A few years ago, this could have been summed up in one word: flipping.  But these days the housing market is a very different beast.  While those seeking to use real estate as an investment can certainly find ways to profit with property (especially in the long term), it will take a little more knowledge and planning to get the job done.  But if you’re looking for alternatives to investing in the turbulent stock market and you’re not afraid of a little hard work, there’s no reason you can’t supplement your retirement accounts and truly hit your goal of becoming a millionaire.  And here are just a few tips to help you use real estate to get the job done.

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.

The New Year is always a fantastic time to make resolutions, but it doesn’t usually take too long to break them.  Many people began 2012 with some ideas about how to improve their finances over the course of this year, but some of them – like you – may need additional hints to help you make sure that you’re sticking to your financial resolution.  Here are a few suggestions how:

Receipts.  The number one suggestion about whipping yourself into financial shape is to keep those receipts!  It’s often tempting to delete them, throw them away, or to not collect them at all.  However, as tax time draws near, you’ll make it easier on yourself or the person preparing your taxes if you keep them and organize them as well.  Let part of your financial resolution be an organizational one as well.  And that means keeping these resolutions past tax time … and for the rest of the year!

Insurance and important documents.  Review your property and casualty insurance with your insurance agent or company to make sure that everything is as it should be.  Look over your auto insurance as well, making certain that liability limits are appropriate.  While you’re at it, review and revise any important estate documents, including your will and power of attorney.

Planning and budgeting.  Developing a spending plan or a budget allows you to keep track of your finances, including the cash you drop on what can be seemingly unimportant expenditures at the time.  Remember:  those little things add up quickly!  Part of this planning should involve reducing consumption of unnecessary goods.  The theory is that we often buy what we don’t really require, so when making your plan, see what you can cut out of your budget as you go along.  If you are a small business owner, be choosy when it comes to selecting a merchant processor to help you process your customers’ credit cards:  you don’t want to invest in a high risk merchant account.  Even though the next holiday season is a year away, if you begin planning in advance, you’ll help ensure your financial security by keeping track of all your expenditures and planning for those in the future.

Diversify.  Don’t allocate too much money to a single stock.  Avoid the temptation to invest all your money in your employer’s stocks, as sinking too much into a single company could leave you open to concentration risk.  You stand to see smoother returns if you diversify your portfolio.  Your portfolio may also need to be rebalanced by adjusting places so as to align your portfolio with your financial goals.

Retirement plan contributions.  The limit for elective contributions to your 401(k) plan has gone up five hundred dollars from last year if you are under the age of fifty.  If you increase your contributions to your retirement plan to the maximum amount (or as much as you can do successfully for the moment), your forward thinking will help to ensure that your future self will be more comfortable financially.

There’s a sort of art to throwing a party, especially if you want it to be a little crazy.  The more creative you are in your planning skills, the more memorable it will be, and your guests will be talking about it for years to come.  Here are a few ideas to get you started so you can plan your own wild and wooly shindig:

Think outside the box.  Start brainstorming:  what kind of a party have you never been to that you think would be fun, crazy, hilarious, etc.  Do some research online for different theme ideas.  Costume parties are a lot of fun, and including a Hollywood theme can jazz them up, especially if you make it even more specific by calling it a Hollywood Scandal Party.  Invite your guests to prepare by scanning the tabloids before designing their costumes.  Or you can plan a variation on this theme by calling it a “Too Soon?” party  that encourages guests to somehow embody any sort of disaster, natural or otherwise, that may have occurred in recent memory.  Often totally tasteless, but your guests will have a great time showing off their creativity.  A “Superhero or Villain” party allows your guests to be funny, sexy, creative, or completely nuts, especially if their hero or villain of choice is animal-themed.

Go shopping!  You can help yourself brainstorm by visiting party stores to see what sorts of supplies they have in stock.  This will also give you an idea of how much to budget for when you decide on the kind of over-the-top extravaganza you’ve got cooking.

An eye for detail.  Once you’ve selected your theme, begin pondering ways to amp it up.  How can your food reflect the theme?  Can you choose specific colors or shapes?  What sorts of decorations did you see on your shopping expedition?  Be as specific as possible when laying your plans.

A little help from your friends.  Friends make invaluable resources, so use ‘em!  The more creative of your buddies will love to be in on the planning process, and they may be able to come up with some wilder notions than even you thought of.  Make a night of it:  call three or four of your besties together, have a few drinks, and see who can come up with the craziest, most over-the-top party ideas ever planned by humankind.  Remember to have someone take notes.

Budget.  Don’t forget to keep track of all your spending.  You can help yourself out by budgeting during the brainstorming process, which will keep you on track when you begin the actual purchasing (visiting the party stores in advance should give you an idea of what you can get, and how much you can get it for).  Your theme may be totally insane, but you shouldn’t go crazy when you hit the mall.  And though you probably won’t be able to afford them, but if you’ve got a windfall and suddenly find that you can, think:  fire dancers San Francisco! (It helps if you’re a Californian.)