Very important to know what you would do with money
Where you would put it? What to invest in?
How to manage it? How to think about it?
Note: Everyone's situation is different and this type of question is very important. Also, a person's situation changes over time. This date next year I would have something different to say. I also have purchased so much income over the last few years that right now I am aggressively paying things off, at the tune of around $10,000 a month paying towards debts accrued from purchasing cash flowing assets. In a sense, I am buying back the equity by paying off what I borrowed.
Pay off all debt accumulated by purchasing cash flowing assets, rental properties and rental cars. Probably will not get into this debt cycle and then now pay off cycle in the future. Will save up for the next one personally.
Pay off all debt accumulated by purchasing cash flowing assets, rental properties and rental cars.
Pay off debt accumulated by purchasing cash flowing assets, rental properties and rental cars.
1. Pay off all debt accumulated by purchasing cash flowing assets, rental properties and rental cars.
2. This would cover quite a bit for me right now personally, this would take care of all unsecured debt. Would sell my last single family townhome in a 10-31 exchange and with that down payment from the sale would put that toward another higher cash flowing investment rental property and remodel and furnish that property for maximum rental use.
3. Then would pay off my second mortgage on my own personal home. Then would probably pay off all cars and then some rental properties, maybe two or three. The lowest balances first, the smallest loans.
1. Pay off all debt accumulated by purchasing cash flowing assets, rental properties and rental cars.
2. This would cover quite a bit for me right now personally, this would take care of all unsecured debt. Would sell my last single family townhome in a 10-31 exchange and with that down payment from the sale would put that toward another higher cash flowing investment rental property and remodel and furnish that property for maximum rental use.
3. This would cover everything for me right now. It would pay off all unsecured debt, pay off all loans, all mortgages and all vehicles, all brokerage margin loans.
4. Now that I would be 100% debt free, I would then invest some with my fiduciary for the future. He would buy stocks with it to increase my portfolio. I can borrow against this growing portfolio as well to purchase more cash flowing assets if i desire.
5. Help out my kids which I do all the time anyway. To me that is always the right thing to do as long as they are good kids, responsible enough, and they are. But I want to be specific. Max out their Roth IRA's, pay off their cars, pay off any unsecured debt as long as we have had continued discussions about not getting into debt and being financially literate and responsible. Simply paying off someone's debt does not solve the root of the over spending over budget problem if there is one. Maybe pay off their homes or get them a home paid off. If they are responsible and you have taught them responsibility then helping them is sometimes a good idea.
6. Then maybe do development deals to earn income to keep growing and helping my family and others. Development deals meaning buy a piece of land, build a 4 plex and sell it for a profit.
1. Pay off debt accumulated by purchasing cash flowing assets, rental properties and rental cars.
2. This would cover everything for me right now. It would pay off all loans, all mortgages and all vehicles, all brokerage margin loans. Would invest some as well and then help out my kids which I do all the time anyway. To me that is always the right thing to do as long as they are good kids, responsible enough, and they are.
3. This would cover everything for me right now. It would pay off all unsecured debt, pay off all loans, all mortgages and all vehicles, all brokerage margin loans.
4. Now that I would be 100% debt free, I would then invest some with my fiduciary for the future. He would buy stocks with it to increase my portfolio. I can borrow against this growing portfolio as well to purchase more cash flowing assets if i desire.
5. Help out my kids which I do all the time anyway. To me that is always the right thing to do as long as they are good kids, responsible enough, and they are. But I want to be specific. Max out their Roth IRA's, pay off their cars, pay off any unsecured debt as long as we have had continued discussions about not getting into debt and being financially literate and responsible. Simply paying off someone's debt does not solve the root of the over spending over budget problem if there is one. Maybe pay off their homes or get them a home paid off. If they are responsible and you have taught them responsibility then helping them is sometimes a good idea.
6. Then maybe do development deals to earn income to keep growing and helping my family and others. Development deals meaning buy a piece of land, build a 4 plex and sell it for a profit.