So how do you come up with a plan to change your life?
Most people make the mistake of thinking they need huge sums of money. (You don't!)
So here is how to get started...
Write down your total outgoings each month (mortgage, rent, debts, food, fuel, clothing, nights out, subscriptions to things like Netflix and anything else you spend money on).
Don't forget to really dig down and find out where your money is going to each month too - If you spend £2 in the work vending machine every single day
You do your big weekly food shop and have a budget but then you regularly do 'top-up' shops in the week... that all needs to be on there.
Once you have all your outgoings that's your figure you need to focus on.
This figure is your monthly living allowance you have to earn to pay the bills and service your debts and life your day to day life.
Ok so that's the bare minimum you need each month. But now how do you plan to generate more than this?
This is all done in steps - you don't just jump straight to financial heaven because you got involved in some property strategy.
Firstly you need to choose a property strategy that works for you around your day job and is actually workable! There is no point in choosing a strategy that requires 20+ hours a week, if you have a full time job already!
Research what is possible for you and what works in reality.
Then you need to understand the earning potential for that specific strategy and how you obtain cashflow and how regular that cashflow is likely to be too.
For example if you chose 'property sourcing' and we said each property you sourced and traded on to an investor earned you £3,000 then you can very easily work out the rest...
Let's say your current monthly living allowance is £3,000 (for all your bills etc)
You would need to source and trade 1 per month to equal your day job income.
You also know that in this example if you sold two then you have doubled your income, which is obviously very good.
So once you know the earning potential and what you need, you have a target to aim for... remember I said you do this in steps?
- How much do you spend monthly on living? - Pick the right strategy for your situation - Learn that strategy inside out and back to front - Network and build your contacts - Generate your first fee - Learn and scale up (get quicker and better and hone your skills) - Scale your business and your income
Now it all sounds straight forward but I'm not here to sugar coat things for you. There is a huge amount of work and absolute commitment needed.
Property is not 'get rich quick' but I do believe it can help you get get rich quicker than most day jobs!
You can stay as you are now or you can choose another path, another way... and change your destiny.
For more property knowledge, free downloads and more blogs, podcasts and free workshops - go explore our website.
Choose your strategy here: https://www.psnpropertyblog.com/courses
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Thanks for reading, I hope you found it useful :)