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This week, I am sharing my top 3 financial tips to help you invest in real estate. Get ready to be inspired, ladies!
When talking about money, we can often get nervous or shaken up. Trust me when I tell you that I didn't know much about what to expect with all the costs associated with buying and
maintaining a property!
But as I've learned and grown from my past experiences, now I can pass on some of that hard-earned wisdom to you lovely people on finding the money you may not have realized you have! Listen to the Full episode on the Lady Landlords Podcast here!
Tip 1: Create a Budget
Many of us don't realize how much we spend and where we are spending it. Taking time to sit and map out where your money is coming from and where it's going will allow you to see where you can make some changes to fund your project!
I wasn't so great at this, and my husband helped us greatly by tracking our spending habits, so we could find funds to put into savings and investment accounts, which we could allow to grow and work for us. Sounds like the dream, right? Having this blueprint of your cash flow is also great practice for when you have your investment properties, so you can keep track of what's working or what needs improvement.
Tip 2: Increase Your Income, Get Yourself a Side Hustle
Let's face it, we may not be able to simply ask for a raise or easily make more money with the current job we have, so we need to get creative. And I love creativity!! Spend some time finding out what other skills or interests you have that you can do part-time.
Bump up that revenue and keep your spending low for a while, and watch that $$ grow, baby!
Tip 3: Put Your Money in Other Investments
Are you like many of us that have trouble holding on to your moolah? One thing my husband and I do is we have an amount that overpays our rent, and that goes into the bank. So if our payment is $1200, we deposit $1500, and now we have an excess of $300, then we repeat this over and over. This is a great way to sort of trick yourself into putting money away to allow a nest egg of funds to build.
Another strategy to set yourself up to win is by having a recurring direct deposit into savings or investment accounts automatically. Accounts that you cannot touch! Cover your expenses, of course, but have that extra go into savings and don't even look at it. These little habit changes can result in huge results that will help you get started in Real Estate with ease!
So let's recap:
🌟 Create a Budget
Get yourself organized to see how your money is behaving.
🌟 Increase Your Income with a Side Hustle
Use your skills and get creative to bring some extra money in.
🌟 Put Your Money Away and Let It Work for You
Trick yourself into putting extra income with automatic deposits. A little discipline goes a long way!
Listen to the Full episode on the Lady Landlords Podcast here!