I’m struggling with time management right now. I’m trying to balance my W2 job, exercise, family, investing activities and education. It seems like I could use a 48hr day instead of 24. I’d love to hear what experiences everyone has had or is having with the challenge of working full time and giving enough time towards the investing. Eventually I will be a full time investor but I’m wondering, what sacrifices did you make to make it happen? Do I need to quit exercising for a period of time? I don’t watch TV and I’m about as active as my grandpa is on social media. I don’t feel as though I’m waisting much time. How extreme do you have to go? I’d love any feedback.
@Trey Knight - Years ago when I decided to go to grad school and was working a full time job, I found I had little time for anything else. I was married with no children, and for four years (except summers) it was basically work and school. I did sacrifice regular exercise, any weekends away, and my wife adapted and supported. I'm not a believer that one can "have it all" and achieve meaningful goals. I would imagine the same would hold true for your situation.
@Trey Knight My lifestyle has taken the biggest sacrifice. Ask my friends how often I get in touch with them and they'll say "Maybe during the holidays." Most of my year is focused on improving my business and not so much socializing with others. I'd rather make a future for my family than talk to my friends, that's a choice I made in order to achieve what I want.
There is no such thing as balance.
Back in the early '80's (single & no kids) I worked every spare hour, every vacation & drove a POS car. (On the rare occasion I had time for a date the girl would insist on driving her vehicle.) Yet I made 2x what my colleagues were making (passive income is a dream). I rented every room I could in every home I owned, including the multi's as I converted them to student
My friends & colleagues laughed at me & told me I'd never make money. One was with me @ 1am one night when the cops pulled us over after collecting students rents & they thought I had to be a drug dealer with so much cash on me. That friend realized that my REI was a $$$ cow & he became one of the few partners I had.
Most of those who doubted me worked until 65 to afford retirement & now work menial part-time jobs to supplement their income. You either sacrifice the time when you're younger (to build that portfolio) or work it off painfully in old age to afford retirement.
I retired in '98 & NEVER looked back.
One thing you could focus on is business systems.
What tasks could you outsource (PM, Accounting etc.)?
Are you spending a lot of time looking for deals or have you set up funnels so the deals come to you?
Above are just some ideas. If you already have solid business systems my advice would be to sit down with your wife - prioritize and then make a scheduel so you avoid doing everything at once.
Best of luck!
Get up earlier when the house is quiet so you can focus. If that’s exercise great, you can move your investing activities to where your exercise used to be. I’m aware of more than a few investors who are up at 4AM everyday.
@Trey Knight understand we live a world with the opportunity to grind 24/7. Your mind, actions, and priorities appear to be in tuned. Family is everything, keep that a major priority. I understand the early stage of the journey regarding W2 job still required. Having a solid W2 has been a great tool for my investing start up. Fitness is a major lifestyle for me and one that I will not sacrifice for short term wins. As you may know real estate investing is a marathon. I see so many successful real estate investors that I look up to have to use there wealth to regain their health because health was something they chose to sacrifice. If exercise makes you happy/fulfilled do not sacrifice.
As @Charles Soper mentioned sleep is an area where hours can be gained. You can live on 6 hours of sleep and still have your family, W2, fitness, investing, and education. It doesn't seem to be about how extreme to take your lifestyle but being patient and juggling these priorities for years. Run your race at your pace with a strong real estate end goal and you'll juggle your way across the finish line happy and fulfilled. Stay patient, embrace the journey.
I have 5 kids, a 60+ hour a week job, 33 doors, and a passive investment portfolio. Balance is not the goal.
Lots of great advice above. Keep things simple. I exercise first thing in the morning, eat the same thing for breakfast and lunch each day, have a modest/simple wardrobe, cycled through multiple 3rd party managers to find one that I could live with, consolidated to only two properties (this is important...focus on profit per property, not per door), buy value adds (once again, more profit per property...plus I can screw it up and still do okay...lots of cushion), and work through trial, error, and then success in your routine.
REI (and life) is not linear. "Go to work" every day and the cumulative effect over years is incredible.
My life changed when I started scheduling tasks and allocating my time. Instead of just making a task list for the day, put in your calendar WHEN you're going to do that task.
@Trey Knight Work-life balance does not exist. Plus, you look like a young guy i.e. can/willing to make sacrifices.
I would never compromise on family, sleep and eating right. After that if you have to reduce your exercise (not a viable long-term option), not socialize, move into a less-demanding W2 job (only if there is upside in what you're planning on doing), etc - go for it.
I run everything by my calendar and still struggle. Hire an assistant to schedule your calls, emails and other tasks.
But remember, there is no balance. That's only found in HR manuals ;)
I get up at 4:30 to work out. What helps is that I join a group of guys downtown to do a 40 minute ride on dirt. Great way to start the day. Getting social with my workouts helped me a lot and infuses endorphins and good circulation throughout my work day. I plan annual goals, then figure out what I need to do quarterly to get there. Then I create monthly and weekly benchmarks. My plan for the day needs to feed into that. I also leave a little time for unplanned meetings b/c good stuff happen spontaneously. But the driver is the master plan.
Thank you for the insight Ed. I’m in a very similar scenario now so it’s nice to see direct comparisons.
Niels, thank you for sharing! What is your preferred system for funneling deals?
Charles, thank you for the input. I’m more of a night owl and my wife works nights as a nurse. Is it the same concept as getting up at 4:00am if I’m staying up until 2:00am and getting up at 6:00am? Disclaimer- Miracle morning is on my read list.
Nick, so well said! I appreciate your views on this situation. That’s a great point about sacrificing health now to pay for it later. Patience and persistence!
Thank you for sharing Mike! Nice to have a look into your daily routine.
Thank you Omar! The W2 job and other changes have definitely crossed my mind. Now to get the wife on board!! I appreciate your insight.
Thank you Mike! All about intentional planning before you move on it. I appreciate you sharing part of your routines.
Here're a few steps that should help you (coming from a mom with kids, f/t job, f/t real estate syndications business and 2 Meetups in two different locations)
1) establish a daily routine. If you need help, read "Miracle Morning". Diet, sleep and exercise (at least 4 times a week) are a must!
2) Plan your weeks and then based on that plan your days. However plan in a way that allows you to achieve one most critical thing for the day! In other words, "what is the most critical thing for today" should be your number one task, the rest you can put down but it can wait.
3) include some family time in your planning. Absolutely critical.
4) When setting up your goals, set them up as 10X goals. If you haven't read "10X rule", then add it to your to read list.
My very best!
@Trey Knight , I think if you dig into miricale morning you’ll find a way. I’ve read various sources that suggest doing work during YOUR peak times and for some of us that’s after the sun goes down. I’m sure somebody out there must have an opposite schedule that does the miracle joe Ong routine and has shared
I use real estate agents to funnel deals to me. Took some time to setup but it allows me to get deals with my criteria sent to my mailbox. Sometimes I even get some off market deals sent.
@Trey Knight did you listen to this week's podcast? Gold in it with writing down your 20 to do/want to dos, picking your top 5, and consciously saying that the other 15 are "never dos". Family is important, can it combine creatively? Bike ride with kids while driving for dollars? You didn't say how much/how you exercise, and that can vary a lot - working out like a fitness influencer and hitting the treadmill for a half hour in your basement are different things. Also, how much time your W-2 requires/allows is important to consider including commute, after hours mandatory events, and time sitting or waiting around that can be used to work on your own business. All that said, there are still strings of days where you're so busy with it all it's a victory to find ten minutes to take a shower or make pb&j.
@Trey Knight this is such an awesome post, thanks for sharing and being open. Most people don't talk about the 2nd and 3rd order consequences of trying to invest in real estate "on the side." A few things that have worked for me personally that I can share:
1) A daily planner - I set aside 30 mins every Sunday to map out key objectives for the week and timeline of those objectives. I then spend 5-10 minutes per night scheduling out my next day's agenda to ensure I am on target to meet my weekly goals.
2) Might go without saying after reading point 1, but have a schedule and stick to it. If you haven't read The One Thing by Gary Keller, I'd suggest making that a priority. Time blocking is crucial to maximizing efficiency and making sure nothing slips through the cracks.
3) Give yourself a break when you need it. There are weeks when I know I will be absolutely swamped, so I carve out time at the end of the week for something relaxing.
4) Make sure the people in your life are extremely supportive of your goals. To be honest and frank, you just don't have room or time for the people who aren't.
Thanks again for being open on the topic. Best of luck to you!
I quit my job about 3 years ago and went full time into real estate. The last weeks I've put in some long hours setting up "systems" and upworkers to deal with repetitive tasks. They're not fun to implement but save so much time. What are you currently spending the most time on?
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