What sparked your flame to seek financial freedom?

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What sparked your flame to seek financial freedom?

Andrew FreedBusiness Member
Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes

We all are inspired differently. I'm curious why other people on BP started their financial independence journey. Personally, I sought financial freedom after reading Rich Dad Poor Dad during COVID and realizing that I've always wanted to achieve greatness, determine my own future and not rely on an outside entity for my livelihood. Nonetheless I was always scared to take the leap. I reached out for short term comforts such as video games, seeking certifications and masters degrees, and movies / tv, when in reality I used those comforts to dull the pain of not living the life I truly wanted. Don't get me wrong, I've achieved a moderate level of career success but it was not where I wanted my life to be. I want to travel when I want, see the world, have time to develop authentic and caring relationships, spend as much time as I want with family and friends, and focus on becoming a better version of myself everyday. Real estate allowed me to start this journey on self discovery which I am truly grateful for. 

So what sparked your fire? 

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Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
5y

I had a friend at work who's father in law was a realtor. He owned 10 houses and rented them out. I did the math and figured those ten houses were making him $60,000 a year worth of income, which at the time was my salary. I was thinking, I could buy ten houses and just do that as my job. My friend told me I should read a book called Rich Dad Poor Dad. The message in the book really resonated with me. I realized I was working a W2 and putting money in someone else's pocket. The harder I worked, the more money their business made. This was right after the dot com bubble crashed and the stock market just appeared too volatile. As I researched wealthy people, I found they all had one thing in common, they owned real estate and lots of it. We found a duplex and the rest is history. 

I have watched people lose their jobs during two economic down turns in 2001 and in 2009-2012. It can be ugly, when you lose your income and can't find a new job. It is amazing how fast your savings can be depleted just paying basic living expenses. Real estate is a security blanket for me and a retirement plan. 

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  • Ronald Allen Barney
    Real Estate Agent · Tampa, FL · Member since 2020 · 411 posts · 373 votes
    5y

    The relentless torture of corporate IT work (to include the physical torture of sleep deprivation especially, getting paged awake for server alerts and process errors), drove it through my thick skull that that was not the life I wanted for myself.

    Unfortunately for me, initially I didn't translate that directly to financial freedom.  I had a notion that if I just bought a piece of land somewhere with a hovel on it, grew my own food, I could be self-sufficient and then the evil corporate world would leave me alone and I'd live happily ever after.  The reality I ran into was that a rural homestead, assuming you're not living like the Amish, depends on tools and equipment, and equipment breaks down, and you can't grow equipment parts in the garden.  I had to learn the hard way that independence, freedom, from the army of corporate psychopaths out there obsessed with tormenting workers, had to come by way of FINANCIAL freedom, not just food independence.

    And that realization only hit me about two years ago.  Now at this late point in my life I'm trying to make up for lost time to get on the financial freedom track.

    4Reply
  • Andrew FreedBusiness Member
    OP
    Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    @Ronald Allen Barney Life is a journey of self discovery. Sometime it takes us traveling down the wrong path for us to realize our misdirection and self-correct. It seems like you have a strong fire to take control of your time and life. Good luck on your voyage my friend. 

    [email protected]781-964-3200Podcast Guest on Show 69 Doors from ONE Real Estate Deal Using Other People’s Money
    2Reply
  • Joe S.Pro Member
    Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
    5y

    Too old to move back into the house with my parents for starters.

    2Reply
  • Cody Neumann
    Rental Property Investor · Surprise, AZ · Member since 2020 · 405 posts · 179 votes
    5y

    @Andrew Freed

    Working dead end W2 jobs when I felt I could do way more. Always had something in me leaning towards entrepreneurship. Rich dad poor dad pushed me over the edge.

    3Reply
  • Andrew FreedBusiness Member
    OP
    Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    @Cody Neumann - Lol its funny how so many of us investors have similar origin stories. 

    [email protected]781-964-3200Podcast Guest on Show 69 Doors from ONE Real Estate Deal Using Other People’s Money
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  • Chris John
    Member since 2020 · 671 posts · 937 votes
    5y

    Growing up pretty well off and taking things for granted.  Then becoming poor and losing that ability while still a kid, but being around other kids that still took those things for granted.  It lights a fire.  haha.

    2Reply
  • Michael Plante
    Deland, FL · Member since 2017 · 2k+ posts · 1k+ votes
    5y

    Always enjoyed work 
    I would rather work than go on vacation.  

    Usually worked 2 full time jobs or a business with tons of hours 

    Not the money that motivates me.  I make quite a bit but don’t spend it really 

    Just really like accomplishing things.

    retired at 47.  Fun for about a year.  Then SUPER bored so took up flipping.  

    Really like the physical labor part. 

    9Reply
  • Melissa A Cook
    Member since 2021 · 1 post · 2 votes
    5y

    Someone asked me, "what do you really want Melissa?" I couldn't answer them. I had to go home and think. When it hit me, the realization had been there, I had been saying it for years. "I WANT TO OWN EVERYTHING, EVERYWHERE!!!" And I meant it. I went that instant to Barnes and Noble and bought my first BiggerPockets book and haven't skipped a beat!! I have not purchased my first property, I am not much of a risk taker, I want all the facts first, so I am soaking in as much knowledge as I can first. My strategy is multifamily and commercial properties. I have been in the business my entire career in some aspect and this is my plan. All I want is for someone to guide me into purchasing. Slow but steady wins the race! 

    2Reply
  • Leroy Norris
    Member since 2020 · 15 posts · 13 votes
    5y

    @Andrew Freed

    For me financial freedom was a after thought. My uncle died and I went to his house that he was renting, it was in really bad shape, mold in closet, leaky roof, no basement steps, but being poor that’s all he could afford. I was young, so we called his landlord and informed him we needed an extra week to move his things out, he told us we needed to pay for the following month, we did… after that he sued us saying we were now responsible, we broke the lease, catch is he was a lawyer… the courts did nothing when we complained about the living situation and he could care less… he was a slumlord who owned multiple properties in the city I grew up in, I made it my business to give people better living accommodations because so many landlords don’t care… with this motivation I also reap a financial reward… the money will follow as long as you doing something right… I make it my business to educate all tenants about escrow with cities and just erasing ignorance and fear that people have…

    2Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    5y

    My "aha" moment was two fold:

    1. Many years ago I had a board member that was a total SOB. He would have loved to get me fired, but never had enough votes. Dealing with his BS totally stressed me out until one day I was sitting at the house and I realized it wasn't this guy that was stressing me out, it was the fact that I wasn't self-sufficient financially that was stressing me out - i.e., if he ever managed to get me canned I would have to hustle and struggle to get another job pronto to stay solvent. Car payments, credit cards, etc. I figured out that the source of stress was my own situation, that I needed to own - there would always be another jerk-off board member, but if I got my financial house in order it wouldn't matter.

    2. A few years later, after I got my basic financial house in order - no debt, emergency fund, etc - I was running my pension numbers. I had always thought I would pay off my mortgage, get my pension and I'd be living large. Then I sat down and figured out how much income I would be bringing in, and what paying off my mortgage would be, and realized "hey, I will have to get another job when I retire because I can't live on that". Enter the rental business. 

    Both of the above were wrapped around my reading "Your money or your life" by Vicky Robin. 

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  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    5y

    I had a friend at work who's father in law was a realtor. He owned 10 houses and rented them out. I did the math and figured those ten houses were making him $60,000 a year worth of income, which at the time was my salary. I was thinking, I could buy ten houses and just do that as my job. My friend told me I should read a book called Rich Dad Poor Dad. The message in the book really resonated with me. I realized I was working a W2 and putting money in someone else's pocket. The harder I worked, the more money their business made. This was right after the dot com bubble crashed and the stock market just appeared too volatile. As I researched wealthy people, I found they all had one thing in common, they owned real estate and lots of it. We found a duplex and the rest is history. 

    I have watched people lose their jobs during two economic down turns in 2001 and in 2009-2012. It can be ugly, when you lose your income and can't find a new job. It is amazing how fast your savings can be depleted just paying basic living expenses. Real estate is a security blanket for me and a retirement plan. 

    10Reply
  • Levi Dullum
    Rental Property Investor · Elko, NV · Member since 2021 · 4 posts · 6 votes
    5y

    I currently work 12.5 hour days with 3.5 hours of commute on a bus as a pipe welder at a mine. I wake up at 4 and get home at 9:15 most days. Assuming there’s no bus issues. I’ve been passed up for 2 advancement opportunities as I have a job that’s difficult to replace(non union pipe welder.) I’ve been blocked from a transfer for the same reason. I have a decent enough hitch, Monday-Wednesday one week and Monday-Thursday the next week alternating. But if it’s 100 degrees out I’m welding. If it’s -10 out I’m welding. After my blocked transfer 3 months ago I started to put together a plan. I refinanced my house in November and gained 70k in equity in 5 years and knew there was money to be made here somewhere. Last 3 months I’ve been putting together finances and a plan and I’m on the heels of buying my first property.

    6Reply
  • Mike Dymski
    Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    5y

    Wanting more control over my family's financial future.  And the invaluable feeling I get from accomplishing something hard on my own.

    5Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    I did not know any better..  I sold fuller brush door to door.. was good at it but 50 bucks a week was not going to cut it.. bagged groceries for 2.18 an hour which was pretty good with 25 cent gas. and I dreamed of being a checker with the 10 dollar an hour pay and what would I do with all that money.  Then tried a few other things.. And my Dad said get your real estate license you can get it at 18 there is money to be made if you can sell fuller brush door to door you can sell RE.  so took about 4 months but my first commish check was 900.00 and I never looked back to me having a real estate license and the willingness to work was / is financial freedom other than those other jobs I have never worked for anyone since I got licensed at 18 .. now its not with its ups and downs having to pay all your own health no retirement etc etc..  frankly had I gotten a chance I would have signed on with Apple as a salemen in the mid 80s and been retired by the mid 90s on stock options..  but hey real estate is all encompassing its not retirement or financial independence you have to work for it you have to borrow money usually etc etc  lots of responsibility and there is a decent amount of risk.  But its a long game and if you want to do it with rentals then a nice steady portfolio building model as you continue to work to support will treat most very good..  Also depends on where you live.. West coast or other high cost areas you need more than say someone living in a small rural town were they can buy a very nice home for say 150 to 200k.
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  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    Love reading these,


    I had a Sargent in the Army we spent a week living together in a HumV.  He gave me Rich Dad Poor Dad to read.  I was hooked.

    5Reply
  • Andrew FreedBusiness Member
    OP
    Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    @Chris John - Lol, yeah sounds it. That'll definitely light a fire. 

    @Michael Plante - It's funny, the more success you achieve, the more productive you get used to being. It's hard to stop the inertia of your productivity once you've been doing it for decade so I can absolutely relate.

    @Melissa A Cook - Good luck on your journey. House hacking a multi-family (preferably a 3 or 4 unit) is a great starting point. I would recommend starting there.

    @JD Martin - Thank you for painting a picture of your journey to financial freedom. I'll definitely make sure to give "your money or your life" a read. I appreciate the recommendation. 

    [email protected]781-964-3200Podcast Guest on Show 69 Doors from ONE Real Estate Deal Using Other People’s Money
    2Reply
  • John Dahl
    Investor · Member since 2021 · 18 posts · 11 votes
    5y

    I was inspired by a friend who was already on the FI journey and introduced me to Mr. Money Mustache. The things he posted about made sense to me, and I was envious of his lifestyle and freedom to do what he wanted. Like him, I have many interests and a good work ethic, but can't allocate the time due to my W2 job. Currently I'm saving over 50% of my income and invested heavily in the long stock market game. I am now looking to accelerate the path FI through real estate investing.

    Great question @Andrew Freed and thanks for sharing your spark! 

    1Reply
  • Andrew FreedBusiness Member
    OP
    Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    @Joe Splitrock - Smart, why create a new path when you can follow a well travelled path to financial freedom. And I completely get it. It's reassuring to have passive incoming coming in and not relying on an employer for your livelihood. I'm sure you sleep way better at night knowing you have that security.

    @Levi Dullum - Our conscious effort creates the life we live. I truly respect your courage in realizing that this is not the life you want to live and you have the power to change that. Good luck on purchasing your first investment property and feel free to reach out with any RE related questions.

    @Mike Dymski - Super powerful motivator. If your why is for other people, you have so much more strength during challenging times.

    @Jay Hinrichs - Great story and insight. I listened to your BP episode and you have had quite the journey. You are truly an inspiration on perseverance and thinking outside the box. 

    @Eric Bilderback - Your sargent sounds like a smart guy. It only takes one mentor to change the trajectory of your life. 

    [email protected]781-964-3200Podcast Guest on Show 69 Doors from ONE Real Estate Deal Using Other People’s Money
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  • Mike Schorah
    Rental Property Investor · Member since 2021 · 423 posts · 190 votes
    5y

    It started in 2003 when I was 18. I was curious how to make a lot of money. I picked up a book called "One Minute Millionaire". It basically said that there are 2 ways to make money: Business and Real Estate. The Business way didn't interest me because it wasn't tangible. What business? Real estate was tangible. I read about property management... not fast enough for me. I didn't like the idea that you could still lose money after so much work and that it took a long time to see a lot of money. Flipping houses made sense. I was already working in home improvements. Half of my family worked in home improvements and some of my friends worked in home improvements and I had a certification in technical drafting which I studied in high school.

    Being so young I was so naïve. When I brought up flipping houses to relatives, I was told that you needed money to do that. Little did I know (Remember this was during the housing boom of the 2000s where you absolutely did not need any money or even a job to buy a home). I worked for my uncle in home improvements for 5 years (The longest job that I ever had... twice as long as my second longest job... so you know that I had passion for it). Then 2009 came and the dream died.

    Fast forward to 2014. I rented a room from someone who told me that he had a friend with the same name as me that flipped houses. In 2017, I went on a couple of dates with a girl who flipped houses. 

    Last year, I went out with 2 more girls who... one was interested in flipping houses and another flipped the house that she lived in and was in the process of selling it. I became a fan of a YouTuber known as Corey Wayne. When I heard his story of how his passion for flipping houses fueled his motivation to do it, borrow $90k on his credit cards (this was in the '90s), quit his job, start flipping and became successful... The stars aligned and I had too many hints... This is something I'd like to pursue and a year later... here I am!

    1Reply
  • Travis Hanson
    Rental Property Investor · Lubbock, TX · Member since 2017 · 39 posts · 52 votes
    5y

    I love to work and I work hard.  I was just doing the wrong kind of work.  As soon as I had enough houses to support my lifestyle I left my job as a corporate attorney and focused solely on real estate.  That was three years ago. I still work hard but I am working hard building my own wealth rather than someone else’s.  I also dictate my life and time as I see fit.  I’ve built several new real estate companies since leaving law and love the freedom that comes with ownership. 

    1Reply
  • Will GastonPro Member
    Rental Property Investor · Columbia, SC · Member since 2010 · 1k+ posts · 2k+ votes
    5y

    @Andrew Freed growing up in a household where there seemed to be a lot of stress around money or a lack thereof. 

    Everybody in the world is going to have problems. But I want the problems that wealthy people have. 

    1Reply
  • Ryan Nichols
    Attorney · Greenville, SC · Member since 2018 · 15 posts · 14 votes
    5y

    Great thread idea.

    I started practicing law at a big firm out of law school where everything revolves around the billable hour. A few months in, my mother (and only living parent) almost died in a car accident and was hospitalized for nearly a month. Numerous other health/wellbeing issues followed requiring my time and attention several hours away from where I live and work. A few years later, my only living uncle (divorced, no children, brother of my deceased father) developed an extremely rare terminal condition. We live in SC, but he spent weeks at Duke Medical Center and then Vanderbilt for evaluations of a possible life-saving surgery (didn’t pan out). All the time I spent at hospitals dealing with problems of the utmost importance in life, I was stressed over how my billable hours were going to look to my superiors that week/month/year. Somewhere along the way I decided that I wanted/needed to be in a position where, if needed, I could drop everything for an indefinite period of time for a loved one.

    1Reply
  • Chirag Patel
    New to Real Estate · Yorkville, IL · Member since 2021 · 25 posts · 11 votes
    5y

    I been working long hours from really long time pretty much working 6 days  7 days a week. have to stay away from my wife and kids couldn't go out with them. Even after working long hours I was not able to see any savings. Then as apparently one day as I was watching you tube came across somebody talking about "Rich Dad Poor Dad" and that motived to real estate. 

    My time My freedom My family 

    1Reply
  • Andrew FreedBusiness Member
    OP
    Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    @Mike Schorah - Great story. It's funny, life throws us hints all the time. The question is, who will take action on those hints. Good luck on building your flipping empire.

    @Travis Hanson - Likewise, most successful people can't simply retire on a beach somewhere. They always need to feel productive and progressing everyday. Glad you reached financial freedom and now you report to the most important boss of all, yourself.

    @Will Gaston - I wholeheartedly agree. It's also mindset and how you approach problems and failures. Having grit is the key to elevating yourself to the next level.

    @Ryan Nichols Wow, what a strong why! With a why life that, failure isn't even in your vocabulary.

    @Chirag Patel - Exactly, take control of your time and build the life you want via real estate. I think that is why all of us love the game. 

    [email protected]781-964-3200Podcast Guest on Show 69 Doors from ONE Real Estate Deal Using Other People’s Money
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