11/29/2022
1️⃣ Lower your expenses.
Live as cheap as possible by:
- Tracking your spending
- Setting a budget
- Renting out rooms/areas of your house
- Not going out all the time
- Moving to a cheaper area
2️⃣ Increase your income.
There are many ways to do this, like:
- Picking up a part-time job
- Monetizing your side hustle
- Asking for a raise
- Turning your hobby into paid work
3️⃣ Invest the rest!
Invest the leftover money into assets that put money back in your pocket. Here’s an example of one of my first properties. Let’s break it down…
$40,000 House + $30,000 Renovation = $70,000 total
Valued at $130,000 Post Renovation
Instead of selling the house for quick cash, I chose to keep it, refinanced at 80% loan to value ($104k) to get my money out.
The house rents for $1,200 a month.
Pick up a dozen rentals like this and you’re on a path towards financial freedom. It’s what I did. 😉
Let’s think like investors, not consumers!
Financial stress comes when we feel like we don’t have enough or we’re spending too much… But it also comes from not having a good grasp on our lives.
Look at your income and your expenses.
Increase the gap between the two and you’ll grow your wealth! #3 is my fav way 🤑