January 9, 2007

Building Wealth is More Than Flipping Houses.

Building Wealth - Passive Income - Retiring Early

Although most posts here so far have concentrated on my house flipping venture, I wanted to let you know that this site is about more than that. In addition to making money by flipping or rehabing houses, I want this site to be about building wealth in general - what to do with the money you have now to maximize its returns and what to do with all the money you will make in the future.

This includes the magic of compound interest, taking advantage of tax laws and retirement plans to maximize returns, other money making ventures (from sports gambling to loans to blogging online for money), creating passive income, and little things you can do to make a little bit more here and there.

Although many sites focus on how to make what you have get you more, my philosophy is to always be building your empire. A popular analogy explains it very well. Imagine all the money you have is water in a bathtub. All the expenses you have are holes in the tub letting water (money) out. When ever you want something new you have three basic options: first, don't get it because you don't have enough water in the tub; second, plug up or slow some of the other leaks (reduce some expenses) so you have enough water left over to get what you want; or third, fill the tub with more water. I subscribe to the third philosophy, so I'm always trying to fill my tub with more water (while always monitoring the leaks).

Hopefully this isn't too Steve Pavlina for you. I'm all for personal development, but don't want to come off like a hack while trying to get you on track to building your empire.

So, if you want to make more money, make more money with the money you've made, and keep filling that "tub" with "water," stay tuned!

Building Our Empire

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