Should I Quit My Day Job?
Then there are the expenses that being new you occur simply because you don’t know any better and buy stuff you don’t need or find out you can get it cheaper else where! Yes that was the voice of experience talking. LOL!
Health insurance is an expense that is a must, no one expects a hospital visit but it can ruin your finances, so the long term investor will calculate that in your monthly expenses.
Credit is always a excellent investment in our business. To keep good credit monthly bills must be paid on time. Which wont occur waiting for a deal to close that you did not expect to have liens on it, or a lien put on it even after you checked title! Or any other
hidden problems that we are not aware of, why because again you are a new investor. A year or two in the business will uncover a lot of these hidden expenses.
Hopefully this has given you some ideals as to if its time to go full time or not. I have gotten conservative over the years; I have felt the pain of poor decision making, not fun. So now if I must err I will err on the side of safety.
I have seen guys blow in and out of this business because they tried to go full time too quick. Its okay to still work until it is ridiculous to continue, oh and in case you’re wondering…I still work two days a week, as of March 2004.
Update: I have been a full time investor since January 2005
By Bill Guerra (Bill in Vegas)
Health insurance is an expense that is a must, no one expects a hospital visit but it can ruin your finances, so the long term investor will calculate that in your monthly expenses.
Credit is always a excellent investment in our business. To keep good credit monthly bills must be paid on time. Which wont occur waiting for a deal to close that you did not expect to have liens on it, or a lien put on it even after you checked title! Or any other
hidden problems that we are not aware of, why because again you are a new investor. A year or two in the business will uncover a lot of these hidden expenses.
Hopefully this has given you some ideals as to if its time to go full time or not. I have gotten conservative over the years; I have felt the pain of poor decision making, not fun. So now if I must err I will err on the side of safety.
I have seen guys blow in and out of this business because they tried to go full time too quick. Its okay to still work until it is ridiculous to continue, oh and in case you’re wondering…I still work two days a week, as of March 2004.
Update: I have been a full time investor since January 2005
By Bill Guerra (Bill in Vegas)
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