I know; you just can't wait to quit that annoying but well paying “JOB” (that's right … the one that pays the bills) and dive into full time real estate investing.
I have just one thing to say about that:
“Don’t Do It! At least not yet”.
I cannot over-state the importance of a good BJ or “Bridge Job” when you are starting any business, but it is especially important when your new business is real estate investing.
This job that you are so eager to escape can save you from disaster when your new business takes longer than expected to start earning some real money. Your bridge job is the thing that will keep you afloat during those early years. It might be a full time job or it could be one or more part-time jobs. But whatever it is, you will need that job to get from where you are to where you are going. So don’t burn that bridge just yet!
Keeping Your Full Time Job
If you have a full time job, consider keeping it for a while. Work on your business in the evenings and on the weekends. Will it be hard? It will. But will it be worth it in the end? Absolutely!
This is by far the least stressful way to start a business. Working those extra hours won’t be nearly so hard if you know the mortgage is paid and you can buy groceries while you build your real estate investing business.
But I’ve Already Quit My Job…
Well, it’s obvious that you didn’t read this post before doing that. So what can you do now?
You can reverse this procedure and get one (or more) part-time jobs or bridge jobs in the evening and on weekends. I know a whole lot of people that did this to survive. I had one person tell me recently that they were embarrassed to take what they thought was a rather menial job in retail to tide them over. So what’s my advice? You need to get over it. Nothing is too menial if it helps you build your empire.
If have already quit your job or your main “money maker”, then you also need to do a couple of other things:
- Cut your expenses to the bone. You can live without cable TV for a while.
- Quit buying those nice new clothes you are used to buying. You don’t need them right now. (Remember; you quit your day job.)
- Figure out a way to slash grocery expenses and gasoline. Those are two big expenses you have some control over.
- Look at every expense and see what you can cut. This is no time to keep those extra’s you can do without for a while. Keep your focus on the big picture.
Escaping the 9 to5
I did a whole series of interviews with real estate investors called “Escaping the 9 to 5; How I Did It”. Some of those folks had a plan to keep their current bridge job and start their business or “side hustle” in their spare time. Many of them were successful with this strategy.
But there were others that had the same plan originally but were unexpectedly downsized. They suddenly found themselves without a job and a paycheck. This group really needed their new business to succeed quickly or find a bridge job. Either way they all needed a paycheck, and they all had to make some serious lifestyle changes.
I Have a Cool Video for You
When I was writing this post my original title was one that contained the words “part-time job” which was a rather boring combination of words. Then I came across this very cool video by the “oh so talented” Marie Forlio over at Marie TV about the exact topic I was writing about. And … a new title was born. I love the way she puts it; “bridge Job” which sounds much cooler than “part-time job”.
Take a look at her video below. I love Marie and I’m sure you will love her video! That woman is entertaining.
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I agree Scott.
The folks that have found themselves suddenly unemployed are in a terribly stressful situation unless they have a spouse or some other income. Even then money is tight as you said. I just think it is wrong for all those “guru” types to get up on stage and pretend this business is easy, and you can make a ton of money in a matter of months. For most people this simply isn’t the reality of the situation.
I’m absolutely sure you are going to make it. Just keep doing what you’re doing. In a few years things will become easier. I’m always glad to hear about your experiences.
Oh I know this topic well! Starting up a side business with the goal of it eventually taking over as your main source of income can be a SLOW process. When you have a growing family, wife loses her job and wants to go back to school for another career money gets tight fast. The only thing that keeps everything running right now is my full-time job.
We all have things that will take time away from your “side hustle” but the important thing is to just keep pushing forward. Sometimes you’re business will take off because the stars aligned (right time, right idea and right effort) but most times it’s going to test your resolve.
I gave up on quick success a long time ago and am in it for the long haul. I make minor progress each and every year (notice I said year, not day, week, month). Those small steps build on top of each other and then one day you’ll suddenly have a sustainable business that succeeds and can replace your day job. It’ll seem sudden but when you look back you will be glad you stayed the course. My bridge job has afforded me the ability to go for my dream but also provide for my family.
On the other hand I’ve met many people who have said the turning point in their business was when they got fired from their job. It put there backs against the wall and they had to succeed or else. This works for some people and some situations, but I prefer the bridge job strategy. It takes longer, but is less stressful for sure.
Great post Sharon!
Great info Sharon, I like the paragraph when having a job and working the weekends & nights.
I know; I couldn’t help “borrowing” that one. Thanks for reading.