Shutterstock
As a property investor and owner of one of the U.K.’s biggest property-training companies, it can sometimes be hard to get people to understand that anyone can become financially free. Financial freedom simply means that you have enough passive income to cover your living expenses. To help people understand the possibilities, every so often I challenge myself to either start from nothing and become financially free or to help someone else do so. I film the whole experience and document it on my YouTube channel to inspire others to take control of their finances. It is both a lot of fun and a lot of hard work, but it really is worth it.
Recently, I helped my employee Amelia Asante attain financial freedom. She started as my videographer and is now a talent manager. She has always asked a lot of questions about property investment, but I wanted to know she was serious about investing in herself. When she signed up for my Academy, I knew she meant business. That’s when I decided to do a financial-freedom challenge with her. We spent a week together and, through a range of strategies from rent to rent to house hacking, we got her to financial freedom.
Here are the three major lessons I learned from my most recent financial-freedom challenge.
Related: How to Apply Warren Buffett’s Investment Approach to Real Estate
1. Take leaps of faith
When my employee put in an offer for a property as part of the financial-freedom challenge, she wasn’t entirely sure where she would get the deposit from. To make matters worse, once she decided to go ahead, she found out her 95% mortgage was actually only going to be a 90% mortgage. Many people will wait until everything is certain to make a move. Most people want to dot every “i” and cross every “t” before they take the necessary action to change their life. While it is always important to have a plan and consider the best case, likely case and worst case before doing anything, don’t let yourself become paralyzed by indecision.
Sometimes you have to take a leap of faith, even when it is scary to do so. My employee managed to get the money together via deal sourcing, and her bravery paid off. If she had decided to wait, she would have lost out and would not have reached her financial-freedom goal. Being the person willing to take that risk that others simply won’t is an important step on the pathway to success.
Ultimately, Asante did have some savings in the bank (which she needed for other things), and …….
Source: https://finance.yahoo.com/news/3-lessons-learned-helping-employee-143000637.html
