Life is about trade offs. There are limits on our time, energy, and money. Even the world’s richest billionaires have to decide where to invest their assets for maximum growth and to mitigate risk.
Some may think that financial freedom is a path only open to a select few. Perhaps someone who worked their way up to the C-Suite or had the good fortune of a large inheritance. I’m here today to tell you that for many, financial freedom is not only within reach it’s within your control.
Here’s how you can get started:
- Knowledge is power- Never before has information been more readily available and, in many cases, cheaply or for free. Interested in learning about a financial concept? While blogs are abundant, books are plentiful and apps like Libby allow you to connect with your local library branch to instantly borrow books on a variety of financial topics. On my own personal journey to financial freedom literacy, I read many of the classics for free including Rich Dad, Poor Dad, Your Money or Your Life, and the 4-Hour Workweek. Podcasts like Bigger Pockets and Afford Anything offer a portable, commute-friendly financial lesson at your fingertips. These are just a few of the limitless resources out there.
- Easy Access to Information – In our acquisition of rental properties, we were surprised at how easy it is to see a property’s entire history (sometimes, this includes warts!). With a little clever internet sleuthing, you can obtain a wealth of information on a property or neighborhood and with some patience, great properties can be right under your nose! We were able to bid under asking price on two different properties simply because we knew these properties had sat on the market for many months. We have learned to incorporate this strategy when searching for properties in our competitive real estate market.
- Flexibility– My partner and I both work demanding jobs and when we acquired our rental properties, we had to get clever about carving out time to start our real estate venture. This included attending inspections and closings, refinances, and checking on contractors when renovations were in play. While the global pandemic has made work at home the default mode for many professionals, even prior to this shift employers were beginning to loosen up their views and tolerance about working remotely. We chose to take advantage of these opportunities and it allowed us to leverage our high incomes in pursuit of maximum leverage. More on that in a future post…
#financialfreedom #FIRE #realestateinvesting #financiallyfreefamily #BRRRstrategy
EARN. GROW. PROSPER. 