Unlike my little bunny rabbits, being broke isn’t cute. Being broke is a struggle that many people face daily, but now is the time to get on track.
Welcome back to the Being Broke Isn’t Cute series (Part I), where I discuss how to go from being broke to comfortable.
What is the right path? Finding the right direction to go from broke to an investor is hard. Most of us didn’t grow up with this information, nor do we know people of wealth.
TAP Your Home Equity
Thus, we have to set out on our own. Our friends and family may work against us because they do not understand the journey we will travel.
In Part I of this series, we discussed discovering why we are broke. Now it is time to take massive action. However, the first action we must take is education.
The succeeding in reading. There is something to be said for reading books. You can easily become wealthy if you can commit to reading one productive book a week.
By productive book, I mean finance, business, self-help, etc. Something that helps you build character and resilience.
How We Plan to Retire on Dividends
I have read 115 books over the last two years and seen my portfolio increase tenfold (and more). I can directly attribute my wealth-building to reading (and taking action).
Where to start reading. My article “The Top 15 Finance Books of All Time” is a great place to start. Here you will find the books that have changed my life.
What advice do you need? As you read, you will find multiple “Ah-HA!” moments. These epiphanies give you an idea of how you can improve something. Ensure you are taking notes of these moments.
Above all, I recommend the book “How to Take Smart Notes” because it will lay the foundation for all learning to follow.
You can subscribe to Kindle Unlimited to get tons of books to read. The most crucial aspect early in your journey is building good habits.
Preferred Shares 105: Long Term Preferred Strategy
You have to read something every day. You should always have a book at your disposal. Plus, you can read magazines and articles on the web.
My favorite websites are SeekingAlpha (Stock Market), All Business (Business), BiggerPockets (Real Estate), Kiplinger’s (Retirement), and CoinGecko (Cryptocurrencies).
More free resources. I also have tons of free resources. You can visit my website to grab 210 free pdf books. This information is vital enough to get into everyone’s hands.
Mailbox Money: The Power of Dividends, Rents, and Royalties
Here is my collection of great books I call the Signature Series II. These mega books gather information about all segments of investing.
- Financial Mindset: Become CEO of Yourself 2 (Free 196-Page PDF)
- Retirement Planning: Your Retirement Planning Guide 2 (Free 255-Page PDF)
- Investing: How We Plan to Retire on Dividends 2 (165-Page Free PDF)
- Cryptocurrencies: Counting on Crypto 2 (Free 159-Page PDF)
- Real Estate: Financial Independence through Real Estate 2 (Free 123-Page PDF)
- Business: Retire Rich, Retire Comfortable with a Business 2 (Free 185-Page PDF)
The change will come. People around you will change as you focus on reading and taking steps to improve your outlook on life.
Either they will adapt to your new outlook (unlikely) or work against you. They won’t TRY to work against you, but their negative view of the world will overflow towards your change.
How does negativity look? Here is a quick example of how the opposing viewpoints of friends may hinder your progress.
Two years ago, my wife and I bought our third home. We immediately acquired two roommates to pay the entire house note. People close to us questioned why we needed roommates.
Automation Can’t Replace Creativity
Two years later, during a massive inflationary period, my wife and I have income from rent and dividends. We built our dividend income from the rent from our roommates.
If we had listened to these friends, we probably would have gotten rid of our roommates to save face (or conform). Today, we are in a great position and investing in the down market for massive future gains.
Stay the course for yourself. You will have to travel to this course alone. Eventually, you’ll make new friends along the way. These friends will have similar views of wealth, success, and living below one’s means.
You do not have to eliminate your old friends and family—just limit your time with them. The five people you spend the most time with combine to form your views and opinions. Ensure you have good people around you.
Taking massive action. Each book you read will have different steps to becoming wealthy. Your path will be a combination of all of these steps, but it will be different.
Creative Financing in Real Estate 102: Personal Loans
I have a personal appetite for Robert Kiyosaki’s style of investing. However, I’m building my business slowly without using leverage.
I am sure Robert Kiyosaki would build his business differently than I; however, I must consider my time with family and workload.
We are all different. Do not try to follow someone’s steps one-for-one. Give yourself time to process and make adjustments as needed. As long as you are moving forward, nothing can stop you.
Why I Am Investing in Bitcoin
Conclusion. Please use my free resources to start building your financial mindset. Become the CEO of Yourself by treating your life as a business.
You are your most important investment, so this part of the journey is vital to your long-term health, wealth, and success.
In the following article, we will discuss how to become debt-free. It may seem impossible, but my wife and I paid off $77,000 in debt in two years. You can do the same with the right attitude and work ethic. Good Luck!
- PDF of the Month: Don’t Gamble with Retirement 7 (Free 424-Page PDF)
- Free PDF Downloads: Download FREE PDF LIST here
- Financial Mindset: Become CEO of Yourself 2 (Free 196-Page PDF)
- Retirement Planning: Your Retirement Planning Guide 2 (Free 255-Page PDF)
- Investing: How We Plan to Retire on Dividends 2 (165-Page Free PDF)
- Cryptocurrencies: Counting on Crypto 2 (Free 159-Page PDF)
- Real Estate: Financial Independence through Real Estate 2 (Free 123-Page PDF)
- Business: Retire Rich, Retire Comfortable with a Business 2 (Free 185-Page PDF)
- Latest DGWR: Don’t Gamble with Retirement 6 (Free 409-Page PDF)
- Everything!: The Biggest Book on Passive Income Ever 2! (book)(Web Edition)(Art Edition)
- I bought a Kindle Oasis: Check it out on Amazon
- Read My Books for Free: Free Kindle Books Schedule
- Crypto Exchange: My Favorite Crypto Exchange VOYAGER (Join Voyager)
- Kindle Unlimited: Why I Finally Subscribed Kindle Unlimited (learn more)
- Book Reviews: 505 Takeaways from 101 Books (pdf)
- Writing: The Publishing Chronicles (Part 1, Part 2, Part 3, Part 4, Part 5)
- Best REIT- Fundrise: REITs vs. Homeownership (Join Fundrise)
- Follow us: On our Facebook Page and Join our Facebook Group
- Monthly Dividend Tracker (XLSX): Check it out on Etsy
- For more detailed analysis, join my Youtube: MFI YouTube Channel
Monthly Dividend Tracker Template: Buy on Etsy
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
Leave a Reply