Real Estate Agent · San Luis Obispo, CA · Member since 2018 · 79 posts · 39 votes
Hi BP,
I am 16 years old at the moment and I plan on getting into the real estate Agent/Investor industry once I am of age to do so. I take it most of you are either an agent or an investor right now. My question is, if you could go back to 16 years old what would you have done to make yourself more successful as an investor or agent today? Would you have studied something different or wish you didn't make certain mistakes? I am just curious so I have a greater chance of success when the time comes. Thank you for your time.
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
8y
Is “everything” an acceptable answer? For starters, pick a life partner that is like minded financially. If you’re dating someone who squanders money, run the other way. Then, do a house hack as soon as you can. College is not too early. Rent rooms to all your friends and live for free. Third, pay yourself first. Every paycheck, every bonus. 15-20% goes into your bank account that you’ll use for investments (real estate, Roth IRA, 401k if company matching, Vanguard brokerage account). And never buy new vehicles, use credit cards, or buy that “dream home”. That’s for starters. Ask me again when you’re 21.
Contractor · Oxford, MA · Member since 2018 · 807 posts · 745 votes
8y
I just would have been more mindful of what I was doing with my money. I could have been FI by 30 or 35 at the latest if I had some guidance back then. You're on here though, so you're already WAY ahead of where I was at your age. Do the best you can at whatever you choose to do and it will always lead to happiness and probably money
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Let’s see if I was 16 again I would dump all my money into Facebook stock. Idk how a 16 year old would get pre iPo stock but that’s what I’d do.
More seriously I wouldn’t reallt have done anything differently. I was working, saving money already. Did well in school. Etc
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
8y
I would not have squandered my money on women alcohol and tobacco and anything else I could buy . I would have bought assets instead of a mountain of liabilities and got my financial education right instead of what my broke parents taught me about money . Had I done so,Today I’d be depleting the Pennsylvania rivers of its fish population instead of working ..if I knew what I know now
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
8y
I wouldn't have dinked around so much that I had no options other than the infantry for 4 at 18. I would have created my own business and bought RE asap.
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
8y
Is “everything” an acceptable answer? For starters, pick a life partner that is like minded financially. If you’re dating someone who squanders money, run the other way. Then, do a house hack as soon as you can. College is not too early. Rent rooms to all your friends and live for free. Third, pay yourself first. Every paycheck, every bonus. 15-20% goes into your bank account that you’ll use for investments (real estate, Roth IRA, 401k if company matching, Vanguard brokerage account). And never buy new vehicles, use credit cards, or buy that “dream home”. That’s for starters. Ask me again when you’re 21.
Ottsville, PA · Member since 2015 · 17 posts · 2 votes
8y
Hey Ryan,
It's a neat question! Couple of things, some I've done and some I could have done a little better with. Stay out of consumer debt. Buy cars that you can pay cash for, cars payments when you are starting out kill your ability to save money. Have a strong work ethic, smile at work, be willing to learn, if you simply do that you will be better than most! Start buying assets as soon as you can. Diversify with real estate and some mutual funds so you have some reserves. Don't be afraid to ask for help or advice. Enjoy life, it goes quick! Good luck!