“Buy the largest building you can afford.” That was the advice I was given by an older doctor as we stood inside the building he had purchased. The building was formerly a department store. His story had been written in the local paper. He had bought the building with dreams of returning it to the classy building he remembered from his youth. A short while later, someone else took over his dream. They converted the building to elegant offices, but not before they paid him a healthy profit to purchase it.
“You can make as much, no, you can make more money managing money than you can working.” One of my elderly patients made that statement. He had worked himself up from a runaway orphan to a successful businessman. He had done it all through hard work and real estate investment.
The common wisdom is that a good education is essential to getting a good job and being successful in life. However, many of the most highly educated are finding that their reward, in terms of salary, is not commensurate with their education.
It is what you do after work that makes you wealthy. It seems obvious that a doctor or lawyer can take their income and invest it to grow to a sizable fortune. Less obvious is that the average person, with a little coaching, can do the same thing.
Real estate investing has built more fortunes and created security for more people than any other single form of investment. The problem has been that many people don’t know how to invest. Information is power, but power is worthless unless it is harnessed. Apply this knowledge and you can create the life of your dreams.