24 – Should You Quit Your Day Job?

This is a very personal choice. There are many factors to consider, including:

  1. savings
  2. ability to produce income in real estate quickly
  3. family implications (spouse)
  4. availability of insurance

It mostly boils down to risk tolerance:

  1. If you are single, it is much easier to calculate engage your risk tolerance.
  2. If you are married, your spouse’s risk tolerance must also be considered.

The income needed is also a huge factor:

  1. If you make a lot of money, replacing that money is more difficult.
  2. If you do not make a lot of money, it can be much easier.

This is my advice to new real estate investors; keep your day job and continue to work your real estate business in your spare time. Once you’re confident you can replace your income, go ahead and take the plunge.

About the author, Mike

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