Creating wealth with property investing

I was thinking about the different groups of friends that I have and how such an interesting and varied bunch have achieved such interesting and varied results in life financially!  No surprise really that some are doing exceptionally well for themselves, some are getting by and others are really struggling.   But you know, the thing that is of most interest to me is that the level of financial success and wealth that people have is not directly proportional to the income that those people have from their jobs.  I have friends who have your average run-of-the-mill job salary wise that are going great guns in property and I have other friends who have high paying jobs who are just paying the mortgage on thier own home and that’s about it.  And there’s the whole gammut of inbetween.

So what is it that makes the difference?  What is it that makes some people strive to create wealth for themselves and how do they do it?

My honest opinion on the big secret to creating wealth – I’m going to give it to you in 3 short bullet points….

  • Spend less that you earn
  • Set goals
  • Take action

Spend less that you earn.  Most people I know who are doing well manage their money in some way, they don’t just spend money on things without thinking, they make conscious decisions about their money and make an effort to manage it in some way.  So ask yourself – do you know how much comes in and goes out each month?

Set goals – if you don’t know where you are going, then it’s going to be hard to get there!  Success and wealth don’t often just fall upon you accidentally!  Do you have goals?  Are they written down?  Are they measurable and time based?

Take action – lots of people spend their lives having the idea, reading the book, doing the course, getting around to it someday.  The people who get somewhere are the often not the smartest, not the richest, not the luckiest, they’re just the ones that did something.  The ones that took action.  Is that you?