Investing is a very strange world that most people avoid due to the potential risks and confusing information out there. We get advice from our parents, media, neighbours, friends and our bankers, but what works best for you? Do you have goals? Who can you trust to put your goals and needs before theirs? Some people are fearless and just go out and try things knowing something will probably work or either way it will work out for them. Most people are a little more cautious and rightfully so. With your goals in mind, you need to be comfortable with what you’re getting into. Real estate is only one of many ways to invest. Education in real estate investment is first and foremost. Asking those who have experience, can really help you progress without losing your mind or your money.
To get yourself into a position where you can be aware of your options, the risks involved, the benefits, and the work or lack thereof, I suggest finding some mentors. Mentors could be family members who have retired successfully, business owners small and large, stock investors or real estate investors who have experience in their field, thereby allowing you to see the whole picture. Different investments provide different ROI’s (return on investment), provide profits in different forms and give you different amounts of involvement on your part. Some may take years to generate a profit and thousands of hours of your time to learn and build up a successful cash machine. Others can be hands-free providing long term equity growth. Others may show you some form of cash flow to enjoy right away.
Another great source of mentorship could be autobiographies of real people who have achieved high levels of success in their lives. Additionally, you could take courses or seminars to help you learn what will work for your goals. One warning I will mention is ‘be careful who you listen to.’ Everyone has an opinion and some have a lot of pride which may affect the value of what they say. If you are learning from someone who has not achieved what you’re looking to do, then you could be learning the wrong information. I would suggest that you take it all in, but keep what you like and throw away the rest. You may also strive to become more knowledgeable than your mentors at some point and that is a great place to be. Just make sure you gather more mentors and teachers who can help you go even further.
So why would you want to learn about investing? Well I like to snowboard, travel, surf, spend time with my family, work when I feel like working and take care of my parents later in life. Getting financially educated will empower you to be and do anything you want in this life. But it’s really about who you become so the freedom and confidence acquired along the way will open more doors to a fulfilling life. As you reduce the financial trap of the “human rat race”, that most people get stuck in their whole life, you will become lighter and more graceful in everything you aspire to do.