Well we are almost through February... did you set any exercise or diet goals this new year? Have you abandoned them yet?

Statistically 50% have. The same holds true for all resolutions.

In fact, the same things that throw people off track with their health goals throws them off track with their wealth goals. Most people are working harder than their money today ... it's time to look for ways to reduce your workload, and make your money sweat for you! Here are a few strategies to avoid that will help keep your wealth goals on track. 

The first strategy is winging it. Winging it means there's been no planning. It's like putting away money every year with no intentions other than to save money on your taxes maybe? While it is great to take action, there needs to be a plan behind the action. Winging it in your wealth goals to financial independence can set you behind by years, even decades! If you continue doing the same thing, where will your wealth be in a year? In 5 years? In 10 years? 
  

 

 

 

 

 

 

 

 

 

 

 

 

So now you've made a plan and you have your goals, but your priorities are missing.  For example, you have a goal to invest in a rental property and have a plan to look at prospective properties this month. However, when you get the call to go look at the properties, the timing is not right. You are too busy to keep track of your cash flow ... the list goes on and on. There is always something else to do if your wealth goals are not a priority. Simple solution: make your wealth a priority! Takes a little discipline but the reward is worth it.
  
Your neighbours or family member's plan isn't your plan.
Have you acted on advice you have received from a friend or a family member - because it worked for them? What works for your neighbour may not work for you! Your wealth strategy must be specific to you based on your likes, your dislikes, your family, your goals, your dreams, your financial situation - everything must be customized to you! 
Is it?  
    
The 3 most expensive words in the English language can be "Do-It-Yourself."  The road to

financial  independence is not always a

smooth one. In fact, it is common to hit several bumps along the way. Those who fly solo are more likely to get off course when they hit that first bump, or maybe they make it to the second or third bump before turning around.  It takes an entire team to navigate the road. Build a team around you to support you and help you achieve your wealth goals faster than you ever thought possible.  
    
Do you take it to the extreme?  
Taking it to the extreme means you have no balance in your wealth goals - you are trying to go at a speed that no one can possibly sustain. For example buying that hot stock tip or investing in the property that was going to double in 6 months ... the problem with going at an unsustainable speed is it will ultimately lead to failure and if you don't see that coming, it can be devastating if you do not have a plan in place.  
 
Financial independence is the true meaning of wealth - independence to do what you do best, take control

of your time and enjoy life to the fullest!

Focus on your life goals first, and your financial goals second and make your wealth building part of your everyday life ... close your eyes and imagine your desired ultimate lifestyle!  
 

Pam's Real Estate Investment Corner
 

 

CASH FLOW  

 

The Seven Profit Centers - Equity on Day One, Leverage, Cash Flow, Principle Reduction, Tax Benefit, Appreciation, Reinvest your Equity.
In the last newsletter I had promised to talk about "Using the Banks Money to Build Wealth" in this issue but I am going to postpone that until next month and instead - go back to the 7 profit centers and talk about Cash Flow.
Cash Flow is such an important part of Real Estate investing and can be the main reason why many chose this for their primary investment vehicle. Instead of waiting until you retire to access funds in an RRSP type investment, the cash flow from owned investment Real Estate can begin to provide income immediately. The more rental Real Estate you own - the higher your monthly income.
Tenants are the cornerstone of our investments. Providing quality housing and solid, fair management attracts great tenants who in turn care for our investments, pay all the operating and financing expenses, and provide cash flow every month. It is a real win/win situation!

 

Example:  

Rent - $1900

Operating Expenses - $450 (Utilities, insurance, taxes, repairs etc)

Financing Expenses - $1200 (Mortgage payment)

Monthly Cash Flow - $250

 

And here is the really GREAT news.

The recent downturn in property prices coupled with the lowest interest rates we have seen in over 50 years has

created cash flowing properties right here in Nanaimo.

I currently have two such properties under

consideration; both of them cash

flow nicely and are well situated to

increase in value over time.
If you are interested in learning more

about this safe, yet incredibly powerful

investment vehicle or to receive

information about the deals I currently

have available to invest in please

contact me by email or phone. I would

be happy to meet with you and discuss

your personal goals and how Real Estate

Investing might help you build your dreams faster.

 

Recommended reading:

Nothing Down for the 2000's - Robert G. Allen
 

Playing the Cash Flow Game     
We have started playing the cash flow game again and even had a couple of teenagers join us the last few times! This is a great way to get connected, practice making deals without the risk, and develop new ways of seeing what is really an asset and what is a liability. Next meeting: February 28th, 2:00 pm,

at the Lighthouse Bistro on the Waterfront, please RSVP to Pam ASAP.

 

Seize The Day Real Estate Investments 

...building dreams together                                            
 

Pam Moreside

(250) 729-1411

 

pam@buildingdreamstogether.ca
www.buildingdreamstogether.vpweb.ca