3 Steps For A Real Estate Heavyweight To Fire Their Boss

Most people who get into real estate investing are approaching it as a means to replacing their current everyday job. The most common statement is “I need to have enough salary where it earns me the same as my present salary.” Almost anyone can dabble in real estate investing and hope to make some money. But truly doing well enough to leave your "career" and strive to be a full time real estate heavyweight - that requires constant work, commitment, and a PLAN. Let’s look at how to start making your plan of escape. Remember, if you skip the planning, you most likely won’t make as efficient use of your real estate know how as you could.

The first thing you absolutely must is discover how much cash flow per month you absolutely must have to make ends meet. This doesn’t mean “what I’d need to have so I can take an extra golf trip.” No, this is NEEDS only. This means creating a budget and staying with it, something that is VERY hard for many people. Don’t skip this step, as it will point you in the right direction for setting your goals.

As far as your goals, the next thing you need to do is to formulate a plan of what you desire your life to look like in the future. I’m not referring to your "golden" years, that comes later. I mean between one to five years from now. After all, if you don’t have a crystalized goal in mind when you start, how will you ever attain it?

Next, get control on your expenditures and debt. Audit the budget you formulated above. What do your expenditure practices say about you? If you have a large chunk of debt or spend a lot of your cash on non essentials, you may not know how to work with financials well and are going to have to make a few sacrifices. Learning how to make money work for you is critical if you plan on leaving your job and becoming financially self-sufficient. When you have too much debt, it is taking you hostage.

When you start amassing more fundage from your investments, fight the temptation to expand your spending. So many people, if they get an increase of, say, $5000 in earnings, will simply increase their spending by the same amount. This will put you no closer to being able to quit your job! Instead, utilize it to pay down and get rid of whatever debt you have.

These are just the first steps you need to take. The route from being enchained to your job to being able to leave that job involves more exercise and planning. 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 realize the fdrame of becoming real estate heavyweights the rewards are well worth the effort.

By: Pat Friedl

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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.