Passive cash flow is the only effective method for getting out of debt.
By now, you have probably heard all of the traditional advice about getting out of debt: Personal budgeting principles, cutting up credit cards and paying smallest to largest, debt settlement, debt consolidation…on and on and on. But even after getting out of debt which was created by borrowed money, you still have a consistent “debt” which has to be paid every single month for the rest of your life.
It is called your living expenses, and even if your house and your car and everything else are paid off, you still have to buy the things that you need to survive: food, electricity, taxes (sort of), medical insurance and clothing. All of these things create a consistent negative cash flow which is similar to the payments created by borrowing money. The only way to free you from this “debt” completely and to escape the “daily grind” is through building a solid passive cash flow. {Read More}
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Are you thinking about investing in real estate? That’s great! Investing in real estate affords you the opportunity to improve your cash position and create new personal wealth. Real estate is tangible, engages the art of negotiation, and will always have value even in the worst of times.
But real estate investing has risks which are serious enough to cause the opposite results to occur that is a loss of your cash and wealth. These seven steps will help you to prepare and avoid many mistakes as you enter the real estate market. {Read More}
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Increasing your cash flow through investing in property has always been a popular method for personal wealth building. Think about it: housing represents a consistent tangible need, and as long as people are buying it, it will remain one of the best strategies for increasing personal cash flow and building wealth.
The problem is that you can lose LOT of money using real estate if you do it the wrong way. Let’s look at a few ways to eliminate risk when using property investments to increase your cash flow. {Read More}
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Over 70% of working Americans find themselves living from paycheck to paycheck despite having increases in income. Similar to most people, you pay everyone else first — taxman, landlord or mortgage holder, credit-card Company, and so on. You even try to manage with a budget every week, month, and year hoping that if you try harder than before there will be some money left over.
A fire will burn until the fuel runs out. The same happens with your spending which will continue until the money including that provided by credit runs out. As long as money is available in accounts without a significant purpose, our human tendency is to spend until it is used up. Looking back over a few years you must have had increases in your income or household income, but you still find yourself struggling to make ends meet despite the increases. Interestingly, as you made more, you spent more.
Regular contributions to a “Pay Yourself First (PYF)” account starting with any amount is a beginning solution to stopping the game and interrupting the vicious cycle. By adopting the PYF habit, you can begin to regain control and set a pathway for a better and healthier future for your personal finance. You cannot look for that extra money to set aside in a special way after you have taken care of all other expenditures. Instead, you must make the first disbursement of your disposable income to your PYF Account.
Just as with any other bill payment, consider that disbursement made for personal professional service rendered leaving your operating account with less money, and that money cannot be reclaimed. Your monthly utility bill comes for the amount of energy used and when paid you have totally less money and no reclaim to the money paid. Further, you receive no equivalent credit for any future energy services because of your long standing relationship as a good and faithful customer.
Not so with the regular disbursements made to your special PYF account. This account grows and begins to feed upon itself from regular contributions, exposure to daily compounding interest, and from you taking advantage of opportunities to velocitize your money.
Your PYF habit affords you the opportunity irrespective of the initial amount to accumulate working capital to generate new wealth and endow your future with a better financial health than now.
Act now to receive your free ebook on Personal Wealth-Building and learn more about value-added spending, revenue retention, finance and health, and cash flow and debt management strategies.
