How to become a money magnet and sail through a crisis
While Coronavirus took us all by surprise – shifts and changes in markets and values happen all the time in property. If you want to be successful in the game of real estate, you have to learn how to become a money magnet.
Being a money magnet means understanding that yes, there will be tough times, but ultimately you are still in the driver’s seat in your ability to create wealth – despite what’s going on around you.
It’s easy to stay on top when life is going your way. But how do you cope when an unexpected crisis puts you in a spin?
Money is often a trigger point for crisis. This could be because of poor planning, unexpected events or even a negative money mindset that’s unknowingly holding you back.
To move past this and to better navigate through the scary and unknown, you have to be a money magnet.
STEP 1: CHANGE YOUR THINKING
If you want to make money, you have to be comfortable talking about it, learning what you don’t know and letting go of old habits that might be hindering your success. Unless you went to a very progressive school, chances are you’ve never been taught about how to make or manage money. Equally, while your parents might have told you money was important, they probably weren’t chatting about their bank balances over Sunday lunch. Money isn’t a dirty word, so start talking, learning and thinking about it with property experts like us who can help you get started on your journey to becoming a successful investor.
STEP 2: CREATE A WEALTH FRAMEWORK
Every million dollars starts with a single cent, so look at what you have and figure out how to build on it. A budget is crucial. Look at where you’re spending unnecessarily and work out where you could better use that money to create wealth. Property is the perfect structure in which to make more money because, when it’s done right, wealth grows with very little input from you, but you need to get your relationship with money right first. Talk to us about how to create a budget that works for you.
STEP 3: LOOK FOR OPPORTUNITIES
Deciding to invest in property is a great way to grow wealth, but you need to be an active participant if you want maximum return. Part of your job is to look for new opportunities to increase cash flow. This might include things like regular tax deductions or locking in equity when your property increases in value. If you’re creating new opportunities when things are going well, when a crisis – like COVID-19 – hits, you will have a buffer in place that allows you to ride out the storm.
STEP 4: BE READY FOR THE UNEXPECTED
There’s a saying – never let a good crisis go to waste. Back in 2008 when the GFC caused the biggest financial crisis we’d ever seen, it was hard to imagine that anything good would come from it.
What we know now is that time was an incredibly powerful buying opportunity for property. If you had the money you could have invested then and be reaping the rewards now. Being a money magnet means looking beyond today, seeing the opportunities that lay ahead and capitalising on them.
BECOME A MONEY MAGNET!
For more strategies on how to deal with a crisis, create a budget or become a better money magnet, book a spot at one of our events.
At our free property investing seminar, you’ll be equipped with the tools, resources and support to thrive, and not fall behind on your path to financial freedom – whatever that may look like for you.
Book your spot now and find out what you need to know about the current market landscape and how you can make it work for the ultimate wealth creation opportunities.
Co Founder Positive Real Estate