What are you doing to build up your nest egg? People ask me all the time, what should I do? Is real estate the answer? The truth is, it is never just one thing. It is diversification. I practice that today and have financial freedom.
Although, that didn’t prevent a major financial setback as a result of a tough divorce–from living on passive income to being flat broke. It was my choices that brought me that good life many years ago. It’s been 10 years now since that big storm. And, I’m much wiser now. I’ve learned that when life happens, it’s best to wait for the dust to clear a little and then start to build again.
Passive Income – what does it take to get there?
1. Assess – Take an honest look at your current financial portfolio. Do you have assets, debt, and/or savings? For real estate investing, the most crucial thing is your leverage position. That would be your debt to income ratio along with your borrowing power, credit score and earnings. There are many different options to invest in real estate, lots of them don’t even require lots of money.
2. New Plan – Make the time to discover the holes and areas for improvement. You may need to visit experts to find out what could change. Find a good financial analyst-planner to get a second set of eyes on your numbers. If you have a real estate portfolio already, contact me to book a VIP Strategic Analysis Coaching Day to make sure you are maximizing your holdings and leveraging your finances.
3. System – Evaluate what systems you are using to track and keep an eye on your money. Many landlords don’t have a clue as to what the market could bear as far as value or if they are charging the maximum rents, etc. Real estate investments need nurturing to get the most value.
4. Action – Make changes, execute the new plan, move some money, get a new property or sell what you have. Just do it, NOW. The longer you wait the less the odds that you’ll take action at all. For me, I have to hire help – a trainer to encourage me to show up at the gym, a social media coach to help me market my products and services, a coach to keep me accountable, etc. Left to my own devices, I may procrastinate. I know that about myself and admit it. Let me know if you need help finding a great investment property. It’s my specialty, especially NON MLS properties. It takes a plan, a great system, actions and accountability to live your best financial life. Get going NOW to achieve that passive income! It’s never too late.