You want to start a business or Invest in real estate, how serious are you?
I’ve spend a lot of time in investment forums, I see almost the same question over and over again. “How can I start a business or invest in real estate with no money and Bad credit?
How can I take such reap to financial freedom when even worst am deep in debt? You can work as hard as you want. You can hustle around the clock seven days a week, but you won’t Change the dynamics of your finances and the amount of your free time-not unless you get to the root of the problem.
By no means am I a financial guru. However, I can tell you that I have personally seen a significant change in my income and real net worth by rewriting how I think about money.
Deep inside of everybody is a urge to live the best of life. Everyone want to have a credit card that was already paid for by all those Arab oil shrieks and bill gate. But since it doesn’t happen that way. We can also live a happy life free from financial stress.
You may then also need some adjustment I’m your thinking and your life. But before will look at some things you need to make adjustments so that you can achieve your financial goal, let see some fact about money that financial nerds know.
- it’s not about the money it’s about freedom: for me, I couldn’t care less about how much money I have in the bank. What I want is to be able to travel when I want. With my future kids all the time. Spend time with my future wife, away from work and work on stuff I actually enjoy working on. Money can help on this goal but money is not the goal.
- Wealth building takes time and patience: there is no quaranteed way to get rich quick. It takes time, patience and sometimes a bit of luck. However, we also understand that building wealth is totally possible, and it doesn’t take a genius to do so. Simple actions can make dramatic differences over time.
- High schools do practically nothing to prepare kids for a financially sound future: high school is great for a lot of things. You can learn how to find the acute angle on a triangle, what the emperor Nero did to people he didn’t like, or how to make a piñata out of paper mache and a balloon. But actually when it comes to things that actually matters in life, like “how to build your credit, ” when is the right time to buy house,” should you get the store credit card,” and more-schools fall short.
- It’s okay to splurge on something nice____at the right time: most of the population buys stuff they don’t need, that they can’t afford, to impress people they don’t like. Why personal finance nerds save up and plan for the stuff they truly need to enriched there lives.
What adjustments should I began to make now?
Every body need good and rich things, will all want the best, but who paid for those beautiful stuff is what matters. That has been the particular purpose of all my writing. To help you arrive at a position that your investment began to pay for your stuff. And since many does not have the upfront money to invest, and the money won’t fall from heaven. It may be advisable to make some adjustments now, so that with time you won’t worry about money.
a. Cable TV:
- Why did I want to start a business? How reasons and goals are vital for start-up success.
- Signs you are spending emotionally; and how to overcome it.
- Getting loan for your small business stress free.
- Starting side business why holding a full time job.
- Having a balance life, while building your small business.
There isn’t a go-gether on the planet who sits and watches TV all day everyday, not one.
The average American watches five hours of TV every day. FIVE! Do you know how much you can accomplished in those hours?!
And there are people who spend $300 on cable bill every single month. They have every package, multiple boxes, and all other bells and whistles the company offers.
Can you tell what such people there lives consist of TV. They gets up in the morning, goes to work, comes home, and plants themselves on the couch, watching TV all night long, later, rinse, repeat.
Cable TV is expensive, and with all the more affordable options out there, including Netflix, HBO Go, Hulu, and amazon prime, it is completely unnecessary, if you found your pocket are empty frequently.
When it’s true that you must have a shelter upon your head. You still also need to be smart when-to buy house. Buying a home can be a somewhat smart financial move. Still, few get how Much they really pay for home when they factor interest and taxes and other fees and maintenance. Like cars, most max themselves off the limits. They chain themselves to thoses big piles of bricks that can hold them done from many other things they’d prefer to be doing. Like freedom time or the ability to pick up and move elsewhere. Invest and let your investments income pay your home mortgage.
c. Brand new cars:
Your brand new car can lose up to 11 Percent of it’s value simply by driving it off the car lot. The average cost of a new car can be between $33,550. You stand to lose $3,691 by the time you get home and part it in your driveway for the first time.
A little math can help us, let’s do it. Let’s say you purchased that car brand new above and drove it for 10,000 miles. You are paying $3.36 per miles, plus taking hit for depreciation.
Now. Let’s say you buy a five-year old used car for $10,000 and drive it for that same 10.000 miles. Those miles only cost you $1.000 each, and you don’t take the huge depreciation hit.
I’ve heard the argument that when you buy a used car, you’re buying someone else’s problems. I don’t believe that. I’ve had mostly used cars my whole life. And they run just fine as long as you take care of them.
Are you among the same people that went to the same bar every single night to sit in the same chair, and drink the same drink while talking to the same people?
Does this describe you? First off, bars are expensive, a good quality craft beer is going to run you any where from $4-$8 (really, really good quality beer is going to rum even more than that), while an entire six pack at the liquor store will run more along the lines of $8 to $12.
Second, alcohol isn’t a healthy choices. I’m not slamming alcohol-i love a good chocolate stout. And my city lougment Colo., is home to 10 microbreweries, today. (I say “today” because a new one deems to always be slated to open soon) alcohol in small quantities is just fine. But alcohol is 100 percent not necessary.
Do you always find yourself short of cash? Stay at home or better get go for a bike or run instead of about to the bar.
d. “I deserve it”
You may deserve it. But not “need” it, did you need it? Can you afford it? Then no, you don’t deserve it,
You want it, so learn the difference between a want and a need, and then fulfil the need and prioritize the want.
e. More house than you need.
One of my is friend is quity of this financial sin. He was living in a 4,000 square feet, for four people. Four bedrooms, four bathrooms, two stories, plus a basement and a four car tandem garage.
Guess how many house he owned, only one. All his purchasing power were tied-up into only that one mortgage. He couldn’t literary qualify for anyone loan while live in that one home.
Once will were having a conversation about him venturing into something by the side. Then I understand how bad is credit score was.
The only option for him to achieve is financial dream was to sold the house and bought another home, slightly smaller in size but significantly lower payments. When I work with him to sold the house. We decisively but a smaller home and this help uptight is budget.