Setting Goals

On this podcast episode I speak about one thing that I see repeatedly with lots of my new teaching college students, which is an actual impediment to their monetary freedom.

It is usually the one factor that each new actual property investor must know and perceive BEFORE they’ll discover ways to create wealth.

This idea is one thing that seasoned traders take with no consideration (together with myself). It’s only by teaching others that I noticed how many individuals didn’t perceive fundamental monetary ideas.

This impediment can also be the identical cause why some traders want to join a number of actual property applications earlier than the idea lastly sinks in.

Do you know that greater than 50% of our teaching college students have already paid tens of hundreds of {dollars} to different actual property teaching applications BEFORE they signed up for my teaching program?

Why? Due to this idea which I name “Obstacles to Monetary Freedom”, and it’s by far your greatest impediment that stands in your approach and prevents you from residing the life you imagined.

You possibly can study the techniques, strategies and methods of investing in actual property by watching hundreds of YouTube movies, or by listening to lots of of podcasts like this one. There are actually lots of of hundreds of movies and podcasts on the market that may train you about investing in actual property, wholesaling and flipping homes.

The idea of investing in actual property is definitely a quite simple idea. However individuals make it sophisticated by not understanding fundamental ideas of how a mortgage works, how amortization works and the way borrowing cash and utilizing leverage can create unimaginable quantities of wealth (if accomplished accurately).

However you received’t actually be capable of put your monetary freedom plan collectively in your head, you received’t be capable of have a imaginative and prescient of the place you’re going and the way you’ll get there – till you grasp the idea of how cash actually works.

You see the issue is that as we develop up, nobody teaches us about cash. Our mother and father don’t train us about cash, and we don’t find out about cash at school or school. Cash is a “taboo” topic finest mentioned behind closed doorways.

If our mother and father gave us any monetary classes in any respect, for most individuals it was one thing like “pay your payments on time” or “balancing your checkbook” or “holding a funds of what you spend”. The emphasis was all the time on decreasing bills and watching your cash, by no means on MAKING MORE MONEY AND INVESTING.

The issue is that once we are raised this manner, we go into maturity with out an understanding of how cash and investing works. Ideas like actual property costs, inflation, compound curiosity, fundamental mortgage math, and velocity of cash confuse us.

Sadly, it’s a must to train your self these ideas since they don’t seem to be taught at school.

We additionally don’t study and perceive how tax deductions and depreciation with actual property work. If we did, then virtually each taxpayer would personal a rental property. If we understood this idea we’d make investments in another way and never have all of our financial savings in our major residence and 401k account.

That is the idea that it’s good to study and perceive. The ideas of cash and investing.

The web impact is that should you don’t perceive these ideas, and you’re scared to borrow cash to put money into actual property, you we save your cash in locations like cash markets and CD’s and 401k accounts since you are SCARED OF LOSING your cash.

So we hoard our financial savings (assuming we’ve saved and haven’t spent all the things that we’ve earned).

That is the very same cause why I’ve traders which have loaned me cash at 9% or 10% for the previous 17 years. Whereas their principal has remained intact, I’ve actually made thousands and thousands of {dollars} with THEIR MONEY. When you perceive the idea of shopping for distressed actual property for pennies on the greenback with SOMEONE ELSE’S MONEY you understand that cash is one thing that isn’t scarce however plentiful. And the way a lot you make is totally as much as you.

Take your first step and attend my Fixing & Flipping Home Boot Camp! Be taught Extra Click on HERE!

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