Smart Financial Goals: Making Your Money Work For YOU

1. Shift your mindset, and focus on what can go right

It’s so easy to get bogged down in the intimidation of buying a property. Everyone loves to tell you their home buying horror stories, and if you let these stories influence you too much you might opt out of owning a home altogether. Hear this if nothing else; if you can buy a home you should. It’s one of the single most important financial decisions you will ever make. So try and focus on everything that could go right, and everything that owning property will bring to your life and the life of your family.

2. Don’t let the thought of repairs and maintenance scare you

Don’t balk at maintaining your home, or the discovery that perhaps a repair that you didn’t anticipate needs to be done. You have researched, and you know this is a normal part of settling into a new (for you) house. You’ve also budgeted for the unanticipated because again, you made sure that you were prepared and in a place to absorb any unknowns. For more general repairs, you can still outsource to a plumber, welder or whomever; just because you’re no longer able to call a landlord, you’re still able to call someone. And again, you’ve budgeted for this. You’re prepared. 

3. Develop a landlord mindset

Again, everyone knows a landlord with a horror story about terrible tenants. Don’t let this deter you from investing in real estate that could ultimately be so beneficial to your financial future. I offer a course specifically in the landlord-tenant process in my customer hub, and it’s full of tips with none of the exaggerated melodrama. Check it out!

4. Evaluate your financial picture

Get a plan. If you’re in debt or things look bleak, even more reason to sit down and write out a black and white plan with goals so that you have a way out. Visualize your goals, determine what kind of monthly output you want to see financially and go from there. Work backward to determine the budget that is right for you.

5. Tailor your realtor to your experience

If it’s your first time buying a home, get a realtor who specializes in that area. If it’s your first time buying an investment property, find a realtor who specializes in that area. They are actually 2 very different processes, and what you’re looking for (and sometimes overlooking) in the actual property differs quite a bit. There are some realtors who are able to do both, but make sure and verify that they have experience and knowledge for both fields of expertise. 

Be sure to listen and subscribe to The Women, Wealth, Impact Podcast to learn more about paving the way for your own financial future. Join my customer hub for coaching opportunities and support from our online community!