If someone were to ask you to sell a year of your life, what would you charge for that? In other words, give up one complete year of your life, at what price? It’s a tough and challenging question but one that all of us should consider, at least in the abstract.
Why is this an important question? Well, for one thing, what you would sell it for is not really the question. Moreso, what is it worth to somebody else? Because it doesn’t matter what you would CHARGE if you don’t have a buyer. Ah, now things start to get really deep.
Think of it this way: so much of the time, we spend our time doing things that gain us nothing. And, we do these things in an attempt to save money. Meanwhile wasting our time that may have been spent much more productively. This is an important concept to grasp in the real estate investment world in particular.
When you are renovating a home for resale, are you better served to do every bit of the work to keep the overhead low? Everything from nailing shingles on the roof to mowing the yard? Or, would it be smarter to hire some of those tasks out? And, for a much lower hourly rate, no doubt, than you would like to see yourself earning.
Learn to spend a little money to gain your own time back. That time can now be spent making yourself more investments and more money. This concept is great to embrace far beyond real estate investing. Take a look at your own circumstances and how you might apply this!