DataDrivenInvestor
Sep 2
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Okay, women, we need to have our own assets, too! Women can be financially brilliant, real estate tycoons, and asset builders, just like our fellows. If you haven’t started your path of building assets, today is your day to get started.
Once you are financially liberated (paying off debt, increasing your income, and managing your money better), you can give more attention to asset building, which is another term I utilize to mean saving and investing. This is a brilliant time to increase your net worth and enhance your position of financial liberation — debt-free. This is also a superb time to start giving more to others who have less than you.
One key thing to remember about debt: Debt is not bad if you can afford it. Some people have debt or liabilities but still have a positive net worth due to savings, investments, and liquid cash. To sum it up, be different; have the power to buy your way out of debt with your resources — if you choose to have liabilities. However, If you have experienced being deep to your knees in debt (or still are), avoid getting deep to your knees in debt again.
When you have debt, your focus should be on paying off your debt instead of saving large sums of money. But, when you are out of debt, a good idea is to save a minimum of 25% (preferably more) of your entire income. This fifteen percent could be for a future house, car, or simply for retirement.
I will mention here that the one caveat is: don’t stop saving and investing while you pay off debt. You can’t get time back. Though people say interest rates (e.g., credit card debt) will work against you, not investing will also work against you due to compound interest.
Find a way to balance paying off your debt and investing. I practiced this, and it worked 100% well. In fact, I wish I has focused even more on investing while I was paying off my debts. Seriously, you can’t get time back, which is the best friend of compound interest.
I’m no expert when it comes to investing, but one thing I do understand is the rule of compound interest. When you invest your money into funds that yield ~10%, you will inevitably increase your net worth in less time.
If you are unfamiliar with investing, teach yourself. Invest some time into learning about the subject by reading books, watching videos, and attending free seminars online or in person. All you need to get started are the basic concepts, and then you can learn as you go from there.
I started reading Robert T. Kiyosaki’s books as a kid, but I didn’t know what the hell he was talking about, which is why I had to re-read the books several times. I’m still no master at the Real estate or investing game, but I consistently am acquiring knowledge to make more informed decisions.
Many claim that real estate is the best way to build wealth, and I concur. If you’re not investing in real estate, this is your cue to start.
Some people recommend buying physical property; others recommend REITs. My minimalistic habits carry over into my investing, so I don’t work with direct physical property for now. I’m a REIT woman.
Think of REITs as a way to own property without having to get your hands dirty. It’s essentially the same as investing in a 401k or ROTH IRA, except you’re investing solely in property — along with many other investors — aka crowdfunding (the practice of funding a project or venture by raising small amounts of money from a large number of people).
Learn more about REITs: here & here
Hey, I’m Destiny. Follow me on social @desertnatty. I give free eBooks daily. Learn how to publish your first book. Not a medium member? Become one
This article is for informational and entertainment purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
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