Real estate investing, specifically, buying and holding property for the long term creates incredible wealth and return on investment. You will gain cash flow, appreciation, equity buildup, and tax savings. Mix in creative deal structuring and you have a potent asset class.
Entrepreneurship and active alternative investing requires that you have a solid base of skills and knowledge to do well. I am an unbelievable advocate for lifelong learning, reading, learning new skills, and personal development. I don’t think there is anything you can invest in that will give you a greater rate of return.
One of the most alluring concepts in personal finance is the concept of multiple streams of income. The idea that you have several streams of income flowing into your bank account from a variety of diversified sources. If one stream dries up you have others that will take its place. Today having multiple streams of income is a survival skill.
Many people have a vision of what a “rich” person looks like. They see it in the car they drive, the house they live in, and the clothes they wear. What if they are wrong? What if that is not what the wealthy look like? Wealth looks different. This is why the “rich” will never be wealthy.
If you have been following any personal finance topics long, you have been told six ways from Sunday to avoid credit card debt. Overall, I will agree that this is a sound financial policy. Credit cards are the most profitable thing a bank can issue because the interest rates are so high. Once you get pulled into more debt than you can pay off each month, you are trapped.
Our schools and even colleges don't teach students about personal finance and investing. Far too many people don't know anything about the most common form of investing, which is the stock market, let alone alternative investing. According to a 2016 Gallup survey,...