Here is what Gordon didn’t tell you about money that you have to know moving forward...
You must understand that in addition to money not sleeping, money never gets tired and it doesn’t celebrate. Money demands your attention and will always move toward and be devoted to those who are most committed and respectful of it.
Just like the saying goes "what you focus on expands" and of course this applies to money as well...
While most people say they want more money and financial success, the reality is, most never achieve it. Why?
The reason is simple. No one really teaches you this stuff in school and money is a negative topic for most people so they avoid the topic and blame others when they are broke.
Before I get into the 7 reasons most real estate investors, I want you to think about where you are now financially and where you want to go. I’ll bet you, like me, have made a few of these mistakes.
1. Playing to small and staying in your comfort zone. Comfort is the most dangerous element of finances. The middle class is built on comfort, settling and making "just" enough. The wealthy never get enough wealth and never seek comfort. They SEEK FREEDOM and abundance and always strive for more...
You must break the habit of seeking comfort and step outside your comfort zone if you want to earn more money. With more money you can help more people and live a life full of new adventure and growth.
Remember if you are not growing you are dying!
2. Diversification. Big banks and the financial industry have done a great job of selling you on the idea of diversifying because it benefits them. As Mark Cuban says, “diversification is for idiots.” If you want to create wealth you have to know when to go all in. Find an investment asset like real estate and place your bet. Andrew Carnegie said, “the way to get rich is put all your eggs in one basket and then watch that basket.” (Fill your basket with real estate)
Having worked in the casino industry for several years while building my real estate portfolio I can assure you that real estate is an amazing bet that can deliver financial independence providing you are willing to put in a consistent effort to learn the correct strategies and systems...
In fact when done correctly it is not a bet at all because you can determine the risk and reward before ever investing a penny into a property...
The casino on the other hand is a suckers bet and filled with average people, mostly poor & middle class looking for the "magic pill"
3. Depending on one income. No matter how big the one flow is you should never depend on one flow of income. Create multiple streams of income that continue to flow into your bank account. This is not diversifying your wealth it is fortifying it.
Some example are:
Rental income from residential or commercial units
Coin-op laundry income
Storage or garage rental income
Equity growth in your deals
Sales profits from flips
Commission from sales if you want to be a realtor or assignment fee if you wholesale deals
Seminars or retreats
Book sales ( I sell my book "The Ultimate Wealth Strategy" on amazon)
Coaching or consulting
Membership sites online
Selling info or physical products online
Start a complimentary business such as property management or renovation company
The list could go on and on.
How many streams of income do you have?
Now I also want to mention (again) that this is NOT diversification as mentioned above because all of these streams focus on one thing... REAL ESTATE. I have set up almost all of these streams in my real estate business. And if you look at others successful real estate investors you will notice that they do the same...
You do not need to do all of these things and certainly not at the same time. Start with one and once that is running smoothly add another complimentary service ( money stream) to your real estate business.
4. Comparing oneself to “Social Media Stars” Most middle class people are living pay check to pay check. And waist countless hours on social media. Never compare your finances to others that appear to be doing well.
Much of what you see is B.S. or you are witnessing the success of an individual after years of struggle and consistent effort.
Remember that every master was once a disaster. Simply focus on yourself and take small steps consistently. CONSISTENCY is the key.
Most people quite once faced with adversity and revert back to the dreaded comfort zone!
BUT NOT YOU!!!
5. Seduced by the hottest, newest, thing. I like to call the "Squirrel" syndrome. Stay focused on your END goal and do not let yourself be distracted by the next great investment. Financial independence requires consistent focus and effort...
I have been investing in real estate for over 20 years now and I have witness many people come and go...
the difference between the "successful" investors and those that failed was that the failures quit when hit with adversity or jumped to the next new thing to repeat the habit of failure.
6. Saving to save. You can go broke saving money. Just go check out Walmart and chat with the seniors in the little blue vests that cant retire because they have no more savings left...
Money that just sits around will find another place to go. Just like you, money gets bored and wants to see action and it wants to be put to work. To become rich you must move surplus money into investments like real estate that will create more income to fund your desired lifestyle and fund your next investment...
7. Being a show off. I see this all the time on social media these days. On the other end of the saver is the spender, the one who is trying to impress others with their cars, clothes and watches. The very wealthy – real wealthy people may appear to be flaunting their money with extravagances but in reality they are not. They own that watch on their wrist, Visa doesn’t.
But regardless of what others are doing you want to focus on yourself. Your goal should be to become a better version of yourself everyday and not get caught up in the social medial main stream B.S.
So there you have it...
Do you struggle with any of these 7 things? If so, please comment below or feel free to reach out for some help...
That's another character trait of successful people. They are not afraid to ask for help and invest there time and money in education...
While the poor and middle class just continue to struggle thinking they can do it all on there own. It is impossible to become wealthy on your own... Just look at any successful person and you'll see they have a team of people behind the scenes helping them.
Please share this with others that you C.A.R.E. about. Let's help as many people as possible become financially independent. :-)
Until next time always remember " The More You C.A.R.E. The Less You Work"
Your real estate-based wealth coach,
P.s Whenever you are ready here are a few ways I can help you earn more money, create more freedom, and scale your real estate business.
1. Join the C.A.R.E. community and connect with other real estate investors that are taking massive action. It's our new Facebook community where smart real estate investors connect, learn, and grow! Grow your wealth, Freedom, Impact, & portfolio! CLICK HERE to join today.
2. Work with me and my team privately. If you would like me to help you avoid costly mistakes and grow your real state business so that you can have the finances and time to fund your desired life let's chat. CLICK HERE to grab a complimentary strategy session. This way we can chat and get to know each other better. This is not a sales call I do NOT work with everyone. I want to see if we are a good fit and help you. If you decide you want to continue to work with me and you meet my criteria we can explore what that may look like. Because I am actively running my real estate businesses and value my free time I only work privately with a small select few every year. BOOK YOUR SESSION HERE.