I have just begun my real estate investment journey to financial freedom, only being introduced to this world about a month ago.
I know I still have so much to learn, before I even set out to find my first deal, so that I can do everything I can to set myself up for success.
I realize that my question may be a bit premature to ask for me, but something I've heard a lot on the BP podcasts and in the books I've been reading is the desire to get into real estate because you hate your job. I have a job that I love and am passionate about, but one that won't allow me to realize my goal of financial freedom and building wealth.
As I look forward to envisioning that future that I want for myself and my family, I am having a difficult time envisioning one where my current job and investing can coexist. I have enough flexibility in my work schedule, where I am not afraid that I wouldn't be able to manage both, rather I'm afraid that if I pour all my heart, soul, and energies into acheiving the goals I have set for myself, that there won't be a need to keep the job that I love.
So, my question is this: Has anyone else begun their journey from a job that they loved and were passionate about, and were faced with a similar situation of once successful deciding whether or not to quit that job because it wasn't necessary any more?
Thanks for any input or advice you can offer, and know that I realize this is probably a question only I can answer for myself when I get to that point in the hopefully not to distant future.
I love my job and plan to retire with the same company. Financial freedom does not mean you have to quit. It just gives you peace and options that is it.
One of the things I try to teach my children (two of which are now in high school) is that their wealth will come from their investments, not necessarily their job/career. Invest for your money, and get a job for your passion. For a lot of us, investing is a passion, so that helps too. And of course, a great paying job that you're also passionate about is nice, since the more money you can make in your job, that's more money you have to invest and build wealth. But the point is, the two should compliment each other, not conflict.
You don't have to hate a job to move along from it. For some people, wanting out can certainly be a primary motivator. Your motivator, however, can be a different one.
My previous job before going full time in my REI business was one I loved. I made great money by employee's standards, I was good at what I did, I delivered value to my employer and customers, and I was continuously offered opportunities to learn and grow. I had complaints as well, but overall my outlook was very positive.
I quit because I saw an opportunity to make a lot more money, fulfill a sense of purpose that was even more important to me, and be challenged at a higher level all while having the opportunity to build my own platform to express more of my latent professional skill set.
I also knew that if the potential for success I saw came true (and I was confident it could), being the principal of a real estate investing business could offer me the financial means and flexibility to make adjustments to my lifestyle as my life situation changes. A family and kids may be in my future, and I would like to have the ability to be present for that. There may come a day where I want to work from home, less, or without a high level of responsibility. An excess of success today would allow me to morph an already successful business into a slightly or drastically different version of itself, so that it's an extension of my lifestyle, rather than the converse.
I say you choose a target for your future sooner than later and start working towards it today. If it means full time REI or passive REI+job, commit sooner than later so you can start making some progress!
@Joshua Gross Heck no Josh! That is awesome that you love what you do. 100% focus on what you love and enjoy doing. I realized after acquiring a portfolio of single-family homes and vacation rentals, I didn't want to be "in the business" of real estate I really just enjoying investing in the asset class itself. I ended up transitioning my portfolio to investing in apartment syndications so I could be 100% passive and focus my time and energy on what I enjoyed most. Best of luck!
loving what you do is important.. if you don't then I guess something else should be considered..
lots of business's will treat you well in America real estate is just one of them.
I love what I do for a living also, but that doesn't stop me from investing in real estate. I say keep working and making money at what you love. Use REI as an investment tool. If you acquire enough over the live of your career, you will surely have a plentiful retirement.
@Joshua Gross I too love my job. It's actually very rewarding to help people keep their money and pay less income tax. As other have said, REI can and should be an investment to take your earnings create wealth. One of the major advantages of going full time into real estate is getting the 'real estate professional' status for tax purposes. This allows you to use depreciation to offset not only the income from your properties but also all of your other income. The great news is, you can have your spouse get the status, thereby getting the best of both worlds.
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