With all the twist we
Great post Ryan.
I wanted to focus for a moment on one of your last comments, that being “get a job” for those who are just starting out with no money. I realize that for most, we come to this site and others like it to find a way out of a jog, at least we did not so long ago.
I have always said that for most, this is not a get rich quick investment, at least not the way I have done it. I have always said there is no “easy button” that you will find in some course or book that simply says “press here for success.”
I agree that foreclosures, especially in the mobile home related real estate should skyrocket, driving prices down to next to nothing, especially for cash buyers.
But if you don’t have cash what do you do? Get a job but consider your options. If you have a job that pays well then use it to finance or buy outright some of the steals that are coming. Limit your personal expenses (take the small bites now in case you lose your job and are faced with one large, painful bite later).
Put money, time and effort into learning some actual skills. Trust me on this one. Better yet, ask around your work and see how many folks can re-plumb a house, fix a water heater, replace elements in a stove, repair flooring, lay tile, install skirting, install doors and windows, trouble shoot outlet problems etc.
Hands on skills have been for the most part looked down upon in today’s society because of the techno money and jobs. When those services stop working or something breaks, who can actually fix your problems?
If you can take work as a handyman helper, contractor helper etc. then do it. You will get paid to learn and what you learn will pay dividends for your personal investment portfolio from then on out. This is truly getting paid to learn. The best kind of seminar in my book. Learn on someone else’s dime and property. The skills are yours to keep.
Is it humbling to leave your office job to work on a house? I don’t know, ask the 600,000 plus who lost their jobs this month if they would like to get paid to learn.
Get dirty for crying out loud. It won’t kill us. Financial hurt is coming this way to many of this country and many who read here. Time spent learning and more importantly… doing is what I believe will allow us to capture opportunity now and launch ourselves into the future (financially) safely.
Get over the ego. I did and it did not kill me. Sure there were a lot of people rubbing their heads wondering what the heck I was thinking at that time but when things break now they sure don’t mind calling me for some reason!
You can humble yourself or you can let the economy humble you. If you start now it will hurt less and you will be better prepared if the economy hits your old job. Just like Ryan found out.