07 Aug You think being an investor a “real job”?
I'm writing this as I am kinda sad.
My husband and I recently quit our jobs to be full time investors. It's been in our plans for years. We flipped houses for years as we both held full time jobs to stash up the cash to buy rental properties. We currently own 5 properties with net income already replacing my old salary as an engineer. We also own 3 more that we are working on to get them up and start earning income.
The fact of the matter is before we quit we stashed up a lot of cash. We also tried to do this with our full time jobs but finding the time to do it was always hard.
Our goal has always been to get at least 8 income positive cash flowing properties by the end of this year, which we have achieved. Our goal for next year is to double whatever income we get from the rentals at the end of this year. Etc. We have real plans written out.
Ok, here is the part that makes me sad. We all grew up being indoctrinated to believe that we have to go to school, get good grades, get a full time job to work for someone else, and get a gold watch when we retire. Any straying from this route is BAAAADDDD.
I came from a fairly successful family via this route. We all became engineers of some kind. When they found out my husband quit his job, they started hounding us about when he will get a "real job" again? Now that I have quit my job to dedicate to our business, they're starting to hound on me. They keep telling us that what we are doing is a hobby and not "real jobs".
I know that the politically correct thing nowadays is to hell with what everybody else thinks. But I came from a tight knit family and deep down I require their approval, especially my parents'.
Full disclosure. I'm not white. I'm asian. So, may be you guys here have a hard time how I feel because I know white people don't seek approval from their parents as much as we do. My husband is white, so he's got the "eff them" attitude LOL.
Added by edit.
I think a large part of the misunderstanding is that most people don't understand what's an asset and what's a liability. Most people think and refer to their house and car as assets even though in most cases they are liabilities. And they have to make payments on their houses and cars.
In other words, most people think assets cost money every month. If you think about it, most people don't have anything that makes them passive income on a monthly basis. Most people make money from active income.
So, my biggest problem so far is every time I tell people we have a lot of properties, all they could focus on is "oh my god you have all that mortgages and property taxes to pay!". Ignoring the fact that we own these properties outright (we paid cash for them), that's not how you should view REAL ASSETS.
And that's the main problem. I have not been able to convince my family to think outside their own experience. Their houses cost them money every month. Their cars cost them money every month. They think these things are assets, so when the hear us saying we have assets all they could think about is we have to pay to keep these things.