Money Mindset

Money Mindset discusses the experiences and opinions of a middle-aged professional on the topic of money, including: financial planners, investment experiences, part-time income sources, real estate investment and private sales, web site income opportunities, changing professions, home office organization, money education for kids, and many other subjects I have experienced first hand or even just thought about.

Thursday, August 17, 2006

Soul Soul Searching and Refocussing

I just realized it's been 4 months since my last post.

So, what's happened? I just found I was getting so de-focussed, I had to re-evaluate all my activities. I have also been spending time on budgeting.

The bottom line is that I have decided to focus on two main efforts for the time being: consulting and real estate.

Consulting is currently my career, which everyone needs to have. Even Robert Kiyosaki says you should go to school and get a good education, but not necessarily so you can get a good, secure job. But when you are starting to make a shift from being an employee to a self-employed, business owner or investor, you have to keep a steady income to support your family and other financial commitments. With a clean slate, as a young adult, it should be much easier to start by focussing on becoming an investor.

So, consulting is the business I do to support my life-style.

Real estate investing is what I consider to be the best way to build equity, but I don't believe you can easily get rich quick with real estate, unless you have a number of pre-qualifying circumstances you can leverage. I may talk about that at another time.

For the moment, my efforts in real estate investing are being concentrated on finding solid cash-flow opportunities, assuming a 25% downpayment. I would advise anyone interested in real estate investing to start by aiming to buy at least one rental property for themselves. Then, the best way to expand your investing business is to become known as an expert and look for joint venture partners to provide future downpayments. A solid business model can be created that will not require you to put down as much of your own money.

For more information on how to do this in Canada, I recommend using www.reincanada.com and to start by reading "Investing in Canadian Real Estate using the ACRE System" by Don R. Campbell.

There may be faster ways to build wealth, but I don't think there is a better way for people who want to buld it with integrity and ethics. The REIN approach allows you to treat real estate investing as a business that you can be proud of, and to be professional. They teach you how to attract investors who have money and ideas that align with yours.

So, it may be that most of my future posts will relate to running a consulting business, or building a real estate investment portfolio through Joint Ventures.

Hope to post again soon.

Thanks for reading.

...Scott

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