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5 Easy Pieces

If you can play five easy pieces on the piano, you are on the way for a pianist. If the five simple steps in my opinion, can do, you are on the road to housing wealth.

Deciding to be an ok field.

Seems simple enough, but I wish the number of people who are deep, should not seek to be wealthy, think surprised. It is a worthy goal. After all, the Bible says: "It 's difficult to drive a camel through an eye putof a needle than to be rich and go to heaven, "I heard comments like,". the rich are all idiots, "" the rich have more problems, "" I do not have time to get rich, "" I've never tried. "

Some people go out of their way not to be very rich by shooting himself in the foot. Perhaps unconsciously, they feel they do not deserve to be rich.

It is to be rich in order? Maybe, it depends on how you define wealth as you treat other people, and what you do with yourWealth.

What is the head of wealth? E 'can be fun and rewarding, with more control over your time and life. You can help others, create jobs and opportunities, and you can make the lives of others better, even yours.

According to Decide on a figure

First we define the wealth of financial independence. How much money do you need to spend your time that you want, a lifestyle that you are comfortable, fairly reliable incomesufficient resources available for emergencies? E '€ 5,000 per month or $ 50,000 per month? It's up to you, give serious thought and then (very important) to opt for a figure. Write. Justify the number in mind. Add to again and again, the components in this figure for the arrival. slightly obsessed with this value. Tying a rope around it and pull it behind you, wherever you go. You can choose to $ 1,000,000 per month. This is a track and probably will not happen ifI justify it in your head and completely. The figure must have a concrete base. You must feel it deserves.

3 have a plan

We've all heard "Life is what happens while we are busy making plans." We have no control over our lives? No, we are able to influence our lives? Yes! We design and work, and sometimes it works.

A ship, the captain said his crew is not "Let's sail around a bit 'and see where we land." The captain had a goal and adetailed plan of how to get there. The captain knows how to deal with problems, emergencies, or even a change of destination. Usually arrive at their destination. I recently heard a quote, note the 80% of people, their goals and to review regularly to achieve them. That's pretty good chance.

You must have a plan and are willing to make adjustments.

A plan of wealth is to plan your social life. For example, if you're young, you might want to invest in yourEducation and continue to invest in real estate until it is firmly established in your career. Once established and you have a disposable income that the time to invest. Perhaps, some tax deductions. Homes are a great starting point. They do not give you much income, but they rise in value faster than most other real estate investments. Without income, but you're building wealth. And .... after the tax deductibility of depreciation, interest and costs, pleasecan break even on cash flow. Remember, there is a difference between cash flow and wealth. Build wealth if you are young to get money when you are older.

Start planning your wealth from its budget. Add up all the resources to deduct your liabilities (what is due to resources), the result is your "Net Worth". Become a good tracking of your assets. Please check regularly. The budget is the starting point for the plan of wealth. It tells you what you needbegin.

You must develop the capacity of consumer debt, how to avoid the high balances on credit cards, etc. No, you can not buy a new car every year. Start a savings account at a price "Scrooge". Take control of your income and bills. You must develop an attitude towards money. "You have to do it." You need to start a reserve of savings on investment. Money is a tool, not a master.

Speaking of debt, debt to try to limit the resources. Non-consumer debt. It's okOwe money on a well, and is going well up in value. In fact, one of the most important concepts you must understand.

Fourth Get Lucky

How to achieve happiness? Happiness is how we call it, when preparation and opportunity meet. You must be willing and ready to act if the opportunity appears, and believe me, it's guaranteed! Do you recognize them? You will be ready to act?

How do I get prepared? Learn everything you can aboutEstate. Hang out with investors. Read. He attended seminars, courses. Buy a financial calculator, learn how to use it. Be passionate. If you like a "Tree Hugger" about real estate. Develop a network of relationships with people who have similar interests and are generally positive and optimistic. Try to find a mentor. Ask questions.

This is a good time to mention there are a lot of "Snake Oil" systems associated with real estate. Be careful. I have seen and heard ofmost of them. Usually they are just crap and greedy people who do not want to work to earn their money, just use someone else's answer.

Fifth Courage

It takes a certain internal PS (courage) to act on an opportunity. The unknown is risky. You do not want to be stupid, but when you are ready, and if you have done your homework, take a courageous decision.

Some basic rules that I follow:

1. Do not be afraid of debt (if it is true wealthAsset liabilities).

2. Never, ever do something because you do not know how. To prove this, you make a mistake, figure it out, learn.

3. work as hard as you can. Be prepared, you deserve success. You do not have to earn a fortune of someone cheating. Be prepared to know the value, creating to do.

4. Never give up. Perseverance and determination is better than "many heads".

5. Developing relationships. You will never create wealth for themselves, need your help and supportFamily, friends and people to meet. Must do so, they must trust you.

6. You know the debate on the understanding of the importance of the following conditions. Know, but do not advertise that you know it.

Net Worth

Cap Rate

ATM cash

U.S.

Lever

Depreciation

Gross rent multiplier (no value)

Depreciation

Appreciation

Get ready to "Get Lucky", by learning a few basics:

1. value of money.

2. L 'Difference between cash flow and wealth.

3. Understanding mortgages and debt.

4. Understanding how our tax system and how you can reward investment.

5. Read on properties where the value can be seen through the changes.

6. Understanding foreclosures.

7. Learn how to operate a financial calculator.

8. Develop a team ... Bankers, consultants, brokers, etc.

9. Network with people with similar interests.

10. Be interestingthemselves.

11. We never sell (there are some exceptions).

Well, say you have decided that it's okay to be rich and you know how much money you need to be able to pass the time as you want too. Financially independent! The character chosen is $ 10,000 per month. A modest amount, but if you have consumer debt, and it's pure cash flow, it gives you much freedom, financial freedom. Perhaps the $ 10,000 monthly, what do you like for your retirementIncome. Need a certain decision. It 'always important goal in mind. So, get ready. Opportunity is knocking. Be prepared.

I know this process works. Hope you can make the decision and with some luck.

New chapter of my book, "The Washington Rental Guide. Zaran K. Sayre

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