Today, I want to give kudos to my brother in law and sister for making a wise investment. Their investment landed them on the Wall Street Journal. I need not say more. Check it out:
http://online.wsj.com/article/SB10001424052970203707504577012154169591414.html
http://www.trepp.com/2011/11/02/zombie-properties-come-back-to-life/
Sunday, January 29, 2012
Wednesday, January 25, 2012
Journey to Becoming a Multi-Millionaire - DAY 169
I'm back by popular demand ... jk only about two people have asked me why i stopped my blog. Sorry. I've been busy. In my last blog, I said my next investment will be to hire another paralegal ... CHECK. DONE and DONE. NEXT.....
How can you make money work hard for you?
step one: don't blow $ on stupid things that you want and don't need ( i have to keep telling myself to not buy a new car even though I really want one. if it weren't for my husband, i probably would be stupid enough to get a new car right now and instead of having my money earn money for me, it would be depreciating in value).
step two: invest it in something that will earn you money. For example:
1. rental property that will eventually provide passive income). this is a great market to purchase a rental property if you can afford it. A $200K house right now will have only about a $1500 mortgage (including property tax and insurance) a month with a 20% down payment and will typically rent out for about $1700 to $1900 for a single family home - that's about a $200 profit
2. income property in your existing home: if you don't mind having a roomate or tenants, rent out the spare bedroom or mother in law unit. that's an extra 500-1000 (more or less) a month you'd have in your pocket that you can put towards other investments
3. lottery ticket. JK. NO. (my client gave me a lottery ticket for chinese new years...i haven't checked if i won, but if i win, i may have to edit my opinion on the lottery)
4. if you can hire someone to do something for you that will free up your time to make more money and would cost less to hire that certain someone to do work for you then you spending time to do the work yourself, then its worth it. did that make any sense? i.e., i hired another paralegal to free up my time doing paralegal things because i can bill more on an hourly basis doing lawyer work as suppose to paralegal work. the added bonus is my paralegal will bill clients out at higher rate than what i pay her so she'll be profitable for me. (i hope she doesn't read this - Katie: you are awesome.) ... eventually i will hire someone to do my house cleaning for me (although i enjoy cleaning the house when i'm free - it is not fun after a full day of work) because right now, it cost me $200 an hour to clean my house, because that's how much i could be earning (maybe more depending on the PI case) if i worked instead of spending time cleaning my house.
5. write and publish things: i.e., some people blog to attract more visitors to their business website, others write books that will pay royalties long after they finish working on the book, I write articles for local news papers. Articles i wrote months ago are still bring in clients for me.
6. For people who own their own business spend money to advertise yourself... the more money you spend to advertise to others what you do, the more business you will attract. Don't be stingy.
7. For those who are part of bigger businesses or firms, don't just focus on the big catch... focus on the small ones too because those small ones can eventually lead to a bigger catch.
anyway, those are just a few ideas to think about. sorry i have been MIA since my last blog. i'm working on a new money making project. will eventually disclose it in my later blogs. stay tuned.
I'm a step closer to becoming a Multi-Millionaire. =)
How can you make money work hard for you?
step one: don't blow $ on stupid things that you want and don't need ( i have to keep telling myself to not buy a new car even though I really want one. if it weren't for my husband, i probably would be stupid enough to get a new car right now and instead of having my money earn money for me, it would be depreciating in value).
step two: invest it in something that will earn you money. For example:
1. rental property that will eventually provide passive income). this is a great market to purchase a rental property if you can afford it. A $200K house right now will have only about a $1500 mortgage (including property tax and insurance) a month with a 20% down payment and will typically rent out for about $1700 to $1900 for a single family home - that's about a $200 profit
2. income property in your existing home: if you don't mind having a roomate or tenants, rent out the spare bedroom or mother in law unit. that's an extra 500-1000 (more or less) a month you'd have in your pocket that you can put towards other investments
3. lottery ticket. JK. NO. (my client gave me a lottery ticket for chinese new years...i haven't checked if i won, but if i win, i may have to edit my opinion on the lottery)
4. if you can hire someone to do something for you that will free up your time to make more money and would cost less to hire that certain someone to do work for you then you spending time to do the work yourself, then its worth it. did that make any sense? i.e., i hired another paralegal to free up my time doing paralegal things because i can bill more on an hourly basis doing lawyer work as suppose to paralegal work. the added bonus is my paralegal will bill clients out at higher rate than what i pay her so she'll be profitable for me. (i hope she doesn't read this - Katie: you are awesome.) ... eventually i will hire someone to do my house cleaning for me (although i enjoy cleaning the house when i'm free - it is not fun after a full day of work) because right now, it cost me $200 an hour to clean my house, because that's how much i could be earning (maybe more depending on the PI case) if i worked instead of spending time cleaning my house.
5. write and publish things: i.e., some people blog to attract more visitors to their business website, others write books that will pay royalties long after they finish working on the book, I write articles for local news papers. Articles i wrote months ago are still bring in clients for me.
6. For people who own their own business spend money to advertise yourself... the more money you spend to advertise to others what you do, the more business you will attract. Don't be stingy.
7. For those who are part of bigger businesses or firms, don't just focus on the big catch... focus on the small ones too because those small ones can eventually lead to a bigger catch.
anyway, those are just a few ideas to think about. sorry i have been MIA since my last blog. i'm working on a new money making project. will eventually disclose it in my later blogs. stay tuned.
I'm a step closer to becoming a Multi-Millionaire. =)
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