I got here thanks to a post on another forum by an esteemed member of this community. Thank you!
My husband and I both grew up in educated W-2 families, with a strong value of service to others.
As a couple, our good financial life is largely the result of real estate.
In thinking about this intro and how I might give insights to others, it occurred to me that our siblings own their dwellings, but no investment real estate. We're the only ones with properties. Not really sure why.
Here are some of the things that happened along our Journey:
Paying attention to teachers:
My first Psychology professor taught much more than Psychology.
He talked about his past-- how he figured out how to wear the right shoes as a young GI in cold war Germany, so as to better fit in and stand out less as a foreigner.
He tossed out lessons about the rental real estate holdings that he and his wife acquired through sweat equity, and knowing they wanted to grow net worth.
99% of what he said probably flew right over my head, but the merit of his investing stayed with me.
Lesson: Learn from the experience of others, to shorten your learning curve.
Strong culture of the times:
Looking back now, this did not help us financially.
It was the tie-dye, peace-love era.
Monetary profit was considered to be negative, and part of the corporate military establishment.
Fellow students at university who studied Business were regarded as pond scum profiteers.
For me as a woman, the undercurrent message was that my "career" would be wife and mother. (The college was just then debating whether female students wearing pants instead of skirts was okay. Imagine!)
Lesson: Look beyond Today into Tomorrow, into your Destiny.
Always learning-- about everything:
We were living in married student housing.
I took a short Adult Ed class in, "How To Sell Your Home."
Did we own a home to sell? No! LOL!
But I figured I should know the strategies of selling r.e., if I was going to one day be a buyer.
The realtor teaching the class was partner in a hotel renovation venture in our college town. We didn't invest in the project, but did look at it.
We caught the idea that:
r.e. project + improvements = profit
Living within ones means (or below):
For instance, after college we shared a rented single-family home with another couple.
Being ready-- even if you don't know for what:
One lazy day morning in that shared rented house, the Sunday paper contained an ad for the classic, "cheapest house in a great neighborhood."
Had we awakened that day planning to make the biggest financial commitment of our lives? No!
Nonetheless, we came. We saw. We bought. We rented it out.
Lesson: Track the prices and trends in your market in advance of purchase.
Lesson: Have finances poised to pounce when "the deal" comes.
Watching pennies:
We are very much hands-on, do-it-yourselfers. We enjoy it.
That's a great plus, but can eventually become a minus.
Just pay attention to what your time is worth as your assets grow.
Money can be replaced:
We once traveled for several months. It was a rewarding experience.
Think twice before you deny yourself your once-in-a-lifetime dream experience, "because of the money."
It's a false argument.
More money is out there.
The library is your friend:
Growth leads to success.
Read. Learn.
Remembering what's really important:
Hint: it's not money.
--
These days I'm enjoying learning about land development and e-business. It will be fun to chat with you all about that.
Thanks for this great forum!!!!
My husband and I both grew up in educated W-2 families, with a strong value of service to others.
As a couple, our good financial life is largely the result of real estate.
In thinking about this intro and how I might give insights to others, it occurred to me that our siblings own their dwellings, but no investment real estate. We're the only ones with properties. Not really sure why.
Here are some of the things that happened along our Journey:
Paying attention to teachers:
My first Psychology professor taught much more than Psychology.
He talked about his past-- how he figured out how to wear the right shoes as a young GI in cold war Germany, so as to better fit in and stand out less as a foreigner.
He tossed out lessons about the rental real estate holdings that he and his wife acquired through sweat equity, and knowing they wanted to grow net worth.
99% of what he said probably flew right over my head, but the merit of his investing stayed with me.
Lesson: Learn from the experience of others, to shorten your learning curve.
Strong culture of the times:
Looking back now, this did not help us financially.
It was the tie-dye, peace-love era.
Monetary profit was considered to be negative, and part of the corporate military establishment.
Fellow students at university who studied Business were regarded as pond scum profiteers.
For me as a woman, the undercurrent message was that my "career" would be wife and mother. (The college was just then debating whether female students wearing pants instead of skirts was okay. Imagine!)
Lesson: Look beyond Today into Tomorrow, into your Destiny.
Always learning-- about everything:
We were living in married student housing.
I took a short Adult Ed class in, "How To Sell Your Home."
Did we own a home to sell? No! LOL!
But I figured I should know the strategies of selling r.e., if I was going to one day be a buyer.
The realtor teaching the class was partner in a hotel renovation venture in our college town. We didn't invest in the project, but did look at it.
We caught the idea that:
r.e. project + improvements = profit
Living within ones means (or below):
For instance, after college we shared a rented single-family home with another couple.
Being ready-- even if you don't know for what:
One lazy day morning in that shared rented house, the Sunday paper contained an ad for the classic, "cheapest house in a great neighborhood."
Had we awakened that day planning to make the biggest financial commitment of our lives? No!
Nonetheless, we came. We saw. We bought. We rented it out.
Lesson: Track the prices and trends in your market in advance of purchase.
Lesson: Have finances poised to pounce when "the deal" comes.
Watching pennies:
We are very much hands-on, do-it-yourselfers. We enjoy it.
That's a great plus, but can eventually become a minus.
Just pay attention to what your time is worth as your assets grow.
Money can be replaced:
We once traveled for several months. It was a rewarding experience.
Think twice before you deny yourself your once-in-a-lifetime dream experience, "because of the money."
It's a false argument.
More money is out there.
The library is your friend:
Growth leads to success.
Read. Learn.
Remembering what's really important:
Hint: it's not money.
--
These days I'm enjoying learning about land development and e-business. It will be fun to chat with you all about that.
Thanks for this great forum!!!!
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