It’s a new year, a fresh start, and 2018 is behind us. Now is the time to reflect on how we did last year and set our targets for 2019. This is my favorite time of the year as I get to dig into what worked, what didn’t, what needs to be increased and what needs to be removed in the coming year. As mentioned previously in our 2018 New Year post, it’s crucial you write down your goals each year. Not only is having your targets written down key to success but it also allows you to easily review them every year. I love looking back at the goals I wrote several years ago and seeing what I’ve achieved and what I’ve changed along the way.
What hasn’t changed though is the endgame. The overarching goal is exactly the same. Financial freedom. Sure, the specific strategies and investments might change along the way, but the blueprint remains the same. Work hard to increase the income at your corporate job, live below your means, dump your savings into income producing assets and repeat. When you create enough cash flow to exceed your monthly expenses you can then live life on your terms. Remember the golden rule. He who has the gold makes the rules. Financial freedom is real and there are countless examples of Corporate Investors who have reached this point.
So, then the question is, how do you hit these milestones?
Working hard doesn’t need an explanation. If you’re not willing to do that then you don’t stand a chance at achieving financial freedom or anything significant for that matter. With that said though, you need to be working smart. It’s not enough to just put in 16-hour days if you’re doing the wrong type of work. You need to get in a vehicle that has the ability to produce the income required to take care of your living costs and then have money left over to invest. There are lots of ways to do this, but some may be better suited for you than others. Take inventory of your life. Do you have the ability to go to school and get into a high paying profession such as a doctor, a lawyer, software engineer or some other lucrative career? For some the answer might be yes. For others the answer will be no. If the latter is the case, then I’d recommend getting into a sales job and working your way up.
Living below your mean is easier said than done but it is absolutely necessary to create financial freedom. Warren Buffett said, “If you don’t find a way to make money while you sleep, you will work until you die”. That’s depressing, but that’s not you. You’re reading this because you’re a Corporate Investor and you’re creating a legacy that will be passed down for generations to come. So, live below your means. Simple enough.
By living below your means, you will have money left over every month. Take this money and set it aside until you’ve educated yourself and found the right asset to put it in. Real estate is of course our favorite at The Corporate Investor but there are other income producing assets such as ATMs, private lending, small business or other royalty investments. At the end of the day though, real estate is one of the most tried and true methods for creating financial freedom.
Real estate investing in and of itself has a million different niches. So, your job is to find the strategy that best fits you and then learn as much as you can about it. From there, take action and begin creating your second stream of income. It may start small with only $100 a month but overtime this will snowball and before you know it you will be at $1,000 a month. And then you’ll get to $5,000 a month and then $10,000 month. Regardless of whether you want $10,000 a month or $100,000 a month, real estate investing has the ability to create this lifestyle.
So, yes, it’s a new year and new targets will be set but the goal is and always will be the same. Leverage your corporate job to create surplus cash and shove it into income producing assets. Cash flow is king and cash flow will set you free.
Here’s to you increasing your cash flow in 2019.
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