I think all investors worry about the economy as they make decisions on more investments and what to do with the investments they already have. If you read a lot, I think you can find many opinions that will agree with what you HOPE the economy is doing. You can also find plenty that say just the opposite. So, the big question is which one do I believe, or, better yet, which one do I rely upon.
I read a lot and I just got my latest issue of Departures Magazine. If you haven’t seen it, the best way I can describe it is that it has expensive clothing, jewelry, and places to visit all over the world. I have never found anything in the magazine I can afford! So, I’m assuming this is for the very rich. I’m also going to assume the very rich can afford very good counsel on how to handle their money.
So, if they didn’t think things were going well, I doubt they would be spending foolishly. Here’s an example of what I found in the magazine: on page 74, the story is titled “Four Seasons’ Culinary Tour.” For only $135,000 per person you can book a 19 day tour from Seoul to Paris on a private jet to taste some of the best food in that area! In case your wife does not have a proper dress for the trip, on page 240, there is a lovely “silk-tulle” dress starting at $31,700. To compliment that dress, on page 171, there is a nice Dolce & Gabbana purse for only $4,950.
For the rest of us who can’t afford this level of luxury, I think the take away from all this is that the rich and famous are really living it up so we can worry less and get on with building our meager fortunes. So what are the secrets to doing that? Here is what I have found over my years in the real estate investment business.
The most important thing to do is educate yourself on how investment real estate operates. You don’t need an MBA, but you want to understand the fundamentals. The next important think you can do is get to know your local market so you feel comfortable looking at investments. Avoid looking far and wide because it looks to expensive where you are. It’s always comforting to be able to drive by and check on your property even though you have professional management. Finally, have a plan on paper of your goals for why you are investing. The more personal you can make the goals the more dedicated you will be.
In closing, if you need some help with the education or how to plan give us a call or send us an email. We have many books and guides that can help, and our agents are in place to guide you through the process and on to financial independence.