Commit to creating wealth, not making money. Here are for steps for creating wealth.
You will never become wealthy if you don’t commit to becoming wealthy. There are people that become rich by accident, but no one becomes wealthy by accident. Wealth is intentional. Before you can achieve wealth, you have to know that it’s attainable.
You have to have a job that pays you income. Get a job that pays you income on a regular basis then make sure you are valuable in your role. Don’t just sit around waiting to collect a paycheck.
You have to increase your income. You want to get it as high as possible. People always ask me what was the most important money that I’ve ever made — my first increase from $3K to $4K was. Why? Because I learned that I was in control of my income. I started to believe in myself and my ability to increase my income in short bursts and in surges. When you prove to yourself that you can make moves, then moving up gets easier.
The same thing happened to a guy that I mentored from India. A year ago, I showed him how he could go from making $30K to $1,000,000 a year. A year later, he did that and came back to sit down with me again. Now I gave him a plan to go from the $1 million to $10 million. Now he knows it’s possible. The same thing will happen for you — the first income increase will prove to your that you are in control of your financial situation.
4. Investment Income
What’s the difference between earned income and investment income? Earned income comes from your job and the small increases and surges. It’s tied directly to your ability to produce. What’s the problem with it? If you stop working, there’s no paycheck. It ends when you don’t go to work. It’s also the most heavily taxed form of income. In most states, it’s approximately 40%.
Investment income, on the other hand, is a multiplier, is taxed differently, and keeps coming whether you work or not. This is how people become wealthy. You want to avoid the things that don’t make you wealthy.
The thing to avoid is keeping the money you earn and not moving in into the investment column that will pay you. Why do you think real estate is the most common asset class with all the wealthy? Because it has numerous advantages and is passive income. Moving your income over to income producing properties like offices, apartments, or storage facilities is what creates wealth.
Why the wealthy invest in real estate:
- Income – monthly checks
- Appreciation – this is tied to the job marketplace in the area
- Depreciation – write down the value of the property to save
- Leverage – spent $1 get $3 – Use debt, but be extremely disciplined
- Tax Advantages
When you purchase real estate, don’t go looking for a discount. It you can’t make sense of overpaying for it, then it doesn’t make sense to purchase it. If you are willing to pay more, that’s a good indication that someone else will pay more too. In real estate, the bigger you go the better off you’ll be. That’s what we do at Cardone Capital. We go after big deals that pay every month and appreciate over time.
Want more information on investing? Explore Cardone Capital’s website for programs, courses and funding opportunities.
Our offerings under Regulation D Rule 506(c) are available to accredited investors only.
For our Regulation A offering:
Until such time that the Offering Statement is qualified by the SEC, no money or consideration is being solicited, and if sent in response prior to qualification, such money will not be accepted. No offer to buy the securities can be accepted and no part of the purchase price can be received until the offering statement is qualified. Any offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. A person’s indication of interest involves no obligation or commitment of any kind. Our Offering Circular, which is part of the Offering Statement, may be found at www.cardonecapital.com/offering