Is patience the answer? No…there is no answer. Get used to it. - Posted by You Probably Know Me
Posted by You Probably Know Me on March 16, 2000 at 01:49:47:
Warning! Late night ramblings. I’m posting anon because I’m not comfortable making this public.
Most of us here are part-timers. We have JOBs, but we also have DREAMS. I have been posting here for years now, and I find I just can’t stop thinking about real estate investing. I’ve never felt such a self-sustaining desire to pursue a dream in my life. I used to wonder, throughout my younger years, where I would find my “bliss” as one of my heros, Joseph Campbell, termed it. I don’t wonder anymore.
But, I’m the classic “Rich Dad, Poor Dad” worker. I’ve come to this through the normal channels. Society has taught me the path to success is in climbing the corporate ladder. If the journey takes away my freedom, this is the expected price I must pay. If, in my journey up the ladder, I find that I cannot spend much time with my wife and children, so be it. I’ll have plenty of time to ponder this loss when I retire with a gold watch, and think back on my life as a corporate employee. The problem is, I just can’t buy it anymore. It’s as if the curtain has been pulled away to expose the Wizard of OZ.
So, I want to do this full-time. I want to thumb my nose at corporate America. Does this sound familiar to you? So, I’ve read countless suggestions on this site advising of the best ways to make the break into full-time investing. Some advise to do REI part-time, be patient, build your portfolio and break way when your REI income can meet or exceed your JOB income. Wise advice. Then, I’ve read posts that advise to just JUMP-IN. When you know your next meal and mortgage payment will have to come from a real estate deal, you WILL find one. Wise advice, as well. I can see both sides.
I chose the first option. I do my investing on the side. You see, I think it would be outright irresponsible to quit a six figure job, when I have children and a wife to support. Sounds good. As much as I am no longer one of “them” in my heart, I am no better than the corporate employees I see every workday. I rely on my JOB to provide for me and my family, just like everyone else.
Is patience the key? The answer is NO. While I’m busy making money for my employer every day, the professional investors are out looking at properties, making offers, tweaking their businesses, networking, spending quality time pursuing their dreams. A guy like me gets to spend 1/10th or 1/20th of the time the full-timers spend. And at that rate, there’s just no way to replace a six-figure income BEFORE making the break to full time.
Some may throw out a quick answer to this: Reduce your lifestyle! You’ll just have to move into a cracker-box, drive an old 1979 car, tell your children that they’ll get shoes when you can afford it, and not a day sooner! I can only answer that this is NOT a true life solution. The idea is to make our lives better, not to throw it all away and expect the family to pony-up to the bar while Dad pursues a dream. Sounds good on paper, but it’s not realistic. I would never do that to my family. If I was single, it would be a different story. But I couldn’t respect myself if I threw it all away to pursue MY dream, and let my family’s well-being fall by the wayside.
Conclusion? Well, my conclusion is that there is no answer. My company is rumbling about layoffs again. I’ve survived over a dozen of them in my career at this company. I’ve cringed through every one of them. But, recently I’ve had a secret hope that they would lay me off and force my hand. As I said, I just can’t buy into it anymore.