What should be next in our journey?

Question

Hello! My wife and I are new to investing, and we just finished Rich Dad, Poor Dad. We have about $120,000 worth of college debt, but we're hoping to learn to master our money and start real estate investing within the next few months. We want to know if we should begin reading another personal finance book to learn money management or start reading about how to invest in real estate. What advice do you have?

Olivia Radziszewski · Answer

Hi!

I would agree with a previous comment that you should definitely look into both. Some thing that I think people don’t realize until they get their foot one in investing is how many hats you really do need to wear in order to own property whether or not you manage it yourself. Congratulations on finding a real estate world.

Bruce Woodruff · Answer

That's a lot of debt....get rid of it as fast as possible. Try and get a property of some sort, but get rid of that debt. Hopefully it's fixed rate and not ARM? Because inflation will kill you on that. So triple up on your payments and get 'er gone....

Reading books is only one small step. Go out and do stuff. Volunteer at a RE office. Do clean-up on construction jobsites. Build stuff.

Peter M. · Answer

@Anthony Dohman find a mentor and emulate them. Education and reading books is all well and good but you don't learn until you start doing. So figure out how much you have to invest and buy something- then manage it. You just have to take action. If you don't have any money then save up till you do. Don't pay any more then you have to on those loans, use that money toward your first purchase

Dean V. · Answer

Hey Anthony!  Congrats to you and your wife on getting started investing, it's going to be an awesome journey for you two!!I definitely recommend reading as much as you can in multiple genres/categories (especially leadership and personal growth...Extreme Ownership by Jocko Willink was insanely impactful for me), and you'll be amazed at what gems you're able to pick up from even non-finance/non-real estate investing books.  Here are four in particular that I HIGHLY recommend:Quick, easy and fun finance-mindset read: The Richest Man in Babylon by George Samuel Clason

Absolutely lifechanging book for implementing profound and lasting change in any and every area of your life (he has several versions of this book, this one in particular is focused on building wealth but also covers his "base" Miracle Morning strategy):  Miracle Morning Millionaires by Hal Elrod

And finally, two that are actually specifically related to real estate investing: The Millionaire Real Estate Investor by Gary Keller, and The Book on Rental Property Investing by Brandon Turner (of course haha!)Again, never stop learning!!!  Always have your nose in a book, but at the same time don't let that stop you from taking action...definitely start browsing Redfin/Zillow, start talking to a good investor-friendly agent in your area, go to REI meetups, analyze properties, and start writing some offers - you'll crush it!Let me know if you have any specific questions I might be able to help with, or anything I can do to help you and your wife on your journey - always love helping others achieve financial freedom!Cheers,Dean

What should be next in our journey?

Most Popular Reply