Hi everyone, first post here hopefully I am not breaking any rules. I am 20yrs old and started investing in the stock market 6 years ago. I ultimately hope to reach a point where I am a real estate investor living off passive income, and I just have a question. If you could go back to your younger selves(if you're older than me), is there a piece of advice or warning you might give to help steer yourself in a better direction? Thanks in advance for the responses and time!
Hey @Kian Faramarzi! Although I'm not much older than you, my advice to myself even five years ago would be to just start! There's no better learning than doing it for yourself, and no amount of preparation will prevent you from all failures. Best of luck!
Hey @Kian Faramarzi! Although I'm not much older than you, my advice to myself even five years ago would be to just start! There's no better learning than doing it for yourself, and no amount of preparation will prevent you from all failures. Best of luck!
@Kian Faramarzi Knowing what I know now if I had not been on the trajectory I was on when I was 21, which was that I owned a Bed and Breakfast, so was essentially house hacking altogether a little unconventionally, I would tell my college graduated self to buy a 4-unit on an FHA loan and house hack and save up and rinse and repeat and today I'd have a small real estate empire.
I'd make sure to invest as fully as possible at least in my Roth IRA and if I had a W-2 job the employer matched retirement fund as I did none of that in my early years and am now playing catch-up.
While I worked very hard at the B&B during my 20s and 30s I also played hard. I wish I had focused on creating passive income so I’d be “retired” now and focusing on my passive income streams instead of being where I’m hustling now to create the passive income streams so I can “retire” hopefully on my target date in a little less than 5 years.
Hey, @Kian Faramarzi! If I could go back and tell my younger self some advice, it would be to NEVER STOP LEARNING! The words "I never want to own a house - too much work" came out of my mouth at one point and if I could go back and slap myself in the face I would do it 100 times. Spend time getting familiar with what you want to invest in. Learn all the strategies, create your own, talk with people that are doing it already.
The easiest way to get your foot in the door is to house hack - buy a single-family or multi-family home, live in one room/unit, rent the others, rinse and repeat a year later.
Sounds like you're already on the right path by being here - just keep learning and asking questions and like @Luke Trovinger said, get started!