Category: Money Mindset

04 Jul 2017

How to Find More Financial and Time Freedom

It’s the 4th of July – Independence Day here in the U.S.  This is a day that always makes me think about (and grateful for) our freedoms.

If you ask most people (at least if they’re not physically constrained) what would make them feel more free, they would say that having more money and/or more time would allow them to feel more free.

How free do you feel?

So many people, women especially, are working hard every day earning wages at jobs and trying to make ends meet, or maybe they make enough money, but if they stopped working for any reason it would all come crumbling down like a house of cards. 

Can you relate to the following statements? 

  • You are working hard and have relatively little to show for it. 
  • You are trading your time for money and struggling to find the free time to spend with your family. You would like to travel, to write that book you’ve been dying to write, or to just generally live the lifestyle you desire, but you cannot do those things and also fund those things. 
  • You are not sure how you’re going to be able to pay for your retirement.  Maybe you have some funds tucked away, but you’re not sure the money will outlast you – especially if we go through another economic downturn and the market crashes again.
  • You want to leave something for your kids: some financial resources they can rely on.  It would be nice to be like Warren Buffett and leave your kids “enough so that they can do whatever they want, but not so much that they won’t do anything.”
  • You work hard all the time but things seem to be getting worse instead of better. The cost of living has increased, but your wages haven’t been rising enough to keep up.  You are working harder and harder with less and less to show for it.
  • You feel like you’re on a hamster wheel, running and running and not making any progress toward your goals.

What if there’s a better way to financial health and wealth? 

There is another way of thinking about and using your money: 

Don’t work for your money. Put your money to work for you.

While you’re sleeping, traveling, spending time with your family or friends, your money can be invested in such a way that it’s making YOU more money. 

Instead of thinking of a dollar as something you work for, spend, and then have to work more for, what if you used each dollar bill as a seed that can be planted? 

When planted well, your money can turn into a “money tree” that regularly delivers you money-fruit.  You can regularly reap the harvest and plant some of those extra dollar bills until you’ve created a money orchard.  When you have a large enough money orchard you will no longer have to trade your time for money.  You can just tend to your money trees and enjoy the harvest. 

That is financial freedom!

Real Estate Investing is the best way I’ve found to create a money orchard.  It is one of the greatest ways to build wealth. 

You plant your money into the right property and by putting in tenants that are paying the bills (mortgage, taxes, utilities, etc.) you are able to reap more dollars to boot.

Real estate can give you regular cash flow. 

You can invest in real estate that cash flows from Day One (from the first day of your investment, your tree is delivering you fruit).  It can cash flow in a way that almost no other investment does.  This (and other strategies we will talk about in the book) allows you to more quickly and easily take your money seeds and plant more trees. 

AND real estate gives you amazing tax benefits.

The U.S. federal government has decided to reward real estate investment through certain great tax benefits.  Some of these are such that even though you can be making MORE money because of your real estate investment, you will owe LESS in taxes; hence adding to your financial freedom.

Real estate investing gives you lifestyle/time freedom

Once the property is bought and tenants are installed, the property is making you money while you sleep or go on vacation.  This occurs 24/7 without you having to do much work.  When you have enough of these properties working so that your passive income from real estate exceeds your job, you can “retire” from working.  You only work if you want to. 

Real estate can give you a lasting legacy. 

When you build a money orchard that is something you can leave to your children or to charity.  Land and property are gifts that can keep on giving for generations.  This is a way to pass on these freedoms to your children.

Are you ready to start planting seeds for your money orchard?  What steps have you already taken?  What’s your next step?

Let me know your thoughts about what you’ve just read in the comments.

Ultimate Blogging Challenge/100 Day Blogging Challenge Day 4

Monick Halm is the author of the Real Estate Investor Goddess Handbook: Everything You Need To Know To Start Investing in Real Estate Like a Goddess.  She is the co-founder of Real Estate Investor Goddesses, an educational platform for women real estate investors, and is herself a real estate investor, syndicator, and developer with over 12 years of investing experience in single family, multi-family, and RV/mobile home parks. She and her husband own over 1000 rental doors in 6 states.  She is also a certified interior designer, Feng Shui expert, certified NLP and Money Mastery coach, and attorney.  Monick is passionate about real estate, design, and helping women to thrive.  You can connect with her on the Real Estate Investor Goddesses Facebook Page  or on twitter as @monickpaulhalm.

04 May 2017

Book Review: Worth It – Your Life, Your Money, Your Terms

I’m a voracious learner and am always reading.  I probably read over 50 books per year.  I especially love reading about investing and money – especially with regards to women.  So when I found out about Amanda Steinberg’s book Worth It – Your Life, Your Money, Your Terms, I of course picked it up.

Steinberg is the founder and CEO of DailyWorth.com—a financial site for women with more than one million subscribers.  The book is about the relationship between women, self-worth, and money, and how women can view money as a source of personal power and freedom and live life on their terms.

The book is imminently readable, and I recommend it.  It’s particularly good for women who need to deal with their stories around money and their money mindset.  It’s also great in it’s focus on what’s really important: your net worth.  Creating true financial abundance is not just about how much you make or how much you spend, it’s about how you can grow your net worth.  Lastly, it provides a very doable means to budget and handle your money – something that’s very necessary since 70% of people can’t budget at all.  So all in all, Worth It is worth it.

HOWEVER… I have one big issue with this book that I have about most books about investing. When the book talks about investing it really only talks about the stock market.  When Steinberg suggests “diversifying” your portfolio, she talks about buying a mix of stocks and bonds depending on your age.

In my opinion that is not diverse at all.  When the market crashed in 2008, stocks AND bonds crashed.  People who were only invested in the market got seriously screwed.  Having all your investments in paper investments can put a person at serious risk.  To have truly diversified investments, it’s important to have other types of assets.

And in my honest opinion, there’s no better asset than cash flowing real estate.  It pays you cash every month, it provides many tax benefits (even though you make more money, you often pay less in taxes), and it won’t go bankrupt and disappear on you like a company whose stocks you own can.  It’s the best way to significantly grow your net worth.

As President Franklin D. Roosevelt said:

“Real estate cannot be lost or stolen, nor can it be carried away.  Purchased with common sense, paid for in full and managed with reasonable care, it is about the safest investment in the world.”

That was true when he said it back in the 1930s and it’s still true today.

Steinberg does talk about real estate in the book, but she generally only talks about real estate in the context of buying your own home.  For those who have read Robert Kiyosaki’s Rich Dad, Poor Dad and understand the true difference between assets and liabilities, you’ll understand that, regardless of what the bank says, your own home is not an asset.  An asset is something that pays you back.  A home is something that you pay to live in.

Generally real estate will appreciate over time so when you sell your home, chances are you’ll have made some money on it.  In the meantime though, every month your home results in a net loss of money.  So unless you do something like rent out parts of your home through AirBnB or you purchase a multi-unit property where you live in one unit and rent out the others, your home is not an asset.

Steinberg does understand that your home is not a great investment, and counsels women to think really seriously before investing a hunk of cash in your own home.   She also gives the similar counsel about flipping houses (something that is quite speculative and is very different from buy and hold investing of cash-flowing property).

Worth It does not otherwise talk at all about real estate investment (investing in real estate, not to live in but for a financial return) and the many ways it can help women create real wealth, financial stability and abundance in their lives.  For me, leaving out this major pillar of wealth building is a serious failing of the book.  Like I said, this is not limited to Worth It.  It’s a major failing of pretty much every book for women about money.

This is why I’ve written – The Real Estate Investor Goddess’ Handbook – Everything You Need to Know to Get Started Real Estate Investing Like a Goddess.  It’s a book that explains the why and how of real estate investment for women.  It’s coming out at the end of this month, and I’m very excited to share it with you.  Want to find out more and be first on the list to get the book with all the great free launch bonuses? If so, sign up here.


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 Monick Halm is the co-founder of Real Estate Investor Goddesses.  She is a real estate investor with over 12 years of investing experience in single family, multi-family, mobile home parks, flipping, and syndication. She is also a certified interior designer, Feng Shui expert, bestselling author, speaker, certified NLP and Money Mastery coach, and attorney.  Monick is passionate about real estate, design, and helping women to thrive.

26 Apr 2017

The Biggest Factor That Helped Me Buy a $3,075,000 Property – Interview with Kim Somers Egelsee

I have to admit I was scared.

I took a deep breath as I signed the check request for $75,000.  If we didn’t get the $3,075,000 we needed to purchase this 77-unit building plus the $500,000 to renovate it, we would lose the $75,000 earnest money.  We had never bought an apartment building before.  Up to this date, the largest thing we’d ever managed was a duplex.  I looked at my husband.  He seemed a little pale.  I’m sure I did too.  I took his hand in mine.  “Let’s do this,”  I said.

A week later we put in an offer for another building – 51 units, selling for $1,800,000.

Three months later, we sat toasting at an elegant restaurant in Albuquerque on the day we closed escrow and became the owners. That week we bought two buildings in Albuquerque – 128 units total.  We raised over $2.2 million dollars from private investors and got bank loans totaling $3,900,000.  Even though we’d never done anything like this before, we were able to acquire two properties at the same time.

How were we able to do that?

Here we are signing the papers to purchase that property.

I think one of the biggest factors was confidence.

I’m not particularly special.  I didn’t have the money sitting in my bank account or a trust fund somewhere.  I didn’t have an extensive database of contacts or any special contacts that made the process easier.  I didn’t have much relevant experience.  I didn’t have anything that made me particularly unique or stand out (at least not in anyway that was helpful), but I had confidence in myself and my resourcefulness.  I needed that confidence.

It took confidence to pack up our daughter and drive 12 hours to Albuquerque to check out a market that first time. It took confidence to approach brokers, property managers, and lenders to say – give us your time and get into business with us.  It took confidence to put in Letters of Intent to Buy, saying we’d pay millions of dollars when we had no ability to do that by ourselves.  It took confidence to ask people to partner with us.  It took confidence to ask for $50,000 minimum investments and say “Trust us.  We will take good care of your money and return it with friends.”  It took a lot of confidence and hope, and we did it.  I knew we couldn’t do it alone, but I had confidence in our ability to be resourceful and get it done.

I have confidence that if you trust in yourself, you can do it too.  And if you don’t have that confidence yet, you can develop it.

A couple weeks ago, I interviewed my dear friend and bestselling author, coach, award-winning TedX speaker, and Confidence Expert, Kim Somers Egelsee.  In this short, but powerful video she shares some great exercises to start gaining more confidence right away.  Check it out and let us know your thoughts in the comments.

[embedyt] https://www.youtube.com/watch?v=zsrWnPRoEx8[/embedyt]

 

P.S. Please excuse the poor quality of the sound.  The amazing content that Kim shared more than makes up for the sound IMHO.

 

22 Mar 2017

Women & Wealth – Expert Interview with Barbara Stanny

[embedyt] http://www.youtube.com/watch?v=_1xBVf_TFJw[/embedyt]

I had an incredible expert interview with an idol of mine – Barbara Stanny, a leading authority on women and wealth and bestselling author of Prince Charming Isn’t Coming, Secrets of Six-Figure Women, Overcoming Underearning, and Sacred Success.

Barbara Stanny’s works have helped me to transform my life – especially around money, so I was pretty excited to be interviewing her.  You can probably tell this by the super cheesy perma-grin I’m wearing on my face the entire time we spoke.

Click on the link above to check out this interview.

In the video she shares about:

  • The three levels of financial development
  • What it takes to go from financial survival mode to stability to affluence
  • How women are different from men when it comes to money and success
  • The three factors that make a biggest difference in a women’s experience of wealth, and
  • The four stages of Sacred Success

It is so full of wisdom – Barbara was just dropping golden nuggets every other sentence.  She should be called the Nugget Bomber.

Some of my favorite Barbara Stanny nuggets of wisdom were:

“If you don’t deal with your money, your money will deal with you.”

“As I reread my transcripts [of interviews of 7-figure women], I realized I’d been so dazzled by how much money these women were making, that I completely missed the way they were doing it.  And they were doing it in a very different way in which the world, i.e., men, models.  And suddenly, and during that these four days, I realized this new game they were playing  …was what I called Sacred Success.”

“Sacred Success means pursuing your highest purpose for your own bliss and the benefit of others while being richly rewarded.”

“The primary goal of sacred success is greatness.”

“Greatness is that place where your deep gladness: doing what you were put on this planet to do,  meets the world’s deep hunger.”

“Resistance is going to come.  Don’t let it throw you off your wealth building wagon.”

Let me know what your favorite nuggets of wisdom were from the interview.  Post in the comments.  And get more nuggets of wisdom from Barbara Stanny at her First Monday of every month – it’s a free group coaching call for women around money.  Register for this call at www.barbarastanny.com.

03 Mar 2017

Why Discipline is a Dirty Word

Here at Real Estate Investor Goddesses we talk a lot about wealth building, especially when it comes to real estate. It’s our passion and our divine mission to see socially conscious, kind, badass women own a piece of the world – so much so that we both sometimes get swept up into the nuts and bolts of: net worth statements, property repairs and upgrades, and tax meetings with accountants.

 

We get so caught up, we forget the goddess part of Real Estate Investor Goddesses.

 

I wish I could say being the living breathing incarnation of the divine means wearing lots of flowing maxi dresses, floral coachella crowns, and skinny dipping on the beach under a full moon -although your goddesshood could totally look like that.

  For me feeling and acting like a goddess is a four part recipe.

  1. Feeling Gratitude

  2. Being Abundant

  3. Giving Generously

  4. Believing in Magic

 

And the secret ingredient to pull the whole goddess dish together is taking disciplined action.

 

Discipline, yuck that word sounds so harsh.

 Another word I like to use instead of discipline is ritual.

As in taking ritualistic action.    

 

Brushing your teeth everyday, that’s a ritual.

 Your morning lemon water, that’s a ritual.

Here’s a peek into my personal daily rituals:

  1. 15 minute morning ritual with rituals for mediation, gratitude, desire, and pleasure

  2. Daily movement (yoga, running, pole)

  3. A time for checking emails (I try to only do this once a day)

  4. A time for social media (I have locks on all my devices so I can only be on social media during a certain time of the day. Game changing for my sanity especially now)

  5. Money making rituals (this is where I make the phone calls, finish the net-worth statement, go to the networking events, have the meetings.) I typically recommend new investors start with these activities first.

  6. Meals. (This is my most pleasurable indulgence. I love to prepare a big lunch and sit down to enjoy it)

  7. Content Creation. Monick and I are running a business that depends on our skills as teachers and leaders. That involves lots of writing, making graphics, taping podcasts, filming videos, and creating landing pages.

 

How do you create your own daily rituals?

 

First start with your desire.

Say for example your desire is to buy an apartment in the next 90 days to use solely for the purpose of AirBnB (Vacation rentals are huge here in New Orleans.)

 

Can you allocate an hour each day for Vacation Rental Creation.

 

Then begin to take the steps to creating your desire.

 

Here is where most women mess up. They anticipate failure so they never attempt to take the first step.

 

There’s a popular myth made popular by the tech world

 

Fail fast and fail often.

Meaning you have to test what works until you get it right.

 

But failure is such a charged word and fear of failure will keep even the best of us stuck, so planning for failure is probably not gonna make your panties wet. Am I right?

 

Instead of planning for failure, try embracing resilience.

It’s the one skill successful entrepreneurs and real estate investors have in common.

Your ability to bounce back is your best virtue. But you won’t need to bounce back if you don’t get in the game (insert your own Superbowl reference here.)

 

Monick and I just started a 7-part series breaking down the steps you need to take to get started on your property vision.

 

If you are a member of Wealth Builders you can access that video here.

Not a member? Wealth Builder’s is our awesome online community filled with all sorts of resources to get you started and educated about real estate investing.  And every month there will be new content all geared to get you successfully invested and making money in real estate. Click here to join.

Believing In Your Prosperity,

Denise

01 Mar 2017

3 Ways to Get Unstuck

Are You Stuck?

You know those times when you are in the flow and everything always works out for you?

Yeah me neither.

LOL. No actually I can experience months and even years of extreme alignment where: my intuition hums along at a clipped place, I do what I say I am going to do, and I cross desires off my lists left and right.

Times when I hit my targets and even if I don’t hit them exactly (sometimes I like to dream big), I am still satisfied with my wins.

But what happens when you aren’t in the flow?

Trust me it happens to the best of us. Yes, even me. 
I get disappointed. I’m sure you know the dulling effect of disappointment?

When everyday feels like you are wading in molasses.

When it feels like you are trying to go up on a down escalator or swim against the river currents.

Rule number 1 of Goddess Club.
What You Resist, Persists
I’ve identified 3 ways resistance makes women feel stuck.

 

“Natural” Resistance

 

Sometimes feeling or being stuck is just a product of natural resistance.

These are situations like: the contractor doesn’t finish a job on time, or your property doesn’t close when you expect.
Or to use an example of something in your personal life, you make a decision to not eat sweets today and somebody at the office walks in with a big plate of cupcakes.

Instances like this are simple physics and you just have to plan for them like engineers plan for wind resistance when building a race car.

 

 “Worthless” Resistance

 

This is the “I am not hot enough, smart enough, thin enough, rich enough, etc” dilemma. Feeling not good enough is about shame and ultimately shame is about fear of disconnection or not belonging. This feeling often goes away when I do some type of personal development like a yoga/ fitness challenge or a new personal development course. I stopped beating myself up years ago for my need to continuously recharge my well and spend money on courses and personal development books. I’ve found I go farther faster when I do my internal work and success often feels easier than if I do things by muscling through the resistance. You can watch more of that journey here!
 “Ignorant” Resistance

 

This one is my favorite because it is easy to remedy. This type of resistance happens when you don’t know what you don’t know and you get overwhelmed with your next steps. You know you are in this type of resistance when: you keep desiring to work with a mentor or a coach, or you keep scouring how-to books and videos, or you just want someone to tell you what to do.
How can you Overcome “Ignorant” Resistance? 

 

 

Identify where you are stuck? When you feel stuck you can often feel confused and unsure of your next steps.Start by acknowledging you are stuck and asking for clarity. Then listen, clarity can come in all forms.

Sometimes success will feel uncomfortable and foreign and you will find yourself making excuses to not act by saying things like “I need more clarity”, “I’m waiting on a sign”, or “It doesn’t feel like this is the right time”, or even “I can’t afford this right now”.

I know for a fact that if you want a new pair of shoes you will find a way to make it happen, so why is your success any different?

 

Here are two questions to ask yourself when making a decision in real estate, business, or life:

  • Is this in alignment with my values?
  • Will this bring me closer to my desire?

 

Trust me, you will make the same decision in 30 minutes that you would in 30 days. Save yourself time and momentum by making your decisions more quickly.

 


Here’s an exercise to help you get unstuck.

I’m stuck because _______________.
My #1 goal in real estate is ___________________.
I want to reach my goal by (put a specific date here) ___________________.
The decisions I need to make are _______________.
The mentor who’s going to move me forward powerfully is ____________.
Being in the flow feels amazing like falling in love with yourself all over again.
Why not give this exercise a try.

Post your results in the facebook group.

P.S. Are you listening to our podcast? We are on itunes now! Subscribe rate and review! here.