For starters, you need to understand a very basic principle when it comes to becoming a millionaire of any stripe.  You must earn money while cutting spending.  This sounds pretty self-explanatory, right?  And yet, many people make investment choices that go against this basic rule, that are more gamble than premeditated plan.  However, as long as you keep this tenet in mind when doing any real estate deal, you’ll have a much better chance of coming out ahead.  Now let’s get to some of the strategy involved in making money in real estate.

As mentioned, flipping is out these days.  You can no longer buy a house, fix it up, and expect to sell it before you make your first mortgage payment.  So you have to be prepared to hang onto (and pay for) any piece of property that you purchase indefinitely.  Of course, there are ways to cut or even negate your payments, and rental properties are the best.  With many people cutting back, bailing on home loans, and looking for less expensive living arrangements, well-appointed rental properties in desirable neighborhoods (good schools, low crime, etc.) are doing quite well.  This is a great way to pay for the mortgage without spending a dime (and potentially earn some passive income, as well).  Of course, you could also take on partners to dispel some costs.

But before you even think about buying a property, there are a few things you should do.  First, you should strongly consider taking classes and getting a real estate license.  It is important to have a solid understanding of what you’re doing before you start signing up for loans.  And if you have an RE license you won’t have to pay a realtor for the services that you can now perform on your own.  From there you’ll want to become familiar with the real estate market you’re buying in, housing market cycles, and the ins and outs of the lending process.  If, for example, you want to purchase in a certain area that is rather well-to-do, but you also want to try to secure an FHA loan, it behooves you to understand going in that FHA loan rates and limits could derail your plans.

The idea here is to do some legwork at the outset so that you can shop smarter when it comes to real estate investments.  If you take the steps necessary to become educated and then take your time finding the right properties, there’s no reason you can’t cut costs, earn more, and ultimately reach your goal of becoming a millionaire.  And with the housing market incredibly low, you only stand to gain if you play it smart with your purchases.

But job satisfaction isn’t just something you can throw money at.  Although most employees are ultimately working in exchange for monetary compensation, you can’t treat them like nameless, faceless numbers in your ledger and expect them to be grateful for it.  The truth is that while adults must work in order to keep a roof over their heads and food on the table, the time they spend in your employ takes them away from the pursuits that make life worthwhile, such as family and friends, leisure activities, fitness, and pretty much any activity that brings joy and fulfillment to their lives.  That’s a lot to compete with.  But considering how little it takes to make most workers feel like their contributions are valued and that their working hours are spent on something meaningful, it’s surprising that more companies don’t make the effort.

So what can you do to raise employee morale?  There are many ways to effect changes in your work environment.  One option is to address any disparity in wages.  If you don’t pay competitively within your industry you could wind up with employees that have one foot out the door as they wait for a better offer.  Of course, small businesses may not be able to provide the same level of compensation as their corporate competitors, but money isn’t everything.  One of the biggest complaints that most employees have is that they are undervalued.  But how do you let your workforce know that their contributions are what keep your company in business?

You can start with management training.  A good boss is worth his/her weight in gold as far as employee morale goes, but manager training programs at most corporations are a joke; they teach supervisors how to micromanage, which accomplishes just the opposite by making employees feel like little kids being watched every minute by a ruler-wielding teacher.  Supervisors would be better served to take on the role of mentor so that employees not only feel like they have the support they need, but that the company trusts them to be competent in the positions they were hired for.  And their accomplishments should be rewarded with both emotional and monetary recognition.  They should get a pat on the back for their achievements and they should share in the financial successes of the company with yearly performance bonuses.

The idea is that your employees keep your company in operation, and the way they are treated (or that they perceive they are treated) has a definite impact on profitability.  So if you approach your employees like nothing so much as cogs in a machine and then end up scratching your head over falling profit margins, you may want to rethink your position on employee morale and what you can do to improve it.

Emma Martin writes for Midwest HR Illinois HR Outsourcing, managing all of your HR service needs.

1. Nicaragua.  Believe it or not, the Central American country has come a long way in the last couple of decades, cleaning up the drug problems that permeated the world news to create a place that is safe, comfortable, and looking to take in retirees.  As of last year, they implemented a foreign retiree residency program to help international retirees make Nicaragua their home away from home.  Housing prices are realistic (even for beachfront property), the cost of living is low, and the government encourages small business.  For the person looking to retire in style, Nicaragua has a lot to offer.
2. Malaysia.  Although Thailand also has a lot to offer foreigners looking to retire (with low prices on everything from housing to food to services), Malaysia goes the extra mile by making it extremely easy for retirees to gain legal residency status, something that many Asian nations are not too keen to offer.
3. The south of France.  Although Paris is not the cheapest place in the world to retire (not by a long shot), there are regions in France, especially in the scenic southern portion, where retirement on a budget is possible.  Whereas you can expect to pay upwards of $2,000 a month for an apartment in Paris, you could buy a house in southern France for less than $100,000 (a lot less, in some cases).  You will also enjoy the laid back atmosphere of rural living, tons of outdoor activities, and of course, incredible health care, which is not only offered to citizens, but foreign retirees, as well.
4. Florida.  It may be cliché, but if you’re looking to retire in the U.S. you could do worse than the southernmost continental state.  The weather is undeniably hot and humid throughout much of the year, but you won’t ever have to deal with cold winter storms again.  And the fact that there is no state income tax is a bonus if you plan to use your extra time to start your own business.
5. Right where you are.  You don’t need a regional directory to tell you that the place you currently reside is awesome!  If you own a home and you can afford to continue living there (even on a truncated retirement income) then there’s really no reason to uproot your entire life (especially since this is a terrible time to sell a home).  Remain close to friends, family, and an area that you are intimately familiar with.  If you’re content, there’s no reason to move upon retirement.

1. Is it popular?  Pegging consumer tastes can be tricky, but there are a couple of ways to go about it.  One is to ask around.  Test the waters to see what people think of various franchises.  You may also want to look at how many locations they currently have.  Take McDonald’s, for example.  They operate in over 100 countries across the globe (with more than 30,000 restaurants).  That’s a popular corporation.  On the other hand, look at a franchise like Starbucks, which had to close 600 stores just a couple of years ago, despite their seeming popularity.  This is a good place to start, but there are other considerations to be made.
2. Do you like it?  If you have no affinity for the company you’re joining then you’ve already got one foot down the road to failure.  You need to find a company that you not only like, but that you believe in if you want to turn your franchise into a success.
3. Is there a future in it?  Despite the recession, there are businesses that continue to grow.  Technology and green industries, in particular, seem to be on the rise.  Of course, most of these don’t offer franchises.  Another option is food services, some of which receive continuing public support regardless of the state of the economy.  But no matter what industry you’re interested in, you need to think about where it’s going and how sustainable it is.
4. How long has the company been franchised?  This may not necessarily affect your decision to buy into a franchise, but it’s something to consider simply because a company that has been franchising for a while has likely worked out most of the kinks in the process.  On the other hand, a newly franchised company may afford you more latitude in decisions regarding your location.  You need to decide what is more important to you.
5. What is the cost?  This is a biggie.  Businesses that are popular are going to cost a lot more than those that are just beginning to branch out into franchising.  Those that have a long history of franchise may be more stable and offer a proven track record for earning, but they’re definitely going to cost you up front.
6. What are the caveats?  Every small business franchise agreement is going to come with some addendums the buyer won’t like.  You may have to pay annual or monthly fees, turn over a portion of earnings, or meet certain standards of operation in order to hold the franchise.  If the restrictions or expenditures are too steep, you’ll need to seek another franchise to buy.

The trick is to break down what you’re spending and find ways to make it fit a limited income, which is exactly what you’ll have once you retire.  Of course, the fact that you’re not working will automatically cut out a portion of expenses like gas for commuting and dining out for lunch every day of the week.  You also won’t have to spend on office attire, gifts for coworkers, and other nebulous costs.  Unfortunately, you’ll lose your salary in the process.

So start looking at what you spend on the home front.  First there are your regular bills; utilities, food, and so on.  If you purchased a home years ago, you may not have a mortgage to contend with, but home ownership comes with other attendant costs that usually occur annually, such as property tax and various insurance policies.  This may be a hard time in your life to consider giving up your housekeeping and landscaping services, but these are extras that you simply may not be able to afford once you retire.  Luckily, you’ll have plenty of free time to scrub toilets and trim the azaleas.  Of course, there is an alternative that will likely cut your costs significantly, and that is selling your house.

Nobody wants to think about giving up their home upon retirement, but with the kids gone, the extra space is just going to suck up your money.  By selling, you can get a bump to your savings, some of which can be rolled over into a living situation that is more fitting to your station in life.  There are a couple of options.  One is a retirement community, which is meant for active seniors who wish to live in a community of their peers and receive limited services as part of the bargain.  You’ll likely buy a smaller house that costs less and then sign up for any services you may need that are provided for the community (probably at a discounted rate).

Another option is retirement homes, where you can eschew the difficulties of lawns, taxes, insurance, and even cooking.  You’ll rent or buy an apartment within the home or complex, and you’ll be able to take full advantage of services provided by the home, such as housekeeping, a cafeteria, grounds, and generally, on-site medical services, such as a clinic or staff nurse.  Although you may not be as financially prepared to retire as you hoped, you can easily make changes to your lifestyle and living situation that will allow you to remain comfortable and stick to a reduced budget for years to come.