What Do You Do?
In the famous words of late Jim Rohn – work full time on your job and part-time on your fortune. The magic of part-time is: earn as much working part-time on your fortune as you do working full time at your job.
I am the Founder and Director of a property sourcing business – SourcedIn Properties™. We source and package property deals in various parts of the country for our pool of investors. We aim to procure deals that generate an ROI ranging between 15-20%.
Why property investment? Well, owning assets that produce income is a better financial strategy than owning assets that generate expenses. For example, if you own your own residence you will need to pay for maintenance, repairs, taxes, mortgage interest, landscaping, utilities, etc. However, if you own a house or apartment available for renting or lease, you can generate income with the property and in most cases end up with positive cash flow after all those expenses are paid for.
When it comes to generating income in property investing, there are 2 ways to do it. Though the concepts may be simple to understand, they can be complex to implement and execute. Two major ways are capital appreciation and Rental income. The real estate industry is the only place you will get paid twice for the same thing. One may be much slower than the other. Of course, there are always other ways to directly or indirectly profit from property, but those two methods account for the vast majority of the passive income and ultimate fortunes that have been made in the real estate industry.
Earlier, I stated the importance of making money work for you. I assume the million-dollar question now would be what should you do with your money? First, you should be investing into yourself and into your brand. The purpose of this is for you to become better. In order to have more, you need to become more. Second, you should be investing in building connections with your potential customers and getting attention on yourself so that you can become more known. When you become more known, you will have more people to do business with. After investing in yourself, combined with the fact that you are known, people will then start paying you for whichever skill or whatever value you are bringing to them. You can then begin to scale this up so you can build up more and more income with a view to investing it into assets that will produce income. Remember, people only pay for service and value. If what you are doing is providing a service and bringing value to people you will ultimately be successful.
With all of this being said, of course, everyone will have a starting point.