What advice do you wish someone had told you at 21 years old?

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What advice do you wish someone had told you at 21 years old?

Tyler Labrador
Rental Property Investor · Las Vegas · Member since 2018 · 6 posts · 5 votes

Doesn't have to be real estate related! I just want to hear what life's big lessons have taught you, and how I can learn from it. 

Some of my background:

  • I live in Las Vegas, NV
  • I have a girlfriend
  • I read a lot and I try to go to as many RE events as my schedule allows to network
  • I currently save 25% of my income ($500/mo), and next year I plan to cut down on food, rent, and car ( I've heard about the book "Set for Life" and I'm planning on reading it soon! ) in order to save close to 50% after my promotion ($1500/mo)
  • No debt, $500 emergency fund. I want to build it to 5k.
  • 750 credit score, never missed a payment
  • I'm thinking about buying a 4b house next year, living in one bedroom and renting out the other rooms to friends at $500 each. However, Vegas market prices are high and I'm hearing some local investors say that we're starting to enter a recession. Some thoughts?

My goal is financial independence and real estate is my ticket to wealth. Buy and holds will be my bread and butter, and I eventually want to move into multifamily. Any and all advice is appreciated! It doesn't have to be real estate related! Thank you!  (:

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Frank Wong
Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
7y

If I was 21 again I wish there was BP and someone told me to listen and read all the comments from @Jay Hinrichs @Jim K.

@Steve Vaughan    @Joseph M. @Russell Brazil @Thomas S. @Ned Carey

@J Scott @Account Closed

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  • Kyle Schlosser
    Specialist · Louisville, KY · Member since 2017 · 166 posts · 154 votes
    7y
    I wish I had been pushed to start my own business... I’m now starting at 36...which may not be a bad thing. More bankable now than when I was 21 and certainly more wise.
    0Reply
  • Thomas S.
    Member since 2016 · 13k+ posts · 12k+ votes
    7y

    "What advice do you wish someone had told you at 21 years old?"

    Don't get married, don't have a serious relationship, don't buy a personal home.

    Seriously though... don't get tied down until you have reached your financial investment goals. Making decisions having to "consult" with a partner in a emotional relationship is a pita.

    Choose your friends based on a shared desire to invest. Choose friends that have money or travel in money circles. Separate yourself from old friends that do not have a strong desire to improve or succeed in life. Losers are only dead weight holding you back.

    There is a place in life for personal emotions....it is not in business.

    0Reply
  • Aaron K.
    Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    7y

    @Thomas S. I disagree with essentially cutting off friendships because someone doesn't have money, to me that seems like an incredibly cold thing to do.  Money is not the only thing that matters in life

    1Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y
    I would tell myself avoid life’s trinkets clothes toys cars electronics and doodads .. focus on buying income producing assets instead of liabilities . Id already be retired sitting on a beach right now had I heard that at 21
    0Reply
  • Kevin Hunter
    Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
    7y

    Invest more than you think you can afford, but do it automatically so you never miss it.  And  buy some type of investment property immediately.  

    0Reply
  • Lindel Turner
    Investor · Jonesboro, AR · Member since 2017 · 136 posts · 79 votes
    7y
    @Tyler Labrador I had a friend tell me once that if I don’t get a sense of humor about this I’ll die young. He was so right. I think about what he said every time something happens that no one else would ever believe me. Unless they saw it for themselves. Lol
    0Reply
  • Kai Van Leuven
    Investor · USA · Member since 2015 · 325 posts · 447 votes
    7y
    @Tyler Labrador When I was 21 I had an experience that stuck with me almost 10 years later. I was in sales and out knocking on doors. A guy opened up his door and just started babbling on about success. He said “there is so much opportunity in this country that if you ‘keep moving’ you will become successful.” That is all I have done, just grind everyday. If I could do it over again, 1. Focus on it being a marathon and not a sprint. 2. Rid myself of all this “building an Empire” sh*t. Find out how much money you need for your lifestyle and stick with that. 3. Priorities my relationships, specifically with my spouse, over work
    0Reply
  • Account Closed
    Flipper/Rehabber · Toronto, Ontario · Member since 2018 · 11 posts · 1 vote
    7y
    @Luke Haywas Great Tip Luke, I am 18 and not to focused on my health, thanks for the comment! Pushed me to be more focused on my health ( health is wealth anyways ).
    0Reply
  • Alvin Sylvain
    Los Angeles · Member since 2018 · 466 posts · 471 votes
    7y

    My favorite motivational poster (so far):

    0Reply
  • Alvin Sylvain
    Los Angeles · Member since 2018 · 466 posts · 471 votes
    7y
    Originally posted by @Aaron K.:

    @Thomas S. I disagree with essentially cutting off friendships because someone doesn't have money, to me that seems like an incredibly cold thing to do.  Money is not the only thing that matters in life

     I wouldn't say you necessarily need to "cut off" a friendship, but if the "friend" keeps trying to drag you down into the gutter where he is just because "misery loves company", then he's no "friend." I would say, any friend you have who wants to keep a negative mindset is someone good to exchange Christmas cards with, but not necessarily one to spend a great deal of time with.

    The fundamental issue is, if you spend a lot of time with people with negative vibes, those vibes may rub off on you. Now maybe your positive vibes will rub off on them, and that would be good. Are your vibes that powerful? Can you take the risk?

    0Reply
  • Aaron K.
    Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
    7y

    @Alvin Sylvain being negative is one thing, and that is understandably but the post i was responding to was almost entirely about money.

    0Reply
  • Alvin Sylvain
    Los Angeles · Member since 2018 · 466 posts · 471 votes
    7y
    Originally posted by @Account Closed:
    Originally posted by @Shahriar Khan:

    @Tyler Labrador assuming that 21 is about to wrap up college. 

    1)  Finish College and get a good job. Right kind of Corporate job will teach your structure and process and all those good stuff.

    2) Take earning and learning from #1 and invest is RE.  Use RE to increase Balance sheet and W2 for Revenue. 

    3) Think scale and volume and keep circulating 1& 2 till you feel comfortable  and then make a choice which ship to jump on 100%

    4) Wealth happens by focusing on Revenue not cutting cost ... So grow revenue and be cost efficient. 

    5) Prepare to be disappointed a lot :) 

    Wish you the best ...

     I have an advanced degree and college did nothing for me to advance my real estate investing. It held me back. I could have used the money and time to get farther faster without going to college. Don't go into debt for college. Make your money and then study anything you want. Focus, focus, focus on real estate and the area you want to specialize in. It will pay lifelong dividends.

     I will agree, don't go into debt for a college education. I mean, if you mortgage your future in order to have one, what's the point? But if your grades are good, there are colleges out there that will happily educate you free of charge.

    It is an unfortunate fact that many who attend college are wasting time and money. However, it is also a fact that, statistically speaking, college graduates will earn more income. Play the odds.

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