Business For Cash Flow and Real Estate For Wealth
Business For Cash Flow and Real Estate For Wealth
If you are looking to make true wealth in your life, you need to pay attention to some important factors.
1 ) How much are you earning with your time?
2 ) How much are you keeping after you have paid your expenses?
3 ) How much are you losing due to debt?
4 ) How much are you gaining as a return on investment?
Breaking it down a bit further, you can see that there's a lot to be said for making incremental enhancements in all these areas. With a bit more saving and a little better ROI, you could substantially raise your wealth over the period of your lifetime.
If you want fast results ( e.g. Within 5-10 years, not inside 40 years ) you will have to do something massive when it comes to making a higher than average earnings and cash flow. For most people this means starting your own business. Though some folk invest in graduate faculty to become high-paid pros - lawyers, accountants, specialists, and doctors - these folks are still tied into working for an income and making an hourly rate dependent on their performance and the whims of their employer.
If you want to be in a league where you have unlimited upside potential, and the place where many millionaires have been made, it is useful to consider starting your own business.
Many businesses fail. And 'being your own boss' actually means working terribly hard, very long hours, without a pay check while you are getting your venture off the ground. It's not for the faint of heart and many enterprises fail in their first few years out of the gates.
My recommendation for hopeful entrepreneurs:
1 ) Follow a real system.
2 ) Do not finance your venture with debt ( you do not need to be strapped with paying off debt ( See 3 above ) if the business fails ).
3 ) Work the business yourself so you can learn it inside and out and outsource as many items as you can as fast as it becomes economically possible to do so.
4 ) Keep at it. Don't jump from one financial model to the subsequent. Choose something and stick to it. It may turn out to take longer and be harder than you assumed. But you can learn a large amount as you go and at the end of the day, you'll find you've done 80-90% of the work mandatory without seeing any results. When the results begin to come, you'll wonder where they've been hiding for so long!
5 ) Know when to chop your losses. In contrast to 4 above, I do want to indicate that it doesn't always seem clever to beat a dead horse. If something has changed in your marketplace, you find out you dislike the business, or your model is obviously not going to be profitable, it's fine to abandon the project. Just be clear on your reasons why. The grass isn't necessarily greener on the other side.
At The Real Wealth Company, we've developed a business model that states: Business For Cash Flow and Real Estate For Wealth.
We got our start as real estate investors and discovered that it was tough to make a living investing in rental property that was almost 100% leveraged ( since we didn't have the big money for down payments ). If you can put deals along with little to no money down, particularly on commercial real estate properties, you can have a great rate of return on your initial investment of time and money over the years.
It became our objective to buy commercial property properties to make money, but we did not want to work at roles in order to fund that offer. We saw that many of our coaches weren't only property investors, but also business owners. We made a decision to split out into business for money flow.
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