West Bend, WI · Member since 2018 · 11 posts · 2 votes
I hear a lot of guests on the podcasts say that it’s possible to invest on the side when working a full time job. I’m in a unique situation in my company where I’m expected to work 75+ hours a week. With 14-16 hour days, 6 days a week I’ve found it difficult to get a good head of steam on analyzing and networking along with doing the bare minimum of sleeping to keep me functional. I’m only 21 so I don’t feel overwhelmed at all by this but it feels like I’m progressing at a snails pace. Can anyone relate to my experience and if so, how have you worked through it?
You are not alone in your situation. The way you work through it is to realise that life is not a race. Sit back, relax and work on real estate when you do have a little time. Everyone is all about push, push , push, hurry up and invest. That is the wrong approach especially at your age.
Whatever pace you are working at is more than fine as long as you are still at it. You have your entire life ahead.
Chances are that your employment will change in time, no one keeps up 75 hrs a week for ever. You will ultimately change jobs and probably will have plenty of time. For know you should be salting away a ton of money. That is more important right now that even looking for real estate. In your position I would be working and living as frugally as possible. No restaurants, drinking or any other wasteful spending. Take the next 5 years doing nothing except saving every possible penny. That will put you leaps and bounds ahead of most other investors starting out.
You are not alone in your situation. The way you work through it is to realise that life is not a race. Sit back, relax and work on real estate when you do have a little time. Everyone is all about push, push , push, hurry up and invest. That is the wrong approach especially at your age.
Whatever pace you are working at is more than fine as long as you are still at it. You have your entire life ahead.
Chances are that your employment will change in time, no one keeps up 75 hrs a week for ever. You will ultimately change jobs and probably will have plenty of time. For know you should be salting away a ton of money. That is more important right now that even looking for real estate. In your position I would be working and living as frugally as possible. No restaurants, drinking or any other wasteful spending. Take the next 5 years doing nothing except saving every possible penny. That will put you leaps and bounds ahead of most other investors starting out.
West Bend, WI · Member since 2018 · 11 posts · 2 votes
7y
@Thomas S. Great advice! I have some substantial student loans. I put away what I can. I agree completely with the get rich slow process. My main priority is talking to other investors and purchasing my first house hacking property to save on living expenses
Pay off all your bad debt first, especially that student loan. Do not use any form of credit. Second if you are "putting away what you can" you are not trying hard enough. You should have said I am living a extremely frugal life style, am paying the bare minimum for a room to rent and am saving every possible penny I can planning for the future.
Real estate investing is hard work and takes strict dedication to succeed. Start by disciplining yourself to save more.
Do you have a cell phone, cable or satellite TV, do you go out drinking or to restaurants with friends. Get rid of all that from your life for the next 5 years. Transportation...use the bus or bicycle. Work and save. When you have plenty of cash start investing and you will be retired or investing full time by the time you are 35 - 40 years old. Dependant of course on whether you marry and start a family. If well established before you marry it will be a hinderance but should not hold you back too much.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
7y
@Thomas S.
I agree . Getting into real estate costs more than most people think and it takes great personal discipline not just in terms of saving back cash but discipline in every aspect of your daily life from how you budget your morning routine to what you buy for food to how you spend your free leisure time .
West Bend, WI · Member since 2018 · 11 posts · 2 votes
7y
@Thomas S. Thanks again Thomas. Your right, I do have a phone, car and such. Phone is company owned so I don’t pay it and I live in the suburbs so not having a car makes it incredibly expensive to take a taxi to get into town for work. I don’t drink or smoke so that saves money and I work too much to need tv. I’m not going to exaggerate and say I save every penny but I don’t spend money on anything that isn’t necessary to keep me working, keep me healthy or improve my education. But I really appreciate the advice because now I’d like to see if there’s anything that isn’t essential I can remove.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
7y
@Alex Deaton. Are you being paid hourly or on a salary with overtime? What did you study in college? If possible over the next 1-2 years you may want to find a job that pays more and requires less hours. I agree with what is said above. Pay off your student debt. Maybe find a partner to help with the time issue, assuming you had ample cash for deals.