Right now the topic is Save Now, Enjoy Later.
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Marcia Edwards: Good things are happening in the economy. There’s a lot of people that are getting promotions, new opportunities. They’re improving their status of income and increasing their income sources. What I would like to suggest to you is when you get your next increase or you get that other job for your partner, you look at not increasing your style of living, what you’ve grown accustomed to for lifestyle given your previous income, but instead take that income that’s been the increase and redirect it for long-term gain.
Bob Nelson: By doing that, one of the safest ways of doing it is to invest in a piece of real estate. One of the safest things that you might do for those that say, well, gee, I don’t really know what to do. Well, buy a house. If you already have a house, consider a second home. You could move into that second home, use the first home as a rental property, but keep the thing, keep it as a rental and continue to do this game plan. Repeat about 12 times and I will assure you, you will be a millionaire within 20 years. You cannot miss. You simply cannot miss.
Marcia Edwards: But you’ve got to be disciplined. You’ve got to be loyal to the plan. That means you got to make sure you have laser focus on your goal so that nothing distracts you from your endgame, and in the process you will have benefit. You’ll be moving to bigger and different houses and properties, so it’s not like you have to live like a pauper, but you do want to make sure that you live below grade, so to speak, so that you have a long-term payoff of a passive income source.
Bob Nelson: Well, look at it this way. You can either eat it now and enjoy it and it’s gone like yesterday’s breakfast, or you can set it aside and invest in something that’s not going to be gone, that’s going to be there for quite a period of time. Obviously, select good locations, be conscious of a number of different things that you should be attentive to. Call Marsha. If it’s residentially oriented, she’ll direct your game plan. It’s not rocket science, but it does take a plan and it does take discipline
Marcia Edwards: And some of the discipline, I’d suggest is to go back to your cable bill and see what you can cut there. Check your phone bill, your cellphone bill and see what services you’re paying for that you’re not using. I bet you can find $150 a month that you’re not recognizing is being dropped to the ground there. Pick that up. That’s a great place to start.
Bob Nelson: Starbucks, five bucks a pop. Just look at it. Now again, you don’t have to live like a pauper. You’re absolutely right, but game plan and discipline.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30pm on KPNW for the “Real Estate Today” radio show.