If you're reading this, I'm earning money. Thanks for helping to feed my family. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not a CPA, lawyer, or doctor, although my parents wanted me to be all three. So, talk to a professional before acting on anything you read below.
Awesome contributed post today on the fastest way to a fortune. Any guesses as to what that might be? Read on and let us know your thoughts in the comments.
We’ve all heard about the possibilities of making a fortune in a short amount of time. The concept of an overnight millionaire is one that is familiar to many thanks in part, to incredible figures such as Mark Zuckerberg.
However, what many people forget about Zuckerberg and similar figures is that they did not make their fortune overnight. In fact, their fortune came from months, years or perhaps even decades of hard work.
Does that mean that a fast fortune isn’t possible?
Of course not, but we have to be a little more realistic. Rather than building a fortune overnight, we should be thinking in terms of a few months. Short of winning the lottery, this is the fastest you will see your finances change substantially.
So what is the fastest way to your fortune? Well, if we were to bet, we would say that you need to look at property investments. The plan we’re going to lay out for you will work better if you already own a home, but renters can accomplish this as well.
Let’s get started by thinking about what you’ll need.
The first step is to save a little money. You don’t need to have a massive amount of capital for this plan to work. You do however need a solid credit rating because we are going to be borrowing money.
A portfolio loan is your best option where you will lay out a plan for your investment and then work to carry it through. This can take several weeks or a couple of months, but it is worth it due to the low level of interest.
Don’t be afraid of the debt. It’s an issue that every property investor deals with at some point or another.
It’s important to realize that we’re not buying a typical home. Instead, you need to purchase a holiday home with the intention of renting it out. For instance, you might be interested in something like the stunning chinquapin cabins for sale on the market right now.
Or, you could look for a beachfront property in a tropical location. The key is to find a dream piece of real estate in a place that people will want to visit. Once you find it, don’t think, just buy and don’t worry about that growing debt, it’ll be gone before you know it.
A few months have passed now, and you have purchased a prime piece of real estate. But, you’re probably still worried about the loan and the debt it took to get you there. Now we need to think about paying that off.
The good news is luxury properties such as the one you have brought can be rented out for hundreds of dollars per night. One good summer will put a sizable dent in the debt that you have accumulated with this investment. But you do need to make sure that it is gaining the attention it deserves.
To do this, you must invest in a marketing company. This will once again add to your costs, but it’s worth it to get the tourists you need into your property.
This might seem like a long road but we guarantee short of leprechaun luck on the stock exchange or a massive win on the roulette table, it is the fastest way to a fortune. The best part? With the right decision making, it can be nearly completely risk-free.