by Ashley Chorpenning
Now that you have decided you want to dive into the real estate market, where do you begin? With all of the information available, it is hard to decipher what may be the most important as opposed to what is not accurate. Your excitement may be overwhelming and cause you to make irrational decisions. Stop, think, and educate yourself before you dive headfirst into investing in real estate. After all, you have to start somewhere.
When I began my journey in the world of investing, I didn’t know where to start. I did my own research and spent hour trying different products that would work for my lifestyle. I knew I needed to start small and work up to more of a commitment. Every day is still a learning opportunity, but I found a few tools along the way that changed the way I invest and look at investing.
Whether you want to create a nest egg for your family or be a real estate tycoon, educating yourself is key. Not every tool will be the right fit for you, but you have to determine what tools fit your lifestyle. Every investor has their own money philosophy and risk tolerance. By educating yourself, you will become more confident in your money philosophy and what direction you will take in the future.
I want to share with you a few tools I have discovered along the way. They may not be right for you, but they are worth trying. You never know when a tool can make an impact in your life and financial situation. Tools can be anything from books to mentors. They are the components that can help shape your life and help with your growth. Some of the tools listed below I used right away, and some I discovered later in my journey.
Books That Grow Your Mind
Investing is something that requires not only knowledge over time but also perseverance and consistency. It is easy to get discouraged when you are unsure of the path to take or where to turn for information. Books can open your eyes to opportunities you wouldn’t have seen. Books can also create mentorships with people that may seem untouchable
Read as much as you can as quickly as you can. There are a few books you need to read multiple times to fully understand their potential. We retain approximately 10 percent of the information we read. That is why it is important to consistently be expanding your knowledge and educating yourself. Here are a few books you must read:
- Think and Grow Rich by Napoleon Hill
- Rich Dad Poor Dad by Robert Kiyosaki
- A Random Walk down Wall Street by Burton Malkiel
- Smart Women Finish Rich by David Bach
- The Power Of Real Estate Investing by Kemi Egan
When you first begin your investing journey, it is useful to understand how the stock market works. Expanding your financial knowledge should be ongoing. There is always something new to learn and understand. The finance world in constantly changing and new ideas are being created. By reading, you can be sure to stay at the forefront of the latest investment trends.
Books are not the only way you can stay ahead of investing trends. Subscribing to blogs are a great way to get information fast. If you are ready to get your feet wet in the real estate market, BiggerPockets is a great place to start. BiggerPockets will help you navigate your real estate journey. They will keep you updated on everything that you need to know and help you build a network of mentors to reach out to—people just like you who had to figure out their paths to success.
Apps That Build Positive Investing Habits
Finding applications that could help me create great financial habits was challenging. There are so many financial apps that help you budget and work on investing strategies. Not every app works for everyone, but I found a few that made sense for my lifestyle and the way I save money.
If you are a first-time investor or you would consider yourself a novice, developing positive financial habits is key to the growth of your portfolio. Whether you are saving for your first property or looking to build your retirement fund, you need to be consistent and reward yourself for staying on the right track.
Tip Yourself is a great application for building positive financial habits. It allows you to reward yourself when you have a positive life experience. Let’s say your goal was to work out 5 times a week, you could reward yourself $100 for completing that goal. Not only is the application based on positive reinforcements but it can also be a social network. You can encourage fellow users to hit their goals and save more money.
This is a great first step when beginning your investing journey. If you are not ready to dive in or you need to work up to investing in your first project, this is a stepping stone. Learn how to create and develop positive financial habits by starting small.
Acorns is another great application to help you create positive financial habits. This application allows you to invest your spare change. You would be surprised how 50 cents here and there can add up over time. It also allows you to not be wasteful with your extra money. It is important to pay yourself first but it is also important to not waste extra funds.
Investing Tools to Help Define Your Money Philosophy
Now that you have a few tools to help you get started you may want an easy to use platform to invest your money. Wealthfront allows anyone with experience to access long-term investment options with minimal fees. Their team is composed of experts in the investing community to help you navigate your journey. This is a great place to dabble with your first-time investments.
Betterment is another investment option. They make it easy to manage all of your accounts and automate your investment efforts. They want to make investing simple and not overwhelming to beginners. This is an effective tool for using automation to manage your finances.
There are thousands of tools out there to help you educate yourself, establish great financial habits, and create your own money philosophy. Find what works for you. Use as many tools as possible and you will find the perfect fit for you. Creating financial freedom doesn’t happen overnight. Be patient and enjoy the journey.
What resources are helping you as a new investor?
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