A mindset of abundance is an imperative Canadian Wealth Creation Secret!
The news is constantly filled with doom and gloom about the economy and the potential for an economic crash at any moment. Even then…….I wake up each morning with a positive outlook for life and the future.
As long as I can remember, my goal has been to find financial freedom and create a life of abundance for myself and my family.
Let me tell you a little bit about my story – without getting into the mundane details!
I grew up in a family where I was encouraged to go to school, get a solid education and find myself a great job.
And……..so of course, I did just that!
After working for just one short year, I realized that I had zero control of my life. I was working long hours, for a pay well below what I thought I deserved!
It was around this time that I was fortunate enough to pick up a book called “Rich Dad, Poor Dad” by Robert Kiyosaki.
The teachings in this book truly changed my life and gave me insight to the Canadian wealth creation secret!
Soon after, I was experimenting with lots of alternative investment options including stocks, mutual funds and foreign exchange.
I even started a few small retail business ventures and dabbled in direct marketing.
Eventually, I came across real estate as an investment option, and so began my investing journey.
So here is the deal! Most people think that the Canadian real estate wealth secret is the classic trade : time for money!
And don’t get me wrong, there is nothing wrong in working hard and utilizing your time to generate income for yourself. However, the truth is that you must work hard and work smart at the same time!
What I believe is that the key Canadian wealth creation secret is to leverage your money so that it begins working for you!
For me – that is the beauty about Canadian Real Estate Investing.
The money that I invest continues to generate more money for me – primarily through mortgage pay down but also capital appreciation and monthly cashflow!
Even if I don’t do anything more than invest that money and sit back, it will continue to generate wealth for years to come!
Infact, after 25 or 30 years – even if that property doesn’t appreciate, I will own it (the mortgage will be paid down).
My wife and I diligently saved – and invested a good chunk of the money we EARNED into our real estate portfolio.
Even then, we promised ourselves that for a DECADE we would reinvest every cent of return we received from our properties, and so we have continued to do that.
Taking action has been another imperative Canadian wealth creation secret.
Yes there were things that could have and DID go wrong – but we have learned from our mistakes and continued to grow.
And we are blessed that we feel a great deal of financial security.
We are not worried about an economic downturn, the uncertainty of the job market or the crash of a stock market for that matter.
And the earlier you start, the better it is!
Because the key ingredient to real estate investing is TIME! What are you waiting for?
I leave you with some thoughts – what do these things mean to you?
security vs freedom
avoiding risk vs managing risk
play it safe vs play it smart
it’s too expensive vs what is the long-term value
diversify vs focus
what my friends think? vs what do I think?