Successful investment is best achieved by putting your personal financial house in order. Trying to become a successful investor when you have no emergency cash, no retirement savings, and mounting and crushing debt is all but impossible. Are some or all of your bills late regularly or perhaps even chronically late?
Is your financial house a nightmare? Have you worried about what to do? Is financial security so far from view you can’t even think about it successfully?
How do you think your lenders feel when you pay late? Are they furious. I guess you would think so the way they begin ringing your phone off the hook. However, that isn’t the case. As long as you consistently pay, the view of late paid loan amounts is the late fees are added margin. Don’t contribute to the happiness and welfare of your lenders by padding their pockets!
Instead, jump on the problem! Ferociously begin the process of eliminating debt, establishing savings, creating emergency funds all in a planned organized way. You can jump from in emotional pain, suffering intense anxiety, and facing the loss of your dreams to a complete reversal of the situation where all is possible.
Begin by recognizing that except for a roof over your head, food to eat, transportation (any transportation including walking) to work, clothing to wear (not necessarily nice clothing), utilities to prevent freezing to death, and healthcare to keep you performing, there are no necessities. If you look at your bills in this fashion you begin to see your options are greater than you may think.
With this as your framework, dive into your budget and begin converting cash for movies to debt payoffs, money for snacks as money to your lenders, dollars for donuts to money for your debts, and before you know it the debt will suddenly begin shrinking at an ever increasing rate.
Begin selling the junk and toys you have collected. Pianos, extra televisions (maybe all televisions), guitars, collectables, unused tools, books, and much more can be sold. The proceeds can help push your debt addiction into a mere memory.
Maybe there are other ways to make money? Pick up a second job. Seek discounts and scholarships for children’s activities. Have kid in college? Order a list of scholarship and grant sources and begin making college a money source instead of a cash pit!
Perhaps some of the debts can be converted to assets. Is your car worth more than the debt? Sell it and buy a debt free car with the difference.
You will be amazed how quickly the results will grow quickly pushing you out of debt and ready to invest.
Blake Ratcliff owns and operates residential property. Blake founded the International Residential Real Estate Investors Association (IRREIA) for investors in 2010.
IRREIA provides tools, templates, and information to members for investing. IRREIA screens investments and presents them to members in the paid area of the site. Additionally, most tools, templates and information requires paid membership. Join to have the opportunity to participate in investments.