Hello Everyone,
It has been quite some time since I wrote my last blog, and a lot has been happening since then. Thankfully, the reason I haven’t been able to blog at all is because my property management business is taking off. On February 15Th, 2010 I quit my full time job as an accountant to jump into the real estate business full time. My life since then has been much more interesting than it previously was, and I am grateful that I have made that leap.
However, what I effectively did was exchange one J.O.B. for another. Property management is great because the skills that one acquires when getting involved in this business is invaluable. From tenant relations, to meeting contractors who can turn over rental units quickly, from learning the latest and greatest ways to negotiate contracts on leases, there are many great benefits to this business. The bottom line however is that I am managing other people’s properties, and not my own investments. I am increasing the wealth of other individuals portfolios, and not my own.
This realization is important, because my main goal is personal financial freedom and security. I have the financial security goal down, but the financial freedom portion is lagging behind. Since I started this business in property management, I have not made strides to increase my own personal investing business. My partners and I have realized the time commitment that I have towards property management, and we realize that each of us needs to focus our efforts on investing simultaneously in order to create the financial freedom each of us desires and deserves.
What does this mean for me? Well, I will need to focus my efforts towards activities that bring me closer to financial freedom. As with everyone, we each have obligations that we commit ourselves to that suck time out of our days. These are not necessary events that we must attend, but rather, are events that we do because we “feel like we have to.” As I look introspectively at myself, I see a few areas of my life that I am deeply involved in that suck a lot of time out of my day. I am currently a board member and active local chapter member of a National non-profit organization. At the age of 26, I have risen to this rank in the organization, but I am noticing that the financial benefits to this organization are not coming to fruition. The contacts I have made will certainly benefit me sometime in the future, but for right now, I simply am spending far to much time initiating new chapters, dealing with the administrative backlog of membership, and making trips to all corners of the nation.
Although the organization is one that I believe in, I realize that if I am not secure and moving towards my goal of financial freedom, I am not happy. The benefit of the organization does not offset the amount of time that I put into the organization and take away from my own personal business. Many of us are in similar situations with churches, school functions, and various other small organizations, and I am sure I am not alone in this feeling of being overwhelmed. The point is, you need to realize what is working and what isn’t working, and be selective over what you commit yourself to. The more you commit yourself to non-real estate related ventures, the less time you will have to devote to reaching Financial Freedom.
The choice for myself has been made, and I will not seek re-election next year on the Board of Directors. My choice is for the financial freedom of myself, and those around me who choose to see the opportunities that real estate can offer. There is plenty of time to be involved in philanthropic activities in the future, and I know that will be a large part of my life when I retire. For now however, I need to build a foundation in which riches can be built so that I can afford to give the greatest amount of good in my future endeavors.
I hope this post helps others struggling with the same time constraints that I have currently, and realize that YOU are worth your time and your business is worth it as well.
Kind Regards,
Manolis
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