Along with attitude And make no mistake it is a JOB Dawn A. That course changed my life for sure. I bought my first house on contract, used my credit card for the down payment. Back then credit card companies used to send out sheets of checks to entice you to go into debt and pay off other credit cards. That's what I used. I remember my family telling me I was making a huge mistake. I figured since I had nothing, I had nothing to lose, and most of the rich guys I knew of were real estate guys. There was a large telephone pole stretched out across the basement holding the opposing walls up I still own that house, with a new basement.
After a few years of buying anything, and I mean anything , that would cash flow, my family started to worry that I was living way beyond my means and they voiced it constantly. They had no idea what I was really doing and really buying so they assumed I was still broke and was going crazy with credit.
About five years after buying my first property, I stopped worrying about money. Today I'm one lucky S. Thats my best explanation.
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Quick story about my dad He was very conservative with money, and hated debt. Because of this we always lived extremely frugal and this is how I was raised. He would always harp on me about money and how I was abusing it, buying stuff at the rate that I was. One day many years ago we were on a road trip together. Over the course of 30 minutes of driving, he watched me buy a home over the phone, and then sell it over the phone immediately to someone else for a profit that rivaled many middle class wages back in the early 90's.
I'm glad he witnessed that deal come together because he never said another word about money to me after that day I started with no cash, slightly negative net worth coming out of college, a few credit cards, and a dream in my pocket.. I invite friends out to beautiful Lake Merritt for a drink instead of going to the bar.
I skip cable and satellite TV and watch things on occasion on Hulu. I have always received free furniture off of Craigslist or from friends, in decent condition, but of course never really what I wanted. I recently met a young investor like myself who said he didn't have enough money to get started in some areas he wanted to, couldn't find cash flow, but was driving a brand new Mercedes! I'm sure I'll get some flack from those who have really "made it" about enjoying your life. And I do : But the best things in life aren't things ; Or shiny stuff. Or new, comfy cars. But that long-term growth of income and equity in RE really can put you closer toward that goal of getting off the , and plowing your cash into RE instead of depreciating assets is a great way to get started!
This came with quite a bit of sacrifice in flexible living, cheap cars, and frugal spending in many areas of my life. But paid off well! None of this would have been possible without inspiration and ideas from others in my personal life, on BP, and in my local network. You can grow as big as you can imagine!!
I never really took the time to look back and think about my journey so far. Your question and the follow-up stories triggered some interesting memories so here it goes What was I thinking??!! I started investing in Currently own 6 rentals with a goal of 25 rentals by My favorite thing is collecting rent every month in person from my tenants. I take my 8 year old daughter with me whenever I can. I always tell my daughter that we are barely making. Lock We hate spam just as much as you.
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So how do entrepreneurs do this? Creating a successful enterprise in a growth industry or breaking ground with new ideas and new technology is the first step to creating a valuable business and a strong brand, and becoming a dominant player in any industry. Your career is your primary source of future wealth.
A successful career, either in business or a profession, will reward you with significant income to invest for the future. Highly skilled people and specialist professionals are paid more due to the scarcity of their expertise.leondumoulin.nl/language/developed/1121-writing-the.php
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By investing in yourself, cultivating your skills and building your personal brand you will be able to command a higher income level for your services. Once there, be sure to insure yourself against temporary or permanent incapacity.
This step creates capital alongside your normal income. Buying shares or accepting share options in a successful company, be it listed or unlisted, has yielded significant wealth for many. Miraculous rags-to-riches stories where an individual sells their successful business idea for multiples of millions are in reality few and far between.
Debunking the rags-to-riches myth
Many business ideas fall by the wayside and only a few survive the long, hard road to success. The vast majority of wealthy entrepreneurs and professionals simply go the extra mile to achieve their success. There is no substitute for hard work, diligence and patience.
Related Building Wealth: From Rags To Riches Through Real Estate
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