ADVICE: 23 Yr Old Saving up for another year then want to invest
Hello all,
I am currently 23 years old.. I have limited my expenses and hope to do so for the next 10-12 months. I have maxed my 401k, invested in my Roth IRA, and invested in index mutual funds.
I want to get into Real Estate in the next year and was wondering what are the best tools that I can use over the next year to learn about the industry.
For Example: What books do you recommend? What podcasts do you recommend? Is there a course where I can learn more?
My end goal is to develop some passive income for myself and over time slowly own a couple of properties. Thanks so much and Happy 4th of July!!
Best advice I can offer is to get your real estate license and do some deals over the next year. Doing some deals will get you experience and will help you avoid mistakes once you start investing.
@Zachary Eisner Congratulations on your accomplishments at a young age! You're off to a great start.
You would be surprised how many people suffer from analysis paralysis when investing for their future and don't even start. I have people who come to me and literally do not know how to open a retirement or investment account.
Also, starting at a young age is a huge benefit. Keep doing what you are doing and you will find success: investing is a long-term endeavor.
Some concepts to think about and research:
1. "Compound Interest is the 8th Wonder of the World." -Attributed to Albert Einstein
2. Barbell Investing - Weighting your investments on two ends and avoiding the middle: safe, simple, passive vs active, higher risk/higher reward. Popularized by Nassim Nicholas Taleb.
