Thanks so much for checking out the Real Estate Today Podcast. Right now, we’re going to talk about financial goal setting.
Bob: I’m Bob Nelson, Eugene commercial real estate investment broker with Pacwest Real Estate Investments.
Marcia: And I’m Marcia Edwards, residential broker with Windermere Real Estate. Hey, I’ve worked with some clients recently who have been free and clear on their home. They owe nothing, there’s no mortgage and their whole posture is different. It’s fascinating when you’re in charge of your finances and you’ve gotten to a fairly bullet-proof situation. It is a feeling of euphoria. I don’t think you know that until you’re there. It’s just something that changes so if we could have a vision of that, Bob, before it happens and really know how it feels, maybe we’d be more motivated to step toward it.
Bob: Well, you know I met a very, very wise real estate investment councilor. I’ve got the same professional designation. He indicated that he, with his family, used a pictograph situation, not a petroglyph, but a pictograph where each person would select out of a newspaper, magazine, whatever that item, which would produce for them a feeling of success. For me, it would be investment property that would generate passive investment income so that it was my income was not dependent on going to work and putting in the hours because, hey, this thing is going generate income without my personal involvement.
Marcia: Taking that a step further, if you’re not spending your day working in this scenario, where would you be spending your day while money’s coming into your bank account is really the vision that you’re looking at.
Bob: Exactly, exactly. If you will hold that thought, that’s the feeling that you are after. As you start to sacrifice some of your current income, or spending capacity … By sacrifice, it literally means, “Put on the breaks. Don’t spend the money. Set it aside in an earning position so that you can generate that money that would acquire the asset that’s going to produce the future income.”
Marcia: I saw a realtor, extremely successful residential broker, who stayed in a three bedroom, one bath about eight years longer than she needed to and that, resisting the expansion she could have done is so empowering today that she has the wherewithal and the flexibility to stop working for the rest of her life and there’s so many benefits to just restraining-
Marcia: … For a short period of time.
Bob: Even if you didn’t stop working, to know that you could, that you have the flexibility is a great feeling. The freedom, the freedom feeling.
Marcia: Create that financial vision. I’m Marcia Edwards, Windermere Real Estate.
Bob: And I’m Bob Nelson, Eugene commercial real estate investment broker with Pacwest Real Estate Investments.