blog, blogging

Procrastination is killing your dreams.

Are you someone who makes plans to start something but end up  pushing it off until tomorrow, next week, next month or next year? Or maybe you push it back so much that you never get started at all. Some people have brilliant ideas but never get to put those ideas to work.

 

Procrastination is killing your dreams.

Maybe you are someone who has many ideas but everyday you do things that take you further away from your vision. It is time to have a plan and take action.  To stay on track utilize the tools you have at your disposal. These tools can include electronic devices such as your phone, a tablet or even post-it stickers that you can put in locations where you will have to see them everyday. You can even mark a calendar or use a planner to stay on track.

You can have a million goals or plans for your life but if you do not take any action you won’t fulfill any of them. The only thing holding you back is yourself. Look at every invention you use on a day to day basis and imagine if the inventor never got around to focusing on bringing that idea to life.  Conquering procrastination is the first step to making things happen.

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Rental Income

Most people are aware of earned income which is income from working a job. Most of us go to school to get a job that can pay for our lifestyle and everyday necessities. What the wealthy among us know is that there are many other forms of income streams. I want to focus on one form of income in this article and that is rental income.

 

Rental Income-

Rental income is income received from renting out a property that you own to others.  For example, if you purchase a multi-unit house and rent it out, this will provide you with enough income to pay off the home and some extra income to use at your disposal. You can rent out rooms or different units. If you aren’t handy or don’t want to be too involved with the everyday work of owning the property you can hire a property management company who is knowledgeable. You can also hire a contractor that can handle maintenance for you. Building a real estate portfolio is one effective method of building wealth. If you buy a home and the mortgage is $2100/month but you rent out the home to 2 families at a rate of $2200 a month each, you will net $2200 in extra income a month. This can be used to make extra payments to have the home paid off earlier, to invest in other properties or to use in any way you see fit.  Setting up passive income streams is necessary in obtaining financial freedom. Passive income is defined by Investopedia.com as “earnings derived from a rental property, limited partnership or other enterprise in which a person is not actively involved.” Rental income is just one of many ways to build your portfolio to include multiple streams of income. If you lose your job tomorrow and your earned income disappears, would you be able to sustain your current lifestyle? If not you are not financially free and should look into including other types of income into your portfolio.

Self help

Sunday [RESET]

Sunday is the perfect time to reflect on your upcoming financial goals. Is there anything you want to change? Looking to rearrange your budget? Sunday is the perfect day to map out the steps you will like to take for the week that will help you meet your long term goals.

Create a list of the things you need to buy for the upcoming week such as food, gas, tolls, maintenance, bills etc… If you know where your money is going ahead of time it will be easier for you to account for where it’s going. Review any retirement accounts you have or your current investment strategies. Sunday is a day to unwind and it will be easier to handle finance goals when you are in a relaxed state of mind. Managing your finances when you are not stressed will make it a more pleasurable experience. What you do today will show in the future. Remember when you have a plan and execute it you are more likely to reach your goals. Action gets you results. Inaction leaves you standing in the same place. Don’t keep holding off until tomorrow, today is the best day to get started.

Self help

GOAL SETTING*

People set goals everyday but not everyone ends up following through with making sure they meet these goals. For example, you may ask someone where do they think they will be in 15 years and they will reply “I will be rich and traveling the world”. Now ask that same person how do they plan to get to this point and they are stuck. They do not know how they will do it. Someone who sets goals will be able to tell you what they will do to accomplish this goal whether it’s start their own business, invest a large percentage of their income, avoid unnecessary purchases etc.

 

 

I recommend having a long-term goal set that includes multiple short term goals along the way to assist you with accomplishing this goal.  Setting multiple goals along the way is beneficial because most people like to see quick results. How many people do you know that start a fitness plan but after two weeks because they only lose 2 lbs they give up. This is most of us because we want instant gratification. This is the culture we live in. To avoid giving up, I suggest setting short-term goals that can be met so you can feel like you are making progress towards the long-term goals you have.

 

Let’s say your goal is to save $100,000 in 5 years. If you are not a high earning individual who could save this amount in a lesser timeframe, I recommend breaking it down into saving smaller amounts of money in smaller time blocks. This will allow you to reach $100,000 by the end of that 5-year timeframe. This can entail setting aside a certain amount of money from each pay check you get to put into savings or investments over time to equal your goal.  If you don’t want to set exact numbers you can also create a chart with a list of steps to take to get you where you need to be. Please see chart below:

 

Screen Shot 2018-07-18 at 6.59.09 PM

 

This is just an example of how you can draw out a plan. I would recommend making your chart more in depth and creating a vision board. Place this vision board in an area that you will be forced to look at it every morning. If you see it every morning it will help keep you on the right track. What’s the point of setting goals then giving up on them continuously? Remember to take action , have a plan and work towards reaching each target.

 

“Keep setting short-term goals that will eventually help you meet your long-term goals. “