Here's Journal Club 10/02/20! Every week, I hold a JOURNAL CLUB. After filtering through the articles on the web, I present a few that impacted my life this week. Be safe and stay well!
But before we get to it, wanted to remind you that we have our signature conference, Financial Freedom Through Real Estate, happening next week (Oct 9-11).
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- For some, the idea of waking up in the middle of the night to fix a plumbing issue is enough to turn them off to the idea of owning a rental property. However, as this article shows, this sort of micro-management is completely avoidable. As doctors, the author says, we don’t handle every aspect of our medical practice. The same is true of our investments. If you’ve been on the fence about investing in real estate, this article just might give you a push.
- According to Wealthy Doc, all of the concepts within personal finance can be summed up with one word: DESIRES. This is actually a very effective acronym for creating a financial plan that gets you to your goals. I won’t spoil it here, but suffice it to say, if you haven’t yet created a good plan for your finances (or if your current one could use some tweaking), this method is fantastic.
- In this in-depth article, Debt-Free Doctor covers depreciation–a commonly misunderstood but very important concept for real estate investors. This is especially true for high-income earners. Fortunately, the author breaks down how depreciation can actually be a good thing, and how to make it work for you.
- If I had to choose one major thing that keeps people from achieving their ultimate goals, it’s how they spend their free time. As the author of this article says, using that extra time wisely can be immensely beneficial to our personal and financial goals. Of course, if you don’t have a lot of free time, making time for self-care is just as important. Either way, being mindful of your time can be very eye-opening.
That’s it for this week! I hope Journal Club 10/02/20 was helpful to you.
Lastly, here's a little bit of motivation below. Enjoy and have a great weekend!
Disclaimer: The topic presented in this article is provided as general information and for educational purposes. It is not a substitute for professional advice. Accordingly, before taking action, consult with your team of professionals.