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OB | X - Architects & Urban Designers - Dominate your money
August 20, 2017
I truly believe, if you take these steps listed below you will do much better in your professional life and in your businesses:
First step, you must work, wok, and work, you need to get income(s) from a job or multiple part-time jobs, or for commissions, etc. Now you get a “secure income or multiple incomes”. This income supports you to preserve constancy on basics, such a food, clothing, pay bills, rent, and so on. Please keep in mind, this should be a temporary status of you career. For example, get a paid-internship or management position in the architectural or engineering firms where you trade time for money, it is usually 8am to 5pm. Moreover, I suggest to most of individuals to work in this type income for short period if you go the next level. You do not want to use to a “comfort zone” for long, it may become addictive.
Second Step, save money, be obsessed to get and accrue money as much as you can, don’t stop. It is very problematic for architects and urban designers, jump without money and getting in any business opportunities, if you do not have anything to punt on the table other than your skills and knowledge. Many architects and urban designers offer their time and talent resources as part of the transactions some sort of trading. However, it is not too much beneficial for lenders and investors if you are not able to offer capital as money. Every time, you must set your mindset and say to yourself, how can I increase or get extra income? Is second job hit that target? After you figure out, your extra income should be at least 10% additional from you annual. You might need reduce expenses as well in the first few years to achieve the goals, you must reduce or eliminate waste time in things are not productive, you do not need the expensive watches, one is enough for now. You do not need to win a fashion contest. Remember, you are right now an employee that wants to move forward to become small business person. I always, refer to Robert Kiyosaki’s quadrant explain as guide in my professional and business life, “There are for type of people form the business structure today, (E) Employee, (S) Solo or Small business, (B) Big business, 500 + employees, and (I) Investors. I believe that architects and other professional alike need to move from (E) Employees to the (I) investors to really feel the sense of freedom.
Third Step, after you’ve been working very hard for your money for few years and saved enough money in the bank; it is time to go out and get good deals and chasing business opportunities. I suggest having three or more times your annually salary to invest. Personally, I love commercial or multi-family homes, it is the best way to invest and put your money work hard for you. Of course, you need to be educated in real estate, debts, and taxes in order to dominate the market successfully. For example, if your salary is $60K, you should have $180K, please note, the type of investment, type of commercial or personal loan along with location of the property will might affect any final decision in those investments. If you don’t feel competent in this area, you may hire a consulting team to help you to organize and be prepare for this endeavor. It is very risky to invest in areas you don’t know, you may fail and you might need to start over again. As I mentioned before, your first goal is not investments, it gets extra income(s) until reach the point that you can put away money you don’t need immediately. Just you know, that the “US median income of $52,250”, we took the median income numbers from the US Census Bureau's 2013 American Community Survey. This is information does not match the reality. You must match your reality with your income, your income needs to over pass for a lot your expenses.
At last, your objective as architects and urban designers are to triple your money or incomes, nothing else. Pay attention your finance, your money. Whatever takes to triple your income along with other investments to reach out your goals. You have to create an operate, active and , indestructible assets that cash flow over and over, this type is “passive income”. “passive income is income that you earn without being actively involved. That means that you continue to make money with no much effort on your end to remain that cash flow”. If you want to understand more details and information about rule of money and its consequences in the actual financial system, please search a video: Robert Kiyosaki “Shooting the Sacred Cows of Money”.
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