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Updated almost 6 years ago on . Most recent reply

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Shiloh Lundahl
  • Rental Property Investor
  • Gilbert, AZ
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Is there a SHORTCUT TO WEALTH?

Shiloh Lundahl
  • Rental Property Investor
  • Gilbert, AZ
Posted

Many people invest in real estate in order to create passive income and eventually become wealthy enough to not have to work a regular job for the rest of their lives.

I want to pose a philosophical question. Is there a shortcut to wealth?

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

In general shortcuts cost. Makes me think of the poor bas's buying seminar rah-rah programs for $30k, thinking that program is a shortcut.  Most will be just $30k the wrong direction and can least afford the hit. 

An old contributor had a signature in his posts. I woke after 40 years of working hard at REI and discovered I'd won the RE lottery. Overnight wealth. LOL

Truly short paths to wealth are achieved by the highly specialized inventors and business founders IMO.  They are THE producers/suppliers/masters of their specific craft or product.

In terms of RE, the tortoise wins.  Doesn't have to take forever, but shortcut is a dangerous word.  IDEAL will prevail (Income, Debt pay-down & Depreciation, Equity , Appreciation, Leverage) but it takes time.  A shortcut here is buying right something you know well.

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