Financial Freedom is inter- twined with passive income. It is difficult to be financially free without having some form of passive income.
So, what is passive income?
Here is my definition:
“Passive income is any income derived from an initial investment of time, money, effort, or ideas without additional input of time, money, effort, or ideas”
So, for example, the cash flow from a real estate investment is a source of passive income. A published book is a source of passive income. A retirement fund can be a source of passive income. Network marketing that involves ethical distribution of funds to all participants (not only to people at the top)can also be a source of
passive income... Read More
The "Perfect" Investment Does Not Exist.
If there is one thing I have learned in RE investing, it is that there is NO such thing as a perfect deal. The perfect deal exists in our minds and in our dreams. You will never find it no matter how long and hard you search. Every home has something wrong with it.
I have never seen a home inspection that comes back in a one-pager that consists of a smiley-face, a thumbs-up, or a quick note saying, “Nothing to see here, folks!” Consider your own house or condo for a moment, and be honest: Isn’t there something wrong with it?
Sure, there are always catastrophic problems and red flags just waiting to sink you deep into the money pit, but then there are hundreds of little things that the average buyer need not fear.
If you find the "perfect" house, the price will not be "perfect" and vice versa! Read More
This week I read a fascinating interview with film director Steven Soderberg on why he is giving up on directing as a career path. One particular piece stood out for me:
“On the few occasions where I’ve talked to film students, one of the things I stress, in addition to learning your craft, is how you behave as a person. So I ask them, “What are the stories you want people to tell about you?” Because at a certain point, your ability to get a job could turn on the stories people tell about you. The reason he continued to ask me to work with him (after 5 flops) was because he liked me personally. He also knew I was a responsible filmmaker. If I’m an asshole, then I don’t get that job. Character counts."
Stop for a second and ask yourself what kind of story your tenants would tell someone about you as the property
owner in a casual conversation. Let’s say your tenants are sitting around with their neighbours and they are telling stories about their landlords, good or bad. Most tenants do this, especially if you have a multiplex unit. Read More
I am a huge sports fan. I have huge admiration for elite athletes who can perform at the highest level on the world stage and make a living from something they truly love. The dedication, commitment, sacrifice and discipline required to be an elite athlete is admirable. That is why it saddens me to see how some athletes squander their hard earned millions so quickly.
We have all heard the sad stories. $100 million one day and debt a few years later.
Whenever I hear a story like that, I cannot help but ask myself how this kind of thing happens?... Read More
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