Young people need to be using their time and money in ways that effectively set’s up their own pension funds. You need to be buying up and building up assets in real estate and business. We can’t depend on Social Security payments when we turn 65 because of several factors, namely:
- When SS was created, the worker to retiree ratio was 10:1 while in the next 25 years it’s going to swing to 2:1 meaning less taxpayers paying into SS meaning less SS monthly paychecks
- Pensions are disappearing because of the inherent disruptive nature of the new economy (meaning companies die faster). Expecting a company to be around forever is like assuming you’ll always stay young – it’s just not a reality
I like real estate because housing is a human need and will be a need for as long as humans are living.
In my own personal journey into this new business, the next phase to master centers around gaining skills, experience, and relationships in the real estate industry. You need to understand the marketplace you’re operating the business as well – i.e. financial statements, economics reports.
, which is understanding financial statements, the local market, operating a piece of property, dealing with tenants – these will all be separate posts in and of themselves. My punchline point is there are lots of ways to make money investing in real estate.
The two other “asset infrastructure” channels a young person should be focusing on is A) investing in the stock market and B) running their own business
I understand not everyone wants to run their own business. That’s fine, just ignore all my business related content then. I do know, however, that by owning your own business you have the single greatest vehicle at your disposal to get rich and achieve financial freedom – the ultimate lifestyle quotient. So the sooner the better! Who can argue achieving financial freedom later in life is the better thing?
I want financial freedom as soon as possible, without killing myself in the process from unnecessary pain or suffering.