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The Seven Secrets to Financial Empowerment
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As you work to fulfill your dreams in the field of real estate investing I want you to embrace your future and do everything in your power to help ensure your success despite the challenges you’ll face along the way. I’ve identified 7 financial keys that can unlock the door to success for you and others you may come in contact with along the way.
There are a lot of things you can do every day that can help determine whether you reach the pinnacle of success or remain in the valley of missed opportunity, but very few things will figure as prominently as your finances. Financial gurus got it right when they say that if you don’t control your money it controls you! Here’s how to regain control of your financial future one step at a time.
Control Your Spending – By taking control of your spending you can have a much bigger say in the types of deals you have available to you. This process starts with having – and sticking to – a realistic and attainable budget. I’m not suggesting you should sell your TV and hit your kids up for gas money in exchange for taking them to t-ball practice. What I am saying, however, is that if you’re clear about exactly where your money goes you’ll have more control over reducing unnecessary, frivolous expenses. Think before you say, "Charge it!" If you don’t really need another John Tesh video – don’t buy it! Sooner or later Blockbuster will have it for 49 cents.
Control Your Debt – In many ways this goes hand in hand with controlling your spending because for many investors (especially brand new ones with unrealistic expectations) their first inclination is to whip out a credit card for routine purchases. By keeping your balances low you free up additional funds for additional property purchases. Not only can credit cards charge hefty interest rates, they make it very easy to spend more than you otherwise might. Fast food restaurants don’t take plastic because they’re dedicated to superior customer service. They want to make it as easy as possible to Super Size – your waist line and their bottom line.
Control Your Saving – By getting into the habit of regularly setting money aside for a rainy day, you can systematically build a rainy day fund that you can tap into for unplanned expenses. By having 3-6 months of expenses in an interest earning money market account you have cash available in case of a short term need. If you have this cash you can take advantage of more property opportunities. Sometimes a seller will agree to your terms if you can meet their need for cash. If you have a few thousand dollars sitting in an account you can access it quickly and still get a lucrative deal while it’s still available!
Control Your Habits – I don’t want to offend anyone here, but it’s very easy to have expensive habits that can reduce the pool of money you have when you need it. It could be $4-$5 cups of coffee, cigarettes, or other substances. Aside from the potential long term impact some habits can have on your health, they can also take money away from your investing activities. Take control of the kinds of things you spend your money on. You’ll be surprised by how much extra cash you can come up with after just 30 days!
Control Your Giving – There’s nothing more empowering and fulfilling than giving money away. You want to make a regular habit of giving to charities or organizations you believe in. But it is possible to go overboard by trying to help too much. There is a direct connection between giving and receiving – just make sure you really believe in the organizations you’re giving your money to!
Control Your Time – This is one of the most difficult areas to control because time is a commodity that is in such short supply. It’s very easy to waste countless hours in front of a television set or hunched over a computer surfing from one web site to another. By taking control of how and where you spend your time you can financially empower yourself by freeing up precious minutes – and hours – for more lucrative opportunities. A great way to save time is by outsourcing routine or mundane tasks to others. Not only will you close more deals, but you’ll have more free time for your family and leisure activities you enjoy.
Control Your Thinking – You should get motivated and fired up every day! Instead of listening to negative people complain about high gas prices, inflation, or politics, tap into a good motivational book, CD, or seminar that will do something for you other than raise your blood pressure. Unless you’re a member of OPEC or on the board of an oil company you can’t control prices. However, by controlling your thinking and your thought processes you can build your own cartel of real estate investment properties!
These are just a few things you can do to financially empower yourself. Put these into practice today, perfect them – and make them your own! The secret to financial empowerment is really no secret at all. The secret lies in actually applying them in your life today and make tomorrow lucrative. Start now and live the life you’ve been dreaming about!
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 | Charrissa Cawley |  |
Charrissa Cawley has a long standing reputation for excellence as a gifted speaker, real estate trainer and wealth coach. Her strength lies in training entrepreneurs in the areas of real estate, investing and financial literacy. Her passion is bridging the gap between learning and doing. She has helped thousands of entrepreneurs all over the world seeking financial growth by equipping them with the tools, resources and specialized knowledge to succeed.
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Copyright 2002-2011 All Rights Reserved.
Published with Permission of Author.
No part of this publication may be copied or reprinted
without the express written permission of the Author and/or REIClub.com. |
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