Question from a fresh university graduate

[foxyalex]

Hi everyone,

I am currently in my 4th year of university and have been seriously contemplating my future.

After reading Don Campbell`s "Real Estate Investing in Canada", I got really excited and motivated to make my Personal Belize come true through real estate investment. I plan to go to the Toronto Quickstart program in the coming April, but due to my financial constraint, I cannot afford the REIN member fees at the moment.

So I am wondering if there is any other way I can also develop my network with professional real estate investors like you guys. (Btw, I live in Markham, Ontario.)

I welcome all suggestions and network opportunities for my real estate investment learning.

Many thanks for your help in advance!

Sincerely,

Alex Zhang

 

[gwasser]

Hi Alex,

When studying 4 years at university, I would guess you have made quite a commitment to your current discipline or science. That commitment is the basis for your entire future path. Follow your dreams and become a succes in your field of endeavor. When you do what you like, you will be able to build the financial basis you need to invest. The latter is merely a tool to achieve what you want in live, i.e. your personal Belize.

So, I would start with finishing your academic study. The faster the more economic. In the meantime study about all forms of personal finance, they`re all interelated. When people talk about diversification, we`re talking about investing both in real estate and in stocks and bonds. Of course, you can`t be an expert in everything, so you may end-up specializing in real estate.

Making money as fast as you can is not the goal to live for. I bought my first house in Calgary with my first pay cheque as down payment. Because of my inexperience, I bought a second one at the start of the `Big Calgary Real Estate Crash` and nearly went broke. If I would have gone bankrupt, I would no longer be a citizen in `good character and standing`; it would disqualify me becoming registered as a `professional geologist` for the rest of my life. That would have been a damn tough price to pay for my investment inexperience.

I was lucky and got out with only a bruised ego. Then I started to learn about investments of all kind and made RRSP contributions and invested in my own house. Thus, I became financially stronger and more investment savvy, while being able to do my hobby (and get paid for it) until and beyond retirement... in my case, Geology and it is still my passion after 35 years.

I hope this does not all sound condescending; it was not intended to be so. Your post just made me concerned about you dropping something you have obviously a passion for; why else study it for four years?

 

[foxyalex]

Hi Gwasser,

First I want to thank you for your sincere advice and sharing with me your personal experiences. You have taught me a great life lesson.

My career focus now is to be a professional accountant and that is what I have studied. My passion about accounting is nowhere close to yours about Geology. I only consider it will provide me a strong business fundamental and secure income, which will lead to building my passive income investments. I will defnitely not give up my study and career focus on that.

I agree with you the importance of learning personal finance and various investment tools. That is why I have read books like "Rich Dad Poor Day" and "Secrets of the Millionnaire Mind", and played the Cashflow game at home. "Real Estate Investing in Canada" is simply the most helpful and detailed investment book I ever encountered.

For me, neither accounting or real estate investment is my passion, my passion is to be a performer. I love singing and dancing. I want to pursue that fully after I get financially free.

Thanks again for your input! All the best in your life and investments!

Alex Zhang