Building Wealth on the Side
Don’t quit your day job. We all know this infamous phrase to mean something negative. But does it have to be? I am often asked about real estate investing and whether or not it can replace income from a job. My answer is that it can, but usually not right away. The good news is it doesn’t have to. You can do it on the side. Author Richard Paul Evans calls it “winning in the margins” in his book The 5 Lessons A Millionaire Taught Me About Life and Wealth. He refers to winning in the margins as investing or creating wealth through extra income.
In his book he talks about is wife’s grandfather who scraped gold from the hood of a GOLD smelting furnace. He also talks about Lance Shiffman who’s made millions from Xango Juice, which he originally started selling on the side. Real Estate investing is another great way to win in the margins. It can be used to create passive income while providing tax benefits and appreciation all at the same time. Another great thing about real estate is that you as the owner control it. So before you go thinking that you need to quit your job to get rich, think again. You can start off in the margins.
