Real estate investing isn’t about money, it’s not about passive income, it’s not about reliable investments, it’s not even about real estate. Real estate investing is about lifestyle. The only reason you care about real estate investing is because of the lifestyle it can provide you and the people you love. Real estate creates passive income, passive income creates financial freedom, and financial freedom lets you live the lifestyle you choose.
So what does that dream lifestyle look like? We can’t tell you the answer to that, it’s different for every single person. Understanding what you want in life or what you need to feel fulfilled is critical.
We’ve both coached hundreds of people now, and their dream lives always have some of the same elements. Time with family, time with friends, time and money to enjoy your favorite hobbies or pick up new ones, time and money to travel and explore the world, a nice house, a nice car, the ability to forget about the money and working at a job you love, or simply having the extra cash and stability to take a risk and start your own business.
Don’t ever lose sight of why you’re here and why you’re doing what you’re doing! Investing in real estate has the potential to change your life forever. It’s not easy, at least not getting started. Once you find and buy a property, managing it actually is pretty easy, but getting started on the path takes a lot of initial effort. We promise you, it is worth it minute.
Most of our posts are going to be focused on real estate. On buying strategies, markets, lending strategies, management techniques, etc. We know that’s what you’re here for. However, real estate investing alone won’t bring you the happiness and fulfillment and freedom you’re looking for.
So let’s put real estate investing on the shelf, at least for one post, to focus on the bigger picture. Even if this post doesn’t say much directly about investing in real estate it might just be our most important one. If you’ve read 7 Habits of Highly Effective People, we want to begin with the end in ming.
If you think being a successful real estate investor is just about knowing one or two secrets, you’re wrong. The knowledge and tools are important, but your mindset is even more important. This post will teach you how to think and act like a millionaire investor and build the habits needed to be successful. Remember, it’s not about real estate. It’s about lifestyle. Lifestyle for you, your family, your friends, and the people you decide to serve along the way.
If you think retiring early and laying in a hammock on the beach forever will bring you fulfillment, you’re wrong. If you think just hanging out with your friends and family forever will bring fulfillment, you might be closer, but you’re still probably wrong.
Real estate investing and financial freedom can allow you to live your dream life, but what does that look like for you?
Story from Dallas:
“When I was 28 I quit my job and decided to live completely off my rental income. I thought it was going to be amazing. And for a while it was, we traveled, I hung out with my wife a bunch, I played a lot of disc golf and went paragliding a few times a week, I picked up new hobbies, I had the best looking lawn in our neighborhood, and our house was always sparkling clean. I pretty much just played the whole time. I know that sounds super awesome, but it got old pretty fast. I was young with a lot of life left to live, and after only a few months, I was already feeling kind of empty.
It took me a couple months of soul searching and deep conversations with my friends and mentors, but eventually I figured it out and my life has been amazing and fulfilling ever since. I still have occasional days where I feel dull or sad, but now I always know exactly what to do to fill the gap and feel better within a few hours.
Here’s what changed. I designed my life. I brainstormed and pondered and thought critically to identify exactly what I need in my life and how much of it to feel fulfilled. Now anytime I’m feeling unfulfilled, I look back to my list of needs and figure out what is missing.”
You’ll grow and change over time, and your list of needs might as well. But by always having a list of your specific needs, and by changing your life to make sure those needs are being met, you’ll feel much more fulfilled on a regular basis. You need to figure this out now, before you’re financially free.
So here’s your homework. Design your dream life. Write down all of the things that you need or want in your life to feel happy and fulfilled at the highest level. Try to avoid physical things like saying you need a car or a house, because really it’s not about the car, it’s about the freedom to get places, or the status symbol that help you feel successful, or the adrenaline rush when you step on the gas.
Focus on the bigger picture. Ideally the needs you write down should be broad enough that they could be filled in multiple ways. Really there’s no wrong answers here, just start writing and see what comes out. And then refine it until you have an organized list. You might even put that list in order of most important to least important.
Once you have your list of needs, write down how often you need to experience those feelings, or be in those environments, or do those things. Some things you’ll need every day, other things you only need a few times a year to feel satisfied.
You’re designing your ideal life, so dream big! Imagine all the different emotions you feel when you’re living your dream life. Your life isn’t about the things you have or the things you do, it’s about the things you feel. Life is about emotions. You’ll buy things and do things to create certain emotions in your life and that’s totally fine and healthy, but recognize that it’s not the things you have or do that make you feel fulfilled, it’s about the emotions. To design your life effectively, figure out what emotions you need to feel on a regular basis.
The classic quote from the Cheshire cat proves true once again, if you don’t know where you’re going, it doesn’t matter which path you choose. So let’s get super clear about where you’re going and what your life will look like when you’re financially free.
Seriously, take 10 minutes. Write out your list of things you need to be happy and fulfilled. When we first did this we each literally spent a whole hour thinking deeply and writing down our needs, and if you do the same we promise it will be time well spent.
Your real estate coaches,
Dallas & Greg
