Matt Theriault, real estate investor, entrepreneur and coach, who shows people how to invest in real estate so they can achieve financial freedom. He also helps people start over and begin a new life setting goals and objectives so they can create wealth and live life to the fullest.
Favorite Success Quote
“Travel as far as you can see, and when you get there, you’ll see further.” – J.P Morgan
1. Get Your Passive Income to Exceed Your Expenses
If you want to achieve financial freedom, then your first goal must be to create streams of passive and residual income that exceed your expenses.
It’s that simple.
Once all of your essential living expenses are covered by passive income, then you have achieved freedom.
For some of you this means that all you need is $3,000 of residual income a month.
For others, it means that you will need $30,000 a month.
Whatever your number is, you need to make achieving it your top priority.
Once you have that income automated, you will have the freedom to follow your passions and dive into deeper pursuits.
When you don’t have to worry about how you are going to keep a roof over your head, you can focus on figuring our who you are, what you want to do, and investing time in relationships and interests.
Write your number down, put it where you will see it every day, and then hustle your butt off until you achieve real freedom.
2. Focus on Residual Income First
Lots of people think that the key to wealth is to focus on creating piles of cash first and then creating residual income.
But this is totally “bass akwards.”
Before you can truly accumulate piles of wealth, you must first have streams of cash flow that provide you with recurring income on a daily, weekly, or monthly basis.
The more cash flow that you have, the more you you will be able to actually create high quantities of cash to save and invest.
And creating residual income doesn’t have to be complicated or difficult.
If you take the time to educate yourself on real estate and take massive action, you can leverage other people’s money or get started in wholesaling to start creating passive income without needing any start up capital.
3. Start One Property at a Time
Creating massive wealth, financial independence, and passive income can seem like a daunting task.
But all you need to worry about right now is taking that first step.
Go look at that first property, go find that first motivated seller, and get to work.
Don’t get fancy and worry about building an empire.
Just take the first step and keep putting one foot in front of the other consistently, and you will achieve success.
4. Learn How to Delegate and Hire Effectively
One of the most underrated and least talked about aspects of success is the ability to delegate effectively and hire the right people.
You need to understand the value of your time and realize that if you don’t have an assistant, you are on.
Is it really worth your time to manage your calendar, clear your email, make meetings, and handle correspondence?
If you hired someone for $12 an hour to take care of the tasks that you dislike and that don’t provide you with any real results, couldn’t you find activities that are worth far more than $12/hour?
I think the answer is obvious.
You need a team, you need people to help you grow your company, and you need people who are proficient in areas where you are weak.
This is one of the only ways to build real sustainable wealth over time.
5. Anything Worthwhile Takes Effort and Consistency
Anything, and I do mean anything worth doing will take effort and it will take consistency.
It will not be easy.
It will not happen overnight.
You will lose sleep, you will lose friends, you will cry, you will bleed, and it will take a lot longer than you want it to.
But it will be worth it.
Commit right now to stick it out when things get tough.
To be consistent when you want to quit.
To hang in there when you aren’t seeing the results that you want.
If you are willing to do these things, then I promise you that you will achieve success.
Rich Dad Poor Dad by Robert Kiyosaki
Awaken the Giant by Anthony Robbins
4 Hour Workweek by Timmothy Ferris
The Slight Edge by Jeff Olson