How Can One Be A Millionaire

millionaire_road

REI – Real Estate Investment

 

Real estate is at the core of almost every business, and it’s certainly at the core of most people’s wealth. In order to build your wealth and improve your business smarts, you need to know about real estate.

DONALD TRUMP, Think Like a Billionaire

 

Many people are afraid to fail, so they don’t try. They may dream, talk, and even plan, but they don’t take that critical step of putting their money and their effort on the line. To succeed in business, you must take risks. Even if you fail, that’s how you learn. There has never been, and will never be, an Olympic skater who didn’t fall on the ice

                                                                                                                    DONALD TRUMP, Trump 101

 

(from the author: the above quotes are often easier said than done, it may seem impossible for some as they may have their own commitments, the sample quotes above and here and to do steps below are simply to spur us on including the author, to reach some of our goals and some are already, if not equally or very successful in their lives. one more inspiring quote by Ben Carson – THINK BIG,

” Your life is BIG—far bigger than you’ve imagined… the keys to recognizing the full potential of your life. You won’t necessarily become a millionaire (though you might), but you will attain a life that is rewarding, significant, and more fruitful than you ever thought possible..” )

More specific sharing on Real Estate Investment (REI)

Source: Extracted from PropNex Consumer Guide on Private Condominiums

“Millionaires become millionaires NOT by saving pennies, BUT BY INVESTING IN REAL ESTATE” (unknown source quote)

 

What are some of the key points to note if you want to succeed in real estate investment.

# 1. START EARLY

- Starting early has its advantages, for one the younger you are the longer the loan tenure you can secure, therefore your monthly loan instalment will be lower whilst your commitments and obligations are low as well.

- For those who wants to start now, should consider factors such as

a) ability to afford the house

b)  bank’s willingness to grant you a loan

c) take a long term view of the holding period of the property

 

# 2. DONT WAIT TO SAVE FOR YOUR DREAM HOME – THAT NEVER REALLY HAPPENS

- it appears many postpone the decision to invest in a property because they want to save enough to buy the dream property, which usually comes with a huge initial capital outlay.

- but when you do get to own a property, keeping pace with the market and the ability to hold out during the down market and increased interest rates, you will then reap its capital gains and accumulate wealth which you can then re-invest into better properties with greater potential.

- and so it pays off to invest early and NOT wait till enough is saved, which may NEVER happen

 

# 3. PLAN AHEAD, PRIORITISE – YOUR LIFESTYLE DETERMINS HOW RICH YOU WILL GET

- you decide what you want, nobody should or can force you to invest if you are not ready

- when young, many will not realise the benefits of investing in properties and fail to plan ahead and often squander their precious earnings in luxuries.