But how to find it? Many suggest investing in real estate.
Linda McKissack, author of HOLD: How to Find, Buy and Rent Houses for Wealth, is a huge proponent of making real estate your financial safety net.
“If you don’t design your life, something or someone else will,” she told RisMedia. “Keep this question in front of you: ‘What would happen if today the financial resources or your business totally disappeared? It…happened to people in Houston, in Florida, in Puerto Rico with the hurricanes. What are you going to do when it happens to you?”
Real estate holdings can provide a buffer in tough times and bring in steady income from rent. It’s not a get-rich quick scheme, experts warn, but rather a solid way to build up your personal assets over the years.
Among McKissack’s advice to potential investors, as reported by Rismedia:
• Avoid speculating: “Don’t buy a property hoping it will become a good deal. Buy it because it’s a good deal to begin with.”
• Learn about potential investment markets: Research market values, rents, home prices and appreciation in the areas you are considering.
• Be conservative with your holdings: “Manage a property until it’s paid for or you have a large amount of equity to leverage.”
• Don’t get attached to a property: “It isn’t personal, and the numbers matter most.”
• Prioritize networking: “Cultivate relationships with other investors and people involved in real estate investing.” There is much to learn from others.
Photo Copyright: antonioguillem / 123RF Stock Photo