You Don't Buy Things With Money

You Don't Buy Things With Money

I was recently talking with a colleague who said he was close to retiring.  Gil (not his real name) is in his early fifties and slightly quirky.  He’s the type of guy who marches to the beat of his own drummer.  Although he works for a large, corporate-think company, he sports a long beard and tattoos.  He’ll freely talk about politics and other matters that most folks would shy away from.  With his wife, he lives in the country – far away from the hustle and bustle of society.

It had been a while since I talked with Gil so his mention of retirement was exciting.  I told him congratulations.  He said he was more than ten years ahead of what society had scheduled for his retirement, mostly because he’d been debt free, including his home, for many years.  He’s got a rental house which has some debt on it, but that payment is being covered by someone else.

I loved hearing he was free of consumer debt and asked him what led him to that point.  Almost everyone who is debt-free has a story about a moment of awakening to the soul crushing weight of financial liability.  Gil said he got himself into a position to retire, based upon some advice he was given when he was young.  Gil said once he fully grasped that concept, his life changed.

Being on a quest for knowledge that can help me grow, I immediately asked, “What was it?”

The advice, he said, was, “You don’t buy things with money, you buy them with time.”

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When Scraping By Isn’t

When Scraping By Isn’t

A client recently asked me to meet with his friend to talk about commercial real estate brokerage.  This friend was interested in making a career change and wanted to talk with someone in the real estate business.  He was trying to decide between the residential and commercial sectors.

Ethan (not his real name), is 30 years-old and was being laid-off by his current employer.  He started working immediately out of high school and had a good job.  Unfortunately, as with most people, he was at the mercy of his employer.   They could no longer afford his salary and gave him notice that they were letting him go.  Ethan is married with three kids and a fourth on the way.  His face lit up when talking about his family.

Ethan is a Dave Ramsey follower, having brought EntreLeadership with him to our meeting.  He’s also read the various investing books such as Rich Dad, Poor Dad.  He was very bright and I enjoyed talking with him.

Ethan’s in-laws were selling him and his wife a rental home under market value.  He was very excited about this opportunity and said he would flip it once the repairs were done.  I asked him questions about retaining the property for cash flow versus flipping it, but it was clear he had a vision of a single paycheck in his eyes.  Everyone has a different journey regarding real estate and mine wasn’t the same as his which is okay.

What gave me pause, though, was a statement he made because it was something I’ve said before and I’m sure countless others have said as well.  At one point, Ethan shook his head and muttered, “I’m tired of just scraping by.”

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