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What are your goals for financial freedom?
If you don’t have any, ask yourself what you really want to accomplish in life, and start making your dreams a reality. And there’s no reason to dream small. As our friend Donald Trump says, “I like thinking big. If you're going to be thinking anything, you might as well think big.”
Don’t let fear get in your way. Surround yourself with supportive people and increase your financial education every day. For help, check out the Triple-A Triangle™ of Aspire, Acquire and Apply to help you reach your dreams and our resources on the site. You’ll also find inspiring stories from several women who overcame their fears, pursued their dreams and are now well on their way to financial freedom in my book, “It’s Rising Time!”
And for those of you who have already started investing in assets, it’s time to dream bigger and turn good deals into great deals.
How do you do that?
Well, instead of just looking at the cash flow on a potential investment, start looking at the upside, or “what you can do to increase the value of an asset.” For example, you may be able to add coin-operated washers and dryers or covered parking to your apartment buildings. Perhaps, you learn about a new, medical breakthrough and can invest in a business that has expertise in this new technology? Finding solid investments that provide cash flow is good, but when you find investment opportunities that increase value with outstanding upsides, that’s exciting!
How do you find upsides?
Being successful in anything in life is all about solving problems, knowing what your customers want and delivering it. Think about it. Steve Jobs gave us the personal computer. Henry Ford made it possible for the masses to have their own automobiles. Sara Blakely gave us Spanks® body wear. Anita Roddick gave us natural skin-care products through the Body Shop... the list go on. The same goes with finding investments with upsides.
Think about a problem that needs to be solved. For example, do your tenants want a washer and dryer in their apartment instead of having to carry their dirty clothes to a laundry facility? If so, look at the costs involved and how much you can increase the rent by adding the machines or hook-ups to each unit.
If the Net Operating Income (NOI), or the gross income minus expenses, increases with this change, then you increase the value of the property. This means that you are not only giving your tenants what they want and helping to solve their problems, but you are also increasing your cash flow in the process.
Be creative!
creative
Instead of stressing out about solving problems or purchasing a specific investment, be creative. Start thinking “outside the box” and get to know what your customers want so you can help make their lives easier. It can actually be an enjoyable process because you get to think of crazy solutions. And if none of them work, then you don’t have to purchase the investment. However, if your idea works, you may end up with a great upside, a more valuable investment and additional cash flow. Now, that’s fun!
Stop worrying and start increasing your cash flow!
With so much going on in our busy lives, it can be easy to put our dreams aside to make sure we fulfill our responsibilities to family members, friends, partners, bosses, and more. But in order to achieve financial freedom, it’s essential to have a goal, get the financial education necessary to make that dream a reality and take action on what you learn to make it happen.
And once you start pursuing your goals, don’t forget to think big. Instead of fearing problems, get the support you need to be successful. Have fun and be creative. Then, you will be more likely to find solutions that will help your customers and turn your good deals into great deals.