What is wealth building?
You build wealth when you take a lower valued asset and move it to a higher valued asset. In fact, the art of business consists of identifying assets in low-valued uses and devising ways to profitably move them to higher-valued ones. So, building wealth isn’t about earning and saving. That’s a step, but if you truly want to build wealth, a level of risk and skill is involved. That’s why WealthBuilders teaches you how to invest and build wealth through assets that pay you passive income.
What are the 7 Mountains of Influence?
Do you suggest we pay off all debt before buying a rental?
What’s the first thing you should invest in?
I always say that the first thing you should invest in is yourself. That means that before you put any real money on the line, you need to do everything you can to leverage free financial resources and advice from experienced mentors and/or loved ones. You’re here, which means you’re in the right place! If you’re looking for specific advice, browse our blogs or contact firstname.lastname@example.org directly. In addition, we offer an online business school called WealthBuilders University for as low as $29.95/mo. Click here if you’re interested in investing in yourself through WBU today: https://wbuniversity.online/
What does a good investment portfolio look like?
A: What makes up a good investment portfolio is unique for each individual. However, everyone should diversify their portfolio (have a number of different investments, even if they’re only small amounts to start.) This helps you mitigate risk—you don’t put all your eggs into one basket. This is how I like to organize my portfolio:
* 50% in real estate
* 25% in long-term treasury bonds and precious metals
* 25% in the S&P 500
What are the seven things you and your wife pray about every morning?
My wife, Becky, and I started praying for these seven things relatively early in our marriage, and they have changed our lives. I encourage you to find a prayer partner and pray for the following, too:
- Supernatural favor
- Divine connections
- God opportune moments (Kairos moments)
- Overcoming blessings
- Strategic plans
- Double Double (Isaiah 61:7 They shall possess double what they had forfeited and everlasting joy shall be theirs)
- Perfect health
How do you start a business?
That’s a big question! You have to start by asking yourself three questions: why, what, and how. Why do you want to start a business? What is your vision, and what sets it apart? How will you accomplish your business goals? Once you’ve spent some time imagining and strategizing—I call it ‘hovering’ over the idea with God—you’re ready to start filling out a tool called The Business Model Generational Canvas. Click here to read a blog about the BMGC (and get a free download of the canvas.) https://www.wealthbuilders.org/2021/03/from-chaos-to-order-how-to-start-your-own-business/
Is there a good way to use equity in your home to help fund your business?
Yes! You can use a HELOC, take out a second mortgage, or refinance. I filmed a 5-minute vlog on this topic, and you can watch it here: https://www.youtube.com/watch?v=2UIvMib-878m
Can you advise what brokerage firms to contact regarding starting a brokerage account?
Charles Schwab, Fidelity, and TD Ameritrade tend to be the best.
If I have $10,000 to invest, where should I invest it?
Assuming that you have already invested in yourself (meaning you have the financial knowledge to move forward), I recommend using $10,000 for a downpayment on an investment property (or your first home if you don’t have one yet.) It’s important to keep a reserve for emergency savings, but if you have $10,000 purely for investment purposes, a home is a great place to start. You can buy and hold that property, meaning that you rent it out. Renters will pay for your investment and then some (you want to make at least $300 positive cash flow per month after your mortgage, insurance, and taxes are paid off.) Not only that, but your property will also appreciate in value over time if you hold it long enough!