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Updated about 3 years ago on . Most recent reply

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Sandy Poon
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Wasted time, how to start

Sandy Poon
Posted

A little info, I am a little overwhelmed and a little guilty, I am 32 and was told by family to put money in the bank and that's it and at home my family doesn't know anything about investing and I'm the first to look at it. I feel bad that my money that I tried not to spend been sitting wasting away for the past 12 years. I am now reading a book about 401k , roth, brokerage. I have money into the accounts but haven't allocated to MF. I'm looking at possible rental income to supplement as in not flipping but I'm also not sure if those money is better invest in brokerage or both. I'm in NY so tenets still don't have to leave even if they don't pay rent but I'm just looking at home right now or duplexes.

I'm a little scared moving such a large sum around since I was told investing is like gambling and could lose it all, which I'm starting to realize it's not exactly that but its still nerve racking especially the stocks seemed to be going all over the place with covid. Today, I was determined not to lose anymore time and educate myself either with books, peers or mentors. How do I find these mentors? Should I try to work real estate just to get in?

Local meet up isn't available as in covid, no one is meeting. I do want to try but also want to reduce the risk of making dumb newbie mistake by education/mentor. Reading is not the same as experience, but I don't want to be a 75k mistake. Sorry for the long paragraph, being the first to do this with no support and going blind is stressful

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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

There's no reason to be in a panic about it. There are meetups everywhere on Zoom for investors. I host 4 a month and we are always full. You have to really dig in and learn before you move money into real estate. It's not like you lost any money so just try to figure out what you want do with real estate, start learning on your own first so someone doesn't convince you there is only one way to do it.

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