Me 10 years ago: I can’t buy that investment property.
I don’t have enough money.
Do you know any lenders or qualify for low-to-zero money-down options?
No, and I don’t think so.
What about your savings and investments?
I don’t have enough.
Do you save or invest?
I do, but it’s all in my TSP (401K equivalent for government employees) and IRAs.
After this internal dialogue with myself, I knew I had to find a different place to store my money. Thankfully, I had a friend at the time who had just read Becoming Your Own Banker by R. Nelson Nash and lent me his copy. That book opened my eyes to a different way of thinking about where to store money. Luckily, I was open to learning.
Here are my 2 biggest takeaways:
1. Focus on keeping more of what you earn (capital preservation)
2. Create an alternate financing source
Focusing on where you store your money can make you resilient in any market.
1. Earn money.
2. Store money to:
- preserve capital
- create a financing source
3. Be more resilient to all market conditions.
What other ways do you build a resilient financial strategy? Do you have someone on your team helping you with these concepts? If not, please reach out to us at https://www.tieronelifeinsurance.com/contact/