Hey! My name is Megan and I am newbie who plans to use the house hacking strategy to reach financial freedom in the next 7 years. At the moment I am reading the The House Hacking Strategy by Craig Curelop. In the beginning of the book he talks about his "why" and what it means to him to be financial free and what he can do with this freedom. I would love to hear what your reason for financial freedom is. My reason for financial freedom is to be able to enjoy more of my hobbies, travel, volunteer, time with my future children, more time to dedicate to my church, donate or even start an organization but my biggest goal is to be able to take my dad traveling around the united states. He works so hard but has very little time and money to be able to do something like that. I am overjoyed at the thought of being able to take my dad on an adventure he has always wanted to do! So, what is your WHY?
Love the question! I have a lot of the same "why"s as you, traveling more, spending more time with family, and giving back to others through time and resources. Look forward to following this forum and listening to others.
As someone who is also new to real estate, I got into it because I didn't ever enjoy many of the aspects of other jobs that I have had, other than working with people. I got into real estate to spend time with others and learn something new while building my people skills. I love that I get to choose my own schedule and work with the people that I already know, building my business with friends and acquaintances seems very rewarding. My "why" is that I want to retire young so that I can spend the rest of my life doing things that I love that are rewarding in ways that work is not: spending time with family and friends, traveling, learning new skills and information, and fitness.
@Marshall Hoopingarner Thanks for sharing ! I definitely can relate to your reasons and goals.
@Landon Bleau Yes! Giving back is an exciting opportunity that comes with financial freedom. Thanks for sharing!
@Megan Wakefield to provide for my family, especially my wife. Real estate is my retirement vehicle of choice. We want to have some freedom to travel, visit the grandkids whenever we want to, etc. I believe I have a God-given responsibility to provide for my family and most husbands predecease their wives so I want to make sure my wife is taken care of.
@Megan Wakefield spending time with my family and being able to travel when and where I want.
@Megan Wakefield I love you “why” about giving back to others and spending time serving others at church. My why is the same I would say as well as the future kids part! I grew up in a less than ideal situation so my passion is to give back to the youth who have/had similar childhoods as myself. I currently serve in my church and have a little brother through big brothers program and I find I am happiest doing those two things! I also want to travel the world!
@Megan Wakefield From the time I was 20 till I was about 44 I owned two bed and breakfasts. Beginning when I was 35 I took a W-2 job to offset our health insurance which was costing $1000 a month. By working it only cost $300 a month and I was earning money to boot and my partner continued to run the bed and breakfast.
I wouldn’t change much about those early years and all the people we met and the good times, but my goal for wanting to obtain financial freedom through real estate is to once again become my own boss and be able to spend my time doing things I want to do when I want to do them. For instance there’s something magical about being able to take a month or two of vacation time. Or to be able to enjoy holidays with family instead of only getting one day off and having to go back to the office the next day.
The profit from selling those beautiful bed and breakfasts Is helping finance some of my investments so in a way a piece of the original dream lives on in each new building reminding me of my goals to travel, be with family more, be my own boss, and recapture the freedoms I had before becoming a W-2 employee.
@Megan Wakefield - Great “why”. My why to achieve financial freedom through real estate is to gain control of my time and spend it where I truly value life. Just like many people here, I would like to travel the world and experience what this amazing thing we called life has to offer. I would also like to spend my time educating and helping my friends and family understand the importance of financial literacy and do what I can get them to their financial goals.
I currently work a W2 and do enjoy what I do but I simply want control of my time, my life, my existence and not give that control to any other person or organization. Real estate sparked this fire and I don’t see it being extinguished any time soon!
My current why is to get my husband and I to the point where we work because we want to, not because we have to because we both enjoy our current jobs, but I know all too well what it looks like when things don’t go well.
I was just starting my career after college in 2007-2008 and both my dad and I lost our jobs due to the market tanking. It took several months to find another job and once I found one I have fought hard to keep it so I would have the safety net of a consistent paycheck. Now that I’m 11 years in at this company, and finding the BP community, I’m finally gaining the confidence I need to pursue more financial freedom for my family. The goal is to be financially free in 5 years. With that freedom, I don’t exactly know what we’d do with it, but I’m sure we’ll find a way to make the most of it.
@Megan Wakefield Great Question! Simple Answer For Me! My Mom Shes Taken Care Of Me By Her Self For 18 Years I Want To Give Back To Her And The Rest Of My Family. Also Someday I Want Kids And I Want To Send Them To A Great College And Have Them Pass It Down The Line To My Grandkids. My Family Is Not The Best Financially. So To Be Like The 1st One To Be Financially Free Is A Big Deal To Me!
@Zach White That’s awesome! I absolutely love that! Thanks for sharing!
Back when I was in school teachers used to ask everyone "what do you want to do when you grow up". There was a very specific point in time, 8th grade year when we were asked to write a 1 page essay on our future career goals and I got into trouble because my essay was this, verbatim
"When I grow up, I will do whatever the **** I want, whenever I want, however I want, with whom ever I want"
My parents laughed when they had to come in to speak to the teacher. Still to this day, my initial goal has never changed. I have far to many passions in life from cooking, software development, outdoor activities like overlanding. So the why for financial freedom is because I want the time to do whatever the **** I want, whenever I want, however I want, with whom ever I want to do it with.
Great Question. We are using real estate as a retirement strategy. I want to be able to travel, inbed myself in some foreign cultures... a deeper look than tourism. I also want to take care of my aging parents. They are 87 and 83 and I know they will need me more in the future and I am far away. So the freedom to work when I can, wherever I am and have some passive income to cover my basic life expenses is the plan. So far so good with 7 doors and about 2k in monthly cashflow.
I love your why, family and personal time are extremely important for us mentally. My “why” is to be able to lead by example and spread hope. I want to be able to inspire the younger generation and show them what is possible no matter what the color of your skin is, where you come from, or what you had or didn’t have growing up. I want to be able to open new doors and guide others through them. Of course also while enjoying my own family time.
John Goodman’s character in The Gambler summed my goal up perfectly. To live my life from a position of **** you.
I can explain my why in one word. Based on the way you described it, you're similar as are many investors. I hope you get there sooner than 7 years!