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Wake-Up Money – Part One
February 16, 2009 by kcolgin · Leave a Comment
Financial freedom occurs when your annual investment income (your money at work) exceeds your annual lifestyle expenses. At this point you have “Wake-Up Money.”
I have many customers who have achieved (or are on the path to achieving) this “Wake-Up Money” lifestyle. Many of them have modest incomes but have become “Rich” through their investment in local real estate – specifically homes and condos. One customer in particular comes to mind who has never earned more than $30,000 in a year but currently has over $50,000 a year in “Wake-Up Money” from his real estate portfolio.
These customers understand that we have three choices in life.
1. You at work. Do you worry you will have to work the rest of your life?
2. Your money at work. Do you dream of someday not having to work?
3. Charity. Do you worry about being dependent on others?
If you prefer choice #2 and want to get on the path to “Wake-Up Money”, this series is devoted to showing you the way.
Peter Lynch, the great stock market guru and author of “Beating the Street” was once asked what he thought was the greatest investment. His answer: “a single-family house.”
