Skip to content
×
Pro Members Get Full Access
Succeed in real estate investing with proven toolkits that have helped thousands of aspiring and existing investors achieve financial freedom.
$0 TODAY
$32.50/month, billed annually after your 7-day trial.
Cancel anytime
Find the right properties and ace your analysis
Market Finder with key investor metrics for all US markets, plus a list of recommended markets.
Deal Finder with investor-focused filters and notifications for new properties
Unlimited access to 9+ rental analysis calculators and rent estimator tools
Off-market deal finding software from Invelo ($638 value)
Supercharge your network
Pro profile badge
Pro exclusive community forums and threads
Build your landlord command center
All-in-one property management software from RentRedi ($240 value)
Portfolio monitoring and accounting from Stessa
Lawyer-approved lease agreement packages for all 50-states ($4,950 value) *annual subscribers only
Shortcut the learning curve
Live Q&A sessions with experts
Webinar replay archive
50% off investing courses ($290 value)
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x

Posted about 8 years ago

THIS is why I was still BROKE after making over $100k,

Well BP fam, Since my 40th birthday and living and learning how things work on this round planet, I've grasped a concept that was taught to me years ago that I didn't want to accept.  Haven been in the music biz and making big dollars, then moving to real estate and doing pretty well, I understand the making money has NOTHING to do with managing it.  I now realize that God, or the universe whichever one you like, has a very hard time blessing you with more until you prove you can handle and grow what you already have.

     Look at it like this...  You can't give an 8 year old a Rolex watch and expect them to take care of it.  Just as well you can't give a person $100k that doesn't know how to manage it and expect it to grow.  What are you doing with your current income to manage it and make it grow?  When I look at my Self Directed Roth IRA, I can visually see dollars from as far back as 2006.  My account hasn't grown as fast as I would like, but the money that was put in is STILL THERE.  It's done some deals over time and grown at a wonderful rate, but my point is, it was never spent on consumable goods.

     Take some time to put aside some of what you make every month.  There a several ways to put it aside but for me, the SDRIRA was the best because it's illegal for me to spend it on ME.  I physically can't touch the money UNLESS it's for an investment.   Create your own investment account that you use for investments ONLY.  That way it can never be "cannibalized" as I once heard it put..  Good luck to you and start managing what you have NOW.  



Comments