When it comes to creating wealth and achieving financial freedom, investing in real estate is one of the most powerful strategies. But if you’re a beginner, it can be hard to know where to start. Here’s the truth: there’s not one way to build wealth, there’s only YOUR way. This is empowering because it allows you to use your strengths, your resources, and your unique goals to map out a plan.
You don’t have to follow someone else’s model, buy a step-by-step program, or do things a certain way to succeed. All you have to do is create your individualized path toward financial freedom — and that’s exactly what you’re going to learn on this episode of Investing in Real Estate!
More About This Show
Creating your unique plan to financial freedom starts with one thing: setting a goal. This is exactly what I did on my own journey toward financial freedom. I mapped out on a white board the exact amount of income I would need to be financially free.
This is the formula you’ll learn if you download my popular PDF, the Freedom Cheat Sheet. I encourage you to download it, for free, at morrisinvest.com/freedom . Inside the cheat sheet, you’ll learn to comb through your bank statements, calculate your monthly expenses, and determine exactly how much passive income you would need to generate with rental properties in order to create financial freedom.
First, you’re going to calculate your monthly budget. I’m not going to give away all the specifics in this video, but the cheat sheet will tell you what types of expenses you should include in your budget. Doing this lays the foundation for understanding how much money you need every month to cover your lifestyle.
The next step involves padding your budget a little bit… The purpose here is to make sure you have enough funds to cover unexpected expenses, or use money in ways that you value like donating to charities, taking vacations, etc. And once you know your budget and the number you need to pad it with, you’re going to add those two numbers together in order to get your Freedom Number. If you haven’t gone through this process, I encourage you to do so. Again, I give this away for free at morrisinvest.com/freedom.
I know it sounds simplistic, but this straightforward formula is extremely powerful. There are two main reasons why:
- There is power in setting an intention, especially in the form of a specific and measurable goal. We encourage you to keep this number front of mind – whether that means keeping it on your refrigerator, in your journal, or elsewhere. Keeping your specific Freedom Number at front of mind will consistently remind you of your goals.
- Setting a goal that is based on your real finances is realistic. If you set an arbitrary goal like “make a million dollars” might be fun to daydream about… but it’s not actually motivating for most people because it’s not easily attainable. But when you set a goal that is centered around your actual lifestyle, it’s much more motivating than throwing out a random number. It’s your personal roadmap, tailored for you.
At Morris Invest, we have every single one of our clients go through this process of calculating their Freedom Number. I know it can change your life, because I’ve watched it change mine, as well as so many of our clients’.
Once you have your Freedom Number locked in, you can start planning out your unique path toward your goal. In the cheat sheet, we offer up a couple different steps you can take, but how you decide to forge that path is entirely up to you.
Episode Resources
Book a Call with Our Team
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.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
