Jenny wants to build wealth through rental properties. So Jenny finds a duplex for $250,000 in her neighborhood. After running a careful analysis, she determines that it is a good deal. Jenny uses a $50,000 down payment and obtains a 30-year loan for $200,000. Combined, both units bring in $3,000 per month, but Jenny’s expenses average just $2,500 per month, leaving her with $500 per month in cash flow, which increases each year as rents climb with inflation. Although that income is taxed, she doesn’t have to pay any because of the depreciation deduction she gets on the property, thus part of the tax benefits of owning it. Over the next 30 years, the value of the home increases to $600,000 (a 3% per year increase due to appreciation). Finally, each year during those 30 years the loan has been paid down, and Jenny owns the duplex free-and-clear. She now has an asset worth $600,000, plus she’s making thousands per month in cash flow.
I kept trying to think of more and more things to add to the article, but the fact is, becoming a millionaire requires only diligence and self-control. You do not need to make a ton of money, you do not need to be an investing guru, and you do not need sheer luck. You just need to want it badly enough that you put in the effort and sacrifice required.
Bev James is Founder and MD of the Entrepreneurs’ Business Academy and is also the MD of The Coaching Academy, the world’s largest coaching organisation, a multi-million pound business. She is a Business Performance & Entrepreneur Coach with over 20 years’ experience transforming businesses in diverse sectors including coaching, training, recruitment and health & fitness. She is also a European Master Trainer for DISC personality profiling/strengths based assessment and has vast experience of the people-element of business, recruiting high performing teams, talent management and talent retention, particularly in challenging environments. Bev has coached many high profile entrepreneurs to the success they enjoy today and has a thorough understanding of the mindset and issues affecting entrepreneurs and business owners.
A friend of mine went around all the local antique stores, took notes of the antiques and photographs of them. He then published them on eBay. He became so busy that his wife has given up work to work with him full time instead. She works extra hours, but it’s more fulfilling than having an idiot boss breathing down your neck.
I am married with 6 kids. I started my business from scratch 20 years ago. I have a high school education and am a cash millionaire at 42 years old. It’s possible with hard work persistence an living below your means.
Break bigger goals into more actionable smaller goals. For example, if one of your goals is to have a growing business in a year, start with the goal of fleshing out a business model within the first month.
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Start by purchasing a home that you can comfortably afford and drive vehicles that suit your lifestyle without straining your budget. You don’t have to be pulling down $75,000 a year and drive a 1992 Civic Hatchback or live in a dump, but throwing your money at a 4,000 square foot home in a gated community with luxury cars or SUVs that cost as much as one year of your salary won’t help you become a millionaire. Some may argue that an expensive home and real estate in general is a good way to become a millionaire, but I will touch on that later.
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