please help me

[Sonia Alvarez]

I'm not sure if this is the place to ask but I need advice, help, guidance. If you can give me any advice or direct me where I can go for guidance it would be greatly apprieciated.  I come from a very poor family and have had many hardships through my life. I'm now 30 with two kids and unfortunately following in there foot steps of financial distress.. My fiance is working very many hours to make ends meat but it doesnt even begin to cut it we can barely pay our bills and were so in debt and I cant even provide basic needs for my babies. I DONT want this for my kids and I DONT believe I'm destined to live a poor life just because my families financial state! I want to change my life I've been doing positive affirmations, meditating, and want to take control of my life but I'm coming from the bottom and my question is IS THERE HOPE? My dream is to be succseful enough where I Can provide for my kids and have extra income so the rest of my family also. How though? Where do I start if I have no resources? I'm still young, hardworking, personable, attractive (I'm not concieted just a realist and know this can work to my advantage) Can anyone tell me any advice would be so appreciated I dont want to live in this pain anymor

[Jon Holdman]

Welcome to the site, @Sonia Alvarez 

 I'm not sure if you're asking if Real Estate can help generate more income or not.  It can.  But it is not nearly as easy as gurus make it out to be.  This is, unfortunately, a business that is full of folks who prey on desperate people.  They make promises that if you only spend $1000 with them you will learn the secrets to quick and easy wealth.  Didn't work out?  You need to sign up for my $5000 weekend boot camp?  Still not wealthy?  Try my $10,000 mentoring program.

STAY AWAY FROM ANY OF THESE PROGRAMS.  They are far, far more likely to make you broker than richer.

If you're thinking that real estate is a way to make a lot of money quickly then you are going to be disapointed.  Real estate investing (that is, putting your savings into buying income producing properties) can produce long term wealth. It doesn't produce large quantities of income quickly.  Real estate businesses (fix and flipping, wholesaling, developing) can produce income, if you know what you're doing.  Despite that gurus often denigrate jobs (J.O.B. - just over broke) all these businesses are, in fact, jobs. You have to invest the time and effort to produce income.  And all of these, both investing and business, require significant cash.

I highly recommend "Total Money Makeover" by Dave Ramsey.  This teaches how to manage however much money you have coming in.

In my opinion, debt itself is not a problem.  Spending is.  If you have a bunch of debt it is because you have spent more money than you've taken in.  You MUST learn not to do that or you will never have any wealth.   Spending more than you have coming in means you accumulate debt.  Spending less than you have coming in means you accumulate wealth.  There is really no two ways about this.  It might seem like more income would fix this.  It will not.  There will always be more and more ways to spend money.

Start by reducing expenses.  Cable TV.  Cell phones.  Eating out.  Etc.  Ramsey has lots of ideas.  These may seem painful.  But if you're struggling to get by these are faster and easier than any method of earning extra income.

And look for ways to generate income.  Maybe real estate.  But maybe lots of other things, too.  Maybe it means going to school to learn some trade or new skills.  Without knowing anything about you, your skills or your opportunities, none of us can really advise you.

I will advise you that if you are struggling to make ends meet, buying a house is NOT a good idea.  A house you live in is not an investment.  Its a liability.  Its expensive to buy, locks you in when you own it and is VERY expensive to sell.