This episode is not so much about real estate investing, but more about money mindset.
There are several ways you can look at money challenges. I think it boils down to two main ways of thinking about solving money issues:
- Saving money
- Making money
Saving money often consists of eliminating expenditures and what I call “hunkering down.”
Hunkering down is when you take your current income and look at how you can reduce expenses in order to save or pay off debt:
- Cell phone
- Eating out
Many financial experts recommend the “saving money” approach.
Making money is more of a mindset of abundance. Some people try to work their way out of financial challenges such as debt by trying make additional money, instead of spending all of their time figuring out how to reduce expenditures. Making money can be a much faster solution, and can also be used in conjunction with hunkering down.
I truly believe that highly successful people in this world have an attitude of abundance, and will always look for opportunities to make more money, rather than relying on cutting back and eliminating minor luxuries.