3 Steps For a Real Estate Heavyweight To Fire Their Boss

By: Pat Friedl

[ Posted On: 2009-04-23 ]

Most people who jump into real estate investing are approaching it as a means to replacing their current nine to five J.O.B. (Just Over Broke). The most common statement is “I need to have enough salary where it pays me the same as my present salary.” Almost anyone can dabble in real estate investing and try to make some cash flow. But actually doing well enough to fire your boss and strive to be a full time real estate heavyweight - that requires work, commitment, and a PLAN. Let’s look at how to start cooking up your plan of escape. Remember, if you skip the planning stage, you in all probability won’t make as effective use of your real estate knowledge as you could.

The first thing you absolutely must is determine how much fundage per month you absolutely must have to make ends meet. This doesn't include “what I’d like to have so I can take an extra golf trip.” No, this is NEEDS only. This means writing up a budget and sticking to it, something that is VERY hard for so many people. Don’t skip this step, as it shows you where to start ordering your goals.

Speaking of goals, the next thing you need to do is to write out a plan of what you desire your life to look like in the future. I’m not speaking to your retirement years, that comes later. I mean between 1 and 5 years from now. After all, if you don’t have a crystalized goal in your sights when you start, how will you ever reach it?

Next, get a handle on your spending and debt obligations. Audit the budget you created above. What do your spending practices say about you? If you have an extensive chunk of debt or spend a lot of your cash on non necessities, you may not know how to handle money well and are going to have to seriously look at making a few sacrifices. Learning how to make money work for you is crucial if you plan on leaving your job and becoming financially free. When you have lots of debt, it is controlling your life, not the other way around.

When you begin to amass more income from your investments, fight the temptation to grow your spending. Lots of people, if they get an increase of, say, $5000 in salary, will simply up their spending by the same amount. This will put you no closer to being able to quit your job! Instead, use it to pay down and get rid of whatever debt you have.

These are just the beginning steps you need to take. The route from being enchained to your job to being able to quit that job demands more work and preparation. It will require you to make sacrifices and learn about how to make money work for you. There are no shortcuts. But for those who are searching to ‘fire their bosses’ and become real estate heavyweights the advantages are well worth the effort.

Article Source: http://www.afroarticles.com/article-dashboard

About The Author: Pat Friedl -- This article is based a chapter of book Be a Real Estate Heavyweight, entitled One Year Job Elimination Plan by Steve Cook. For more information on the book, be sure to check out www.RealEstateHeavyweight.com.

| View Profile & All Articles By: Pat Friedl |

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