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Personal Financial Strength is a Key to Successful Investing | International Residential Real Estate Investors Association
Tuesday January 23rd 2018

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Personal Financial Strength is a Key to Successful Investing

I’ve written about this before and I expect to write a great deal more about it in the future.  Achieving this is more straightforward than many accept.  Often times, we think that saving more money means living less.   The truth is the opposite can be true.

What kills our ability to build the personal financial strength a budding investor needs to succeed?  There can be many driving influences.  However, they boil down to really two major influencing points: 1) Wants versus desires and 2) Choices that create spending or constrain spending.  A good example is a car.  If you have two cars you will almost certainly increase your transportation costs whether you actually need to make trips or not.  Additionally, each additional car comes with an entire range of costs that by simply owning an additional car you unconciously choose to accept.  The same influence can drive your food and dining bills.  One set of restaurants will result in a set of outcomes another in a different one.  Basic rules like no soft drinks can dramatically reduce costs eating at home and eating out.

In fact, I believe almost any family can reduce their monthly bills by $1,000 per month without sacrificing quality of life, likely improving healthy living standards, and gaining tremendous pease of mind and likely increased happiness.  You’ll have to adopt the “Warrior’s Guide Mentality”, but savings, wealth, and personal peace are within y0ur reach.

Why is this kind of adjustment important?  First, raising investment capital requires confidence in your own position.  Improving your own financial position improves your confidence and makes drawing capital a more straight forward achievable effort.  Second, having a strong balance sheet you can show prospective investors makes their decision easier to reach.  Third, the likelihood is you will need to raise debt capital from traditional banking at some point.  The stronger your own financial condition is even for nonrecourse (no guarantee required) debt the better your ability to close the loan.

Investors should begin today putting their financial house in order and laying a strong investing foundation for future growth.

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