As we get older, we dream of the day when we can actually retire. Dan and I talk about what “retirement” really means. It’s one of those words that are in the same category as “success” or “happiness”…it’s just really hard to define. The one thing we DO know about retirement is that we won’t be focused on earning money anymore, and will be more about living our life using the money that we made in our life.
Being a wholesaler for 15 years, it’s pretty safe for me to say that wholesaling houses is NOT a retirement plan. There isn’t any pension that will be automatic for us after 25 years of service to our community, and no company benefits. If you’re a wholesaler, you have to be proactive NOW so that you CAN retire at age 65 – or whatever age you choose.
Wholesaling houses is a cash business, and one that will earn you a NICE six figure income. What you do with the money is very critical to your future and how you live your life. For the first 7 or 8 years of our wholesaling business, we spent every single dollar that we made on having FUN FUN FUN. Shopping sprees, new clothes, nice cars, frequent vacations were all a part of our lifestyle. We weren’t used to making (or having) that much money, so we spent it like it was going out of style.
There’s a HUGE difference in MAKING money and HAVING money.
Eventually, we matured, learned some basic economics of investing and compounding interest theories, and realized that we needed to make smarter decisions with the money that we made from wholesaling. We started investing our cash into income producing properties, buying precious metals, lending money on private notes, and (MY FAVORITE) – invested into a couple of Infinite Banking Insurance Policies.
We’re now more at ease about our future, and we work toward our goals with more focus every day. While we’re not exactly sure when we’re going to “retire”, I do know that we’ll be prepared when the time does come.
So the moral of the story is: No, you won’t be able to retire by choosing to be a wholesaler as your career. But you CAN and WILL make enough money as a wholesaler so that you can prepare for your future by becoming a savvy investor. Don’t try to keep up with the Jones’. Having a secure future is much more enjoyable. I’m sure the first couple of big checks that you make will go straight to your party fund, but after that, get a grip on what’s going on…..and spend your earnings wisely. From one mobster to another…..