A lot of people get into real estate because they believe that it will ultimately bring them, first, financial stability and then ultimately financial freedom. And it can, if you work at it and build up your empire. But there are many steps along the way before you can get to your final financial desired destination. I have complied a few habits that I have read, heard from successful friends and have also applied to my life. This post will discuss these habits that you can start implementing in your daily life and take strides to success.
- Check your bank statements frequently. This is not so that you become obsessed with it but so that you are aware how your daily spending affects your accounts. If you make it a habit to check and re-check your statements, you will have that on your mind as you are out throughout the day making purchases. You might just think twice the next time you go through with buying something. Make it habit to check your statement early in the morning as you drink your morning cup of joe or quickly check it out before going to bed at night so that you are aware. Make it a part of your schedule and before you now it, it will be routine.
2. Create (and stick to) your budget. Those who are financially successful stick to the budgets that they set for themselves. You can set short term budgets as well as long term ones. Go through how much you make each month and how much you are spending. Set restrictions for yourself if you end goal is to save up a bit more or set aside what it is that you might want to invest, which leads me to number three…
3. Invest. Investing might seem daunting to some but trust me, it is a huge part of financial success. Ultimately, real estate and purchasing a home or a property unit is a type of investment (and a good one at that) but go beyond that. You don’t need to become an expert in stock and trade, if you want to start small bond are a smaller risk but it will be a lower return.
4. Create your own opportunities. Successful people understand that there are many paths to increase their finances and they look at all the options. This one might be challenging in that you will have to step up and think outside of the box. Push yourself to do more freelance work, dare yourself to ask for that raise you’ve been thinking about, etc. Trust me, the end result will be worth it if you make your own path.
5. Be frugal with your money and live below your means. This is not to say not to spend money or to be cheap. This only means that those who are financially successful spend for example $800 instead of the extra $1,000 they have. What do they then do with the extra money? Invest it of course.
6. Ask questions! If you know people who are better off than you, ask to take them out to coffee or dinner and ask them about their tips to make it. Don’t be afraid to ask away! You’ll be surprised at what advice you’ll be able to receive just from asking. And if you don’t have anyone like that in your life and you want to be the first in your group to break out, ask the internet, email that entrepreneur you’ve been following, or shoot me a message, email or comment and I can give you a few more tricks that I have up my sleeve. There is no harm in asking.