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Greetings from El Mirage, CA. This time with my son, driving at more than 150 mph (240 kph) that was exciting.
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Real estate can be a tremendous investment opportunity. And for those who are in for the long run, rental properties really can’t be beat. But when it comes to taking that crucial first step, most people aren’t sure where to start. If you are thinking about investing in real estate, here are 10 considerations to help you to get off to a great start.
1.Get Your Finances In Order
Before you take the plunge, take stock of your financial situation. Is there anything that you can do to put yourself in a stronger position to invest? Things such as paying down or consolidating debt, along with working on improving your credit score, can help you to qualify for a better loan. You’ll also want to save up for a down payment. A larger down payment is ideal for reducing your monthly payments, your insurance and even your risk.
2. Do Your Research
Next, you’ll want to learn as much as you can about real estate investing and rental property management. Brush up on the basics of landlording, and get some good books that offer sound investment advice. There is a lot more involved with becoming a landlord than meets the eye, and being prepared will help you sidestep many common pitfalls along the way.
3. Start Small
While you may feel pressured into “going big” when it comes to your first investment, there’s nothing wrong with starting small. In fact, it’s how many successful investors get started. Starting small offers a number of benefits; namely, it’ll give you a chance to gain an understanding of how investing works before there’s a lot more at stake.
4. Know The Numbers
Before you commit to a property, it’s important to know exactly what type of returns you’re looking for. Start by establishing your investing criteria, and resolve to only invest in properties that meet your standards. So be sure to have an idea about cap rate and cash-on-cash returns, along with net yield and cash flow.
5. Scout Out A Location
As a new or first-time investor, you might be looking at property that’s close to home. However, be careful that you’re not limiting yourself. When you open yourself to the possibility of an investment property outside your local area, you’ll be able to take advantage of up-and-coming markets that may have better opportunities. With the property management options and resources available today, investing in out-of-town property is easier than ever.
6. Adopt A Business-Owner Mindset
Investing is a business, and you should treat it like one. Just as you’d have a solid business plan in place for a company, along with clear and actionable plans, key milestones and systems, you’ll want to do the same for your investments. Remember: Your goal is to generate a profit, so make sure you lay the groundwork necessary to do so. Don’t simply invest in the first property that catches your eye. Just as you would in a business, make sure every opportunity checks out. __Full Article Forbes
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Companies in these four industries would benefit.
by Simon Constable @simonconstable
Big change in the land’s highest office can mean big changes in the economy. In general, promises are broken or only half kept. Still, we get clues on which areas of the economy will be favored, and which will not. Health care got a boost under President Obama, and defense did well under George W. Bush. With any politician running for office it’s hard to know exactly how things will turn out if they’re elected. What if Donald Trump were to become the next U.S. President, which sectors would benefit then? Here’s what some experts had to say on the matter:
Defense
Military strength has long been the Republican party mantra. Trump might be even more aggressive.
“In terms of going after terrorists from the air, you’d see an expansion of that,” says Ian Bremmer, president of Eurasia Group. Compared to Obama, Trump is not risk averse and is much more likely to take action that is “narrowly unilateral and doing it without an awful lot of discussion.”
Who wins? High-tech defense and aerospace manufacturers like Lockheed Martin LMT -1.47% , Raytheon RTN -0.73% , Boeing BA -0.56% and Northrop Grumman NOC -0.39% .
Infrastructure
It should be clear to anyone with a car that the nation’s roads need an upgrade. And Trump has said he would like to do something about it. In a debate in December, Trump said the nation would benefit from spending billions fixing roads, bridges, airports.
“Mr. Trump is Mr. infrastructure,” says Peter Tanous, chairman of Washington D.C.-based Lynx Investment Advisory. “He has more experience building than any president in history.”
On top of that, Trump’s biggest campaign promise—building a 50-foot wall on the boarder of Mexico—would be a huge infrastructure project. Estimates range from $15 billion to $25 billion to build the wall, which would have to stretch some 2,000 miles to cover the entire board. Maintenance could run another $750 million annually.
Tanous points to Jacobs Engineering JEC -0.89% as a likely benefactor of such a makeover. Likewise, the Fluor FLR -0.07% , which competes with Jacobs, will pick up business. As with all things that involve earth moving Caterpillar CAT 2.19% should benefit as well.
Small stocks over large
“He has a fairly protectionist message,” says Jason Pride, director of investment strategy. Protectionism, whether it be through tariffs or quotas on imported goods will be bad for multinationals because they are directly involved in international trade.
Smaller companies, particularly those that predominantly operate in the United States, will be dramatically less affected. As a result small cap stocks should outperform the shares of large companies. A good investment then could be Vanguard’s Russell 2000 ETF, which tracks 2000 small-cap and mid-sized companies.
Still, Pride warns, because Trump is an outsider to the globalization establishment there will likely be a lot of uncertainty about how things will turn out if he becomes president. Already, Trump has back peddled on getting rid of a visa program for skilled workers. So look for some softening on his stance against free trade as well.
Restaurants
A protectionist policy to trade combined with a crack down on illegal immigration could have an interesting impact.
First, if companies started to manufacture in the U.S. again then we would likely see wages for skilled factory workers jump.
More and better wages for workers would likely benefit those industries not affected too much by international trade, like restaurants. That’s something that could benefit the dining business, says Peter Morici, professor of economics at the University of Maryland University School of Business.
That said, the back bone of the food service industry depends on at least some illegal labor. If the “mass deportation” ever materialized, which is doubtful, then wages and other costs in the restaurant business could rise as well.
Still, there could be a case for investing in primarily domestic chains, particularly those with clients that are less price sensitive if the restaurant industry does have to shell out more money for workers.Take a look at Del Frisco’s Restaurant DFRG -1.12% , and primarily domestic Ruth’s Hospitality RUTH 0.00% , which owns Ruth’s Chris Steak House.
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“It’s the hap, happiest season of all,” the crooners sing. But is it? As much as we try to make loved ones our focus at the end of the year, the subject of money always seems to be lingering in the background. Whether you’re keeping a running mental tab on what you’ve spent on the holiday festivities, you’re waiting to hear if you got that raise or bonus, or you’re determining your end of the year giving, chances are you’ve got your mind on your money and your money on your mind (as Snoop Dog would say).
Is your money really serving you? Does it make you happier? Are you using it to lead a more fulfilled life? If you answered no to any of these questions, take heart, there is hope. Because the science says money does bring you happiness – if you use it right.
Happiness is correlated to income, but only up to $75,000, according to a highly publicized 2010 Princeton study. So what does this mean? According to the research, people reported having a greater “emotional well-being” based upon income up to $75,000, after which the level of happiness evened out.
Essentially, this study quantified what we instinctively had guessed – that money alleviates the stress of providing our most basic needs. In other words, $75,000 of annual income buys peace of mind. Meanwhile, low income intensifies the emotional strain of the trials of life like medical emergencies and divorce, causing compounded pain from financial insecurity.
In fact, one study concluded that income could actually reduce the incidence of serious mental illness. “We know from the results that changes in family income are important drivers of people’s emotional lives,” said David Clingingsmith, author of the paper and associate professor of economics at Case Western University.
What does this mean for you? Well, if you’ve already hit that $75,000 threshold and you’re not happy, it means you just need to learn how to spend effectively. Keep reading! If you haven’t hit that target yet, first things first: you need to get to know your numbers. Implement a spending plan and take massive action to get your financial security in place. Just having an emergency fund that covers your basic needs for three to six months will alleviate the little voice of panic inside you (or your partner) that constantly questions what will happen if a crisis occurs. (Book maybe you like MONEY Master the game)
However, the science says that no matter where you are at in your financial journey, spending your money in these ways will bring you more satisfaction in life.
As it turns out, science has upheld the maxim, “it’s better to give.” A Harvard study conducted across over 100 countries found that whether rich or poor, people who give to charity are happier. Perceived happiness increases even more when we can see the impact our gift has on someone.
Remember that moment when you gave someone a gift that you just…could…not…wait for them to open? As they opened your present, you searched their face for the delight that you knew that you put there by giving them a gift you knew they would love. Giving a gift that changes someone’s life or just makes them feel known and loved meets our deep need for love and connection, improving the quality of our own lives whilst improving another’s.
Make memories, not purchases. Spending money on experiences makes us happier than spending money on material things for a few reasons.
For one, spending our money on experiences creates a connection with the people we shared that experience with – and those memories form a bigger part of our sense of identity than the things we buy. In fact, we remember experiences as better than they actually were. Alternatively, we adapt to the material purchases quickly.
A paper from Cornell University psychology professor Thomas Gilovich showed that we also get more pleasure out of anticipating experiences than anticipating the acquisition of material things. There is a reason that those brilliant credit card commercials tell a story of purchases made to create a ‘priceless’ memory. It is the experiences that stir up your emotions; it is the experiences that they are selling.
Consider this: The two days your spend waiting for your Amazon Prime package to arrive doesn’t build the same kind of anticipation as planning and dreaming about that vacation to Belize does. You take the time off work, brush up on your Spanish, read travel blogs and more, all the while thinking about how epic this trip is going to be. And once it’s over, you’ll tell the story of zip-lining through the rainforest to anyone who will listen for the rest of your life.
Best of all, we don’t compare experiences quite the same way we compare our material possessions to other people’s. Teddy Roosevelt may have said it best when he postulated, “Comparison is the thief of joy.” But thankfully, keeping up with the Jones’ doesn’t translate to experiences the same way it does to things. Sure, the Instagram pics of your college roommate’s family trip to Hawaii may give you travel envy, but it doesn’t diminish the joy you experienced camping in Yosemite with your spouse.
Although it may be easier to prioritize buying material goods, thinking they’ll offer better value for money in the long run, psychologists tell us that the opposite is true.
Studies also show that we are happier if we buy back our time. Wait, isn’t time the one thing money can’t buy us? As it turns out, no. Time is one of the most important things money can buy, precisely because it is such a valuable resource.
As the author of Happy Money: The Science of Happier Spending, Professor Elizabeth Dunn, suggests: “Don’t buy a slightly fancier car so that you have heated seats during your two-hour commute. Buy a place close to work, so that you can use that final hour of daylight to kick a ball around in the park with your kids.” A University of Zurich study agreed, citing that you would need a 40% raise to offset the added misery of a one-hour commute.
But it’s not just time sitting in traffic you can buy back. What would you be willing to give up to gain back the time you spend cleaning your house? Pack your lunch a couple of days a week and you may find that house cleaner is suddenly within budget, freeing up those precious hours.
This is especially difficult for those of us from hard-working families who were brought up to do things ourselves. Sure, we can change our own oil, but is it the best use of our time? Will it bring you joy? If so, have at it. If not, reconsider what your time is worth and spend accordingly.
Finally, your happiness is ultimately determined by the story you tell yourself. What is the story you consistently tell regarding your finances? Is it empowering you or limiting you? Is your story making you happy? As Tony Robbins says, “Change your story, change your life.”
On your journey to financial freedom, be sure to cultivate gratitude. One of the main reasons that collecting more things doesn’t make us happy in the long run is because we adapt quickly to it. Sonja Lyubomirsky, psychology professor at UC Riverside, says,” If you have a rise in income it gives you a boost, but then your aspirations rise too…You’ve stepped on the hedonic treadmill. Trying to prevent that or slow it down is really a challenge.”
Consciously fostering gratitude is key to maintaining joy.
Wherever you are in your financial journey, may you find joy this holiday season
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More about Success: Why Sarcastic People are More Successful
Original Post in Tony Robbins/Money
Research calls sarcasm “the highest form of intelligence” and claims it can help you get ahead at work.
These seemingly benign comments lead to the awful feeling that comes only when you’ve planted your foot firmly in your mouth.
We’ve all said things that people interpreted much differently than we thought they would. These seemingly benign comments lead to the awful feeling that comes only when you’ve planted your foot firmly in your mouth.
Verbal slip-ups often occur because we say things without knowledge of the subtle implications they carry. Understanding these implications requires social awareness–the ability to pick up on the emotions and experiences of other people.
TalentSmart has tested the emotional intelligence (EQ) of more than a million people and discovered that social awareness is a skill in which many of us are lacking.
We lack social awareness because we’re so focused on what we’re going to say next–and how what other people are saying affects us–that we completely lose sight of other people.
This is a problem because people are complicated. You can’t hope to understand someone until you focus all of your attention in his or her direction.
The beauty of social awareness is that a few simple adjustments to what you say can vastly improve your relationships with other people.
To that end, there are some phrases that emotionally intelligent people are careful to avoid in casual conversation. The following phrases are nine of the worst offenders. You should avoid them at all costs.
Tired people are incredibly unappealing–they have droopy eyes and messy hair, they have trouble concentrating, and they’re as grouchy as they come. Telling someone he looks tired implies all of the above and then some.
Instead say: “Is everything OK?” Most people ask if someone is tired because they’re intending to be helpful (they want to know if the other person is OK). Instead of assuming someone’s disposition, just ask. This way, he can open up and share. More important, he will see you as concerned instead of rude.
Once again, a well-meaning comment–in this case a compliment–creates the impression that you’re being critical. Telling someone that she has lost a lot of weight suggests that she used to look fat or unattractive.
Instead say: “You look fantastic.” This one is an easy fix. Instead of comparing how she looks now with how she used to look, just compliment her for looking great. It takes the past right out of the picture.
When someone severs ties with a relationship of any type, personal or professional, this comment implies he has bad taste and made a poor choice in the first place.
Instead say: “Her loss!” This provides the same enthusiastic support and optimism without any implied criticism.
No one always or never does anything. People don’t see themselves as one-dimensional, so you shouldn’t attempt to define them as such. These phrases make people defensive and closed off to your message, which is a really bad thing because you likely use these phrases when you have something important to discuss.
Instead: Simply point out what the other person did that’s a problem for you. Stick to the facts. If the frequency of the behavior is an issue, you can always say “It seems like you do this often” or “You do this often enough for me to notice.”
Using “for your” as a qualifier always comes across as condescending and rude. No one wants to be smart for an athlete or in good shape relative to other people who are also knocking on death’s door. People simply want to be smart and fit.
Instead say: “You look great.” This one is another easy fix. Genuine compliments don’t need qualifiers.
We all forget things from time to time. This phrase implies that you’re insulted at having to repeat yourself, which is hard on the recipient (someone who is genuinely interested in hearing your perspective). Getting insulted over having to repeat yourself suggests that either you’re insecure or you think you’re better than everyone else (or both!). Few people who use this phrase actually feel this way.
Instead: When you say it again, see what you can do to convey the message in a clearer and more interesting manner. This way the person you’re speaking to will remember what you said.
This is a subtle one. It certainly isn’t the end of the world if you wish someone good luck, but you can do better because this phrase implies that they need luck to succeed.
Instead say: “I know you have what it takes.” This is better than wishing her luck because suggesting that she has the skills needed to succeed provides a huge boost of confidence. You’ll stand out from everyone else who simply wishes her luck.
While you may be indifferent to the question, your opinion is important to the person asking (or else he wouldn’t have asked you in the first place).
Instead say: “I don’t have a strong opinion either way, but a couple things to consider are …” When you offer an opinion (even without choosing a side), it shows that you care about the person asking.
This phrase is an aggressive way to shift attention away from your mistake by pointing out an old, likely irrelevant mistake the other person made (and one you should have forgiven her for by now).
Instead say: “I’m sorry.” Owning up to your mistake is the best way to bring the discussion to a more rational, calm place so that you can work things out. Admitting guilt is an amazing way to prevent escalation.
In everyday conversation, it’s the little things that make all the difference. Try these suggestions out, and you’ll be amazed at the positive response you get.
What other phrases should people avoid? Please share your thoughts in the comments section below as I learn just as much from you as you do from me.
“If the individual is uneducated, anything he or she invests in will be risky. They may get lucky now and then, but in the long run, they end up giving most of the money they make back to the market. I’ve seen an uneducated investor take a great real estate investment and turn it into a run-down foreclosure. I’ve seen an uneducated investor acquire a profitable well-run business and bankrupt it.
I’ve also seen a professional investor take over an investment that a bad investor has ruined and make it a good investment again.The point I am making is that a smart investor focuses on becoming a smarter investor. So it’s not the investment that is risky—it’s the investor.”
Robert Kiyosaki
What Robert was saying was that the first step to evaluating your options was to first focus on being a better “me”. The average investor focuses only on making money. Don’t focus on the money, focus on learning to be a better investor.
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You may think I got these numbers wrong or that the headline below is a joke, but as you’ll see, the most despised investment class of 2014—gold—really was up 73% last year… in Russia.
Before you dismiss that as irrelevant, you should read Jeff Clark’s brilliant article on the subject; it’s fun and yet fact driven and presents a perspective all investors should give serious thought to.
“Gold Price in Rubles Rises 73% in 2014”
The article detailed how gold had soared last year due to the depreciation of the ruble. What especially pleased him was that gold rose more than the ruble fell. It also outpaced the rise in inflation.
The article included a chart of the last six weeks’ price movement, during which the ruble had taken an especially ugly drop.
The price of gold rose against ALL currencies in 2014—except the US dollar. Yes, gold was up in the euro, Japanese yen, Swiss franc, Canadian dollar, British pound, Australian dollar, New Zealand dollar, Chinese renminbi, Indian rupee, Swedish krona, Brazilian real, Israeli shekel, and South Korean won.
Even more interesting was that gold outperformed most stock markets around the world… 
If you agree, I encourage you to forward this edition to all your friends who should give the matter due consideration. If the worst of our economic fears do come to pass, they’ll be glad you did.
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Learn more The Greatest Wealth Transfer in History
This is one of the most concerning data points for today’s stock markets: decreasing volume. This is happening even while markets are levitated by Federal Reserve stimulus and negative interest rates. By Dan Rubock
This is Maloney’s thoughts: “This is not a healthy market. This means that less and less of the real investors are in there, and more and more of this is black box trading. The problem with that is that when the markets change every black box is going to be selling at once, so what is being set up here is probably the biggest market crash in history.”
He then goes on to show the same divergence in broader market measurements via the S&P 500 and finally the Wilshire 5000:
Watch the accompanying video for all the details, Maloney holds no punches as to the levity of what he sees coming…
..Once that breaks, we’re going to see pretty much a different world I think.”
Dow Sell Off – Massive Market Divergence In 3 Charts by Mike Maloney
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Amassing wealth without a trust fund is no easy feat. There isn’t a magic recipe for making millions, but certain ingredients can help.
Hard work, education, smart investing, frugality, risk taking, and plain ol’ luck were some of the main factors ultra-high-net-worth investors used to describe themselves when surveyed by the Spectrem Group.
Entrepreneurial: Going into business is a common path among the wealthy. While there are plenty of doctors, lawyers and corporate executives in the $5 million-plus group surveyed by Spectrem, those who go on to become business owners tend to build an even higher net worth.
Always on the clock: The 40-hour work week is like a part-time schedule for many, especially those who have built businesses. A 60- to 80-hour work week is more the norm, as are working vacations, according to certified financial planner Doug Flynn of Flynn Zito Capital Management.
High energy: Many high-net-worth individuals have a lot of energy, don’t need much sleep, and enjoy generally upbeat attitudes, according to psychologist James Gottfurcht, who runs Los Angeles-based Psychology of Money Consultants.
The super wealthy also tend to be visionaries, said psychologist Kristen Armstrong, a strategic wealth coach at Ascent Private Capital Management. She described many of her clients as “force of nature” people.
“I see again and again that they have a really great ability to envision possible futures … [and] an amazing ability to focus their efforts and energy once they see a possibility.”
Extremely confident: Gottfurcht said most of his clients who made their wealth possess what he calls an “expansive, healthy grandiosity.” By that he means a sense of “I can do anything.”
They’re also open to creative ways of achieving their goals.
Armstrong, too, said her clients have great confidence in themselves and others, and firmly believe the world will accommodate their business ideas.
Also common, though, among some of Gottfurcht’s wealthiest clients is what he termed “narcissistic personality disorder.” That is, they think they’re special, “require excessive admiration,” have a high sense of entitlement and lack empathy for others, he said.
Discerning: For all their confidence, Armstrong’s clients know they’re not the smartest person in the room on every given issue. But they know to surround themselves with people who are — which will help them realize their vision.
Among business owners, those who do best are the ones who move past sole proprietorship, and partner with others to expand their enterprises, said Flynn.
Modest: Despite glamorous Hollywood portrayals of the rich life, many multi-millionaires live more modestly. Most of Flynn’s richest clients have chosen not to bump up their lifestyles in lockstep with their growing wealth.
“They still wear their old plaid shirt,” he said. Or at least the men do.
Risk tolerant, but not impulsive: Anyone who runs a business is by nature a risk taker, Flynn noted. But there are no investing swashbucklers among his clients.
They have some short-term investments but tend to have a longer time horizon than most investors. Whether they invest in a stock or a building, they stick with it as long as it still makes sense to them.
But they won’t go all in on one bet, according to Flynn.
“There’s always the guy who bets it all on something, gets lucky and then gets out. But that’s not the recipe for most people,” Flynn said
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Source: Jeanne Sahadi @CNNMoney June 1, 2014
