What You Will Earn on this Episode:
One of the most frequent questions I receive is: “how much money do I need to become a private lender?” The person asking the question will then go to qualify this question by saying they don’t have a big IRA, they don’t have any 401k’s that they can roll over, and they don’t have a large sum of inherited cash. How does a person get started if they’re darn near broke?
While you absolutely need to save up a sum of money in order to lend it out to others, a small amount of money shouldn’t discourage you from becoming active and involved in Private Lending. Obviously the more money you have to lend, the larger your pool of options will be, but just remember this: Everybody has to start somewhere
3 Key Points to Consider:
1 – You can begin lending with just a few thousand dollars
2 – A way to determine if your employer would allow you roll over a portion of your retirement plan (401k, 403b, etc), while still being employed: an In-Service Distribution/Withdrawal.
3 – If you don’t have much to lend, your primary concern should not be the interest rate and amount of money you potentially earn, but rather building your network, and therefore building your Net Worth.
Don’t forget, you can find certain key words and phrases at the Glossary of Terms
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Hosted by Landon Rothstein & Ray Sasser
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