The Wealth Elevator Podcast: Real Estate, Taxes, Investing SPC083 - Fundamentals - Thinking Outside the Cubicle
We are the hard working W2 employees who followed the competitive linear path. We were groomed to be employees/pawns not businessmen or investors who build passive streams of income/cash flow and value for others - and to the gain of a greedy for profit company.
Our path started by being a high performer in elementary school and high school. We were told to study hard, do extracurricular activities, get high SAT scores and GPAs in order to be admitted into a top college. At college, while other peers were playing frisbee in the Quad, we grinded it out to get a professional college degree that was “worth something”. By now the linear path was so ingrained in us that we went to the well again for higher level degrees and specializations. If that weren't enough, we were faced with final professional tests to become certified at our jobs and faced the rigours of junior level employment... all as we further delayed gratification for our efforts. Let's not even talk about the student loans... we still balanced our monthly budgets like good boys and girls. (If you can't manage your personal finances then do not read on... money only magnifies your personal tendencies, good or bad)
Today, for some of us, we truly enjoy the profession we set out to achieve decades ago. Others are left unfulfilled and enslaved by the "golden handcuffs" where we find ourselves still running in the hamster wheel... just a bigger hamster. The dogma of the Wall Street “buy and pray” method just is not going to achieve our goals. We had the big house/nice car but along with that came the monthly payments that created this financial incarnation. In the end it was not about the money but freedom.
Real estate built on a foundation of cashflow is the quickest and most conservative way to build lasting wealth. "Wealth" is not necessarily how much money you have but it is defined as 'how long' you can live off your passive streams of income with your level of expenses if you stopped working. This can be achieved by two ways:
1) Increasing your passive income or
2) Decreasing your expenses
The SimplePassiveCashflow.com way is focus your finite energy on building passive streams of income rather than once again delaying gratification to decrease your expenses.
The "True Meaning of Wealth" is having the freedom to do what you want...with when you want to do it. Building cashflow via Real Estate is the 'Simple' part of it... finding happiness and fulfillment after you are free from the W2 day job and other obligations... that's the difficult part.
Work with people that make it fun and ‘play’ along the journey. There is always going to be the next deal and the next plateau. You are always going to be thinking “I will be happy when I have…” so enjoy the ride and in the end, leave everyone and everything better than you found it.
#GoodProblem2Have #PayItForward #the4% #Value-Add #Add-Value
• Study hard
• Go to college and get a good job
• Save your money
• Live below your means
• Anti millionaire next door
• Get it by earning more not cutting back
• Play offense not defense
• Diversify your investment
• Get out of debt
• Retire at 65-70 and live off nest egg
• Good time/market/economy -excuses
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