Running a successful business takes massive effort and the right
mindset. We have found that one key part of the proper mindset for
success is establishing a solid financial foundation. We are often
asked, “How do you achieve a solid financial foundation?” It’s
actually very simple. Tithe. Save. Invest. That’s the formula that
has worked for us. Perhaps you might want to try it.
For us, the principle of tithing is based on our Christian faith.
However it is a universal principle no matter your faith. We
believe that you should give God a share of what He has given you.
Tithing is more than just money. It includes your time, your
talents, your gifts and anything else that you have been blessed
with. In my previous blog, “Sometimes it’s not about the Money,” I
mentioned that tithing includes giving of you to make other peoples’
lives better. Tithing allows you to show just how appreciative you
are for the blessings that have been bestowed upon you.
The second part of the formula is saving. Saving allows you to put
aside some of the fruits of your labor for when you need it most. It
allows you to accumulate capital and have instant access to these
resources. Savings can help you achieve some of your financial
goals. Whether it’s a comfortable retirement, a down payment for a
house, or a new car, or stereo, you can get there by setting money
aside. And best of all, you can have what you want without getting
bogged down in debt. The unfortunate part of saving is that it does
not allow for much growth. Saving should lead to investing in some
of the instruments or types of property that I mention below.
This third principle is based on the fact that you need to invest in
something that will allow you an adequate return on investment
(ROI). Investing means that you believe in a something so much, that
you expect it to pay dividends in the future. Investing can take
many forms. You can invest in paper instruments such as stocks,
bonds or notes. Or like us, you can invest in real property such
as, houses, apartments, commercial buildings, and land. Or you can
invest in businesses. One of the most important investments you can
make is to invest in yourself through education, coaching and
mentoring. The key to successful investing is to know why you are
investing and to understand every aspect of your investment.
To learn more about these principles and for your free copy of our
recent report on how you can develop the mindset and habits needed
to become a successful real estate investor click here: