Successful Real Estate Investor Shares His 5 Fundamental Principles For You To Take Control Of Your Financial Future
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Fred Tichauer (71) owns over 50 investment properties, shares the five fundamental principles that led him to his success, and believes anyone can follow them to retire on their own terms.
Tichauer was born in Montevideo, Uruguay, and immigrated to the United States when he was only 12, not knowing any English.
He often got in trouble in school for misbehaving and admittedly called himself a “semi-juvenile” who only sought attention. But it wasn’t until the principal sat him down and spoke with his parents that he changed his life and became one of the most significant impacts of his life.
The principal stated that young Tichauer was at risk of getting kicked out of school. At the same time, another family member told his parents he could go to jail.
Tichauer chose to change for the better from that moment on because he never wanted to be called a bad kid again.
When Tichauer was 21, he was a junior at college and didn’t know much about real estate. Still, he believed real estate was the path to his financial success.
This realization led Tichauer to meet his mentor and real estate agent, Jerry Sicuinas. Sicuinastook him under his wing and taught him everything he knew about real estate. Over time, Tichauer acquired over 50 investment properties, primarily single-family homes but also owned several duplex properties. He also became an associate broker with Berkshire Hathway Services Ambassador Real Estate in Omaha, NE.
Today, Tichauer spends his time helping others build their path to financial freedom. He’s written several books titled: “Follow the Golden Brick Road,” “Flip or Hold — The Road to Gold” and “Real Estate Investors – Clients for Life.” And he offers private coaching through his website FredTichauer.com and speaks at various seminars.
Fred Tichauer strives to mentor others and “pay it forward,” just like his mentor, Jerry Sicuinas, did when he first started. With his own personal experience and journey, here are his top five fundamental principles he swears by that can lead anyone to take control of their financial future.
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Have a Business Plan
Tichauer emphasizes that having a business plan allows one to fulfill their vision and reach their goals. “A business lays out a plan to help you accomplish what you want: creating wealth, retirement income, financial freedom, cash flow.”
He also states that a business plan helps potential investors have confidence in you and your plan by adding, “No lender is going to lend you money if you don’t have a business plan.“
Live Below Your Means
Tichauer says it’s easy to make money but just as easy to spend what you just made. So, he strongly encourages people to live below their means to avoid living paycheck-to-check. But, he adds, “Living paycheck-to-check is probably riskier than anything else. People think investing in real estate is risky. But living above your mean is even riskier.”
Save, Save, and Save.
Tichauer believes the person you should be paying first is yourself. But, he doesn’t mean spending your money to treat yourself. Instead, he stresses that it’s essential to save your money.
Even with diligent saving habits, Tichauer says anyone can acquire their first investment property in one year by saying, “If you pay yourself 15 to 20% of every paycheck, by the end of one year, you can have enough money for a down payment for one rental. Then, you can repeat the process.”
If You Don’t Have The Money, Don’t Charge It
Tichauer is strictly against credit cards and even cautions people to think twice before charging their credit cards. He says, “Credit card creates a lot of problems for people. I always tell people, if you don’t have the money, don’t charge it. Ask yourself do you need it or do you want it. If it’s a need, consider it. If it’s a want, just put it back. Instead, put that money in a wealth-building account.”
Be Your Own Financial Advisor
Tichauer believes people don’t need to hire a financial advisor. Instead, he wants people to be fully responsible for their own finances. No matter what our retirement objectives are, an advisor can only advise. According to Tichauer, “You are the only person with 100% control of your finances.”
This article was produced and syndicated by Parent Portfolio.
REAL ESTATE EBOOK BUNDLE FOR BEGINNERS
Siblings Ernie and Addie embark on a delightful journey to purchase their dream board game. However, they soon realize that they don’t have enough money to buy it right away. With the guidance of their parents, they learn the power of saving.
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- Tools to teach young readers about the value of setting financial goals