2017 is an exciting yet challenging year. It is the year where business is expected to get better. At the same time, depending on where you stand, that expectation is either tempered or enhanced by political events. The challenge of how to make money in 2017 is the same.
Will it be the same for you?
But just like any other year, it’s going to be a year where the same thing will happen – the rich will get richer.
So, let’s join the rich. Here are 5 ways to on how to make money and grow richer in 2017.
#1. How To Make Money When You Buy.
In real estate investing, you make money when you buy. If you buy too high, you’ll be stuck with a high-priced liability. If you buy at the right price, you’ll have a nice wealth-building asset making money for you.
That’s why it’s highly important to buy at the right price. Here are 3 tips to ensure you do just that.
- Buy Early. When you buy at the early stages of a real estate project, commonly called the pre-selling stage, you can come in at the cheapest price. Developers price it low to encourage buyers to come in even if nothing has been built yet. That money is used to partially finance the construction of the project. In essence you are partnering with the developer to help them build the project. As an early partner, you also stand to benefit the most as the value of the project increases.
- Buy Discounted. When you buy below the market value, you make money instantly. You can quickly flip it to another buyer at a higher price or keep it and let it appreciate while at the same time getting passive income as you rent it out. Two sources of below-market value properties are bank-foreclosures and motivated sellers.
- Buy in the Path of Progress. As population and the economy grows, demand for real estate will continue to increase therefore price will increase. There will always be high demand in the path of progress – these are the areas where development is happening. Make sure to invest in these areas to automatically grow your wealth.
#2. How To Make Money With Leverage.
The rich get richer because they know how to use leverage. Leverage is a wealth multiplier. It has the effect of accelerating your wealth faster than you can do on your own. How to leverage? Consider these:
- Other People’s Money or OPM. This is the most common form of leverage. Using bank loans and private money allows you to buy property you can’t afford otherwise to buy due to lack of capital. In other words, you can buy early and benefit from appreciation and passive income already. No need to save up for a long time. I discuss how to use other people’s money to invest in real estate in my book.
- Other People’s Time. Everyone has 24 hours a day. Find a way to let other people work for you. That way, you can get more done. If 100 people give 1 hour of their time each day for you, you’ll get an extra 100 hours of work per day. That’s how you expand exponentially.
- Other People’s Expertise. You’ll get better results by relying on experts to get things done especially those things that are not your strength. While it’s good to learn, don’t try to learn everything. Focus on what you do best and let the experts do the rest.
- Technology. Technology can power your efforts and multiply your results immensely. Find ways to automate your work. Use technology to work 24/7 for you while you’re sleeping, traveling or bonding with the family.
#3. How To Make Money With Expertise.
The best paid people in any industry are the experts. So become an expert in your field or your niche.
- Learn the tricks and secrets of the trade.
- Experts are also better at recognizing opportunities. Newbies will miss opportunities that experts can spot from a mile away.
- Invest in developing your highest-value skills.
- Spend 10,000 hours to be the best that you can be.
Whatever it is you want to do, whether it’s real estate investing or something else, get good fast. That way, you make more and better money than a newbie.
#4. How To Make Money With Your Mindset
It’s impossible to make money with a poverty mentality. You have to flip it around and install a millionaire’s mindset. Invest in your mind and it will drive your financial returns many times over.
- First, have confidence in what you do. If you’re not confident, money won’t be confident to stay with you.
- Be persistent. Money comes to those who work at it and stay through the tough times. Never, ever, ever, give up.
- Be unstoppable.
- Be patient. You need to recognize that some things take time. You can’t force everything. Wealth is worth the wait. Especially in real estate.
- Have an open mind to opportunity. Explore opportunities to make money. Don’t dismiss it right away until you’ve done your due diligence. You don’t need to get involved with every opportunity that comes your way. Just keep an open mind.
- Embrace continuous learning. You need to understand that unless you grow, unless you become better, the market will make you obsolete. So to remain competitive, you need to be constantly learning and improving.
- Have a sense of urgency. Not all windows of opportunity are open all the time. Once enough time has passed, the window closes. Therefore, have a bias for immediate action. A sense of urgency will allow you to take advantage of opportunities that would otherwise be taken by another person.
#5. How To Make Money With A Big Reason
Finally, have a deep why. You can’t make money with a small why. Small why, small money. Big why, big money. That’s how the world works.
- Is your family your big Why? Would you like to make sure they enjoy the things that you didn’t? Would you like them to have a better chance at life? Do you want them to study at the top schools or even abroad? Do you want your parents to retire and enjoy life?
- Are you going to spend the rest of you life making other people wealthy? Or are you going to start minding your own business in 2017?
- Do you want to give back to the community that made you who you are right now?
- Would you like to make a dent in the universe? Would you like to change the world?
- Do you believe in a cause so big that you need to make a lot of money to see that cause succeed? Do you want to feed a thousand children, build homes for the homeless or end poverty as we know it? You can support any cause you want when you’re wealthy.
Thus, find your big why.
Depending on where you stand, 2017 can be filled with opportunity or uncertainty. But one thing’s for certain – the rich will get richer. Are you going to join?