Power Your Financial Portfolio
Journalists educated and trained in their profession; are taught to report the news. In addition, one of the essential training techniques introduced on the first day is the start of the foundation.
This foundation of journalism challenges the students to practice the 5 Ws: Where, Why, When, What, Who, and the How.
Recently I asked to be a guest on one of Canada’s favorite investment real estate podcast shows.
Where Should I Invest? host Sarah Larbi https://sarahlarbi.com/episode187
Above all, Sarah uses “Where” in the title of her podcast show. In addition, when you listen to the show, you find Sarah covers all the 5 Ws and the How. Sarah’s podcast is all about the ins and outs of investment real estate.
Therefore, if you wonder how to power your financial portfolio, listen to the podcast above. Investment real estate might be your next opportunity.
Above all, think about the principles shared in the show and be an investigative journalist and develop a plan to drive your financial foundation forward using the 5 Ws and How method.
The 5Ws and How
To help you get started; let’s do a quick recap:
The Place? If you are into Project Management, “where” is usually the last thing you consider. With investment real estate, we start with The Where. In the podcast episode above, we talk about investing areas.
As Sarah mentioned in the podcast, there are many factors to consider.
I have invested in three different markets, and each market is different from the others.
In my book, 31 Days to Purchasing and Renting Your First Investment Real Estate Property Day 8, chapter title “Home May Not Be Where The Investment Heart Is,” we discuss the Sweet Spots that help determine “where.”
Determining your requirements in purchasing your first investment real estate property is critical.
I flush out the “what” in the first four chapters of my book. What are about four essential factors? What is investment real estate? Is this investment vehicle right for you, getting ready, understanding your finances, and having the finances to purchase investment real estate? What is the last factor, an entrepreneurial and small business mindset?
The where and what is priming your investment pump and bringing clarity to your midway point in powering your financial portfolio, but before you start filling your investment bucket, you need to review your why one more time?
At this point, before you have made any financial commitment, you can delve into the drivers and benefits of purchasing investment real estate and your satisfaction.
It can be your actual stumbling block. You may trip over all the information and numbers leading to Analysis Paralysis and never set a “When.”
On Day 18 in my book, we discuss SMART goal setting, and the last element of SMART goal setting is the “T,” time-bound. By setting your “When,” you can make a date feel real and look more confident to your stakeholders.
Setting a date and completing a little early or a little later is okay because you are working around a completion date you have shared with all stakeholders, your “When.”
Who are your stakeholders, joint venture partners, resources team, and tenants? Who will ultimately benefit from purchasing and renting your first investment real estate property?
In my book on Days 5, 19, 20, 21, and 26, we get into all your stakeholders and the benefits.
Purchasing and renting your first investment real estate property is your “How.”
How did it happen?
Using the 5Ws method, implement the 5W method with determination and persistence, let your ability to learn something new shine through, and power your financial portfolio.