Las Vegas, NV · Member since 2015 · 15 posts · 1 vote
Hi me kenni again , I'm a young entrepreneur always look towards the future. I'm 18 just graduated high school and currently working full time at a pharmacy delivering medications. I work long hours with lower then average pay. Not the best thing I can be doing with my time I know that , but I have to pay my bills. But before I pay my bills I always "pay my self first" putting 40% of my monthly paycheck aside and saving it and saving it. But as a young 18 year old I don't want to be rich but wealthy and to have financial freedom. To have my assests produce a cash flow every month and year to pay for my expenses so that I can enjoy this life.
The big question I'm trying to ask is what investments and assests can a 18 year old with average pay investment in to start building a foundation for early on and long term wealth?
I made it one semester in college and realized it wasn't for me. I saved up about $5000 and used it to purchase my first home at 19. Granted it wasn't much. 2br 1 bath for $32,500. I kept it for a few years and sold for $59900. If I had it to do again, I would have started with a duplex or a quad. Now that I'm married with children I don't have that option. Good Luck in whatever path you choose.
A real estate license. The class is a few hundred dollars. Various fees and expenses add up to maybe a thousand or so more. Hang our license with a broker and then get hustling for listings. There is nothing you can do that will teach you as much about real estate, as cheaply and quickly, and that will also add to your income. Nothing.
Sounds like you have the right idea. Keep earning that paycheck and saving as much as you can.
Keep your credit score up then buy yourself a home, perhaps a duplex or a single that you can rent spare rooms to your buddies.
Let your tenants pay your mortgage.
You can get a FHA loan which will only require 3.5% down.
Richard had some good advice as well if your interested in earning some additional income quickly a RE license will really open you up to more opportunities to learn and earn while also keeping your regular job.
Down the road your rental income and possibly real estate agent commissions can Grant you the opportunity to walk away from the w2'd job.