All Forum Posts by: Mike Hasson

Interesting perspective! Treating it as a business expense sure will help me to rationalize it since I seem to have gotten into the happen of looking at the ROI of everything I spend on, and dismissing just about anything that doesn't have a financial return. But you are definitely right, and burnout dropped my productivity to essentially zero more than once - so I'm about to break that habit!

Lives break just as easy as houses, but are much harder to fix.

This little sentence hit close to home for me and really puts things into perspective. Thank you @Todor Ialamov

Very true that everyone's path is very different, but I think I can take a lot of these ideas and put them together in my own way. The new perspectives are so interesting to me; like @Remington Lyman with his monthly vacations; I didn't even know that could be on option lol. But I had not considered your closing point that whatever I choose will be right for me - even if it means I learn a life lesson the hard way - that's just part of my journey! I'll just try to make the best decisions I can, with the information that is available to me at the time.

@Jacob Trogan I think you're onto something there. I definitely find work fulfilling, and up until recently found great satisfaction in my culinary career, but recently had a perspective shift when finishing the house, that I am capable of providing much more value to more people than I had ever thought, but not through my cooking. And this idea came to me just this morning, that I can use some of this newly found time to volunteer, perhaps at a local animal shelter, since nothing makes me happier than working with dogs! 

The wisdom is in the simplicity. 

Thanks for helping me realize this: I have one more month or so before I move and start my next chapter. I've been so nervous/excited about that, I nearly forgot that I still have a month left here to enjoy with family and friends before I leave. 

Therefore, no need to wait until I get to Ohio, I already have everything I need for vacation (staycation?) to start today!

Extreme, I know lol

Good question - Since I have left my W-2 in anticipation of moving, and to facilitate fully immersing myself in real estate, my savings rate has essentially dropped to zero for now, so I know I need to be careful until I start generating more deals. That is a good realization to have because despite that truth, I'll be sitting on more cash than ever before, so I need to stay grounded and not think that I can do whatever I want; That day will come, but it's not today. Bummer. Lol. 

I am fortunate that my needs are met already, so once income is generated, savings will essentially be 100% (while working it was about 40%). Another interesting realization I had just now, is that a 100% savings rate will cause explosive momentum!

Your question also makes it apparent that I need to be more clear about what my next goals even are. I know that someday I want a peaceful house surrounded by nature, but beyond that I'm not too sure. I found the process of rehabbing this junk house and turning it into a nice place to live, extremely rewarding, so I want rehabbing homes to be central to my plan, and building a business around that seems to pay well while providing a valuable contribution to society. 

I do have a vague number of $20K/passive per month, and know about how many doors I would need to achieve that, but haven't actually worked backwards to estimate a timeline - so that will be my project for today!

Thank you for the insight and direction
 

So many great ideas here! And funny you mention The Miracle Morning, I just finished it, followed by Change Your Habits, Change your Life in an effort to redesign my life and myself - and they have me rethinking my entire habit and reward system. 

Like just today after I accepted the offer on my house I went to my typical reward and chose a fancy bottle of scotch. I stood there for a while looking at it before realizing that I no longer even feel rewarded by this. I left without it, but with a question instead of "How do I congratulate myself now...?" Not that I'm avoiding alcohol for any specific reason, I just had this overwhelming feeling that not only could I find a better use of the cash, but that I'm just growing out of old habits, and now not sure what newer/better ones to replace them with. 

I think Profit First will help me to find some direction with setting those milestones and rewards, thank you for the insight and suggestions!

Excellent points balanced with moderation. Reminds me of a quote by Jim Rohn, went along the lines of:

"Nobody ever looked back on their life and said - I wish I would have spent more time at work"

I see myself falling into the trap of foolish spending, but after considering this, just like with everything else, I just need to set aside a predetermined budget for such rewards. Up until now there was just no room for anything recreational, I had to work so hard just to get back to Zero lol, but now I finally have some financial headroom, and I think that is where my struggle is coming from. But with this perspective think I can balance it without going all-or-nothing. Seems obvious now lol

 I've already taken the first step in curbing the urge for useless spending by clearing out my entire Amazon wishlist. So much cool junk I really don't need, is no longer tempting me daily.

I had to read that twice lol you said a vacation every month? That sounds like a respectable goal, and from someone who's only taken one every 10 years, sounds like you're already doing whatever you want lol

I'm curious what do those vacations look like? Extended weekend? Or a full week? I have this rare opportunity to build a new schedule and I really like this idea.

@Nathan Gesner I think that sounds very wise and well said. That's the perfect example with the truck, on how quickly a perspective can shift. My version of the new truck was about to be a new stereo lol so thanks for sharing that.

I think I'm going to make some adjustments to my plan, and I still have some time before the sale closes to work out the details, but I think my takeaway's so far are:

- Keep the profit separate and make sure it's only use is to generate more profit. I wish I could remember who said something like "Use your profit, but never spend it"

- take a shorter, and much more deliberate vacation. I think 6 weeks will be the sweet spot, that I can recover and refresh, and will also allow me to get to know my new city and make some connections

- That vacation will NOT be funded by my profits, but rather from savings already set aside for that purpose

- If I don't take an extended break, It probably wouldn't be wise to pay off my car either, and I can apply that extra 20K to my next deal and use it to generate more profit. The car will be paid off eventually by assets that generate passive income

The fatigue is already starting to be replaced with new inspiration!

Hi BP Fam!

I've hit a dilemma that I'm sure many others encounter at some point in their investing careers, and figured this would be a fun topic to discuss.

So I've been working my a** of for at least 15 years as a chef, working 10+ hour days, 6-7 days per week, and EVERY weekend and holiday. Thankfully I eventually learned about wealth (Thanks, Kiyosaki) and started to set (and achieve) some bigger financial goals. So I spent the next few years learning, and reading, and improving my credit, and paying off debts, and increasing my income, and eventually, years later, I bought a house! I then spent the next two years rehabbing it, and am currently selling it for a nice profit (just accepted an offer this morning!)

I have a plan to take that profit to less expensive market (Columbus, OH) and use it as seed money to start investing/rehabbing full time. In addition, I can also use the profit to pay off all my debts and my car, and then buy a house cash (with the same plan of rehabbing it and selling for a profit). Fortunately, I have a bit of passive income already from another investment that covers my day to day expenses. Essentially at this point all my financial needs will be met and I not longer HAVE to work those 10+ hour days, nights, weekends, and holidays just to survive - so I feel tempted to take an extended vacation and just kind reflect on my accomplishments so far, take some time to enjoy life a bit, maybe find some new hobbies (which would undoubtedly cut into my profits a bit). 

So here's my dilemma - and it might just be because all I know at this point is work - is that it feels kind of lazy; like I should stay on the hustle; like I still have more work to do before I can really enjoy the life I want to live. I'm still a long way off from my end game plan. I kind of feel like I should stay on the grind and not slow down, especially since I'm finally getting somewhere. But I'm also tired, and my bones hurt from exhaustion, and I don't even remember how to have fun anymore. I don't want to succumb to laziness but I also don't want to be a slave to my schedule anymore. What to do...

So have any of you had a similar struggle with feeling guilty about treating yourself? How did you navigate it? And would you have done anything differently looking back?

@Rebeca Trabachini

@Marc Rice provided a handy breakdown of the neighborhoods that might help