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So, you got into real estate to be rich! What if we told you that a real estate career alone wasn’t enough to do the trick? Closing more deals doesn’t automatically equate to lifestyles of the rich and famous. There’s actually a lot more focus, systems and planning required to make riches a reality. We have the hard, fast (and sometimes cold) facts about what it takes to journey the path of becoming really rich!
First of all, how much do you really need to be rich, anyway? If your mind goes right to numbers like $10 Million or more, we have good news for you! While that’s a lot of money for sure, you don’t actually need this much to qualify as ‘rich.’ How can that be?
Well, let’s define rich. The definition that we want you to internalize and apply to your own situation is: Rich is when your money works for you, and you no longer have to work for your money! That’s our definition of rich and for most of you out there, if your household expenses of roughly $5K to $7K per month could be covered passively through real estate investments, you could be rich!
You may be thinking, “Wait, aren’t the commission checks I’m bringing home in real estate going to make me rich?” The answer is no. In fact, its likely that you’ll never be rich unless you start with these three habits:
- Become prolific earner
- Have incredible discipline
- Become a person who saves
The last one is extremely important. Agents are often guilty of what we like to call “lifestyle creep.” They have a big year, are growing and with that, so does their spending! Suddenly, the gym membership that worked for years is brushed aside for the upgraded spa and country club membership. Constantly upgrading your lifestyle is a sure way to never be rich.
All three of these in addition to our five points mean that you’ll have to constantly fight your natural tendency to be lazy.
What are the hard facts?
- Getting rich requires a Monastic lifestyle.
- You must be myopic (narrow mind focused on one thing) and start with the end in mind.
- Getting rich will take longer than you think!
- Know that the ‘system’ was created to prevent you from accumulating wealth.
- Repetitious boredom pays off.
This series is a follow-up to last month’s series on The Mindset of Money and how to get rich, so tune in to the full episode for our first 5 points and all the in’s and out’s about what you’ll need to change immediately to make financial freedom a reality.
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