The fastest, safest track to financial freedom can be summed up… in one word.
This is for anyone, young or old, but it’s especially pertinent to young people out there who want to get ahead of the game.
Because of the compound effect, the sooner you start, the larger the opportunity.
Many professionals wait too long in life to figure out that they're behind the 8-ball – they look up, and they aren't even close to having what they need to establish passive cash flow for retirement
Under the traditional retirement model, it's all about accumulating as much as possible.
But it's very hard to accumulate with rising tax rates, high overhead costs, and a decrease in profit margins.
Financial advisers want you to have five or six million bucks stashed away somewhere. For most of you, that's impossible to do.
The answer, I found, was leveraging.
Not just accumulating, but leveraging what I could take off the plate after taxes in terms of my lifestyle.
Most of you younger doctors have a lot of debt, and you're sick and tired of having to sacrifice.
I get that, and I'm not saying to sacrifice forever. But, if you can tamp down your lifestyle for just a few years, you’ll put yourself in a much better position for the future.
That doesn't mean you can't live in a house. Just don't buy a mansion.
Don't lease the most expensive car available. Don't buy that boat. Don't join the country clubs. Don't be extravagant.
The goal is to start a disciplined plan. Learn how to invest in capital assets, such as real estate in small deals.
If you begin leveraging now, you can move the needle immensely.
Realize that building a wealth platform the right way is more like a hockey stick than a straight line.
The hockey stick starts off flat and straight, and then takes off at the curve.
The stock market and Wall Street are not great ways to build wealth. They are on a straight line, with no curve point.
The line just keeps going up and down, up and down.
You want your finances to be like a hockey stick. Five years…and then BAM – You hit the curve and things skyrocket.
But, you’ve got to be disciplined. Especially if you are young, stay focused on a plan.
Don't let your lifestyle grow too quickly, because then you will lose the opportunity to compound early returns.
You need to strike early, while the opportunity is there.
When I was younger, I got my nest egg started, and I compounded that nest egg.
I took the $25,000 capital gain from my first deal, and I parlayed that $25,000 into multiple houses, always leveraging.
15 years later, I had $15,000 of net passive cash flow coming in from the properties I had acquired through leveraging.
Was it tough for me to sacrifice in the early days? Sure.
But, did it pay off? In spades.
The point is: Do for 5 years what others won’t, so you can live your life like others can’t.
To learn more about moving from high income to high net worth, download 3 free chapters of my book here: https://www.freedomfounders.com/free-book-chapters
