“How do you stop habits that keep you financially poor?”

That is a question someone posted in an online forum the other day. The person asking the question must have been hoping for that special answer that would give him the directions he needs to put him on the road to wealth.

Some people offered good advice, such as tracking expenses and breaking habits that slowly drain your bank account. I really like what one person said about saving. He said that most people – if they save at all – use an equation like this:

– Income – expenses = savings

In other words, any money you have left over when you’re done spending is how muchyou can save. He offered a slightly different equation:

– Income – savings = expenses

With this approach, saving money, which creates wealth, is the priority. You budget your spending after setting aside money in your wealth creation program. It’s a pretty smart idea.

Are habits breakable?

One other person made a very wise observation and equally wise suggestion. He said that due to the very nature of habits you can’t stop them. He said if you want to get rid of a bad habit, you need to replace it with a good habit. This is quite perceptive and if we want to turn our attention back to moving from being financially poor to financially rich, I can give you one habit right now that many need to replace: paying rent.

Paying rent each month is a habit that is virtually guaranteed to keep you financially poor. And since we know that the way to successfully stop a bad habit is by replacing it with a good habit, here’s the good habit you need to adopt: making payments on a property you own.

By replacing rent payments with mortgage payments, you’re doing the single most important thing you can do to increase your net worth. Property ownership has created more wealth for more people over the years than any other investment strategy, and this is doubly true in California.

California real estate – especially Los Angeles real estate, Orange County real estate and San Francisco Bay Area real estate – has created more millionaires than we can imagine. It has funded the comfortable retirements of individuals for as long as anyone can remember.

However, sometimes making the initial entry into the California property owner’s club can be difficult. For a variety of reasons – often poor reasons – banks and conventional lenders put up barriers that keep good people from moving to owner from renter.

Move from renter to owner

At Evoque Lending, we do the opposite. We make it possible for people the banks have turned away to get into their first homes and once they’re in, then they can start making things happen. They can begin to improve their credit rating, build equity in their property and enjoy tax advantages they were never eligible for previously.

Through more than 15 years of experience in California hard money lending, the professionals at Evoque Lending have learned that many turned away by banks and conventional lenders just need one opportunity. We give them that opportunity.

We don’t care about a single credit score. We look at the equity you’ll have in your home and your ability and willingness to make your payments. When those things are good to go, we’ll usually get you approved in 24 hours and can even fund your loan within seven to 10 days.

Does this sound like your situation, or the situation a family or friend is in right now? If so, you owe it to yourself and your family to give us a call or drop me an email with the details. We’ll take it from there.

Don’t let bad news from a conventional lender derail your financial future or condemn you to the bad habit of paying rent. Call us today.