Ready to build a bulletproof financial life that puts you in control, regardless of external factors?

Then you're going to love one of my favorite concepts when it comes to wealth building strategies.

The concept is called "creating your own economy" and I learned it from a mentor of mine over a 2 hour lunch.

A few years ago, we met up for lunch, the beer was cold, conversations were flowing and many nuggets of wisdom came out of our lunch, but one stuck with me more than everything else and it something I've applied to everything when it comes to my finances.

Creating your own economy.

What does it mean?

By creating your own economy, you develop a personal financial system that thrives no matter what’s happening in the world. This isn’t just about surviving downturns, it’s about achieving financial stability and growth in any situation, regardless of external factors. The big wins here are massive: rock-solid financial security, full control over your financial future, and the power to capitalize on opportunities no matter what the economy is doing.

Diversified Income Streams

Diversifying your income streams is an absolute game-changer for managing risks and keeping things stable. As a real estate investor, I’ve experienced first hand just how impactful it is to have multiple sources of income. It provides you with a strong peace of mind knowing that you’re not at the mercy of any one thing going sideways. People who have diversified income streams typically come out way better than those who put all of their eggs in one basket during market downturns. Developing multiple streams of income isn’t just smart, its essential.

Types of Income Streams:

1.     Active income: Earnings from employment or trading your time for money.

2.     Passive Income: Income from investments such as rental properties that pay you regardless if you work or not.

3.     Business Income: Profits generated from entrepreneurial ventures.

How To Build Multiple Income Streams:

-       Identify Opportunities: Look for opportunities to diversify your income, whether through side hustles, investments of starting a business.

-       Develop Skills: Invest in skills that can help you earn additional income.

-       Balance Effectively: Manage your time and resources to ensure that each income stream is maintained without overwhelming yourself. 

Importance of Financial Education

Financial education is the bedrock of creating your own economy. We are never taught any real financial education in schools and often time it’s all on you to properly educate yourself. Who you get your personal finance and investing advice from really matters. When you begin to grasp financial principles, investment strategies and economic indicators, you’re empowered to make smart, informed decisions. It’s not just about knowing the basis, it’s about leveraging your knowledge to continue to build your financial fortress. Some great ways to continue educating yourself are through reading books, listening to podcasts and investing in online courses. 

Concepts to Master:

-       Budgeting: Creating and maintaining a budget to manage expenses.

-       Investing: Understanding different investment vehicles and strategies.

-       Tax Planning: Learn about tax-efficient investing and deductions.

-       Risk Management: Identifying and mitigating financial risks.

Choose The Right Investments

Strategic investments are key for building a strong financial ecosystem. When you’re picking investments, think about stability, growth potential and risk. Real estate investment is a powerful tool for creating your own economy and is a vehicle I swear by. This is due to its potential for stable cash flow and appreciation.

While real estate is my go-to investment vehicle and can be a cornerstone for building your own economy, consider diversifying into other assets like:

-       Stocks and Bonds: Provide liquidity and potential growth.

-       ETFs: Offer diversification within a single investment.

-       Alternative Investments: Such as peer-to-peer lending, real estate syndications, commodities, etc.

Developing Your Financial Strategy

Creating a financial plan means setting clear, specific goals and building a portfolio to hit them. Start by figuring out where you stand financially, set both short-term and long-term goals and map out the steps to get there. This is how you take control of your financial future and make your money work for you.

Once you have a plan in place and have reverse engineer how you plan to achieve your goals, be sure to regularly review your financial plan and progress. Make adjustments as needed and use financial tools to stay on track.

 In Conclusion

The life changing concept that I learned in that 2 hour lunch has truly been just that, life changing. For me, it was about creating my own ecosystem to support my lifestyle regardless if the economy is in shambles and one that doesn't rely on me trading my time for money. That's why I chose real estate, due to the ability to build up enough passive income to pay for my living expenses. So, I challenge you to put the pieces in motion to begin creating your own economy, it's by no means easy, but I promise the peace of mind that comes from solving your money problems frees you up to focus on things that really matter to you.

 Whenever you're ready, there are 4 ways we can help you:

1.    Schedule A 1:1 Call With Me: If you are interested in learning more about how to passively invest in some of the best opportunities, let's connect. Schedule a call on my calendar and we can discuss potential opportunities that align with your specific goals.

2.    The Passive Investors Guide: Download your free copy of our investor's guide. Inside you'll learn how to turn your active income into passive income with strategic real estate investments based on your specific risk tolerance. This comprehensive guide will teach you how our investor's are earning ~ 20%+ annual returns with hands-off, multifamily real estate investments.

3.    Investing w/ Your 401k/IRA: Join hundreds of other investors who invest in lucrative real estate investments with their old 401k/IRA's. Our webinar teaches you exactly how to invest in cash-flowing real estate and stop settling for average returns that typical retirement accounts offer. Go ahead and watch the replay for actionable tips on how investors are earning 16-20%+.

4.   Money Monday's Newsletter: Check out our weekly newsletter - Money Monday's, where we share practical tips to guide you on your wealth-building journey in real estate every Monday Morning.