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What are your goals?
I want to be financially free by the age of 30 #finance along with serve in the US Military. Own an active real estate LLC along with having a gross 7 figure income per year. With a net worth over 8 figures. #business #military
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Brandon’s Answer
Hi Ryan, I would like to chime in here since I am a real estate investor. There are a lot of different ways to make money in real estate so you should look into the different investment strategies. You should think about your risk tolerance level and how you would like to approach real estate investing with that in mind. For example, you can buy a plot of land and develop a new property. This strategy has the potential for large returns but it also carries a decent amount of risk. Alternatively, you could buy an existing property and fix it up with the intention to resell it (this is referred to as "flipping"). This requires a good sense of the market and timing your purchase/sale decision well. Another strategy is to buy an existing property with the intention of owning it long term and renting it out and collecting the cash flow from your renters. This is a less risky, "get rich slow" approach to real estate investing. Whichever strategy you choose, it's important to build a strong support ecosystem around you of fellow investors, real estate brokers, lenders, contractors, and property managers. There are plenty of resources out there to learn more about real estate investing. I would recommend listening to the Bigger Pockets Podcast as a starting point. They interview successful real estate investors and it's a good way to dig in on these different investing strategies and learn from the successes and mistakes of others.
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Scot’s Answer
You have very big goals, which is great for someone your age! My advice would be to try to break them down into smaller achievable goals. You could group them as short term and long term goals, and then within each goal create a "to-do" list to achieve each goal in segments. And if you fall short of a goal, do not get discouraged or get down on yourself. Pick yourself up and continue to work towards your goals. You will face adversity along the way, and you will have an opportunity for personal growth as you overcome the adversity.
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Ali’s Answer
Those are lofty goals, but I am glad that you are thinking about goals at this early age, not many people do. The real estate market is good now, as a real estate agent, you have to work very hard to create a client base, and you have to be persistent. Having money goals is good but you may want to think about other goals in life, traveling and volunteering, and helping others.
I have high respect for the military who currently serving or already served, what a sacrifice. Go for it if this is something you want to do.
I have high respect for the military who currently serving or already served, what a sacrifice. Go for it if this is something you want to do.
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Sascha’s Answer
Ryan,
Having a lot of money definitely provides security and the ability to choose what you want to do in life. However, setting yourself a specific dollar amount as a goal may not be the best way to accumulate that much wealth. If making money is your key objective then you do have to look for jobs that give you the best opportunity to make the most money. That rules out the military. You will not get a pay of >$1,000,000/yr by being enlisted...you could maybe make that much money by being a military contractor (that's a big maybe) in a war zone after having first served in the military for several years or because you have specialized in a career that would make the military hire you as a contractor.
When it comes to real estate there are very few realtors that bring home seven figures at the end of the year. TV shows like Million Dollar listing don't really reflect reality or the competitive situation in hot real estate markets but that doesn't mean you shouldn't give it a shot.
There are a number of other jobs that pay a lot of money like lawyer, Computer Sciences-related jobs, corporate business careers, etc. While that may sound like boring advice, these jobs come with a reliable, steady income which is something you will appreciate when you have to pay bills.
Having a lot of money definitely provides security and the ability to choose what you want to do in life. However, setting yourself a specific dollar amount as a goal may not be the best way to accumulate that much wealth. If making money is your key objective then you do have to look for jobs that give you the best opportunity to make the most money. That rules out the military. You will not get a pay of >$1,000,000/yr by being enlisted...you could maybe make that much money by being a military contractor (that's a big maybe) in a war zone after having first served in the military for several years or because you have specialized in a career that would make the military hire you as a contractor.
When it comes to real estate there are very few realtors that bring home seven figures at the end of the year. TV shows like Million Dollar listing don't really reflect reality or the competitive situation in hot real estate markets but that doesn't mean you shouldn't give it a shot.
There are a number of other jobs that pay a lot of money like lawyer, Computer Sciences-related jobs, corporate business careers, etc. While that may sound like boring advice, these jobs come with a reliable, steady income which is something you will appreciate when you have to pay bills.
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Matt’s Answer
I agree with setting short-term and long-term goals, and to make sure you balance your life with relationships with others to maintain an optimal level of happiness.
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James’s Answer
Ryan -
You have a good head on your shoulders, regardless of the goals you are thinking forward which is always a positive. Glad to see you are interested in serving and do you research to see what branch and field you would be interested in. Serving in the military teaches you a lot of different things and exposes you to different environments that normally you would not experience. Depending on your outlook you can take it as a positive or negative when moving on pasted the military into the next field you want to go, you might change your mind in 10 years, a year even. So I would like to reiterate Scot's answer by saying develop short and long term goals just like your HS teaching creates due rubrics for that year long assignment due at the end of the year. I would also add that its very important to keep an open mind or you might lose out on other opportunities, I originally wanted to do 20 years in the Marines but got out after 8 because my priorities changes and that's ok. Goods luck with your ambitions
You have a good head on your shoulders, regardless of the goals you are thinking forward which is always a positive. Glad to see you are interested in serving and do you research to see what branch and field you would be interested in. Serving in the military teaches you a lot of different things and exposes you to different environments that normally you would not experience. Depending on your outlook you can take it as a positive or negative when moving on pasted the military into the next field you want to go, you might change your mind in 10 years, a year even. So I would like to reiterate Scot's answer by saying develop short and long term goals just like your HS teaching creates due rubrics for that year long assignment due at the end of the year. I would also add that its very important to keep an open mind or you might lose out on other opportunities, I originally wanted to do 20 years in the Marines but got out after 8 because my priorities changes and that's ok. Goods luck with your ambitions
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Jonathan’s Answer
Ryan, those are amazing goals of which are very much achievable! Not sure what your current age is, but if you are 18 you need to be investing majority of your income as soon as possible. Look to invest at least 50% of your income. Investment options can be 401lk through employer, roth IRA, individual portfolio, etc (utilize all options). Other investment options which I would highly recommend and which is in line with your goals is to buy residential rental properties! These assets will both contribute to your net worth as well as provide passive income. Be strategic with rental type and location, ensuring that the numbers make sense. Continue to acquire property after property. A third income type I would recommend is starting a side hustle. This doesn't have to be something huge where you're inventing something or running a business of 100+ employees. This can be anything you're interested in or something that the market currently demands, or something that balances out your down time. This side hustle could help you bring in an extra $50-100k per year. To be financially free by 30 with 7 figures income and 8 figure net worth, it's going to take a lot of hard work and dedication. Not sure how active in the military you are, but depending how much time you are required to commit to military related things, you're going to run out of time in the day/week/month/year to make money. With those significant goals, you need to begin your real estate business as soon as possible and make as much money as you can every year. Maximize time and sources of income.