What should I do with my life?

Question

Im 20 and don't really know what to do. Im interested in real estate and want to learn more. how much money and time would i need to start? in about a year i should be making 60k+/year working around 30hrs a week with zero debt. With my extra time and money what could i do?

Derek W. · Answer

Good post, Colin. 
Man!  When I was 20 I was working construction by day, jamming in bands and staying up all night.  Are 20 year olds getting careers and thinking about the future nowadays?  Scary! I canâ€™t imagine the damage I could do if I started getting serious in investing at 20.  Then again, maybe I wouldnâ€™t have the balanced perspective on life, which is what I think DemosL was referring to.  I love both sides of the advice here.  Read and educate yourself, but donâ€™t forget to go have fun.

Mike W. · Answer

I would go to the library and read every book you can about real estate and investing.  Stocks, bonds, gold, commodities.  At the same time intermixed, read some books on leadership.  John Maxwell is very good with leadership books.
                        
                        Tell your friends and their parents you are thinking about investing in real estate.  You need to network to find some real investors in your area.  What I call a real investor is someone that invests in many markets, real estate is likely one of them.  They may or may not run their own company not having to do with real estate.  The key is that they are essentially investors purely.  They may invest in companies(public and/or private), they may invest in real estate, but always they are investing based on  the numbers.  Once you find the first one, ask them about what they did and how they started, then ask them to refer you to one of their friends, meet with them and ask the same questions.  
                        
                        I started in this biz by buying a duplex and living in one half, but if I had to do it again, I would probably have started by looking for real investors in my town to lead me along a path.  Now that I am 10 yrs more experianced with REI and investing, I can say without a doubt, diverisification and your personal network are the key to not becoming a tired landlord or being put into a trial by fire to learn the ropes.

Steer clear of people who want to invest your money, especially when you are just starting.  Anyone you think might be a real investor, here is a good test to weed out the ones who play the part but are sharks in sheeps clothing.

Are they selling you an investment, or are they buying investments?  They should be buying

Do they want you to pay for a bootcamp or mentoring?  They are not the right ones.

Do they look, act and smell like a snakeoil salesmen?  They most likely are.

Use your head when dealign with people, 90% of the population basically stinks.  Many of those love to prey on young people looking to get started.

Tom C · Answer

I'd go out and buy everything Preston and DC Fawcet is selling first.  J/K.. Actually Jim gave you great advice. Stick around here and you will learn a lot.

Jim Doine · Answer

Doug, you need to start right now, everything you need to know is right here on the forums, spend a lot of time here and learn all you can. Don't get suckered in by all the get rich quick Guru courses, again you can learn more useful information here for free.Save all the money you can, you will need some for most strategies. Learn as much as you can about FICO scores and how you can improve them. Being debt free isn't the best way. Good luck,  Jim

Demos Loizides · Answer

I've survived cancer three times so far and almost dropped dead from too much fluid around my heart 3 years ago. Despite this, I have as much fun and enjoyment in life that I can get. I grew up watching a lot of Three Stooges and I guess it rubbed off on me.

Go have some fun.