Brody Fausett Shares the Simple Tips to Becoming a Multi-Millionaire While in One’s 20’s
St. George, UT, July 07, 2022 (GLOBE NEWSWIRE) -- Financial freedom is something that so many people dream of achieving, but so few take concrete steps towards. Instead, they continue to trudge forward, letting their current expenses continue to grow and even surpass their incomes. Without putting a clear and effective plan in place, they simply aren’t moving towards their goals.
Brody and his wife Andrea Fausett have achieved financial freedom at a young age because they developed an effective plan and saw it through. Having done so through sound financial strategies and creating passive income, today they teach others how they can follow their own plans to reach their unique financial freedom goals.
Here are some of the essential tips that Fausett has to share for anyone hoping to attain their own financial freedom.
*1. Put Assets Before Liabilities*
There are a lot of specifics that went into Fausett’s journey to financial freedom, and these specifics are going to vary for anyone else. However, one thing that is going to run through every story about successfully attaining financial freedom is putting assets before liabilities.
So often, people will take any increase in income as a chance to take on liabilities. They’ll buy an expensive car, get a nice house, and make other major purchases that might improve their lives today but aren’t generating value for their future.
Fausett was shrewd enough to avoid this trap, instead putting his money into assets that generated value instead of consuming it. He had worked in door-to-door sales at one point, drawn to the field because it let him turn his hustle directly into income through hard work. After all that hard work, it’s more so how he handled the money that’s brought him financial freedom today.
The freedom from putting assets before liabilities comes when those assets will then pay for the liabilities. Fausett explains how he always wanted to own a wakesurfing boat. He loved the memories that were created on the water growing up and wanted to create that for his friends and family. Instead of buying the boat (liability) first, he instead invested his money into a rental property and used the cash flow from that asset to pay for his boat.
“It is such a simple shift, but if one can learn to master it it can allow for the opportunity to get years ahead!” says Fausett.
*2. The Power of Passive Income*
Fausett stresses very clearly that passive income is the way to build up financial freedom. It’s a major tenet of his investment coaching program Real Estate Investing School, with “The Passive 6-Figure Game Plan” being one of the most substantial components. Basically, passive income is any income that’s going to continue to come in without the need to constantly grind it out.
A person might derive passive income from investing in stocks or other assets, developing a mobile app, making YouTube videos, or any activity that can run in the background and provide income. It’s important to remember that you can start small, even if you don’t have a lot of money to get started. Even minor passive income is much more than nothing, and you’ll be able to continue to build and grow off of that foundation.
“There are way too many people that wake up every morning and spend the majority of their day working a job they don’t love with a boss that dictates what they can and cannot do. We have both been there and felt extremely stuck. If we can help provide a path and clarity for people to escape that life and find a more fulfilling one that is funded by passive income, that is our goal,” states Brody Fausett.
*3. Define Your Dream Life*
Financial freedom isn’t an area that people can expect to make progress in without taking it seriously. They need to have defined goals in order to move forward. How much money are you going to need for your goals, and when would you need it? Why do you need that amount? What are you going to do with it? These are all important questions to consider, and moving towards financial freedom isn’t as simple as wanting more money.
When putting together this kind of plan and making decisions, Fausett stresses that people need to focus more on logic and less on emotions. Impulsive purchases can cause major setbacks over time, rather than the progressive gains that sound decision-making can bring. Anyone can start working towards a more financially secure future today.
Contact Information:
Brody Fausett
admin@realestateinvestingschool.com