When it comes to financial freedom there’s a moment for many of us when we look back and realize that we aren’t exactly where we thought we should be by that point in time. It happens mostly when a milestone birthday is about to happen or when we or a loved one makes a significant achievement.
But the truth is that it mostly happens when we hit bottom. It is only after you weren’t considered for that promotion (again), your relationship starts to fall apart or you feel that you’re overworked, that you ask yourself where did you make a “wrong turn”, to end in your current situation.
Many people tell themselves that they had naive dreams when they were younger in an attempt to face their reality and accept it, but it doesn’t mean that it has to be like that for the rest of their lives or that what they once dreamed for themselves can’t happen.
It is very difficult for many not to compare themselves to others and their success and achievements. However, what most fail to understand is good things don’t usually happen by chance; you need to have discipline, an eye for identifying opportunities, and the willingness to work hard and make them happen
Educate yourself
In the path to financial freedom, the most important thing you need to understand is this: you are your greatest asset. When conceiving a strategy to build wealth, it is important that you take into account the power that knowledge, innovation, and connection can bring to the table.
This implies surrounding yourself with others who can inspire and teach you. Even if they’re just a few steps ahead compared to you, their knowledge and experience will always add to your own. This is especially true if those people also share similar goals and desires as you.
Besides, it makes it easier to get out of any rut, since you will find it easier to find something to aim at with their support. Surround yourself with people also working to achieve financial freedom!
As we said before, make networking a priority and you will not only gain more contacts but also more opportunities. Every new opportunity you get will have a much greater chance of succeeding. Regardless of where you are in your business, you need to constantly focus on real estate networking.
Learn why passive income is good for you
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Here’s where we like to put all our chips. With passive income, you don’t have to sacrifice your time to earn it. Instead, the assets that you own are able to produce income for you while you dedicate your precious time to something else.
This is how the wealthy can maintain and continue to build their fortunes.
There are several ways to set up a stream of passive income, and investing in multifamily and assisted living projects is just our favorite. Once you start renting properties and maintaining your investments, you can have a new source of cash flow where minimum effort is required on your part (once it is properly set up).
With passive income, not only can you be generating multiple streams of income, but you’ll be able to keep more of it as well since income derived from passive sources held for more than a year will be taxed at capital gains rates instead of higher ordinary rates.
Invest in multifamily properties
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If you want to have an additional source of income, then multifamily property investing is the way to go. Not only will you have additional cash flow, but also a slow and steady appreciation in the value of your portfolio.
As we said in a past article, real estate has proven to be a better investment for those who prefer to have an active role in building their wealth, or just gain more benefits by joining Real Estate syndication. There is more than one strategy that can be successfully used.
Every day in America, real estate investors are making millions of dollars by investing in rental or multifamily properties, or just purchasing properties that need some work and renovating them to later sell to a new owner for major profits on their initial investments.
For example, you can build a fortune by developing various residential and commercial properties, or create wealth by slowly acquiring an income-producing portfolio of rental properties.
Achieving financial freedom
Real estate syndications are a great way to invest, have another source of income with great returns, and reduce your tax liability. That’s a perfectly fine strategy for example, but is not the only thing you need to get there.
The truth is that financial freedom can’t truly be achieved if you don’t have the ability to increase control over your money. Your wealth shouldn’t depend a great deal on things like stock market fluctuations because you can’t really control those outcomes.
But real estate assets can appreciate over time with proper budgeting. They have the potential to ever increase the income they produce as long as they’re taken care of.
Combine this knowledge with other people and seek to increase it through networking and you’ll have a fertile soil on which you’ll keep growing and learning. Eventually, when it’s time to look back again, you’ll be a step further in the way of true financial freedom and independence.