At a crossroads and looking for some advice (career)

[CG27Participant 302]

This is a topic/question which I have been looking to ask for a while but due to procrastination on my part have put it off until now.

I will do my best to keep it relatively short although it may be hard to paint the full picture in a paragraph so apologies if I ramble on. I am a 22-year-old soon to be a university graduate from the UK with a degree in Business which I am realising I may never use. Up until recently, the plan was always to pursue graduate work upon finishing my degree or continuing my education with a masters degree to better my chances of employment. Whilst coming to the end of my degree I have been hit in the face with the realisation that I have very little desire to pursue graduate work or work for anyone else long term.

There are few things in life if any that I value more than my freedom and I guess it is a similar line of thinking to MGTOW in that I really don’t think you can have freedom working for someone else the same way I don’t think you can have freedom being married or cohabitating with a women. Before I go any further, please don’t think I’m trying to criticise people who work for others as I currently do as well part time and the only point I’m trying to make is I just don’t think it’s for me personally in the long run. Waking up 5 days a week and heading to an office somewhere to do work that I’m not that passionate or interested in so I can earn money come home and pay my bills doesn’t appeal. Although I do love business I have no desire to get caught up in the rat race that many others seem to find themselves in.

What I would love to do is to be self-employed and buy renovate and then rent out or sell the properties for a profit and manage any properties I do rent out myself. However, as you are all aware, this takes a good bit of money (at least where I’m from) to be able to afford the first property money which I currently don’t have. I do know one or two people who already do this but on a small scale but they are much older than me, and it’s just a way to make money on the side for them as opposed to being their main source of income and they don’t appear to have the desire to take it to the same level that I do.

Fortunately, I would like to think I have made relatively sensible decisions in my life thus far and don’t have any major expenses/ kids or huge debt (University fees are paid for where I live by the government). I currently work part time as a source of income and have already started saving little bits of money although nowhere near close enough to afford the deposit on any property. Whilst I am willing to continue working to earn and save money for maybe the next year or two I don’t want to be spending all of my 20s working for others particularly if I want to end up being self-employed.

I’m almost positive I have seen a member or two on here before talking about owning and managing properties and I am just looking for general support and advice from anyone and everyone as I realise that some of you are far more experienced and wiser than I am and although you may live in different countries from myself I am sure a lot of the advice would be transferable. I’m really just trying to figure out a way to get from where I am (soon to be graduate, not a lot of money, no great income stream) to where I want to be (owning and renting out several properties for myself)

Any and all advice is hugely appreciated and thanks for reading the ramblings.

The single biggest threat to your happiness is women and the only way to win is to not play the game

[MGTOW_MikeParticipant 6253]

CG27 wrote:

Any and all advice is hugely appreciated and thanks for reading the ramblings.

I myself, in my early 30s, have bought a property, in 2014, here in the overpriced Aussie market. I use to work as a mining engineer for a few years and saved up for a deposit for this property and also built up a good offset account, to minimise the interest the bank charges me per month. I have now quit my career as a Mining Engineer. I will be blunt with you. Getting into the property market, especially during these times and in countries like Australia, is getting much much harder. There are just too many people outbidding each-other, along with foreign investors. I myself want to sell my property ASAP before the bubble bursts here in Australia.

On the other hand, if you are looking at doing the whole house-flipping strategy, you are also taking a financial risk, since you will need to take out a significant loan. On top of this, you will obviously need reasonable funds for renovation activities. You will also need a safety net, just in case the bubble does burst, so that the bank will not ream your ass. You also need to ensure that you will have steady rental returns and a good yield (tenants rent increases). If you buy a property below market value (hard to find) and renovate it, you most likely will be able to sell it at a profit, however in the UK, you may be taxed for this profit, just like here in Australia (capital gains tax). Not to forget, all the fees involved when you purchase a property (lawyers fees, stamp duty (here in Australia for example), etc).

If you find a house that needs heavy renovation and you buy it (land and house) below market value, you have a chance to sell it and make a profit. A house that doesn’t need much renovation is not worth trying to renovate it and sell it soon after.

A tranquil mind is neither happy nor sad, it is uninfluenced by external conditions.

[CG27Participant 302]

MGTOW_Mike wrote:

I myself, in my early 30s, have bought a property, in 2014, here in the overpriced Aussie market. I use to work as a mining engineer for a few years and saved up for a deposit for this property and also built up a good offset account, to minimise the interest the bank charges me per month. I have now quit my career as a Mining Engineer. I will be blunt with you. Getting into the property market, especially during these times and in countries like Australia, is getting much much harder. There are just too many people outbidding each-other, along with foreign investors. I myself want to sell my property ASAP before the bubble bursts here in Australia.

On the other hand, if you are looking at doing the whole house-flipping strategy, you are also taking a financial risk, since you will need to take out a significant loan. On top of this, you will obviously need reasonable funds for renovation activities. You will also need a safety net, just in case the bubble does burst. You also need to ensure that you will have steady rental returns.

This is all good information and bluntness is definitely something I need as I know what I’m trying to do isn’t something to be taken lightly. I am aware that it’s a financial risk as is being self-employed in general which is part of the reason I was put off by the idea for so many years. Call it naivety but I just feel that spending my life doing work I’m not interested in because I was scared to do what I actually want to do is the biggest risk of all.

The single biggest threat to your happiness is women and the only way to win is to not play the game

[MGTOW_MikeParticipant 6253]

CG27 wrote:

Call it naivety but I just feel that spending my life doing work I’m not interested in because I was scared to do what I actually want to do is the biggest risk of all.

Exactly. I remember the day I quit my Engineering job. I just had enough of it, even though I was paid 6 figures. F~~~ that s~~~…life is too short to be a cog in the system. You can spend some time earning money and using that to kick start a bigger plan.

A tranquil mind is neither happy nor sad, it is uninfluenced by external conditions.

[TaxGuyParticipant]

Here’s your reading assignment:

Rich Dad, Poor Dad. Goes into great length about building up multiple income streams including real estate.

Choose Yourself, James Altucher. Goes into great length about working for yourself. It may give you some ideas on how to make the money needed to get into the real estate business.

As for my opinion, I would tell you to wait for a few years. I can’t see housing prices going up forever, and we are way past due for a global recession. Nothing goes up in a straight line forever. You don’t want to be left owning a house you can’t sell or can’t afford when the bubble bursts. That said, I don’t have a crystal ball to tell you when the bubble will burst.

Order the good wine

[CG27Participant 302]

TaxGuy wrote:

Here’s your reading assignment:

Rich Dad, Poor Dad. Goes into great length about building up multiple income streams including real estate.

Choose Yourself, James Altucher. Goes into great length about working for yourself. It may give you some ideas on how to make the money needed to get into the real estate business.

As for my opinion, I would tell you to wait for a few years. I can’t see housing prices going up forever, and we are way past due for a global recession. Nothing goes up in a straight line forever. You don’t want to be left owning a house you can’t sell or can’t afford when the bubble bursts. That said, I don’t have a crystal ball to tell you when the bubble will burst.

I will look into both of those books! like I said, I’m taking this as serious as I possibly can as my future livelihood could depend on it. Whilst it is something I want to get into in the relatively near future I want to be smart about it and not dive or rush into a bad situation where you’re setting yourself up for failure before you even get off the ground. It’s just trying to find that balance between being cautious but not so cautious that I never actually do anything to make this dream become a reality.

The single biggest threat to your happiness is women and the only way to win is to not play the game

[Solo MAN’S WisdomParticipant]

I spent 13 years working for someone else in order to learn my particular skill set. Now I’ve been self employed for 17 years, but would have failed miserably without that foundation to build on.

You will likely have to make some short-term sacrifices in order to be where you want in the long run. Think long game.

When women lead, destruction is the destination. -- Me.

[CG27Participant 302]

Solo MAN’S Wisdom wrote:

I spent 13 years working for someone else in order to learn my particular skill set. Now I’ve been self-employed for 17 years but would have failed miserably without that foundation to build on.

You will likely have to make some short-term sacrifices in order to be where you want in the long run. Think long game.

Long-term satisfaction over instant gratification. I do understand where you’re coming from I just don’t want to go down a career path I hate for me to ultimately leave it and go self-employed although it would be good for me to learn and develop skills necessary to give myself the best chance of success.

The single biggest threat to your happiness is women and the only way to win is to not play the game

[Jan SobieskiParticipant 28791]

Do something no one else is willing to do, go somewhere no one else is willing to do.

Love is just alimony waiting to happen. Visit mgtow.com.

[Y_Participant 4591]

TaxGuy wrote:

Rich Dad, Poor Dad. Goes into great length about building up multiple income streams including real estate.

Firstly CG27 like most young men you have been brainwashed to believe the economy is real. It is not. We are living in very bad times where the collapse of the money system is only a few years away at most.

My advice to you is this – Understand the Monetary System first – this will let you make better informed choices. Unless you understand this early on you will be building your future on quicksand.

I suggest look at Mike Maloney’s videos on Youtube ‘Hidden Secrets of Money’ and his book ‘Guide to Investing in Gold and Silver’ which is mainly about monetary systems.

Also visit Jim Rickards’ site http://www.dailyreckoning.com and his new book ‘The Road to Ruin’ is a must read.

Look as these things first before looking for a career.

[CG27Participant 302]

Y_ wrote:

Firstly CG27 like most young men you have been brainwashed to believe the economy is real. It is not. We are living in very bad times where the collapse of the money system is only a few years away at most.

My advice to you is this – Understand the Monetary System first – this will let you make better informed choices. Unless you understand this early on you will be building your future on quicksand.

I suggest look at Mike Maloney’s videos on Youtube ‘Hidden Secrets of Money’ and his book ‘Guide to Investing in Gold and Silver’ which is mainly about monetary systems.

Also visit Jim Rickards’ site http://www.dailyreckoning.com and his new book ‘The Road to Ruin’ is a must read.

Look as these things first before looking for a career.

Appreciate the advice Yumbo its dully noted

The single biggest threat to your happiness is women and the only way to win is to not play the game

[Anonymous 1]

CG27 wrote:

I do know one or two people who already do this but on a small scale but they are much older than me, and it’s just a way to make money on the side for them as opposed to being their main source of income and they don’t appear to have the desire to take it to the same level that I do.

any reason you can’t work with them? Let them be the financiers, and you do the renovations.

[Author]

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