This is the easy part...
Once you have a goal for each day of the week plus you have a strong desire and you learn to manage money you are on your way to being successful.
Every day ask yourself, is your desire worth working towards? Is it powerful enough to make you committed each and every day to work on your desire? Or is it just wishful thinking?
Be honest with yourself. Life will always get in the way, so maybe you will need to wake up earlier to get things done. You may be exhausted after doing your job. Let me tell you these things don't stop for anyone.
All successful people make time to work their dreams because they truly do not want to be where they are now.
Also don't punish yourself. Some days will be better than others. Some days will really suck. But if you stick with it you will ultimately succeed.
So start your journey today and by this time next year you will have something to talk about.
How do you stay motivated?
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Here is my story of savings paying off and following my dream to get into real estate.
I work for state government in Alaska. We have much higher gross than net salary because so much goes into retirement. I always hoped all the money in retirement would pay off someday. That someday is here hopefully.
If all goes according to plan, my husband and I can use our retirement accounts here to buy a 4-plex. Our offer has already been accepted. When buying a multi-unit property you can (for some loans) use the income from rents to qualify for the mortgage loan. You may need to have 6 months worth of mortgage payments available on your own however in case of vacancies. In our case that is over $20,000! Our retirement accounts meet that need on paper. We will not touch them but they are there and will let the lender know we are "good' for the payments no matter what. The units are already rented so there is no danger of having them all vacant but this assures the lender we will not fail.
So, our retirement accounts are paying off big time right now even without touching them! My husband would get so frustrated feeling like we were broke and worrying that the stock market would crash or something would happen and that money would not do us any good. I kept telling him it would and that we would be successful one day.
Also, the home loan qualification is based on gross not net income and if you live in the building yourself you get lower interest rates, and better financing. We also resisted temptation to get new cars and have been fixing up our old ones. So, no car loans either. All these little things added up to our ability to qualify to buy a property worth over $600,000. Of course this is mostly due to the fact my husband served in the U.S. Marine Corps and has the full value of the VA loan available to use. Alaska is a high cost area so the loan limit is very high. With no money down, seller paying closing costs etc. we are on our way to making this happen.
