The reason to work hard is…
So, you pay the bills and take care of your family, right?
But what would cause you to work even harder to earn more money?
The next reason for most people is they take on an extra job or work overtime so they can change the level of comfort or choices you and your family have available to you.
But there is another level I learned about when I was in my thirties while studying wealthy people. There is an old saying, “Get your money to work for you as hard as you work for it.” When I read that it changed my life.
I immediately quit trying to improve the quality of stuff I bought, (cars, houses, clothes, trips) and started earning extra money so I could invest the extra money in things that would get me more extra money. The goal, back then, was to earn $10,000 a year or $833 a month on my extra money.
So, I started studying investments and locked in on real estate because I have always loved real property and it is more understandable to me than stocks.
I did the math and figured if I could buy ten apartments that each paid me $80-100 a month of free cash flow after expenses and debt, I would earn an extra ten thousand a year.
My first real estate deal was a bit of a misfire and I explain it in my book so you don’t have to make it. My second real estate deal I was able to purchase 48 units that paid me $35,000 a year in free cash flow. I later sold that property and made $3M of profit above the cash flow and that was more money than I had made in 15 years of working. I was hooked on real estate forever.
In my new book, How to Create Wealth Investing in Real Estate, I walk you step by step through what I have learned and how anyone can do this for themselves. If you want the book because you follow me here on LinkedIn and just pay for shipping and I will cover the cost of the book.
Today I own almost 5000 units and remember, my originally goal was only twenty units.
Now I nearly earn more free cash flow every month from real estate than my other seven businesses combined. The difference between my real estate investments and my other businesses is the real estate doesn’t require my constant effort, worry, energy and attention.
Warren Buffett says, “If you don’t learn how to create money while you sleep, you will work until you die.” The point is investing in the right assets can provide you with passive flows of income forever while you wait for appreciation on your investment in the future.
This brings me back to the subject line, Go Broke Investing. When I earn extra income, above and beyond my basic living, I invest the money. That is what I mean by going broke investing and you will never go broke.
I owned 500 units and had two other businesses profitable and no one knew anything had changed for me.
I wasn’t spending money on houses, cars and watches, I was putting the money back to work in hopes that one day I would earn more money from my money working than my time.
I explain this in my book and if you love real estate and always wanted to know how to get started, where to find deals, how to evaluate the deal, how to manage or how to get funding, then you owe it to yourself and your family to get a copy and read it. Just do me a favor and write a review and post a picture of yourself reading it somewhere online and I will buy the book for you.
Have you done the math yet on how much cash flow 5000 units produce every month?
Enjoy the book as my gift and good luck investing. Look forward to your comments below.