Want to make more money? Start here.
Earning more, getting better returns on your investments, and enjoying more financial freedom all starts with this one truth. It can be hard to swallow, but it will change your perspective and life.
There is a famous quote that says, “In this moment, you are earning what you are worth.” Most of us have a problem with that at first. We feel more capable, that we deserve more. We crave more, and we often compare ourselves to others who appear to not be putting in the work or may appear to be less deserving. But until we accept this, we probably won’t see the change and financial gain we crave.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
Are You Doing the Right Things to Earn the Income You Desire?
For example, if you are working at flipping burgers (which is a perfectly respectable job and harder to do well than some think), you probably aren’t making $100k a year. In fact, unless you are a celebrity TV chef, you can work 100 hours a week, every week, and you’ll probably never come close to that figure. You might cook better than the chefs on TV, you might put in more sweat, but you are doing a minimum wage job. It’s not necessarily about you. It comes down to the complexities of the job and difficulty of replacing you, as well as problems you can solve associated with the job.
Related: 12 Reasons You’re Poor
The same applies to real estate. Are you doing all the manual labor of rehabbing houses or acting as a DIY property manager or landlord? If so, you are probably earning what a good construction worker, handyman, or property manager is earning. Maybe you own a real estate business, but are doing all the admin tasks an assistant or bookkeeper does. The same applies here. The hours you spend doing those tasks will drag down your overall income potential.
Perhaps you’ve been investing in the stock market and publicly traded REITs or acquiring rental properties. Yet you are getting barely break-even returns when you count fees and taxes. You aren’t making what the big deal makers are.
Try Something Different to Achieve More
The definition of insanity is doing the same thing over and over again, expecting different results. You can become the best line cook Burger King has ever had, but it’s unlikely you’ll ever make $100 an hour. Or you can switch up your earning and investment strategy and get to a whole new level.
To achieve this, you have to do something different, take different and bold actions, and perhaps be someone different.
If you recognize this and want change, here are the 6 power steps:
- Identify your higher aspirations for your paychecks, wealth, work, and lifestyle.
- Write those figures and goals down on paper when you wake up and before you go to bed.
- Be the person you want to be already. Own that identity now, and walk out the door looking, feeling, and acting like that person.
- Learn the best practical moves to get you where you want to go, i.e. finding a new investment solution or applying for a job in a new field.
- Find someone who is where you want to be and emulate what they are doing.
- Start receiving more of what you want, knowing you’ll be worth it.
How have you upped your income?
Let me know your tips with a comment!