How to start investing in your 20’s is on the minds of many starting out their careers. I encourage these conversations. Most people in their 20’s don’t think about the future nor their retirement. Will their job give them a pension? Is that pension even enough? Who cares let’s just work to party and travel and blow all our cash on cool vehicles and whatever is in style because the style in a year is totally going to change so they will need all those styles now! Yes you could have gone to college to get a career in whatever you choose, but is that the life you want to live? Work Monday to Friday or shift work days and nights for the rest of your life till your able to retire?
Maybe you have no idea what real estate can do for you and you think working Monday to Friday to have 2 out of 7 days off is completely normal. Well the sad part is… its true! But what if there was a way you could have extra time in your life and I mean weeks at a time to do the actual things you love doing and the things you want to do with your days! It is all possible through real estate… Imagine you are 40 years old now looking back to when you were 20 again and there is a bit of advice you would give yourself because you didn’t take the action… hang tight.
Finances with a plan.
Could you imagine having your finances figured out at age 20? How many people do you see struggle at age 40 even though they have a great job. Most are all workaholics and don’t DO much with their lives!
Does this add value to my life or not? Have you heard that term “Keeping up with the jones?” I’m sure you have. We all get the idea that we need the best to show off to others to make it appear we are doing well for ourselves. Who has the bigger house, nicest car, best clothes, and always doing fun things! Well sometime when you try and “keep up with the jones” it actually sometimes just puts us behind. We are encouraged to maintain the addition through technology and information what the illusion of our lives should look like. Your time and money is valuable. It’s how you use it that will create a better life in your future. Living deliberately with less. If you’re in your 20’s and put all your energy and focus on this now... You could retire at age 30!!! Most people retire at age 65 but don’t have a big enough retirement fund so they have to work an extra 5-10 years and don’t actually retire to “enjoy the rest of their life.” You can’t do much at age 65! Wouldn’t you rather work hard now to retire young enough to be able to do anything you want after that?? Well it’s possible with real estate. 95% of wealthy people are real estate investors. It’s your life and you’re the only one who can create it. One way to filter your life is to ask yourself does this add value to my life or do I let it go?
“Just put it on the visa” – NO please no…. Stop it, just because it’s there to use doesn’t mean go ahead and buy something for $600. You know you don’t have the money now to pay it off, so please don’t do that to yourself. The poor to average income people are the ones stuck in the habit of impulse buying to satisfy their needs today and worry about it tomorrow. These people have no solid direction and a ton of excuses. Wealthy people set goals and mark down exact steps needed to achieve their goals and take the action required to get there. Believe it or not there is a proper way to use credit cards! It’s your choice on how to use it!
Credit Score- This is a huge importance when it comes to almost anything to do with getting the things you want. A phone, a house, a car, a loan, a credit card or renting a house are things you need good credit for and also the things that effect your credit weather you make a payment on time or not. If you start watching you’re score now and understand the importance of your score now you will be a 40 year old finance credit star!
When it comes to real estate, you don’t exactly need to use your credit score… There are creative strategies to use like your JV partner dose the qualifying. I know someone who went bankrupt and still owned houses. It was the low that got his drive super high to get busting and get some deals. So although credit is important it’s still possible to get real estate using creative strategies. Email me for more details: firstname.lastname@example.org
Retirement – This is the big one. Start looking into the future now and visualize what your retirement will look like. How old will you be? How much are you living off each month? What does that amount give you in life? How many years of income will you need? What kinds of things are you going to be doing? Will your age restrict you from anything? Can you support your kids or grand kids off that monthly amount if they need it? What does your health look like?
All these questions are more important than you think. Also people don’t really plan for retirement because we are taught to get a good job and your pension will take care of you. A lot of people don’t have a pension at all! The scary part of that is they still are not planning for their retirements and they will be in shock when they are rushing trying to figure something out. The average Canadian makes $51,000 a year. Now how many years are you going to be retired? Let’s say 65 – 100 = 35 years. You will have to have to have $1,836,000.00 to live that long. Almost 2 million dollars! Do you think you can do it?
Take retiring seriously because it is still possible to do it sooner than expected! What would you do if you could retire at age 30?
Mind set – Okay so you want to retire at 30… Good to hear. Well I’m going to give you some hard news. You will not be able to act like the regular/average person out there. You will have to start learning the “rich mindset” behaviors if you want financial freedom! You can either sacrifice your time now to do whatever you want for the rest of your life later or be stuck in the rat race and work forever and your kids will have to take care of your finances. You will have to be constantly learning and putting your time and efforts into your goals. That means saying no to many things average people do. Your time is critical right now, if you want to get what you truly want in life. You will have to make decisions based on numbers not emotion. You’ll need to be serious about what you are doing and take action.
Education- Knowledge is the first step to taking action for your future. A lot of people are scared of real estate investing but that’s probably because they know nothing about it. There are many support systems out there to help you through anything you need. Here is a starter course to learn all the basics and fundamentals about real estate investing. https://www.rentalhouseprofits.com/product-page/from-rookie-to-rock-solid-investor It’s called From rookie to rock solid investor. You can take it online at your own pace with full email help from Karysa Brossoit along the way with a few bonuses inside.
It’s better to get people who have already been successful doing real estate investing to help guide you and tell you want NOT to do and what really works! Find networking groups in your area along with weekend events you can go to and just get a feel of what it’s all about and go from there! This is a good quote from many real estate investors I know; “It is so worth it to spend $5,000 on education because it will probably save you 10’s of thousands of dollars knowing one simple thing.”
It’s your choice. Start TODAY right now… The moment you wait or say you will next time, you will fall back into the same old routine. Next thing you know, you wake up 40 and wish you had started in your 20’s.