Embrace Your Financial Curiosity

By J.P. Dahdah, Vantage CEO

 

I am frequently asked “what is the most important financial habit one must possess to build wealth?’  My answer is “financial curiosity”, which tends to surprise people.  It’s true though.  Financial independence is obtained when you have asked yourself the right questions and have been disciplined enough to seek the right answers for yourself.  Everyone’s financial journey is different.  Money is Personal ™.

As a real estate investor, I know you can relate.  As you attend AZREIA meetings, I am sure you meet and network with a diverse group of real estate investors.  Some members love to fix and flip properties, others hate it.  Some of you focus keenly on residential properties, others only invest in commercial real estate deals.  Which do you prefer?  Why?  How should you structure your real estate deals?  Let your curiosity run free!  If you pretend that you are a five year old, and ask yourself “why?” after every question, you will limit your investment risk and feel more confident that you are making a better decision.  In order to solve your financial situation, you have to know yourself to the point that you eventually find solutions that feel comfortable to you.

Most investors mistakenly believe that their financial path has a start date and an end date (i.e. retirement age).  That is completely incorrect.  You are never “done” evaluating the best way to manage your finances and if you are doing it right, you are also working on structuring things properly for your next generation’s financial life.  It is financial curiosity that helps you get there.  Ask yourself more questions like, “what else can I do to maximize my IRA’s return?”, “can I leverage IRA and buy 2 properties instead of one?”, “should I increase my IRA’s diversity by directing some money into real estate notes to add some secured fixed income to my retirement plan?”

I have helped thousands of investors over my 20 year financial career and the truth is that no one has the secret recipe on how to build wealth.  I can’t do it any faster than you, any better than you and I am not any smarter than you.  I have simply taken the time to ask questions and diligently search for the answers.  Successful investors are always searching for a blind spot or trying to gain knowledge.  It’s hard to make money with information that you don’t know that you don’t know, right?  Well, if you form a habit out of simply being curious and asking yourself a ton of questions, I am confident that over time you will develop an investment philosophy that is right for YOU, which is all that matters.

So, I encourage you to embrace your financial curiosity and never feel satisfied with the level of knowledge you have.  Many times, knowing what NOT to do is more powerful than knowing what to do.  Remember, the answers to your financial solutions are within you and no one else.

 

For more information about Self-Directed Real Estate IRAs, please visit www.VantageIRAs.com/AZREIA