Your parents and grandparents probably lived by the idea of working hard at a 9-5 job, saving money inside traditional savings accounts and a 401k, and then enjoying the fruits of their labor at retirement. But so much has changed in our society in recent generations, and most people today are not seeing healthy retirement balances.
Today we’re going to unpack some of the flawed thinking behind retirement, and I’m going to share the early retirement vehicle I personally used to escape the rat race and begin building passive income. Click play to learn more!
More About This Show
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Start with your Freedom Number. When I was going through this process of creating financial independence, I started with this simple formula: The Freedom Number. It’s the foundation of everything I do in real estate. The formula will help you calculate exactly how much passive income you need every month to be financially free. I want as many people to have access to this information as possible, which is why you can download the Freedom Cheat Sheet for free on my website: morrisinvest.com/freedom
- Once you’ve calculated how much income you need from rental properties, it’s time to consider your funding options. This is the part that holds a lot of people back, but there are numerous ways to buy real estate investments. You can use traditional mortgages, tap into your home equity, take a loan from your 401k, and so much more. The sky is the limit when it comes to your funding options. Check the description box below for some videos that dive into different creative ways to finance a real estate purchase.
- Tap into equity to grow your portfolio and reach your Freedom Number faster. This is where the power of leverage comes in. Once you start buying rental properties, you can use the equity in those property to build out your portfolio further. This is what we call “rinse and repeat” in real estate investing. As your properties appreciate and your tenants pay down your mortgage, you have access to more and more equity that gives you purchasing power. This a powerful benefit of investing in real estate.
- Utilize retirement accounts that allow you to tap into the power of real estate. Depending on your age and your personal situation, it might be worth buying real estate inside a retirement account, such as a self-directed IRA. A self-directed IRA is a lot like traditional retirement plans, except it allows you to buy a wider range of assets. If this is something you’d like to explore further, my team can help you weigh your options and set up an account in a matter of minutes. You can set up a free call, with no strings attached at morrisinvest.com
Episode Resources
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6 Smart Ways to Acquire Rental Properties in 2024
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Find Your Financial Freedom Number
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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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