Obstacles to Financial Freedom
On this podcast episode I talk about something that I see time and again with many of my new coaching students, which is a real obstacle to their financial freedom It is also the one thing that every new real estate investor needs to know and understand BEFORE they can learn how to create wealth. This concept is something that seasoned investors take for granted (including myself). It is only through coaching others that I realized how many people did not understand basic financial concepts. This obstacle is also the same reason why some investors need to sign up for multiple real estate programs before the concept finally sinks in. Did you know that more than 50% of our coaching students have already paid tens of thousands of dollars to other real estate coaching programs BEFORE they signed up for my coaching program? Why? Because of this concept which I call "Obstacles to Financial Freedom", and it is by far your biggest obstacle that stands in your way and prevents you from living the life you imagined. You can learn the systems, techniques and tricks of investing in real estate by watching thousands of YouTube videos, or by listening to hundreds of podcasts like this one. There are literally hundreds of thousands of videos and podcasts out there that can teach you about investing in real estate, wholesaling and flipping houses. The concept of investing in real estate is actually a very simple concept. But people make it complicated by not understanding basic principles of how a mortgage works, how amortization works and how borrowing money and using leverage can create unimaginable amounts of wealth (if done correctly). But you won't really be able to put your financial freedom plan together in your head, you won't be able to have a vision of where you are going and how you are going to get there - until you grasp the concept of how money really works. You see the problem is that as we grow up, no one teaches us about money. Our parents don't teach us about money, and we don't learn about money in school or college. Money is a "taboo" subject best discussed behind closed doors. If our parents gave us any financial lessons at all, for most people it was something like "pay your bills on time" or "balancing your checkbook" or "keeping a budget of what you spend". The emphasis was always on reducing expenses and watching your money, never on MAKING MORE MONEY AND INVESTING. The problem is that when we are raised this way, we go into adulthood without an understanding of how money and investing works. Concepts like real estate prices, inflation, compound interest, basic mortgage math and velocity of money confuse us. Unfortunately you have to teach yourself these concepts since they are not taught in school. We also don't learn and understand how tax deductions and depreciation with real estate work. If we did, then almost every tax payer would own a rental property. If we understood this concept we we would invest differently and not have all of our savings in our primary residence and 401k account. This is the concept that you need to learn and understand. The principles of money and investing. The net effect is that if you don't understand these concepts, and you are scared to borrow money to invest in real estate, you we save your money in places like money markets and CD's and 401k accounts because you are SCARED OF LOSING your money. So we hoard our savings (assuming we have saved and have not spent everything that we have earned). This is the exact same reason why I have investors that have loaned me money at 9% or 10% for the past 17 years. While their principal has remained intact, I have literally made millions of dollars with THEIR MONEY. Once you understand the concept of buying distressed real estate for pennies on the dollar with SOMEONE ELSE'S MONEY you realize that money is something that is not scarce but plentiful. And how much you make is entirely up to you. Make sure you understand that the biggest obstacle to your financial freedom is inside your own head. It is based on the pre conceived notions that you have learned from your parents, and from your life experiences. If your parents were broke, or in debt then your job is a lot harder, since you don't have a positive financial role model to learn from. If your parents always had money, there is more likelihood that you learned these principals of money and investing from them. If you can change the way you think about money and about investing, and if you can change your preconceived notions, then you can change your life. And then you can change your financial future! You can create a life of financial freedom for yourself and your family. But first you have to get rid of the obstacles. And the biggest obstacle is your own pre conceived notions. Enjoy the podcast! If you are brand new to real estate and want to learn more about how to wholesale real estate and flip houses then please register for the free wholesaling real estate training at this link below: FREE WHOLESALING TRAINING https://www.lexlevinrad.com/wholesalingwebinar FIXING AND FLIPPING TRAINING If you want to learn how to fix and flip houses I have a fix and flip training webinar at this link: https://www.lexlevinrad.com/fixandflipwebinar DON'T FORGET TO SUBSCRIBE TO THIS PODCAST TO BE NOTIFIED OF UPDATES SUBSCRIBE TO MY YOUTUBE CHANNEL http://www.youtube.com/lexlevinrad?sub_confirmation=1 CONNECT WITH ME ONLINE http://www.lexlevinrad.com http://www.facebook.com/lexlevinradrealestate http://www.twitter.com/lexlevinrad http://www.instagram.com/lexlevinrad http://www.linkedin.com/in/lexlevinrad http://www.pinterest.com/lexlevinrad DOWNLOAD A FREE COPY OF MY BOOK ON WHOLESALING PROPERTIES For more real estate tips about property investment, investing in real estate, and how to start wholesaling, download a FREE copy of my best-selling book "Wholesaling Bank Owned Properties" at https://www.lexlevinrad.com