Real Estate

The Quest For Financial Independence from China… – Travis Howser – Medium

  1. Educating Myself

I have spend the last year educating myself on FI particularly with real estate investing. One night on a long bike ride home from work I decided to make the ride more interesting, so I wanted to listen to a Podcast with a topic other than Golf. I quickly thought, what do I know nothing about and for some reason, real estate came to my mind. I made a quick search as it was time to start my ride and I came across the Podcast called Bigger Pockets. Fast forward a year now and I have now listened to over 300 of their podcasts including their new Bigger Pockets Money Podcast. Awesome show and a must listen to if you already aren’t! This new genre lead me to reading almost 20 books on Real Estate Investing and the paths to FI. The FI community’s favorite book, Rich Dad Poor Dad definitely set the tone for me with FI and gave me a clear understanding of assets, liabilities and how to make money off your assets. If you aren’t ready to pull the trigger, then do yourself a favor, pick up a book, listen to a podcast and start educating yourself in the areas that most interest you in reaching FI.

2. Tracking our Spending and Started Saving

This has been the first step that my family took towards FI. From all the Podcasts I have listened to this seems to be the recommended first step. To avoid conflict I first spent a few months looking at our spending with ZERO judgement and then work with my wife to decide where we could realistically cut the fat. Once we tracked our spending for a few months and started cutting out what we didn’t need anymore (Starbucks daily, eating out daily, buying avocado’s when they are too expensive, etc) we put together a realistic budget. After I get paid (my wife is a stay at home mom) we pay ourselves a set amount of money per month and then the rest goes into our savings fund. This savings fund is used for general savings, investing in short term investments with my company, a Roth IRA, and of course for money to put into real estate investing.

3. Start Buying Real Estate Investments

Since I have started listening to The Bigger Pockets Podcast and started networking on their forums I have impatiently wanted to invest our money into real estate. Our current plan of attack is to buy and hold properties to maximize cash flow. Did you know that 90% of the worlds millionaires invest in real estate? What?!?!?! History has proven that over time real estate has always appreciated in value. Sure it has its ups and downs we saw that in 2006–2008 but those crazy highly over priced price tags in 2005 seem cheap to us in 2018. Seems crazy, and seems stupid that we didn’t get into the game earlier. But we have to remind ourselves that today is earlier than tomorrow so it is time for us to start!

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