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6 Things To Know Before You Invest In Real Estate

By MPI28th July 2017Real estatefinancial education, invest, personal finance, real estate

When we think about starting a business or making a financial investment, the ultimate goal is usually the same: getting enough money to allow us to live the lifestyle we want.

And when you think about the amount of money you have to raise to allow yourself to do that, do not forget to consider inflation + taxes that have to be paid and that will automatically have to be deducted from the total amount of money you have.

And when it comes to investments, having a property or several real estate is always a good idea; even in periods of financial crisis.

Think so: land is a finite resource. People will always need spaces specially designed to live, work and have fun. So, just like in other areas of business, so is in the real estate: everything is just a game between demand and supply.

What is good to understand is that: real estate properties will continue to experience an increase in their value as time passes, despite slowing down periodically as a result of more subtle or larger economic crises.

Real estate is the field that brought most people from simple people to millionaires. And in spite of what you might think … no, you do not have to be a genius to succeed!

So, if you’re thinking about investing in real estate, to gain your financial independence, here’s what you need to know:

1. Set your financial goals

What are your goals from a financial point of view?
What are you expecting from buying a real estate?
What you achieve by acquiring that property will bring you closer to achieving your financial goals?
As you well know, developing a business requires time and money. Investing in real estate is no exception to this rule.
So, if you have an already tight amount of money that you want to invest in this direction, make sure you take all the time to identify a property that matches your budget and not just so … a property which, once purchased, will serve your interests better and will make it easier and faster for you to accomplish your goals.

2. Do not spend a fortune on books and courses

You do not have to misunderstand. You need to have some knowledge about real estate because, from this adventure you start, you get to be a winner. But what you must know is that all the information you need should get maximum a shelf on your library as a volume.
So bend over the books and study carefully. Search on Google and make a habit of reading real estate sites.
But do not overwhelm yourself with the existing information around you. When you notice that you read, read, and the things you already know continue to repeat, with 1-2 relatively new elements in addition, it means you have learned about everything you need to know.
It is very easy to let go of the thought that you still have not found the trick you need to quickly get rich out of real estate and continue to document, collect books and courses in the hope that you will find that secret information that will open the gate of wealth in real estate for you.

So, when you notice that the information you read is still repeating, it means that it is the perfect time to stop reading and return to real life. It’s time to move to point 3.

3. Visit several real estate properties

Life beats the movie. And what else can make you feel the pulse of real estate in your area, than … some direct visits on the field.
But great attention! Do not buy the first property you see.
Here are two mistakes that many real estate investors do:
– Buy a property for the simple fact that they like what it looks like
– Buy the property because they are not willing to make the effort to inspect other properties existing on the market at that time
Remember: you must look at that property from the perspective of return on investment. You will not live there. You do not have to like it. Instead, it must be profitable when you decide to sell or rent it.
Once you’ve visited enough real estates, take a moment to think and put on paper the most tempting real estates you’ve visited. Write along with them your financial goals. Then try to reduce the number of listed properties from the perspective of the goals you want to achieve.
This exercise will help you make the most beneficial choice for you.

4. Do not expect the miracle offer

By viewing real estates again and again, you can fall into the other side: to postpone the decision to purchase. And as you may well guess … this action will have negative repercussions.
Not buying a real estate under the pretext that you have not found the “winning offer”, you might lose more than if you found an offer not as tempting as you would like, but you have bought it to put it to work, to produce money for you.
To conclude: as soon as you find the real estate offer that meets most of your criteria, stop thinking and buy it. Continuing to wait for the “irresistible offer” you dream of is a dangerous game … this offer may never be, and the offers that pass next to you may not come any more soon.

5. Make a thorough financial analysis

Let the figures speak. Look at all like a game of numbers. Just so, the conclusion you get will be realistic.
If you think about the whole transaction from the financial perspective and leave your feelings aside, it will be easier for you to refuse a property when the terms and conditions of the transaction do not meet your profitability criteria.
In this sense, take the time to make a complete analysis of the property based on its history. Also, inform yourself about the distance to the city’s main points of interest.
See how much you can rent or sell the property according to the potential of the area.
Take into account the taxes that must be paid and the interest you have to pay to the bank, if you make a loan to that effect.
And finally, draw the line, and see how profitable your real estate investment will be.

6. Find sellers anxious to close the deal

How can you do that? When you find a real estate that you like, be interested in it’s history. Since when is it put up for sale? How has it’s price changed since it’s on sale to date?
If the price of the apartment or house in question is unchanged although the property in question is on sale for more than a year, you can see that its owner has it’s price and is not willing to give it less than what he ask for; in other words: negotiating with him will not end with far greater benefits for you.
But if you find a property whose price has continued to decline over the last year, it means that its owner is anxious to get rid of it. As a result, that person will be more flexible in negotiating with you, and you are likely to have the chance to win and get the price and conditions you want.

Conclusion

Owning one or more real estate properties can provide you with the financial stability you want. It can also be packed with those passive income that everybody wants, if you rent it.

It’s all about staying calm, not making hasty decisions, and logically judging, based on figures. Real estate businesses are long-term businesses. Also, it’s important to realize that buying the desired property is just the first step you take to reach your financial goals and not the end of the road. Success!

Learn how to invest in real estate

By MPI25th July 2017Real estatehow to, invest, personal finance, real estate

Real estate investments are safe and have the best chances of becoming profitable in the medium and long term. The situation has changed over the last years, the crisis has been overcome and the real estate market has balanced, and a real estate investment can be, very easily, driven to success. Any real estate investment process is required to undergo a valuation and analysis procedure to make the investment profitable.

Stages you have to go through to make the actual investment:

1. Analyze your financial situation. Set your budget clearly. In particular, evaluate your assets and incomes, analyze your expenses. Thus, you will be able to have a clear picture of the capital you would have available to invest in real estate. If you intend to make a loan for this initiative, your savings will be very important in paying advances and reducing the monthly financial rate.

2. Consult a bank. Depending on your budget, if you think you still need money to go into the investment, consult a bank and get a credit pre-contract. Thus, you will find the amount you will have to make a first investment in real estate. You will also know the monthly rate you will have to pay in the case of a credit.

3. Make an investment plan. For starters, try to determine what properties you would be willing to invest in. For example, if you live in an area with intense economic activity, a profitable investment would be in an office space. This type of property can bring you a substantial income and can support the rate if you have a bank loan.

4. Verify your competition. Analyze the offer on the local real estate market, especially if you are targeting an investment in your city or area where you live. Depending on the information obtained from the market analysis, you can determine that your investment in real estate will bring extra gain. The market for apartments, commercial spaces, land is a competitive one, so it is mandatory to differentiate your property through a value element to raise the interest of potential buyers or tenants.

Only invest in areas where that you know. Take these steps before you make a first investment in real estate, leave a comment and tell us your opinion.

Be a Pro, with Portfolio Pro from Bondora

By MPI23rd July 2017News, Peer-to-Peer LendingBondora, invest, peer-to-peer lending, Portfolio Pro

The peer-to-peer lending marketplace Bondora announced the launch of a new feature called “Portfolio Pro”. This has been developed based on the feedback received from the Bondora investor community over the recent months.

What is Portfolio Pro?

Simply put, it is a tool for people who like to have more control over the level of diversification in their investments. You can now use this Pro feature to create a portfolio according to your own rules. For example, you may choose to select loans from specific countries, with different duration and Bondora risk ratings.

How much does it cost?

It’s free! Unlike many other platforms, investing with Bondora is free and using the new Portfolio Pro feature is exactly the same. Enjoy!

To get started, simply log in, click on the Portfolio Pro link in the menu and get started today!

Don’t forget about the free 5 EURO sign-up bonus from Bondora!

How fast do you get your money back from renting an apartment in Europe – Top 5

By MPI23rd July 2017Real estateEurope, invest, money, real estate, return on investment, ROI

Following the financial crisis and the decline in banks interests, more and more people have begun to buy real estates for investment purposes, relying on renting them and earning a higher return on the one obtained from a traditional bank deposit or other financial instruments. Read below what are the TOP 5 European cities where the purchase of an apartment for rent could bring the biggest gains.

The yield, or rental gain, is a measure of the attractiveness of a real estate investment. It shows what percentage of the amount used to buy the apartment you get each year from renting that property.
For example, if a person purchases an apartment with 200,000 euros and rents it with 833 euro / month (equivalent to 10,000 euro / year), that property generates a yield of 5% per year. As a result, that person will recover the money used to buy the apartment in 20 years (5 x 20 = 100%).

1. First place: Chisinau, Republic of Moldova

10% yield for a property (generally an apartment) with an average area of 120 sqm.
Time required to recover the purchase price: 10 years.

Pluses:
Some of the biggest real estate returns in Europe, but also in the world
The property market favorable to the owners

Minuses:
High taxes
Payments for property acquisition are made almost exclusively in cash
One of the poorest countries in Europe
Secessionist risks

2. Second place: Kiev, Ukraine

9.09% yield for a property with an average area of 120 sqm.
Time required to recover the purchase price: 11 years.

Pluses:
Low cost of transactions
Moderate tax on rental income
The property market favorable to the owners

Minuses:
Expensive properties reported on the country’s GDP
Corruption and risk of political instability
Vulnerability to international crises

3. 3rd place: Dublin, Ireland

7% yield for apartments.
Time required to recover the purchase price: 14 years and 3 months.

Pluses:
Moderate transaction costs
Strong market to rent for migrants
Strong and stable economy

Minuses:
Lower rents in recent years
Strong laws favorable to tenants

4. 4th place: Budapest, Hungary

6.42% yield for a property with an average area of 120 sqm.
Time required to recover the purchase price: 15 years and 7 months.

Pluses:
Proprietary laws
Higher yields in Budapest
Moderate and low transaction costs

Minuses:
Minor property restrictions
Moderate / high taxes on rental income

5. 5th Place: Bucharest, Romania

6.07% yield for a property with an average area of 120 sqm.
Time to recover the purchase price: 16 years and 6 months.

Pluses:
Moderate transaction costs
The property market favorable to the owners

Minuses:
Expensive properties reported on the country’s GDP

Peer to Peer Lending – The new financial intermediation model that gives headaches to classic banking or how the Internet and new technologies will change everything

By MPI22nd July 2017Peer-to-Peer Lendingfintech, invest, peer-to-peer lending, technology

When I was a child, I remember that my mother borrowed money from her colleagues in a somewhat organized way. The process was called the “Wheel”, and it worked quite simply. On the pay day of salary, the members of the “Wheel” borrowed each one with 100 EUR on one participant, who went home with the credit. Next month, another member of the “Wheel” benefited from money, and by rotation, after 10-12 months each contributed to help the other, and in turn be helped. The system was based on the time-based trust between employees and the human relationships that were being created in that professional environment.

Today, the access to the Internet, the new IT technologies,the expertise in money management, modern statistical analysis and large volume data processing, the creativity in developing new business come together in what is generically called FinTech, a fresh new cocktail between Financials and Technology. Peer to Peer Lending as a business is based on the ability to virtually connect over the Internet, cash providers either to be individuals, small businesses or institutional investors with potential customers who need cash, all against some fees or interest. The platforms that work on this principle mediate the demand and supply of cash through modern means, without having to support a whole network of classical “brick-and-mortar” subsidiaries (like banks).

The first such company was set up in the UK in 2005, and it works successfully, is called Zopa. To date, Zopa has billed approximately EUR 1.3 billion (GBP 1 billion) and served over 110,000 customers. In 2006, in the US in San Francisco, the two heavyweights of the US business, namely Prosper and Lending Club, were born. At the time of writing this article, Prosper broke over $ 4 billion and the Lending Club over $ 11 billion in 883,000 credits. It is worth mentioning that the Lending Club is listed on the NASDAQ stock under the “LC” symbol and offers loans to both individuals and SMEs. Another company, set up in 2007 in the US listed on the NASDAQ stock exchange under the symbol “ONDK”, is On Deck. This company only intermediates loans to small and medium-sized businesses and has exceeded the $ 3 billion threshold in loans.

In Europe, it is worth mentioning the Estonian company Bondora, that set up in February 2009. So far, it has earmarked EUR 96.3 million for over 220,000 customers. Bondora, registered in Estonia, operates in four countries: Estonia, Finland, Spain and Slovakia, and investors come from 37 countries.

Mintos is another peer-to-peer lending marketplace based in Latvia that connects investors with borrowers of non-bank lenders. So far, it has earmarked EUR 256 million for over 29700 investors, with an annual average 11.95% for investors, and a total value of loans sold in secondary market of € 5 150 522.

Probably few know, but Estonia is a “world champion” when setting up startups and administering the country through e-government; The Skype-owned collar owned by Microsoft is a business developed thanks to the software platform created in Estonia. Peer to peer lending (P2PL) platforms in the desire to attract investors and demonstrate good faith and business ethics, given that money generally finances unsecured loans, has released complex reports of anonymous data Client portfolio and business going without being required by any regulator.

Lending Club publishes on a monthly basis all credit portfolios, with the status of each credit, including non-performing loans, and also publishes data related to online customers but has been rejected by their internal creditworthiness model. Bondora publishes an impressive suite of reports daily, ranging from the loan portfolio to the history of payments, for statistical analysis and calibration of the investment strategy. This transparency is unimaginable in the classic banking business, although there are banks whose shares are traded on stock exchanges. Another aspect worth noting is that the nature of the P2PL business eliminates one of the problems banks are generally facing, namely a lack of balance between the short duration of deposits attracted to the relatively long lending time.

As an investor, through a P2PL platform, you assume from the very beginning the amount of credits you finance and their term, their risks, and if there is a platform in the so-called secondary market, you can sell your holdings at discounted rates. If this is not possible then you can only wait for the maturity of the loans and the monthly recovery of the initial investment plus the related interest.

4 easy habits that can increase your earnings

By MPI18th July 2017Smart moneyearnings, habit, invest, money, personal finance

This article is about the habits and attitudes of rich people. What you are about to read are habits, thoughts and behavior that we have noticed in some of the richest people.
Fortunately, it all applies to you, starting today (especially No. 3).
We present them in the order of speed you can apply in your life:

1. Spend as much as you need, not as much as you like

This is the main reason why most people live at the level of modesty, some even at the poverty level.
They choose not to spend money strictly on what they need, instead they choose to satisfy more lusts and pleasures.
But there are people who refuse to satisfy all their pleasures. Instead, they save and invest. This makes the difference between prosperous and less prosperous people.
This is the typical case of the young man sitting in a studio apartment in a lively neighborhood, but he has an expensive car …

2. Refuse to care about what other “people think about you”

Whenever you make a decision, in the present case, a buying decision, based on what others think about you, you are taking a step towards poverty. You will never be able to achieve your financial goals if you care, first and foremost, about what others think about you.

3. Start educating yourself financialy

What do prosperous people do? They invest in tehiryself.They invest in their education. Since self-education brings so many financial benefits (and not just financial) … it is normal for them to invest in their own person.
The power of financial gains is even greater as investment in self-education and skills are getting bigger.
Education is the most valuable asset you can ever have.
More … is an asset that will never devalue.
On the contrary !
So, your financial gain will become bigger as you invest in self-education and personal development.
I recommend you go to trainings, seminars, conferences to expand your network and increase your revenue.

4. Choose a field of work that you like, but must be very well paid (both conditions are important)

There are colossal differences between wages, even in those areas that require similar efforts for training and education. Prosper people, before engaging in a field,they look at what financial gain that domain can bring in at certain amount of time. Then, depending on this, they choose their jobs or possible businesses. Our suggestion is that before you get involved in a job/business, do a market study and see which are the best paid areas, but also the least paid ones. The goal is to know which domain has potential and what domains should be avoided.

Extra Finance has started financing real estate projects

By MPI15th July 2017News, Peer-to-Peer LendingExtra Finance, finance, invest, Mintos, money, real estate, Romania

Romanian alternative lending company Extra Finance has started a new line of business financing small- to medium-sized residential real-estate projects. Extra Finance will offer these loans to investors on the Mintos marketplace.

On average, projects financed by Extra Finance amount to EUR 0.8 million and have a one year repayment term. Prior to granting financing, all projects are carefully assessed and verified by an external real-estate company.

New loans listed by Extra Finance on the Mintos marketplace will have an interest rate of over 12% and a minimum of 10% skin in the game.

Extra Finance is a Romanian non-banking lender that has been operating for more than eight years. The company has branches in two Romanian cities. Last year, Extra Finance had a revenue of EUR 20.5 million, with a net profit slightly below the EUR 2 million mark. Their loan portfolio was EUR 14.6 million.

Extra Finance joined the Mintos marketplace at the beginning of 2017. So far, the company has financed loans worth more than EUR 300 000 through the marketplace.

From savings to investments

By MPI11th July 2017Smart moneyfinancial education, invest, money, personal finance, saving

Many people confuse the terms saving and investing. To save is to create a reserve of money that is kept at a risk as low as possible, even close to zero, while investing means putting the money saved to work in your favor to increase their value and to help you reach your financial goals more easily.

Savings to be affordable and to conserve their value are usually kept in financial instruments with increased liquidity and low risks, such as bank deposits or treasury bonds, these instruments being characterized by low returns. Earnings of savings are in the form of interest and the aim is to cover at least the inflation rate.

The qim of investments, on the other side, is the achieving of high returns by increasing the value of the invested capital and making profit, assuming an acceptable risk. Thus, the financial instruments used are from the least risky ones, such as bonds with a relatively low risk, medium risk (shares and peer-to-peer lending), and derivatives that have a high degree of risk and which are especially addressed to professional investors.

In short, the purpose of savings is to preserve capital at low risk and low returns, while the purpose of the investments are to increase the value of the capital invested in variable risk and return conditions depending on the financial instruments chosen.

The capital market is a dynamic way to invest the saved money. If you do not have the necessary knowledge to start investing on your own, you can contact a specialist. Before you start investing, you need to go through some essential steps:

– First of all you need to start your financial education. You can not start investing before understanding how the financial markets work and what are the characteristics of the financial instruments you want to invest in;

– You need to know what your risk appetite or maximum risk level is, according to which you will choose the right investments for your risk profile;

– You need to set your investment goals, including the time frame for which you want to invest, in order to create a diversified portfolio that meets your needs;

–And last but not least, you need to determine what liquidity you want, so you can have access to your money when you want it.

Choosing the right investments may seem like a difficult process due to the multitude and variety of available tools, but having a trustworthy partner with you, as it wants to be for you my-passive-income.eu, investments can become accessible to anyone who wants to become an investor .

Learn to invest in 10 easy steps

By MPI11th July 2017Smart moneyinvest, learn, money, personal finance

Investing is not as hard as it may seem. In principle you have to put the money to work for you so that you do not have to take your second job or work overtime to get more money. There are several types of investments that do not require large amounts of money to start investing.

Step 1. Put your finances in order. To start investing without looking at your financial situation is like jumping into the pool without knowing how to swim. Before you start investing, you need to evaluate your financial situation, know how much you earn, how much you spend and how much you can save to invest. Fortunately, you can start investing with relatively small amounts of money. The sooner you start to invest, the better your long-term results.

Step 2: Learn the basics. You do not have to be an expert in finance so you can invest, but you have to have the basics to make the best decisions. Learn what is the difference between the main financial instruments, shares, bonds, investment funds, deposit certificates, etc. You also need to know some basic investment principles such as asset allocation and diversification of investments to mitigate the risk and get the best results.

Step 3: Set your investment goals. Once you have found out what is the amount you have for investments and what are the basic notions you need to set your investment objectives. Although all investors want to earn money, your goals need to be more specific. Capital security, earnings, or capital appreciation are a number of factors to consider when setting your goals. What is best for you depends on your age, the moment of your life and your needs.

Step 4: Determine your risk profile. A decrease in the total value of your investments gives you the creeps? Before deciding what investments are right for you, you need to know how much risk you are willing to assume. Do you like car racing and amusement parks or do you prefer to read a good book in the quiet of your house? Your risk profile varies depending on your age, income, and financial goals. Find out how well you tolerate the risk before investing.

Step 5: Identify your investment style. Some investors prefer speculation while others prefer long-term investment. Once you have set your investment goals and risk profile, you need to see if the two are compatible. If you like racing cars, but you prefer capital security then it is better to tackle a conservative strategy. A conservative strategy involves investing in relatively low-income, low-risk financial instruments, while an aggressive strategy implies taking high risks to get high profits.

Step 6: Find out and understand the costs of your investments. It is very important to understand the costs of your investments because they can reduce your investment’s profitability. In principle, passive investments tends to have lower costs than active investments. Each type of investment has different costs. Before investing, be aware of all the terms and conditions that this investment entails in order not to have surprises later.

Step 7: Find a good consultant. To start investing, you need a trusted investment broker or consultant, with whom you can communicate very well and have professional experience and a good reputation. Establish some criteria that it has to meet and asks for recommendations. Schedule a meeting with him to see if he is the right person to guide you to the investment world and set the terms of your cooperation if you are happy with your choice.

Step 8: Choose the investments. Now you have all the elements to choose the investments that will be part of your portfolio. Depending on your investor profile and the consultant’s assistance, you can choose the investments that best suits your needs. To have a balanced portfolio, you need to diversify and allocate your assets wisely. With the asset allocation you will choose investments with different risk grades but also with different returns, from the safest to the least secure according to your risk tolerance. By diversifying, you will have a portfolio that will contain financial instruments from different categories and from diverse domains.

Step 9: Do not make emotional decisions. If you have not found out before, it’s time to know that emotions can negatively impact your investment. Do not let the fear and the greed to diminish your gains or increase your losses. Make an investment strategy and respect it strictly, otherwise emotions will influence your decisions and may be a greater enemy than ignorance. Greed can lead you to maintain a position in the hope that prices will increase even if the market is declining. And fear will make you sell a holding too early or keep a loss asset. If your portfolio does not let you sleep at night, it is best to reassess your risk tolerance to adopt a more conservative strategy.

Step 10: Evaluate and modify. The last step, as important as the others, on your investment journey is to evaluate and review your investments. Over time, depending on the evolution of financial markets, the structure of your portfolio will change, and you will need to make changes to it, to balance it again.

Start investing as early as possible and keep your interest in the investments you make. With time you will gain more and more experience and make wiser decisions.

The best way to make savings in 6 simple steps

By MPI10th July 2017Smart moneyinvest, personal finance, saving, smart

Making savings is not at all a common activity in our “modern” times …
On the contrary, most people are only interested in buying the things they want as quickly as possible, and for this purpose they often resort to credits. They thus end up paying much higher amounts for objects whose value decreases continuously from the first day and which they will soon want to replace with new ones.
This way of thinking is very wrong.

On the other hand, putting some money aside, making some savings, and ONLY THEN buying those things is a more responsible and effective way to act. Plus, having some savings available – as they say, those “white money for black days” – is a very useful thing in this times of uncertainty that we are crossing. Because those who make savings on a regular basis will be less concerned about any unforeseen events and will be able to cope more easily with such negative circumstances.
The problem, however, is that even if they want to make savings, many people would not be able to do so in an efficient way, because the vast majority of them apply a wrong method: they want to save what is left after they have finished spending on a month. This is a mistake, because there is usually nothing left to save, as spending is at least as high as income.

So what do you have to do?

Here’s the best way to make savings in 6 easy steps:

Well-known investor Warren Buffett, one of the richest people in the world, strongly believes in the habit of saving, although he has a fortune of several tens of billions of dollars. He says, “Do not save what is left after spending, but spend what’s left after you’ve saved.”

And Robert Kiyosaki, a successful investor, author and speaker, who became famous thanks to the bestseller “Rich dad, Poor dad”, advises us in his direct way: “First Pay Yourself!”

So the best way to make savings can be implemented as follows:

1. Know yourself.
First of all, write down your earnings and spending in recent months carefully and analyze them to really understand what your money is doing.

2. Make a plan.
Set realistically a certain amount you want to save each month. Many specialists generally recommend 10% of revenue, but may be more or less depending on your personal situation.
Even if you save only 2% or 3% of your income, you will see that in the long run you are MORE gained than not doing anything.

3. Savings FIRST.
The first thing after you earn the monthly income, put those savings into a separate account that you do not touch. Now there are banks that can automatically do this for you, with the amount you set.
Try to “forget” this savings account, in order to avoid the possible temptations that may arise …

4. Make the spendings only AFTER the savings
Carefully plan the costs you have to do to fit the amount you have left. Try to get used to the idea that these are the only money you can spend.

5. Be consistent.
Follow your plan every month. In this way, your savings account will grow and you will be more motivated to continue.

6. INVEST!
Making savings is extremely useful. But if you want to become truly prosperous and, in the long run, even financially independent, then this is not enough.
You have to find more profitable ways than bank deposits to place your savings. That means you have to invest.

So, first informe yourself about your risk profile, because there are plenty of opportunities to get better returns than bank deposits. For example bonds, properties renting, peer-to-peer lending. Not to mention investment in capital markets.

The most important thing is to make it a habit to constantly look for serious and profitable investment options, because in the long run, only they will help you build a more prosperous future.