AMA Night: "First to a Million" with Dan Sheeks 1/19/22

Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes

Have questions about helping your teenager or young adult in your life get on the FIRE path? Join us Wednesday, January 19th from 7-9 CST in the forums for an “Ask Me Anything” with Dan Sheeks.

You won’t want to miss the insights and tips from the author of “First to a Million”. Get your questions ready for a fun night!

This thread will open one hour before the event start so you can being posting questions.

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Dan SheeksPro Member

Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes

Ready to go!

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Submitted question: I am 19 and want to start investing in real estate. How do I find someone show me what to do?
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
I would share everything. (Assuming they are old enough to know that it should not be shared with anyone else.) Most importantly, share your mistakes, your questions, and your shortcomings. You don't have to be perfect with your money (no one is) in order to share with your kids. They will learn 10x from your mistakes then from your wins.

Originally posted by @Alicia Marks:
Submitted Question: How much is too much when sharing your financial picture with your child? I want to help them, but discussing my income and bills with children is not how I was raised.

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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
You can start right here in the forums! Put up a post that tells a little about you, your goals, and where you live. Ask if anyone in the area is willing to hop on a 10 minute call to answer a couple of questions you have. Then let that connection grow from there.

Originally posted by @Alicia Marks:
Submitted question: I am 19 and want to start investing in real estate. How do I find someone show me what to do?

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Submitted question: How can I save enough money if I'm in school too? I'd like to do a house hack, but don't know how I can save enough.
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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
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Piggybacking the submitted question: If a young person is going to househack or buy real estate in general, when do they know they are ready and what else do they need to have prepared besides the downpayment?
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
This is taken straight out of my book First to a Million.
How to Invest in an Index Fund:
1. Open a brokerage account at Charles Schwab, Fidelity, or Vanguard
using the firm’s website. All three are trusted nationwide
brokerage firms that have been around for a long time.
2. Transfer money into your new brokerage account from your
future investment savings account.
3. Once the money has been received and verified in your new brokerage
account, invest it in a low-cost index fund.

The following are examples of a low-cost index fund that was available
at each of those firms at the time of this writing:
■ Charles Schwab: Schwab S&P 500 Index Fund (SWPPX)
■ Fidelity: Fidelity 500 Index Fund (FXAIX)
■ Vanguard: Vanguard 500 Index Fund Admiral Shares (VFIAX)

Originally posted by @Alicia Marks:
What are good index funds to start with and how does the dividend part work?

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Dan Sheeks:

You can start right here in the forums! Put up a post that tells a little about you, your goals, and where you live. Ask if anyone in the area is willing to hop on a 10 minute call to answer a couple of questions you have. Then let that connection grow from there.

Originally posted by @Alicia Marks:
Submitted question: I am 19 and want to start investing in real estate. How do I find someone show me what to do?

We do have local forums as well. It's a great place to network!
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
Submitted question: How can I save enough money if I'm in school too? I'd like to do a house hack, but don't know how I can save enough.

School is a full-time gig. So it decreases the amount of time you can work and earn. But you can still earn. Find a part-time job or side hustle that allows for a flexible schedule. (Just google "side hustles for teens") Then save as much as you can from the income you earn. You can buy a house hack property for very little down (3.5% to 5%) so it will take you less time than if you were having to save 20% of the purchase price for a down payment. Keep plugging away. Even if it takes you a few years to get that house hack, you will still be WAY ahead of 99% of your peers!!!

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
What are you encouraged by when seeing the next generation coming into adulthood?
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
Piggybacking the submitted question: If a young person is going to househack or buy real estate in general, when do they know they are ready and what else do they need to have prepared besides the downpayment?

You will never be 100% certain you are ready to buy that first property. But if you've been learning and studying for 6-12 months, you are likely there. You will make mistakes - period. You will learn a ton as you go through the buying process that you can't learn beforehand. But it's better to buy early than to never buy at all. Besides money for the downpayment, you will need money for initial repairs and maintenance, for an emergency fund for the property, and for the closing costs of the loan.

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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Dan Sheeks:
Originally posted by @Alicia Marks:
Piggybacking the submitted question: If a young person is going to househack or buy real estate in general, when do they know they are ready and what else do they need to have prepared besides the downpayment?

You will never be 100% certain you are ready to buy that first property. But if you've been learning and studying for 6-12 months, you are likely there. You will make mistakes - period. You will learn a ton as you go through the buying process that you can't learn beforehand. But it's better to buy early than to never buy at all. Besides money for the downpayment, you will need money for initial repairs and maintenance, for an emergency fund for the property, and for the closing costs of the loan.

This is taken from Freak Phase 10 in the First to a Million Workbook:
Determine How Much Money You’ll Need to Buy Your First Property
This is critical. The value of your property will determine your down payment, which will account for the
largest portion of the money you’ll need to have saved. And since different markets can have significantly
different property values, it’s impossible to tell you the magic number. But we’ll calculate it as best we can.
There are five financial components you’ll need to account for with your first purchase. They are:
■ Down payment
■ Closing costs
■ Initial repairs and upgrades
■ Reserves
■ Your next purchase

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
What kinds of young people seem interested in FIRE? I'm trying to help my kids understand the benefits, but they are very laid back and think it's "my thing".
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
What are you encouraged by when seeing the next generation coming into adulthood?

They are much more resilient and determined than my generation. The pandemic has something to do with that, I believe. If these teens can survive high school through a pandemic, they can survive almost anything.

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Submitted question: How would I plan for FIRE if I have a lifelong illness?
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
What kinds of young people seem interested in FIRE? I'm trying to help my kids understand the benefits, but they are very laid back and think it's "my thing".

The concepts of early FI will not resonate with every teen/young person today. And that is okay. But I do believe strongly that all young people should be introduced to the concepts and strategies now. They make employ them now, next year, or 5 or 10 years down the road. We don't know. But they will always have that option planted in their brain to further explore when the time is right for them.

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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
Submitted question: How would I plan for FIRE if I have a lifelong illness?

Without knowing your personal situation, I can't really say. But likely the answer is to keep on the same pathway as others pursuing early FI (and that is laid out in First to a Million). The less time you have, the more valuable it is!

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Personal Question: Anything surprise you when writing this book? Either from your research or someone you met along the way.
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
Personal Question: Anything surprise you when writing this book? Either from your research or someone you met along the way.

Nothing really surprised me as far as the research data and info. (Boring answer, I know.) The biggest surprises were around the process of writing, editing, designing and printing the book. Quite the process!

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
What got you interest in FIRE for yourself? And how have you survived teaching this long? ;)
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
What got you interest in FIRE for yourself? And how have you survived teaching this long? ;)

I got interested in FIRE because of the BP and the ChooseFI podcasts. (My wife introduced them to me.)
I am extremely lucky when it comes to my teaching job. I have great kids in a great school, in a great district. That's the main reason I've lasted so long. That and I love watching young people exceed their own expectations and succeed.

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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Quote from @Dan Sheeks:

Originally posted by @Alicia Marks:
What got you interest in FIRE for yourself? And how have you survived teaching this long? ;)

I got interested in FIRE because of the BP and the ChooseFI podcasts. (My wife introduced them to me.)
I am extremely lucky when it comes to my teaching job. I have great kids in a great school, in a great district. That's the main reason I've lasted so long. That and I love watching young people exceed their own expectations and succeed.

I made it 11 years. Kids I loved, the parents were the challenge!
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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Do you recommend the workbook to be done as an activity for both kids and parents, or just young people?
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Alicia MarksPro Member
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Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes
4y
Any words of advice to share as we wrap up? I have directed question submissions to check the thread for their answers.
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
Do you recommend the workbook to be done as an activity for both kids and parents, or just young people?

Either!

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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
Originally posted by @Alicia Marks:
Any words of advice to share as we wrap up? I have directed question submissions to check the thread for their answers.

It was fun! If anyone reaches out to you for some follow up just let me know.
No parting words of advice. Only for parents to get the book for their kids. :-)

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