The concept of minding your own business means that while you are grinding away at your day job you need to be investing in your future and minding your own business and working on your side hustle. Pretty soon you’ll be able to walk away from your day job and mind your own business full time.
The best way to do this is through the acquisition of real estate.
Let’s take a quick look at where you are losing all your money… taxes.
Taxes have been around since 1913 in the U.S. (earlier in England). While the original intention was to only tax the wealthiest of the population, obviously that’s trickled down to the masses, including those in poverty.
Now, keep in mind the more money you make the more taxes you pay. The wealthy know a way of getting around this-form a corporation. Corporations offer tax benefits and protect you from lawsuits. To learn more about this talk with one of our business coaches or your attorney.
We’ve all heard the golden rule of Pay Yourself First.
But, many of us don’t do it. Until you learn and put this rule into effect, you won’t have any chance of getting out of the rat race. What this rule does is force you to come up with more income to pay your expenses.
There are some key areas of finance you should learn about, taking classes is one of the best ways to do this. Here are the basics you should learn:
It pays to know how to read financial statements. When acquiring businesses or assets you need to quickly see the financial standing of the company you are acquiring.
Many grown adults do not know how to balance a balance sheet. In the long term, this knowledge will pay off for you and your business.
This skill will sharpen with experience. Talk to investors and observe how they play the game.
Know the laws of Supply and Demand. No business owner can do without understanding these basic principles of the market. Bill Gates saw what people needed. Open your eyes to opportunities. Look at what sells and who buys.
Grow your business within legal boundaries. Know your corporate, state, and accounting laws.
Once you know these areas of finances you can make them work for you. The rich practically invent money. You have to know where to find a great deal. Let’s continue with real estate. Look for houses in trouble or find the court in your area that handles foreclosed, police impound or other real estate situations. You can either renovate and sell or rent for residual income.
So, essentially there are two main types of investors:
- Those who buy pre-packaged investments
- Those who create their own investments
You know which are the most successful. In order to be one of those people, you need to know what to look for and how to respond.
- Find a good deal other people have missed.
- Raise the capital needed for the transaction.
- Put together a svelte team to execute the plan.
There is risk involved in every acquisition. The goal is not to avoid the risk, but to respond to the risk with confidence and a steady hand.
If you need help identifying potential money-makers, where to get the capital you need, and how to put together a smart team, try our GUIDED TOUR to gain access to our resources and tools.
Regardless of what stage you are at with your business, one of the main things you must work on is your mindset. To find true success in your life, implement the strategies in Mindset Questions: The Real Secret to Success. You can also gain daily inspiration through these podcasts.