Why is it that the rich keep on getting richer, really?
There are 5 key, defining characteristics which separate the rich and enable them to continually fuel more wealth building, and yes, they are all related to real estate and investing in it…
1. They Know How to Minimize Taxes
This doesn’t mean risking the heat of the IRS with complicated networks of offshore trusts and shelter companies. In fact it is often as simple as making most of their money from capital gains which can be offset or deducted and using vehicles like self-directed IRAs.
2. Coaching & Mentoring
You might have thought that billionaires would no longer think they needed mentors or education but that is far from the case. In fact, as you move up the ranks the rich get to attend events like the Forbes 400 Summit with access to Warren Buffett and Bill Gates as part of your mastermind group. Of course if you want to get there you’ll need to invest in your real estate education and coaching now too.
3. Long Term Game Plan
The elite, wealthy families and entrepreneurs think long term and keep the big picture in mind and take calculated risks which don’t jeopardize that. How far are you planning ahead; 1, 5, 10 or 100 years? What does your ultimate real estate investing empire look like?
4. They Do Things They Love
The rich can afford to do things they love and are passionate about and don’t have to just do it for the money and it yields big returns. This might be buying the best homes in the top resorts, acquiring art to bolster the value of their real estate or even building museums and putting their name on them.
5. Make Money Work for Them
The rich make money work for them, they don’t work for money. Obviously one of the best ways to do this is through investing in real estate. In fact, real estate is the industry which is currently responsible for the third largest number of billionaires on the most recent Forbes list, with 102 of them. Will you be #103?