By JACKIE JACKSON
2020 and beyond has been a hurdle for medical professionals. You’ve worked through this pandemic and continue to save lives and help the fight against COVID-19. As an Officer in the U.S Army Reserves, I know firsthand what it’s like to work in rigid and high stress environments. You’ve been on the “front lines” of the pandemic for the past year and a half. With that, I thank you for your service and all you’ve done to combat this pandemic.
Financial Stress on Medical and Healthcare Professionals
Healthcare workers today are faced with looming issues – the pandemic, burnout, and lack of support. An emerging issue with medical professionals and healthcare workers is financial stress, which takes a massive toll on mental health and wellness. In addition to the emotional and physical toll of the pandemic, a third of frontline workers have been faced with destabilized financial security. Many have been dealing with reduced income.
Medical Professionals have been dealing with financial stressors long before the pandemic. Studies have found that medical professionals were lacking in education on financial literacy. Medical Professionals deal with a lot of stressors that impact their finances – student debt and reduced salaries from contract work. (https://www.orlandomedicalnews.com/article/4923/how-addressing-financial-health-will-help-florida-healthcare-workers-get-through-pandemic)
Building Wealth with Multiple Sources of Income
One of the best strategies that medical professionals can do to help combat financial stress is to create extra sources of income. Multiple streams of income are among the fastest growing ways to build wealth. Now is the time to plan for the future – retirement, a savings account, or even setting aside something for your descendants. Real estate is one of the best types of investments you can make. It has withheld the test of time, especially compared to stocks.
Real estate has been proven to be one of the best investments that you can make. Diversification is essential for the health of a financial portfolio. Real estate makes a great edition to your portfolio. There are numerous benefits to real estate investing – predictable cash flow, tax breaks and deductions, appreciation, risk-adjusted returns, and building equity and wealth. If cash flow is a goal of yours, real estate will offer that to you.
Can Real Estate Make You Rich?
It’s no secret that real estate is lucrative. However, many people don’t really know the details or intricacies that are involved with growing wealth through real estate. The reason why I became a real estate investor was because it was a unique way for me to create wealth that I set out in my goals and implement some really creative strategies that did not require a lot of money out of my pocket in order to get started.
Some people purchase their real estate in different ways. They might be borrowing money from their local bank or local credit union. That is one way to do it. However, when I started out investing, that was the first route I took. However, since then, I did not borrow money from a bank. I found all of the other creative real estate investing strategies and I wanted to make sure that I was well-versed in them, so I did not have to use my personal credit or borrow money against any of my properties if I didn’t have to.
Even in 2021, you can still purchase properties in creative ways without having to risk your personal credit or borrow money. The real estate industry appears precarious, but there are still opportunities for purchasing properties and creating cash flow from them.
Hidden Real Estate Gems: Tax Deeds and Tax Liens
Tax Deeds and Tax Liens are hidden gems for real estate investors who are looking for lucrative investing opportunities. Tax liens and tax deeds are one of the best kept secrets of real estate investing.
Tax liens occur when a property owner doesn’t pay taxes on a property. As a result, the city or municipality places a lien against the property. In the event that a delinquent property tax remains unpaid, the tax lien will be sold at a public auction.
Tax deeds function in similar ways to a tax lien. The difference is that at a public auction, ownership and interest by deed is transferred to the winning bidder. When you win the bid, you get to gain the title to the property itself. The tricky part about tax deeds is that there may be a redemption period depending on the state, and not every state will have a redemption period.
Jackie Jackson is a Real Estate Coach & Mentor based in Central Florida. After working over a decade in corporate America and climbing the success ladder to vice president, she walked away from it all. As a result, she pursued her calling as a mentor, motivator, and business coach. She does one-on-one coaching, offers boot camps and speaks at seminars and teach courses. Visit www.TheJackieJackson.com