How Much Money Do I Need To Be Making?

[Zach Simpson]

Hey Guys! I'm 22 years old living with my young wife who is due to have our first baby girl this upcoming month. We live in Coeur d'Alene, Idaho. I'm wanting to make a career out of real estate investing because I value my time and want to eventually have more of it so that I can be more present and available to my family. Also, I just want a life that allows me to take time to give to others when they need help with anything. Anyway, I feel that my biggest handicap is my income. I only make about $25k a year, and it seems to make this impossible right now. Im interested in house hacking to start. I can find ways of increasing income, but what I do not know is how much money I need to be making to get things started. Can anyone share some insight? Thanks!

[Angela Smith]

I know very little about you or your goals. However, what I can comment on is the perspective of a young wife and mother. The number one need a woman has is that of financial stability. A roof over the head and food on the table.

Spreading that income too thin and being stressed about servicing too much debt will tax your marriage.

I commend you for having goals. You should have enough savings for a solid down payment and enough income to pay the bills independent of any rent you take in. That way, the rent can be used to shore up your savings account and consequently your wife's peace of mind.

I wish you well. Dont get in too much of a hurry.