We all need money to live and to be able to buy more comforts in life due to the market based system that we live in but I believe many of us here on BP, myself included, have lost sight of the true metric in life which is the net happiness that we have. I personally feel that I am exerting a lot of effort on a goal that ultimately will not live up to the expectations that I have when achieved.
Is getting caught up in the intricacies of doing deals (NOI, ROI, CAPs, net migrations, etc, etc.) worth it? Are the happiest people on earth the wealthiest? Are the successful real estate investors on this site really worth idolizing? When you achieve your goal of having X amount of passive income each month, will there be bliss or meaning in life?
I would like to hear from people who are chasing this real estate dream currently or have spent their lives chasing it. Is it a path worth following? Is being that guy/gal in your city that people know as having a large portfolio a person that is worth being?
Happiness is based on individual values not those determined by others. IF the opinions of others measures a indivulaes level of happiness they will never reach a level of bliss.
The happiest people on earth are those that are happy with what they have regardless of what that may be. Bliss and meaning does not come from money it comes from what you do with the money. If having enough to pay your bills and provide you with the life style you desire without worry then wealth should have achieved bliss.
(If not you have other issues you need to deal with.)
There is absolutely no doubt however that money definatly can pay for happiness but some people are incapable of being happy regardless of what they have. (see above)
It is far easier to be happy with money that without in todays society. How much is needed to reach a level of happiness depends on the individual.
I know exactly what number is necessary to attain a state of bliss for myself and it has absolutely nothing to do with what anyone else thinks (except my wife)..
I like what you said here: "The happiest people on earth are those that are happy with what they have regardless of what that may be."
To me, this implies that we shouldn't be focused on changing our surroundings (doing more deals, getting more cash flow, etc) and instead be focused on changing the way we perceive our surroundings (being happy with what we have).
I am basically stealing or referencing the buddhist idea of "being" versus "doing".
@Trenton Tabor I think if we reframe this to real estate you can find people that seek (and find happiness in) a monthly “dividend” in the form of cash-flow. Others will skew towards looking at appreciation, net worth, having ___ in the bank and drawing-down from it, etc. Neither answer is “wrong” but you’re likely better off figuring out what can bring contentment before starting. This goes doubled if you’re married or have a significant other.
The one odd thing that I find on BP is the amount of younger investors that have a magic number of $3K per month (just making up a number) because they’re okay driving a ‘83 Pontiac and don’t like fancy French cuisine. And they are trying to make a decision on whether to quit their job so they can be “happy”.
They seldom think about what happens when you get married, have kids, have to pay their insurance premiums, daycare, save for their college, etc. So what makes you “happy today” can bring “misery tomorrow”.
Anyway, I’m rambling on a Tuesday morning!
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