Hello, thank you for signing up for our newsletter. In this issue:
1) Editors Note – What kind of results are you getting?
2) Wealth-Steps.com Highlights
3) Becoming a Part Time Entrepreneur
I was talking with someone recently and somehow we ended up talking about real estate. When I told them that I have been buying, rehabbing and selling real estate (otherwise known as flipping) over the last year, he gave me the “deer in the headlights” look.
He stopped for a brief second as to see if I was joking…
Then he asked, “like they do in those TV shows?…”
To which I replied that in principle it’s the same thing except nowhere near as easy or as dramatic as they make it look on TV.
Then he said in disbelief, “that is completely the opposite of what you see and hear in the news…”
The point is, many people driven by what they hear on the news or see on TV think it is impossible to do what I am doing (just like I once did)much less make a profit or a living at it. Because of that belief they will not even consider investing in real estate, or for that matter, pursuing any other opportunity outside of what they know well and are used to.
I am by no means saying do what I do or that I have this flipping thing all figured out. What I am saying is that nothing happens if you don’t push yourself out of your comfort zone (I am also saying don’t believe everything you read in the news or see on TV…be very selective about the media you choose).
One of my favorite quotes that I remind myself in challenging moments or moments of fear is:
“If you keep on doing what you have been doing, you will keep on getting what you have been getting”
Or as Einstein put it (not an exact quote):
“The definition of lunacy is doing the same thing over and over again and expecting different results”
End of the year is a great time for you to reflect on what you have been doing and what kind of results you have been getting. Results in your career, in your relationships, in your wealth building plans...
If what you have been doing is not giving you the results you want…then it’s time to make a change.
I only tell you that because it’s what I tell myself. One of the reasons I keep this website is so that you can benefit from the experiences and ideas I put together on the road to building wealth, financial independence and an overall kick ass, awesome life!
Remember, the best way to keep up with the new content is to subscribe to the Wealth-Steps blog or if you want you can receive updates to the site in your email inbox.
What would also be great is if you share your comments/questions/updates about building wealth, real estate investing or family finance on the site so you can help and be helped.
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“Success is the maximum utilization of the abilities that you have “
- Author unknown
- This is the time of the year to work on your massive, awesome, scary and challenging goals that are going to make your 2011 ROCK!! Read this page to learn how setting smart goals can make all the difference between just writing your goals down and feeling motivated for 5 minutes vs. actually making them happen.
- I wrote about the record number of Atlanta foreclosures and what effect that will have on my flipping strategy. Wherever you are you might have similar opportunities to invest in foreclosures. Are you considering using this opportunity to build your wealth?
- In case you were not aware House Flip #6 is not only finished but as of this writing under contract with a full price offer and set to close before Christmas (knock on wood). If you want to learn more about real estate investing with foreclosures reading that article will give you a good idea of the repairs and repair budget for flipping houses.
- Reader question on Getting started real estate investing with foreclosures
and my suggestion and recommendations. Feel free to add any additional question or comments on that page.
Becoming a Part Time Entrepreneur
Building wealth requires many things. If your main or only source of income is your job, you may also have some savings in the bank, possibly a retirement account and maybe some investments. You may have realized that those will not be enough for you to create wealth or achieve financial independence.
If you haven’t realized that yet, then let me be clear: IT’S NOT ENOUGH-YOU WILL NOT ACHIEVE WEALTH RELYING SOLELY ON A J-O-B!
I discovered that the hard way. Your job is here today and gone tomorrow…
Which is why, as important as having a job is, living on less than you make, saving and investing and all that good stuff, those things will probably not be enough to become wealthy. Increasing your income by creating multiple sources of income is absolutely critical.
Being debt free is also critical but I am assuming that you have already realized this. If you want to go from debt to wealth make sure you have a plan to get rid of debt.
Enter the part-time entrepreneur…
This means that while you are keeping your job you start a side business. You can start it on your own or with the help of a spouse. If that spouse works then you both have to share the workload. If the spouse is a work at home parent, then they might be able to share a bigger load of the new business while you concentrate on rocking your job and increasing your income there!
Either way you should consider part-time entrepreneurship for at least the following reasons:
- The job market is one of the riskiest investments you will ever make. Over the last year I have met dozens of highly qualified, educated and highly capable people…that are unemployed. Years of education, working hard for the company, making the right career moves mean nothing when the company has to down size. Therefore relying solely on a job for income and wealth building is ludicrous.
- Opportunity to do something you actually enjoy. You might be one of the millions that down right hates their job or you might have a love-hate relationship with your job. Either way, creating a source of income doing something you like and it’s your own creation can become a great source of fulfillment in your life.
- Create your own retirement/pension. Let’s face it companies no longer offer pensions, social security is dying a slow death, many companies don’t even offer a match on 401(k) anymore! The reality is that if you ever want to stop working and “retire” it will be completely up to you…not the government, not your company.
Now, what if you had a little home based business that was making you $1,000/$2,000/$5,000 or more per month. Then you take that money along with your salary and every month set aside a big chunk of money to be invested in your business, the stock market, real estate, etc. Over time this will keep your money growing and allow you to create a big pot of money to be used to achieve financial independence and retirement.
Would you like that?
Lucky for you there are a hundred and one ways to create a side business. Start thinking about it and how you can start one. Find out what you will need to do to make it happen. Ask others that have done it before. Do the research and come up with your own conclusion…
Over the next few months we’ll cover some of the alternatives out there along with my own lessons learned on creating a side business while holding a full time job. So stay tuned to the Wealth-Steps.com blog to read all about it very soon…
Each month, The Wealth Insights Newsletter is created by you with the questions you send me. Do you have a question, comment, or something else you'd like to share with our growing community of Wealth Steps fans?
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It is my sincere hope that the information I provide on Wealth-Steps.com helps you see how you too can build wealth one step at a time.
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