Learn why you must see the wealth building success that you desire–so that you can reach higher…
It is important that whatever your wealth building goals are–you have a vision of those goals and a clear vision about how you will go about achieving those goals–now during COVID-19 and throughout your lifetime.
Whether you desire to pay off your current burdensome debt, create that emergency fund that you know you need and deserve, plan for success by using a blueprint for success that includes creating a cash flow statement, creating an income statement, creating a balance sheet, knowing your net worth in terms certain, mastering your credit and attacking your finances in a comprehensive manner—you must have a vision of it happening–and you must know the steps that you need to take to make it happen!
If you have a vision of buying real estate and using the property for rental income or quick turning the property for a profit–you need to see it happening and know how it will happen.
You must ask yourself pertinent questions such as does the property that I am considering require repairs and if so how extensive–and what will the cost of doing so be? When do I expect to finish the project and be on target to rent or sell (holding period) the property? What is the “average number of days to sell” in the area that I am considering for purchase? Will I be purchasing in an area with strong schools?
Will I be financing or will I make a cash offer? What is my entry point as far as purchase price?
In short, what can I afford–acquisition wise and construction/renovation wise and what do I realistically expect to happen after I make this purchase?
Do I have a contingency fund (10% or more over what I expect to spend on repairs/renovations) in case there are costs that are not anticipated?
Unforeseen and unexpected renovation costs–usually have a cost associated with them and you want to know and plan for this on the front end!
Always consider your timeline of ownership as a factor as holding period can eat into your expected return. Will outside forces slow you down or do you have a contingency plan?
Are you pursuing a 30% return or a 20% return? It is important that you know what return you want and can realistically get–on the front end!
You also want to know what is going on in the neighborhood so that you can avoid the pitfalls that have negatively affected many home buyers. It is important that you use your common sense on what needs to be repaired on the front end–and be aware of contractors and others who may be out to get you–financially speaking!
By looking at the property and doing a walk-through–you want to know whether window replacement, garage door replacement, roof replacement, hardwood floor repairs or replacement (in other words you need to know the basics) and other concerns need to be made “prior to making an offer” on the home that you intend to purchase for rental purposes, quick turn for a profit or even if you plan on using as your personal residence!
In short you must have a “vision of what must be done” to the property and a vision of how you will acquire the property!
Likewise, you must also have a vision of what needs to be done in all areas of your finances if you are to achieve at your highest level of excellence while here on planet earth.
Regardless of what you visualize to achieve–you don’t want to make mistakes on the front end if you can avoid them. You can reduce your odds of making mistakes by frequenting this site, other helpful sites and proactively approaching your finances by having a yearning for success–and by getting out in front of your finances and not seeking knowledge after you have made a bad choice or decision!
Your vision of success must start by seeing the light–and the first step toward lasting success is to get your credit and finances right–whether during daylight–or at night!
By doing so you enhance the probability of success in your wealth building efforts and in ALL endeavors that you will pursue–including those goals named above that you may have or other goals that are particular to your and your family’s future success and desires.
Whether you have a vision of improving your insurance position, investment position, tax position, education planning position, estate planning/wills position and/or retirement planning position–it is important that you align with someone who provides a blueprint for success so that you can avoid common mistakes that are all too common (no pun intended)!
Where appropriate, you also want to select professionals of high integrity who can further assist you when and where necessary.
Although you may be one who likes to do it yourself in other areas of your life–your finances in many areas can also be done by you–if you learn in advance what you need to do.
However, in some areas professional advice may be warranted as some areas of finance are nuanced–and if managed effectively may have the potential to provide you additional and more beneficial success opportunities throughout your life–therefore it may be crucial that you get it right so that you can avoid financial strife!
Unforeseen, unexpected and unexplained events that you did not plan for will occur throughout your lifetime and it is important that you prepare for those events in advance. Even so, you still want to plan appropriately so that you can still attain your vision and do what you need to do so you can achieve if you take consistent action over a number of years.
Your vision of success means that you will not make excuses and you will proactively attack your finances so that even when adversity occurs–there can be no other outcome other than the success that you desire–whether in the COVID-19 environment–or any environment.
Ultimate success must be a part of your process or theme as you reach higher to achieve your dream!
You must have a back-up plan in case your vision needs adjusting–and your drive toward your vision must be a true thing!
You truly are the determining factor for achieving the vision that you see–and being who you were truly put on earth and meant to be.
All the best to your vision of success as you now should expect nothing less if you are at this time willing to give it your absolute best…
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