Last week we talked about saving up for your first deposit…but did we miss an important part of the picture? In this episode we pick sides and have one of our periodic duels: is it better to save money, or create money?
- How it’s easier to save a pound than make a pound…
- …but there’s a limit to the upside potential of saving
- The impact that saving and making money have on your time
- How getting the balance right is critical to generating long-term wealth
Along the way we draw from the book The Millionaire Fastlane by MJ DeMarco – which is somewhat cheesy, but still well worth a read.
Resource of the week
Speaking of saving, you could save some time with a site called Canned Emails. It’s simple, but effective: there’s a list of tricky emails you might need to write (like turning down a request or asking for a meeting), and all you need to do is click and a template will be created directly in your email program.
We’re not sure we agree with the phrasing of all of them, but it’ll give you something to work with – and the “break up with someone” template is good for comedy if nothing else!
News this week
There’s a lot of talk around property “crowdfunding” platforms at the moment, and this article from MoneyWeek does a good job of summing up the attractions and also the drawbacks.
It’s an interesting area, and we’ll be devoting a full episode of the podcast to it in the near future.
As we said in our plans for 2015 episode, we’re not stopping at writing a book – we’ve got something even bigger planned for this year!
We’ll be spilling the beans next week, so tune in then…
Join the conversation
What side of the “create or save” debate do you come down on?
How do you generate the wealth that you need to invest in property in the first place?
We’d love to know, so join the discussion in The Property Hub!
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