Welcome! You are reading the blog for Wealth-Steps.com. If this is your first visit make sure you start at our homepage and check out the many articles we have on real estate investing, building wealth, getting out of debt and personal financial planning.

Saturday, January 21, 2012

Taking Control of Your Money

How does your money relate to your happiness?

You and I can probably agree that money cannot buy happiness. It’s a common expression and you have probably seen a case or two of someone with a lot of money that was miserable or even took their own life.

Yet our actions with money throughout our life suggest that the more money we have the more we spend in the subconscious effort to “buy happiness”. Think about it…

When you are feeling down you “treat” yourself to something to make you feel better…Whether it’s a new pair of shoes, a movie ticket, a drink, a nice dinner, an ice cream cone, etc.

When you want to celebrate good fortune you probably spend money in some way…A nice dinner, a gift from the mall, a vacation, weekend getaway, a catered party, etc.

When you are looking to do something fun or are bored you spend money again…Go shopping, the movies, buy something online, the casino, a sporting event, go to some big box store to buy something on credit, etc.

Thursday, January 19, 2012

Life After College Roadmap

For those of you out there that are visual persons, I thought you would find this image useful. Also, if you have someone in college or a recent graduate you care about you might want to share this with them.

As you can imagine the road to travel after graduation is not always clear cut. Although this sketch oversimplifies the many crucial decisions that hang on the balance at this point in life, I still think at the least is a good starting point to get you thinking.

Saturday, January 14, 2012

Tips To Control Impulse Spending

Do you have a problem with impulse spending? If you don’t know how to answer this question then look at your latest credit card statement. Can you pay it off in full?...

If the answer is no then you might have a problem with impulse spending. Also, I want you to think and give yourself an honest answer to the following questions:

Do you go to Walmart or Target to grab “one quick little thing” and come out with more than you went in for…lots more?

Do you buy things just because they were on sale even though you really did not need them?

Monday, January 9, 2012

Rehabbing House #8: The Budget

Like I had mentioned in previous posts, House #8 was not only going to require a lot of work but it was going to be more expensive work and more extensive too.

Putting together a detailed budget proved to be a challenge because the repairs were very diverse and because of the size and price range of the property they were also harder for me to estimate.

For example, although I have replaced roofs before and have pricing figures from previous roof work, the roof on this house was huge and steep which adds to the overall difficulty of the job. So while in the past I had roofed houses for $3,000 to $4,000 this one was going to be $6,000+.

Friday, January 6, 2012

What Kind of Results Are You Getting?

I was talking with someone recently and somehow we ended up talking about real estate. When I told them that I have been buying, rehabbing and selling real estate (otherwise known as flipping) over the last couple of years, he gave me the “deer in the headlights” look.

He stopped for a brief second as to see if I was joking…

Then he asked, “like they do in those TV shows?…”

To which I replied that in principle it’s the same thing except nowhere near as easy or as dramatic as they make it look on TV.

Then he said in disbelief, “that is completely the opposite of what you see and hear in the news…”