Property How to get started 30K savings 16k income, self employed, North England

Video Transcription:

So this one's for Dave who just sent me an email to just ask a question. To give you a background, Dave's 31 years old. He's saved 30,000 bucks, or 30,000 pounds. He's only on a 16 grand income. Obviously he lives up North, which is great because houses are quite cheap. First of all, I think well done, really well done to save 30,000 bucks. It doesn't exactly say how, whether maybe he got some of that from family, whatever, doesn't matter. You've got 30,000 bucks. I say about 25,000 is the minimum to display discipline. I really like to see people get the disciplines sorted before they invest in property. That's not to say you can't, but it's a good indication of their future as an investor, if they can get around that 25,000 pounds by savings. That's discipline savings because that also gets them their first deposit, which is what he has.

Now, a couple of things. So in his comment, he made a comment about the fact that he's self-employed but he has lots of time. My concern is this. Number one, your income is 16,000 which from there that might be a perfectly reasonable income. My thing would be, my opinion is this, why have you got so much time being self-employed? You should be doubling down on your own business. You should be backing that business. I don't know the circumstances or what it is or anything, but in my experiences, there's very few businesses where you're going to have lots of time to yourself.

One of the reasons why I do property is because I love it. I can do what I love and properties on the side. It just so happens that property is what I love doing and actually probably is not what I love doing, helping people like yourself sort out their businesses and their marketing and whatever it is. I'm an entrepreneur. That's really what I love doing. So my first question would be, firstly, congratulations on the 30 grand. Awesome, fantastic. The second one would be, why the hell aren't you busy with your business? You're only earning 16 grand, which is in a relative to the rest of what I would expect, that's quite a low income.

Now I'll ask this question. Is it a business or is it a hobby? Because for my perspective, it sounds like it's more of a hobby than a business. If you had lots of time but you're earning a little income, that sounds like a hobby. So either decide it's a hobby or decide it's a business. If it's a business, double down, put that extra time you got into it and make some more money. Get that up, double it, triple, quadruple it. Get that up there because that is one of the keys that you're going to need to build a bigger and bigger portfolio is a good income to back you because that will help you when interest rates go up and when various things happened through the cycle.

The other side of it is, if it's a hobby, then call it a hobby. Do it as a hobby and go get a freaking job, which is going to pay you probably another 16 grand, I'm not sure how much time you're spending and all that, but you're going to get your income up to about 30 grand. If you can get your income to 30 grand from where you are, then actually you're in a really good situation. So I think there's a few things. It might be a bit confrontational. You may not agree, but you know what? I'm just on the limited data that I've got which you've given me. That's what I would recommend. Now you mentioned strategy. What strategies should you go with? Now look, because you've only got a limited amount of data and because you're saying you've got lots of time, now let's assume first of all, that you've got lots of time and for whatever reason you've got the time to do it.

You're working 9:00 to 5:00 and actually you've got 5:00 to 9:00 every day in which she can do this. Really, a living is made 9:00 to 5:00, a lifestyle is made 5:00 to 9:00. In other words, 5:00 PM to 9:00 PM every night, you should be focusing on getting out there. Ditch the Netflix subscription and focus on making money and getting your base built. At your age, now is the time to do it. So assuming you've got the time, what I would be doing is I'd be spending three months going around and doing every possible thing, free seminar, not investing, not spending it, learning as much as I possibly can. A student of learning. You've just got to learn so much information. When you do that, at the end of three months, you'll have a much better idea of what your options are.

For you personally, I would say spend three months focusing on your business and getting your income up and see how far you can really get it up in three months if you are serious about it. At the same time, start reading lots of books, going along to free seminars because you've got time to do that. You're 31 years old, it doesn't sound like you're married with kids or nothing like that. You're probably living at home, maybe, I don't know. I'd get out there and do this. Grab the world by the horns and go make your mark because now is the time to do it. If you set yourself up now, then by the time you're 40, you are going to be relaxing, not relaxing. Life is never about relaxing and the people who are successful don't relax. They keep going at it. They keep finding the next thing that they want to aim for.

The cash flow and the concerns about that side of things will be under control and that's really what you want to get to. Hopefully that gives you a bit of a go. I'm not going to go into specific strategies now because without knowing the details. Spend that three months and either go into your business or go into the property side and learn as much as possible. Start by reading every article in my blog. That's a great start.

You've got an amazing amount of information there from the last 20 years that I've been writing. You've got heaps of heaps of opportunity. Oh, and by the way, if you're sitting there listening to this and you're a 31-year-old and you're in a similar situation, then take the advice and do something about it. Get on it. Get on it now because the sooner you get on it, the sooner you cut the excuses and actually get on it, the sooner you'll start reaping the rewards and you won't have to go and buy the stuff that makes you look good on credit. You can actually afford to pay cash for it and not have to worry about it because you're earning that money. Get at it and make sure you subscribe, comment on how it went. If you want any more distinctions about little things that I said in there, chuck them in the comment section. All right, guys. Have a great day. Live with passion. See you later.

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