My mentor asked me this question over a decade ago.
What would you be able to do with an extra $1000 dollars a month?
At the time, I thought, I could pay off my student loans quicker, my car note quicker, I could increase my savings rate.
The question was a powerful one, because up until that time, I am not sure I thought of earning an extra money outside my normal W2 paycheck job.
I bought my first investment property at age 26. A duplex. When I tallied everything up at the end of the year. It probably created an extra $200-$300 a month. So I had that in place. But keep in mind I owned this well before my mentor asked my this question.
Fast forward a few years and I was pondering the question:
My best friend had a connection to Worlds Finest Chocolate. Yes. The candy bar company. We all either sold these candy bars or were asked to buy one at some point in your life. Until the health nuts took over the school system, but I digress.
Your school would sell these chocolate bars for a dollar a piece to fund raise. And the buyer also got that nice little couple on the back of the wrapper. So it was a great deal.
I worked full time, so selling this fund raising opportunity posed some challenges. However, I ended up finding a lil niche within daycares. I didn’t even know daycares did fundraising. I don’t have kids, but hearing how much parents pay, I would have assumed they wouldn’t have to fund raise. I did this for a little while and made some extra money.
Then my best friend and I started a business. To make a long story short. We operated the business for over seven years. It never really took off, but it provided a few extra hundred dollars on average over those seven years.
Another thing I did was I started pursuing some certifications through a training company. I figured the certifications would allow me to train and earn extra income. It eventually did, and actually became a full-time career, but it started off very part-time with no money, and ultimately provided a full-time income.
Lastly and most importantly, I bought my first investment property at 26. I unfortunately didn’t buy another one until about six years later. And then I bought another one, then another one, and well, I think you see where this is going.
That extra $1000 dollars a month my mentor challenged me with over a decade ago, now has become 15 times that. And it is all because of real estate.
Here is the lesson. I don’t want you to miss it. Its not only about the extra $1000 a month. More importantly, it is your commitment to the extra $1000 a month. You have to be willing to make the commitment to it and do whatever it takes to earn it.
To your success and your future.