Wed, 12 August 2015
How to Create 2 Million Dollars a Year in Passive Income with Nathan Birch
It seems like a crazy dream to be able to retire from full-time work at the age of 24 and still have $2 million land in your account every year when you hit 30, but Nathan Birch is living proof that it is possible. For him it was all about setting the right goals, week by week, year by year, and more generally, working hard now to earn the right to not have to work as hard later. This seems like such an obvious mantra, but that’s why listening to Nathan is so inspiring, because every single one of us is actually capable of doing the things he does. His methods have empowered him to build an empire of 170 properties, but even for people who are just starting out who only want to buy one or two properties, his advice is indispensable.
Below is a summary of what made Nathan successful in property, which makes for a mighty fine template of how to succeed in business and in life in general:
** Have a plan with clearly defined goals, and then map out every step you think is required to achieve them (this seems so obvious, but a dream can only become an achievable goal once every step is broken down into small, achievable chunks)
** Document the goals and keep reviewing them
** Don’t be put off by naysayers (but rather than ignore them, rationalise their point and disprove it with your own logic)
** Be persistent – if you have an idea, don’t just leave it as an idea… take action!
** Don’t make business decisions based on emotion, i.e. “this property looks really nice, I could totally live here”… you need to make sure the numbers add up
** Don’t underestimate the value of properties in areas that are thought to be undesirable
** Try and take your time to find a property under the market value, which gives you a profit margin from the beginning
** It’s never too late! (Colonel Sanders was in his 60s when he opened his first KFC)
More generally, the most important thing is to really understand exactly what you want a property to do for your life. When Nathan picked up a magazine at the age of 13, he was certain that property could make him wealthy and give him security, so he did his damnedest to make that happen by getting two full-time jobs and saving enough money to buy his first unit when he was 18.
Everyone’s story and aspirations will be different, but Nathan has proven that property as a means to security is a good path to go down, especially considering the increasing volatility of the superannuation/pensions market.
In this episode of Business Brain Food you will learn:
** One man’s story of how to build a property empire
** How to set, review, and achieve goals
** The money that can be saved by having two jobs
** What makes a good property investment
Resources mentioned in this episode:
** Ask Pat with Pat Flynn (http://www.smartpassiveincome.com/ask-pat/)
** Online Marketing Made Easy with Amy Porterfield (http://www.amyporterfield.com/category/podcast/)
** Small Business Marketing with Timbo Reid (http://smallbusinessbigmarketing.com/podcast-2/)
** Beers, Blokes & Business (http://beersblokesbusiness.com/category/podcast/)
** Sales, Marketing Profit with James Schramko (http://www.salesmarketingprofit.com/category/podcast)
** Podcast Answer Man (http://podcastanswerman.com/)
** School Of Podcasting (http://schoolofpodcasting.com/)
** Internet Business Mastery (http://www.internetbusinessmastery.com/podcast/)
** Beinvested (https://binvested.com.au/nathan-birch/)
** Beinvested on Youtube (https://www.youtube.com/user/binvested)
** Facebook (www.facebook.com/businessbrainfood)
** Business Brain Food Facebook Group (www.facebook.com/groups/businessbrainfood)
** Twitter (https://twitter.com/bfewtrell)
** ActionCOACH (http://actioncoachanz.com/itunes)
** ActionCOACH (http://actioncoachanz.com/stitcher)
If you’re thinking of dipping your toe in to the world of property investment, or if you want to build your existing portfolio into something mega, then go ahead and do it! Nathan did. So can you!
Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that!
Until next time, have a profitable day.
Cheers, Ben Fewtrell (02) 9111 5000
Direct download: BBF065_How_to_Create_2_Million_Dollars_a_Year_in_Passive_Income_with_Nathan_Birch.mp3
Category:general -- posted at: 12:00pm AEST