In David Phelps’ new book, he writes:
“Wealth is created by what you own, not what you do.”
Let’s expand on that…
More than Just $500 per month
I once did a phone consult with a husband-wife team to help them set up a corporate housing business.
The wife was not impressed about creating something that produced at least $500 per month per unit.
She felt her husband would “make more” working a part-time at McDonalds.
She completely missed the point.
She under estimated the system.
And most people do…
Owning Your Freedom Is More Valuable
Dr. Phelps wrote:
“If you’re not working towards owning or controlling capital assets then you’re just half participating in our capitalist system.”
What is an “asset”?
An asset is something that puts money in your pocket..
..like a job?
But an asset is much different than a job because you can’t sell your job.
And if you want to get ahead of your bills, once and for all, you need to start collecting assets that can be sold for multiples of their annual profits.
Let’s say your asset creates a $500 per month profit. That’s $6,000 per year.
If your asset was a business, you could sell it for 3x its annual profits which is about $18,000!
And how much can you sell a McDonald’s job for?
That’s the big difference AND the biggest secret!
Get Off the 9-to-5 Treadmill?
To free yourself from having to go to work, to really own your freedom, you need a plan.
That way you know, for sure, that you’re going in the right direction.
Nearly everyone know that real estate somehow helps people get rich…
… but the actual details are less clear.
Many Ways to Achieve Economic Freedom
Dr. Phelps was able to reach his Freedom Number by owning 35 rental homes and some of which were completely paid off. That’s and amazing plan that took him 15 years to execute.
On a similar note (but not the same) , I was able to create a monthly cash flow that allowed me to leave my engineering job by tinkering with an 8-unit apartment building.
I still needed more income to live an enjoyable the leisure that I wanted, but all I needed was eight (8) optimized rentals to pay the bills.
I accomplished this in just 5 years.
So you see, there are many paths you can take to own your freedom. That’s not really important.
The important thing is that you over come your fears and start working on a path that has proven results.
It Gets Better
The good news is that no matter where you’re starting from, you can achieve economic freedom if you can muster the courage to stick to a proven plan.
I have a proven plan for you so you don’t have to reinvent the wheel.