Tag: investment

Posted on by — Leave a comment

Are You Giving Your 100% Effort – Find Out By Asking One Question

Are you currently giving 100% effort it is in whatever you do? If you are not sure, here is one simple question you can ask yourself to find out. Look yourself in the mirror and ask, ‘Am I giving 100% effort right now in my life?’.
 
Simple.
 
If you can look into the mirror and you are okay with lying to yourself, my blog isn’t for you. It is important to always be subjective in your self reflection.
 
Why It Is Important To Be Truthful With Yourself
It is very easy to “drift” in this life. Technology and social media are teaching us more and more to forgot about doing things. It is much easier to lay on the couch and turn on Netflix while you are scrolling through your social media feeds. If you want to scroll through social media, at least check my instagram page out here. 
 
No matter where you are in life, and how much effort you are currently putting in, it is important to be honest with yourself. It is fine if you are not giving 100% today, this week, the last moth, or even looking back on your entire life. There is no reason to dwell in the past. It is all about refocusing your mind on the present and the future. There is one truth in life. You can’t buy time and you can’t go back and change things that have already happened. As bad as you may want to, as much money as you could pay, you can’t get time back. No reason to dwell on the past. Focus on the future.
 
Why This One Question Is So Effective
This one question is so impactful because of two things. First, because you are looking yourself in the mirror. It is always more difficult to lie to yourself when you are looking at yourself in the mirror.
 
Second, if you are being truthful with yourself, you will get a great understanding of how your effort has been.
 
Reflecting On The Last Month
When I look at myself in the mirror and ask if I have given 100% effort, here is my honest answer. No. I haven’t given 100% effort in all aspects of my life. There have been a lot of things going on, and I have let a few things slip through the cracks.
 
What I Am Grateful For
Although I know I can give more effort in many areas of my life, here are a few things I am grateful for:
  • Being able to promote three people on my team. There is nothing more satisfying than getting to see individuals grow and getting to pay them more.
  • All the amazing connections I have been able to make through my IG account and blog. I had the opportunity to meet a few people in person in January, and that was amazing.
  • Getting the opportunity to be on my second podcast! I am interested to hear how the interview turns up. There was so much we talked about in a very short amount of time.
  • All the amazing guests I have had at my Airbnb property in Orlando. Last month was a very good month from a financial standpoint. I am looking forward to sharing the numbers soon!
  • Continuing to have all three rooms in my house hack rented out to long term tenants. All young professionals and this investment has continued to be a great jump into real estate.
 
What I Can Give More Effort To
Here are some of the things I can continue to grow and get better at:
  • My regular day job. There have been a lot of changes within my companies leadership which has left a few things for my role up in the air. As things settle down, I am looking forward to see where I end up landing.
  • My search for more investment properties! I have seen a lot of great things with my first Airbnb property and want to snowball that into more properties! I have had a few weekends where I have gone all out, but I know I can do more.
  • That I didn’t put more offers on properties for my second house hack. I am excited and eager to buy my second house hack with a little different strategy this time.
Key Takeaways:
  • Look at yourself in the mirror and ask ‘Am I giving 100%?’
  • Be honest with yourself. It is okay if the answer is currently no.
  • Acknowledge where you are and aren’t giving 100%. There might be some areas you are and some areas you aren’t.

 

Posted on by — 2 Comments

How to Eliminate Your Largest Monthly Expense – Different Ways of House Hacking

The typical American spends 30% of their take home pay on housing. This isn’t a bad thing, but it is the simple truth in America right now. To eliminate your largest monthly expense, opens you up to many investing opportunities. Want to have a high savings rate and be able to invest more? Eliminate your largest expense. For 99% of Americans, the largest expense is housing.

How To Cut Your Largest Expense

There is one very simple way to cut the largest expense you have every month. House Hack! No reason to over complicate things. Let’s keep it simple.

What Is House Hacking?

House hacking is a term coined by Bigger Pockets that describes living in a home and renting it out. There are a few different ways to go about house hacking. Let’s highlight each one of them.

Strategy 1: Purchase a Duplex/Triplex/Quad

The first strategy involves purchasing a multi-family property. The goal is to buy a property where you can live in one of the units and rent out the other unit(s). This allows you and your family to have your own privacy in your unit. I highly recommend this strategy if you have a family and privacy is important to you. Many markets have multi family properties where this strategy will be effective. If you are able to either cover your mortgage, or come close to it, you are winning.

Strategy 2: Purchase a Single Family Home and Rent Out by Bedroom

This is a little different of a strategy more commonly used by a younger professional. It is also commonly used by someone just graduating college and used to living with roommates. This is the current strategy I am implementing in my first house hack. There are a few things you need to ensure before implementing this strategy.

First, you need to ensure there are no restrictions from your HOA to rent out by the bedroom. There are certain HOA’s that have clauses in their contract to prevent people from doing this. If the property has an HOA, make sure to read through their documentation.

Second, make sure there is enough parking space at the home. It is important everyone has enough parking at the home. Ensure you have enough parking where you wouldn’t cause a nuisance to neighbors. This will help ensure you and your neighbors get along.

Third, try to find an optimal floor plan to prevent more than two rooms sharing a bathroom. Convincing someone to share a bathroom with more than one other person is difficult. It is possible, but just more challenging. Having three people share a bathroom would also cause rents to be lower.

These are all important things to think about if you want to implement this strategy.

Strategy 3: Purchase Single Family Home With Mother-In-Law-Suite

This is a strategy I am looking into for my second house hack. I would prefer a multi-family, but I can also look at properties having a mother-in-law suite. The thought here would be to rent out the Single Family Home and live in the suite. This would be great for markets where many are looking to rent out an entire home and it’s common to have a mother-in-law suite.

Key Takeaways:

  • Focus on the elimination of your largest expense. Housing.
  • House hacking is the single most powerful tool you can use to be able to invest more money. The more money you don’t spend on housing, the more you can invest.
  • There are many ways to eliminate your housing expense. Explore the different options that might work for where you live.

Don’t forget @TheYoungRetireeBy33’s 3 Core Principles:

1 – Your money should make money for you⠀⠀⠀⠀⠀⠀⠀⠀⠀
2 – Start early to realize the power of compound interest⠀⠀⠀⠀⠀⠀⠀⠀⠀
3 – Eliminate your largest expense by house hacking