Ryan from Planting Dollars asks:
Having been raised by self made real estate millionaires it’s not shocking that I agree with the vast majority of what you have to say. The reason I’m emailing you is because I was wondering if I could get your advice.
As a 23 year old recent college graduate I understand the power of real estate investing and building businesses, but at the same point would like a nomadic lifestyle and be able to travel while living frugal at a young age. In my experience real estate and most business ventures aren’t possible with this lifestyle. So I’m simply wondering:
If you were in my situation, how would you perceive this challenge and what types of businesses would you pursue?
Simple: anything internet!
Specifically, anything internet that trades in downloadable products and services (information products are ideal), or of the ‘virtual infrastructure’ type (e.g. FaceBook) … of course, once you become successful, you will need staff and support of the financial kind, and these require phyical access more often than not [AJC: Venture Capitalists are soooo 90’s 🙂 ].
That’s the short answer; now for the long answer 😉
The first thing I would suggest that Ryan do is to ask the “self made real estate millionaires” who raised him for their advice … after all, they’ve been there / done that … know Ryan better than possibly anybody else … and, being a parent myself I have no doubt that they ABSOLUTELY have his best interests at heart!
As to the second part of Ryan’s question, which asked whether I would “place travel and new experiences in [my] twenties as more important or less important than investing and capturing the time value of money?”
The easy answer is that (by some coincidence) I just addressed this in some small way in yesterday’s Video-on-Sunday post …
…. but, the harder answer is “it depends”:
– I would rank those Life Experiences very highly
– If the desire to be an entrepreneur burns bright, and you have a rip-snorter of an idea just bursting to get out … well THAT can be the “new experience” that Ryan mentions, and it may very well more than make up for itself by funding your future travels.
I would be willing to delay a boringly ‘normal’ savings plan a little for those one-of-a-kind of Life Experiences.
Let’s say that you do decide to compromise, by being that nomad, yet starting a business; what’s the ideal business for this sort of traveling, hands-off lifestyle?
As I said above, anything Web, however I suggest that you buy a copy of the 4-Hour Work Week first!
But, I would also say not to be so quick to discount real-estate …
… I maintained 5 condo’s and a small’ish office block in Australia whilst I was living in the USA.
Buy anything by Dolf De Roos and Dave Lindahl, both of whom claim to own real-estate in far flung places (Dolf across the world, and Dave across the USA) and learn all you can about ‘hands off’ real-estate ownership; it can be done.
Of course, Ryan still has direct access to Millionaire RE mentors … so, he should first ask his parents what they do with their RE investments when they wish to travel?