I quit my job and I have started a new business!
I will now be spending the majority of my daylight hours working on my own business. Real estate investing is still going to be part of my mix but that will not be the main income provider.
As I have commented on other posts the real estate market in my city has changed dramatically for the type of investing that I was doing. I knew it was coming, I just was not expecting it so soon.
I now got to figure out what to do next and how. On the other hand I have chosen to not make real estate investing my primary occupation after leaving the corporate world.
I have started a business in marketing and advertising and as such is going to require that I spend a lot of time in the sales funnel. Although due to my real estate experience I have a small amount of sales experience this is going to be completely different. And for me different is good…
I go into it knowing full well that its going to be a challenge, a big challenge. And I choose this while leaving the comfort of a predictable job with a steady income. Yet I am not afraid of making this change. I am cautious but not afraid…
The reason I share this with you is because I know there are many of you out there, that like me, wonder if there is a better way (for you) to make a living.
Through the years I have written on Wealth Steps about building wealth through education, managing your money and investing in order to create wealth.
Well…I believe entrepreneurship is also part of the formula.
Creating your own business, whether it be in real estate, an income producing website, a brick and mortar business, etc. is a solid step to not only increasing your income and building wealth but also about finding fulfillment in what you do every day.
Like I have discovered every time I have sold a house, creating a product or service that satisfies a need, helps others AND makes you money is incredibly satisfying!
So let me give you some details on how I have made this transition...
First off I would have never been able to make this jump if it wasn't for real estate. Both the experience of running my real estate business and the profits from it are providing us the financial base to start a new business.
Second, as I have shared with you in the past we are debt free except for the mortgages on rental property. So having a good personal finance situation is key. My wife and I have been working to create this financial status for a long time because we knew we wanted to make this transition out of Corporate America one day.
This is why I believe it's important for you and your partner to be on relatively the same page about money, financial goals and wealth. I could not have done this alone and she was understanding and encouraging of this choice.
Plus being both in agreement to me is very important because I know there are some hard times coming!
The Future of Wealth Steps
As much as I welcome the change it has been a tough one. The hours are long and the amount of work is not going down anytime soon. This explains my lack of any consistent writing on the site.
I think there is a lot of benefit I can provide through Wealth Steps in this new stage that I am in but, at least for now, my focus on real estate is going to go down significantly as well as my time available for this site.
However, I love writing here and getting your feedback. It would be great if you stuck with me through this new entrepreneurial journey and you gave me the chance to share it with you.
Would love your comments or questions on this. Let me know what you think…