How to Take Control of Your Financial Future – Episode 1016

You’ve heard all the traditional financial advice, like the importance of automating your savings, sticking to a budget, and maximizing contributions to your retirement accounts. But if you follow this outdated advice, you’re going to get average, or below average outcomes. The truth is you cannot save your way to wealth. You can only build your way to wealth.

On today’s show, I’m sharing five strategies you can use to begin building your wealth. These are basic, effective, and to the point steps you can start implementing today. You’re going to learn about building wealth for the long haul, the power of performing assets, and practical information like upgrading your balance sheet and getting serious about your financial education.

More About This Show

1. Get to know your balance sheet and how to influence it. If you’re starting from zero, the most important thing you can do is create your balance sheet. This is going to give you an understanding of your total assets, debts, and overall net worth. Here’s how it works: the first thing you should do is assess all your liabilities. This includes all your debts: any remaining balance on your mortgage, car loans, any credit card debt, and student loans. Then determine what your assets are, and how much they are worth. Assets include your savings accounts, retirement funds like a 401k, investments like stocks or real estate. Other assets could be college savings accounts, vehicles you own, and art. Include anything that has a cash value.
   I’ll admit, this isn’t a fun exercise, but it’s an important one. Creating your balance sheet is going to give you a strong idea of where you’re starting from, so you can plan where to go! You’ll be able to identify liabilities that you may need to pay off or sell, which assets are working for you, and begin moving toward your goals.
2. Invest in real estate notes. This is by far the most accessible way to get into investing. Buying real estate notes has a low barrier to entry, and it’s a great way to start watching your money grow. We use a company called Connect Invest, that offers real estate short notes that deliver a 7.5-9% return on investment. What’s great about Connect Invest is that you can start investing with as little as $500, and you can choose the note length of anywhere between 6-24 months. The ROI is more than double any type of savings account or CD you’ll find in traditional banks. And when you use my link to open a free account and invest $500 or more, you’ll receive $50 just for joining. If you’re new to investing, this is a great way to start watching your funds grow! It’s also a smart way to save for a down payment on a rental property or simply add some diversity to the assets column on your balance sheet. See if it’s a fit for you at morrisinvest.com/connect.
3. Find your Freedom Number. The number one way to build wealth is through real estate investing. For beginners, that can feel like a tall order. But investing in real estate doesn’t have to be intimidating. My Freedom Number Cheat Sheet is designed to help you set a realistic, personalized, and straightforward goal. All you have to do is plug in a few of your financial numbers, do some quick math, and then you’ll determine how much income you would need every month to reach your definition of financial freedom. The Freedom Cheat Sheet is a powerful tool because it gives you a clear goal based on your exact finances and your unique situation. Get the free download at morrisinvest.com/freedom.
4. Create multiple streams of income. Did you know that the average millionaire has seven streams of income? Even if you don’t need a million dollars to be financially free, it’s wise to have multiple streams of income in place. Most people have one stream of earned income: their 9-5 job. Start thinking about ways you can create more income streams. Maybe it’s rental income from real estate investments, making extra money through a side hustle, creating some sort of business, or selling a digital product. There are so many ways to create income, and once you realize your ability to do so, you’ll be empowered to continue.
5. Invest in your financial education. If you aren’t ready to invest with your dollars, the best thing you can do is invest in your learning. Make learning about real estate investing a regular part of your life. There is so much information available to you: podcasts, YouTube videos, books and audiobooks, webinars, and more. Find something that resonates with you and fits within your routine. If you have a long commute, maybe you can listen to podcasts and audiobooks. If you prefer watching videos, do that. It doesn’t matter how you take in the information; what matters is that you do it consistently. When you’re dedicated to learning about wealth building, you’re going to discover strategies and mindset shifts that will help you reach your goals.

If you liked this topic, I’d like to suggest a free resource you can use to learn more about building wealth. My free 90-day Financial Empowerment Bootcamp walks you through the entire process of fine-tuning your balance sheet, understanding your liabilities, buying performing assets, and more – for free! Get the download today at morrisinvest.com/bootcamp.

Episode Resources

Book a Call with Our Team
Connect Invest 
morrisinvest.com/bootcamp ← Download your FREE 90-Day Bootcamp!
Subscribe to Investing in Real Estate on Apple Podcasts
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

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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