Are You Ready To Expand Your Real Estate Investments?
Many people get into real estate investing as a way to supplement their income and are happy doing just that. Others may start with that same goal but quickly realize that replacing and even surpassing their income isn’t out of the question. So if you got into real estate investing as a way to make a little extra money and you’re enjoying the fruits of your labor, have you considered whether or not it’s time to increase your efforts?
The simplest way to decide if it’s time to expand is to look at your goals. Don’t just consider your monetary goals, although those are important, consider your goals for your life. Here are a few things to consider when weighing your options.
What Does Retirement Look Like for You?
If your main income currently comes from a full-time job, what is your plan for retirement? For most people, retirement comes in their mid-sixties after working nine to five, five days a week. If you were to dedicate that time to your real estate ventures, would you be able to retire early? Or better yet, could you enjoy a semi-retired existence now?
Why Are You Investing in Real Estate?
The simplest answer is “money” and it’s a great answer, but to get to the real reason behind your investments, continue to dig deeper:
Why are you investing? To get money. Why do you need money? To live a comfortable life. What does a comfortable life look like for you? Being able to send my kids to a great college. Why do you want them to go to a great college? So they can live a debt-free life filled with opportunity.
As you can see, the deeper you dig, the less your investments become about money, and the more they become about your legacy.
What is Your Time Worth?
A full-time job takes up a minimum of 40 hours of your week, so sit down and do the math. If you focused that same amount of time on investments, could you work fewer hours and make more money? What would that increased amount of time mean for you? Perhaps it means more time with your family or an extra vacation. Whatever the result, consider what your time is worth and calculate the benefits of increasing your investments.
Real estate investing offers a life of freedom, whether you have one property or a dozen. Continue to assess your goals and give yourself permission to dream big. You just may find that increasing your efforts is exactly what your dream life requires.
