Tuesday, February 5, 2013

Can you Manage to be Wealthy?

The difference between being rich and being wealthy is simple.  Without changing your current lifestyle, would you still be able to keep your current standard of living in ten years if you stopped working today?  If you answered, “no”, you are not wealthy.   Being wealthy comes from residual income.  Weather it is the hefty interest checks individuals like warren buffet and bill gates make each year on their mass amounts of money in the bank, or if it’s residual income from 30 households paying you rent each month on houses that are paid off.  But what does it take to be wealthy?  What character traits set those that are wealthy apart from those who are rich?  

A true understanding of where you want to be. 
“Successful people are what they think about most of the time.”  Brian Tracey

The ability to make decisions
 Bottom line, avoid analysis paralysis. 

A good team
Sometimes finding a good team is only done by trial and error.  There are ways around this learning curve.  There are resources such as Dennis Henson’s AREA meetings that you can go and network with investors, and market professionals for little to no cost.   If you are not in the DFW area, more than likely there are industry professionals in your market that can help you network with the right individuals to help you achieve your goals.

Understanding leverage
Would you rather put 20% down on a deal, pay 13.99% interest and 4pts, or buy a deal using all cash?   

For more information on Hard Money investment financing in Texas, call me at 

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