There are a few issues I want to address in relation to this burning question, which was sent in last week by Coralie, one of our newsletter subscribers.
Coralie and her husband are fed up. She says she feels like they are “working an empty job with no opportunities” and they’re ready for a drastic change.
I completely understand where Coralie is coming from – in fact, I could have uttered those exact words in the year before I started investing in property myself. I was earning a good salary but in a soulless, corporate job and I was spending well beyond my means, so I felt like I was getting nowhere – fast.
Obviously in the years since then, I’ve been able to leverage property investing to dramatically change my financial situation! But since starting Real Wealth Australia, I’ve met countless people like Coralie and her husband.
People who are not happy in their day jobs.
People who know they need to do something to create wealth, but they’re not sure what road to take.
Now in Coralie’s case, she’s posed quite an interesting question.
While Coralie is keen to start investing in property, her husband is considering investing in a franchise instead. He wants to hand in his notice at work so he can buy into a Coffee Club franchise.
I totally get the allure of a franchise; as far as buying a business goes, it seems like a safe bet. You figure they’ll teach you the ropes and coach you towards success, with lots of systems and processes in place to streamline your organisation.
But here’s what you really, truly need to consider.
When it comes to running a business, you need to be 100% passionate and committed to the cause. You need to live and breathe it, and be prepared for it to become your new life.
I’ve been in business for over 10 years and I genuinely love it. But the only reason why I’m still in business today is because I really love it! I don’t mind when I have to work 14 hours a day to get stuff done because educating every day people about property investing is not a job for me.
That doesn’t mean its easy peasy – far from it. I’ve had my seriously tough days.
However, if you love your business and you’re passionate about what you’re doing, you’ll be able to withstand the challenges when they attempt to bring you down.
Because, let me tell you, it doesn’t matter how many systems and processes you have in place, or how much support you have – there will be huge challenges to face when running your business. After a couple of hurdles, you will be asking: “What the hell am I doing here?”
If you’re passionate about it, you’ll be able to reconnect with your ‘why’ and push through.
But if you buy into a business simply because you wanted an ‘out’ from your crappy job, you may end up feeling even more lost and even more stuck once you’re tied to an expensive franchise, than you do in your day job.
I have to add that the most important thing to consider when you’re part of a couple, is that you’re on the same page. If one of you wants to invest in property and the other wants to buy a business, you’ll never reach a mutually agreeable solution and potentially more likely to fail.
Now obviously I’m biased, because I’m passionate about property – but I would have to say that when it comes to investing in your financial health and creating choices for your future, buying real estate is the way to go.
When done right, property investing can be hassle free. Launching into a business on the other hand – well, when was the last time you heard anyone say that running their business was ‘hassle free’?! If you did, please tell them I’d love a chat to hear their secrets…
Til next time, happy investing!
P.S. To ask your Burning Question about anything to do with property and get a straight answer with no BS, please click here.