Steve Davis, CEO of Total Wealth Academy, shares his thoughts about the importance of a side hustle.
Everyone needs a side hustle. Warren Buffet even said so when he stated, “Never rely on a sole source for income; always invest to create a second.” I use real estate since an estimated 70% of the millionaires in America used real estate to become so. I started wholesaling, flipping, single-family rentals, and small apartments and eventually invested passively in over 4000 apartment units.
Regarding time to do this, this is all about how you designed (or didn’t design) your life. Suppose you have taken on a job over 50 hours a week; bad idea. You made a mistake taking that job. It leaves little time to build wealth which a job seldom does unless you are making $250k plus.
I can run 20 single-family houses in less than 6 hours a month and make around $8000 monthly profit. The key to this was I educated myself by reading, taking workshops, and getting a mentor that knew what they were doing and just imitating them.
Once your side hustle or second stream of income meets and exceeds your wants and needs (bills), you no longer have to work at a job. You have effectively bought your life back from corporate America. This is the greatest feeling in the world. The peace of mind and the time with loved ones make life worth living.
The most effective side hustle is to build a small single-family portfolio. Every dollar in real estate makes you money in four ways: cash flow, principal paydown, appreciation, and equity capture at the beginning.
As with anything, education is the key if you don’t have experience. I found a local real estate investor club, joined, and got a mentor to learn how to do this. There is probably one near you. Google it. If not, there are national clubs as well that offer online education.
Regarding time to do this, this is all about how you designed (or didn’t design) your life. Suppose you have taken on a job over 50 hours a week; bad idea. You made a mistake taking that job. It leaves little time to build wealth which a job seldom does unless you are making $250k plus.
I can run 20 single-family houses in less than 6 hours a month and make around $8000 monthly profit. The key to this was I educated myself by reading, taking workshops, and getting a mentor that knew what they were doing and just imitating them.
Once your side hustle or second stream of income meets and exceeds your wants and needs (bills), you no longer have to work at a job. You have effectively bought your life back from corporate America. This is the greatest feeling in the world. The peace of mind and the time with loved ones make life worth living.
The most effective side hustle is to build a small single-family portfolio. Every dollar in real estate makes you money in four ways: cash flow, principal paydown, appreciation, and equity capture at the beginning.
As with anything, education is the key if you don’t have experience. I found a local real estate investor club, joined, and got a mentor to learn how to do this. There is probably one near you. Google it. If not, there are national clubs as well that offer online education.
About Steve Davis
Steve Davis, CEO of Total Wealth Academy, has spent three decades helping Americans, as well as those outside of the US, become financially independent. Through his Total Wealth Academy, which teaches people how to build a second stream of income with active and passive real estate investment, Steve has trained hundreds of thousands of people seeking a practical path to financial empowerment.
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