The Not-So-Great Feeling
First is coming to terms with one thing – not worrying about money creates an opportunity to do something you thoroughly enjoy. Despite the ongoing online debate of “jobs-versus-careers,” in most cases, the feeling of being under-compensated shows up in almost 40% of employees worldwide. The same University of Phoenix research shows that 60% of people are unhappy at their jobs.
With so many factors at play, striving for financial freedom could solve that problem, per Hanson. However, other research, such as from the University of British Columbia, reveals one problem with chasing money. Sacrificing more time to get more money usually doesn’t pan out the way people want to. Under this scenario, you are left with more money but spend too much time making it.
Travis Hanson points out, not because they are unwilling to sacrifice but because they are not ready to go all in. During his early stages of entrepreneurship, Hanson discovered that going all in is the only way to true financial freedom. However, he had to learn to trust his gut and respond to his inner drive for success.
“You might be ready to work day and night towards your goal, but if you are not prepared to risk, you won’t get there. However, you need to be smart and take a calculated risk,” he says. “For example, people are scared of the current real estate market. I’ve never been afraid to pull the trigger no matter what market I’m in because I always buy properties off of several different strict rules. And as long as I stay within that ruleset, stay in my lane, there’s almost no risk in what I do. "
Learning the Ropes
There is a silver lining for everyone feeling there might be more to life. That feeling alone is something that can be a huge motivator. “Setting a realistic path for earning massive amounts of money is not that far away as soon as people learn to respond to that feeling,” says Hanson.
For all those that seek honest advice on financial freedom, you have to look within for the correct answers. Some logical ones, as per Hanson, include:
Paying yourself first (investing in assets first before you spend money on anything else) Investing in whatever way you can afford Learning to cope with calculated risk Getting educated
The Way Out
His humble beginnings and willingness to learn originally pushed him into law school after years of working in law enforcement. The learning curve kept Hanson going: “I just found creative ways to find the money. I graduated from law school, worked as an attorney for eight years, and spent every dime I had in real estate. So I’ve never been afraid of risk.”
For Travis Hanson, taking calculated risks and investing in the right choices are the most critical factors. As Hanson says – “in real estate, there are several factors to consider – loan and interest rates, tenant quality, and the market activity.” However, a person must be active in the field to understand how to invest. Looking up and searching for financial freedom with a massive investment project, especially if a person is new in the business, is a recipe for failure. As per Hanson, going big is not always tight for most investors.
Even with seasoned veterans, the same rules apply. Hanson’s friends are losing money in the big house markets: “There’s a considerable risk in the big house market because everyone is seeing a 20% drop. So they’re hurting. And with interest rates now going up, nobody’s buying those houses,” he adds. “You don’t need to go big to go all in. Starting small and knowing when to scale is the way to bring the cash home.”
