tonight we are editing a story about Robert Kiyosaki, who claims to be a self-made millionaire. I cannot verify this, but he seems genuine. He says the only way to get wealthy is to make your money work while you are otherwise occupied with your profession. and the easiest way is real estate that earns an income (ie. that you don't live in, but charge rent for.)
It seems quite straightforward, because the bank will lend you money to buy property - unlike shares or commodities. So why not get another mortgage and buy a place and charge some sucker rent? that's how to get your money working for you.
5 years ago i was doing this. 5 years from now i plan to be not doing this. I will be house-hunting next week, and in 5 years time i plan to have at least 5 income-generating properties. And I'm not going to worry about CGT because I'll buy places I don't need to sell.
Simple? I thinks so. It's worth a shot.
It seems quite straightforward, because the bank will lend you money to buy property - unlike shares or commodities. So why not get another mortgage and buy a place and charge some sucker rent? that's how to get your money working for you.
5 years ago i was doing this. 5 years from now i plan to be not doing this. I will be house-hunting next week, and in 5 years time i plan to have at least 5 income-generating properties. And I'm not going to worry about CGT because I'll buy places I don't need to sell.
Simple? I thinks so. It's worth a shot.
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