Entrepreneur of the week - Monday In about two weeks, we will celebrate Passover. I must be heard…
Entrepreneur of the week - Monday
In about two weeks, we will celebrate Passover. I must sound a little cliché, but as we know on Passover we symbolize the exodus from slavery to freedom. The post today will deal with the exit from slavery to freedom in our personal lives.
As part of my volunteer work at the Pa'amonim Association, I get to see families in their most difficult times. Families with huge debts, endless loans, bankruptcies, foreclosures and what not... It also comes out to see families who simply can not raise their heads above the water and need some support and recalculate the route. What characterizes all the families, and this is also the only condition to accept our escort (which is completely free), is that all these families have decided to take responsibility for their life. They decided to take a step. Stop saying "It'll be okay" and make sure it's all right.
I believe that before we even talk about real estate, and other real estate overseas, it's important that we understand why we do it. For me, for example, the goal is that at every stage of my life, I'll put in more money than I spend. Now how do you do that? This is already the more complex question. It is made up because it is completely different from person to person. There are those who want passive income, some prefer to work, some will prefer the stage and each one and his approach.
Before you start investing in real estate, I suggest that you sit with yourself and your spouse (if the children are great then you can also with them), and see how much money you spend every month. For starters, and before you look for how to invest, look where you can save. For example, check how much food you throw away. Who's going out here to make a big chicken pan and finally throw the leftovers because you do not finish? Who will throw the peggy milk products into the trash? All these things are money you could save if you were not buying in advance.
So after we realized how much money we really have, we can start working!
For me, even before you decide to invest in real estate, it is important to decide that you want to make a financial change in life. Take yourself and your family's economy in your own hands. After you make this decision, you need to make sure there is enough capital to start investing. Not to be tempted by irresponsible adventures because of some marketing or social pressure, but really with an understanding of the step you are going to make.
Some time ago, a friend asked me - if I invest in real estate, how soon will I return the investment? I told him that I did not think it was right to invest in real estate in order to recoup the investment. Real estate is not a way to make quick capital (at least for an early investor). So I basically told him that if that's what he's looking for then it's probably not for him.
In conclusion:
1. Control expenses - understand what your situation is. What are you spending the money on.
2. Planning household expenses - Take your expenses, examine them and set yourself a budget that you can meet. Then you will understand if you are in a positive balance, one that allows you to invest, or a negative balance that needs to be stabilized.
3. Financial change - set goals for yourself, how you plan to improve the state of your household, and examine the right way to conquer those goals. You can of course get help from friends and professionals.
Tomorrow I will tell about my first investment… Wait patiently 🙂
Link to the original post in the United States Real Estate Forum on Facebook - Works on a desktop computer (To view the post must be members approved for the forum)
The original responses to the post can be read at the bottom of the current post page on the site or in the link to a post on Facebook and of course you are invited to join the discussion
Excellent post ..
Great post! Thanks Idan
Idan, very interesting and so true!
Great post
Excellent post!
So important is what you do, economic education is one of the most important things in life management and progress of families.
Well done!
Fun to read your posts ??
All right, thanks for the stuff. I have been working with income and expense tables for 15 years… It helps a lot to be constantly in focus.
All right, thanks for the stuff. I have been working with income and expense tables for 15 years… It helps a lot to be constantly in focus.
Great post!
Thanks Idan. Great post! I definitely connect to what you wrote. I do not know if it is as a result of education from home, but I can not see food thrown away, when I know that there are people who have no food at all - people fill the plate four times what we eat and need, and so everything else goes to waste, and that symbolizes I think culture Today's consumption - some products we buy that have no use at all, just because we saw a sale, or have it to a friend on Facebook, or it's a status symbol or we just want to pamper ourselves because we work so hard - a culture of waste. Proper economic planning includes as you indicated an understanding of what we really need and consume so as to avoid unnecessary waste, and as Kiosk pointed out, every day we spend more than we put in, we actually become poorer - so on the one hand reducing unnecessary expenses, and on the other increasing non-income Depends on manpower and once the gap is positive we get richer. Thank you for enlightening our eyes and we would love to hear more about the activities of the association you volunteer for - well done to you and it is really not obvious such activities. A great example of a responsible and positive way of behaving.
Champion????
Thanks Idan!