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Working Millennials: Rent or Buy Real Estate? Part III

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Buy of course! As I wrote to you in Parts I, and II the key for you is to be creative and get started: Make the jump from a life of paying “The Man” to one where you pay yourself. A simple concept, yet hard to do.

What did I do when I was your age? I made the monumental change in my own mindset—I became determined to pay myself.

I bought a multi-family, rented the top two floors and lived on the first with two co-workers from Fidelity Investments.

I want you to buy a multi-family type property.  It can be a two-family, four-family, you can live in the basement of a brownstone. It doesn’t matter as long as you get in the game. You will unlock the creativity I know you possess. You will beat inertia—a most horrible foe.

And then? Congratulations, you’re an owner!

Imagine how you’ll feel when you open the door for the first time and realize: “Oh, crap now what?”

Yes, you’ll have that unique feeling that all business owners feel.

But, being an owner has a way of focusing one’s mind. It truly is an unexplainable miracle of business—there’s no longer any time to ponder if you should stay or go.

You’re stuck. You’re in.

Deal with it.

But, believe me when I tell you: It forces you to become a long-term investor. And that’s where the real money is made. You will become the Rich Man. You will deal with the markets on your own terms.

 

 

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E.J. Smith

Editor-in-Chief
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com.