There are five main things you should never do with your money. If your goal is to build financial intelligence, you’ll need to make simple, smart money moves.
On this episode of Investing in Real Estate, you’re going to learn five things you should never do with your money. If you’re ready to start making financially intelligent decisions, this episode is for you!
1. Don’t lend or borrow from friends
This can strain relationships, cause tension, and have long-term consequences. Keep your finances and your friendships separate. From experience I can tell you that intermingling the two is a recipe for disaster.
2. Don’t gamble or play the lottery
The chances of winning are so low, you’re practically throwing money away. In fact, you have a better chance of becoming the President of the United States! Instead, you could use that money you’re wasting on the lottery and invest it into a performing asset.
3. Avoid expensive car payments
If you live in an urban area, public transportation is incredibly affordable. Walking or riding your bike is free (and good for you)! And if you truly need a vehicle, look for something that is used and practical. You don’t need a flashy, expensive liability to get from point A to point B.
4. Stay away from speculative investments
Investing in speculative real estate is a surefire way to quickly lose money and sleep, and destroy your credit. Only invest in real, existing assets.
5. Don’t buy the house that you live in
Instead, consider renting! Your primary home does not put cash in your pocket every month. Use the money you would spend on a home for yourself, and invest in a cash flowing rental property! Don’t invest in liabilities.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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