I have arrived at decision day and I am still some what pulled hither an yon. So to help me come to the final choice for which path I am going to take in the next five years to gain financial independence I will prune some the six options I had set up for myself.
Here they are.
1. Real Estate License.
2. Real Estate Investor.
3. Market Investor (Likely something in the tangibles and not financial product.)
4. Mortgage Broker.
5. Redefining my acting business to included teaching and similar sources.
6. Antiques store
Okay given the nature of the work is mostly networking and filling out forms for a small commission, even with a passive income in some models, the Mortgage Broker is gone. I love antiques store but I don't like the requirement for a street side store and I mistrust my own ideals when I didn't follow up with action. ( I suspect I like the character or idea of an Antiques Dealer for my self but perhaps not the real thing as much.) I really enjoyed the auctions and making a profit and research a lot when I have done this as a small money stream at a hobby level. I think it is a great little hobby but it is not my plan. The Antiques dealer is gone. Okay now it get s a little more odd. I have been thinking about the difference between both the Real Estate Investor and the Real Estate Agent and I think it breaks down like this. I need capital to be a real estate investor unless I am willing to start out either working two job to save the first 20 grand or so, or find deals I can option and then resell to others until my capital pool is larger. Now the perfect day job in my mind for a real estate investor to start with would be a real estate agent because you get so much market knowledge as an agent and you can then stir back your commissions into the investment. Once you had enough capital you could move from sales and concentrate on the deals. ( That statement is revealing in a way; it means I prefer numbers to sales just in case you and I weren't watching, and I almost wasn't)
So I am going to allow my self some flexibility and allow this grouping to be one path with several steps. Option one is now Real Estate Agent come Real Estate Investor. It is a proven money path and the return on investment can be quite delightful.
That leaves defining and growing my Acting Business and Market Investor. I am proposing I put these two together too. Now I know the fit here isn't as obvious as the precedent but bare with me. If I am going to be a Market Investor, I am going to need several jobs. One for my personal expenses and one for my Capital pool for a couple of years. My idea here is since I already have a businesses with name and account (the acting or entertainment business) I would use whatever comes from the acting business as capital pool and only reinvesting into the acting business when need. A bit like Warren Buffets first insurance company except that his company had nice passive cash flow which he used to build his wealth. Mine would not be passive but I have a marketable skill set I am already using.
There option two would be Entertainment Business and Market Investor, (with the idea I would need a second job beyond this for living expenses for a while, which to get my Realtor license and start up capital lets not forget I would need there too.)
So I am down to
1 Real Estate Agent come Real Estate Investor
2 Small business come market investor
And thankfully tonight I have job job (I have a couple part time, random ones but would like to one full time one with some flexibility instead, who wouldn't).
I have given myself one extra day to think these two final options over. I am already leaning heavily towards one, the very one I suspect most folks would tell me to stay away from.
Tuesday, March 16, 2010
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