Independence Day just passed and we’re all reminded of how great this nation is. There full of opportunity to achieve financial independence.
Many of us are in a full-time job. Some are content with being employees and careers but others want more to ensure their financial future without the ties of a full-time job. Achieving independence won’t be easy and requires smart calculated risks while meeting the needs of retirement, family responsibilities, education, daily living expenses, and etc.. However, if achieved then all the responsibilities will fall into place easily and the intangible desires to spend more time with family and other interests are attained.
Having a portfolio of real estate assets that generate income which exceeds their expenses is how I intend to obtain independence. Here are a few tips to achieve financial independence with real estate:
- Educate yourself
- Build and surround yourself with fellow real estate colleagues
- Identify financial instruments to use
- Build an investment business
- Maximize your time and become efficient
Educate Yourself
This is one of the most important things you can do. The knowledge gained will open up opportunities and recognize pitfalls. Share and exercise the knowledge. If you do, then it’ll be rewarded back ten fold.
Build and Surround Yourself with Fellow Real Estate colleagues
There is an adage going around. “Your network is your net worth”. Surrounding yourself with like minded individuals let’s you become a connector and be connected. Everyone has a tidbit of information you learn. Put the effort out there to make them your friends.
Identify Financial Instruments to Use
Without knowing how to finance projects or investments then you’re dead in the water. Learn the common financial debt & equity instruments that you can leverage and when to use them. Such as, agency lending, private money, hard money, syndications, grants, and etc.
Build an Investment Business
When you invest you are building a business. It may not seem like it but treat it as such. Focus on getting this business going and lay the foundations.
Maximize Your Time and Become Efficient
Time is finite. You must be able to recognize what actions produce the most beneficial gains with the time at hand. Doing routine mundane tasks are not the best use of your time. Find a way to automate it, outsource it, or figure out how to replace it. Your time is precious and should be spent on finding investments, gaining & sharing knowledge, and spending time with loved ones.
In summary, financial independence is a road that I am on. It’s going to take the right mindset and actions to attain. One must fully be accountable of all your actions and understand there will be challenges and setbacks.