25 and debt free, but income is small. Thoughts?

[misery]

Hi everyone, I woke up today concerned about my financial situation because my income has been relatively small for quite some time now. I graduated in 2011 with a Bachelor of Commerce degree and since then have obtained my real estate license, and I'm on my way to becoming a residential appraiser as well.

I'm 25 years old, have no debt, and currently have about $28,000 in savings. I currently pay about $450/month for rent. Since I'm in my training period of becoming an appraiser, I'm only making about $200 a week, since my mentor has 3 kids and he has to provide for his family.

My dad owns a real estate brokerage but I'm not exactly thrilled about the idea of following in his footsteps, as he works extremely long days and is highly passionate about his work. He's hired 2 employees but they haven't sold a single property in the 2 years they've worked there (my father however sells a lot). I'm very interested in technology and have a desire to start a small business on the side to supplement my income until my appraisal income increases (should be within the next 12 months).

I have absolutely no idea which direction I should go in... right now I'm sitting in my apartment with no work available at this moment, but have no debt and 28k in savings so I'm not quite desperate yet. I can work part-time at my father's business as their "computer guy" as he puts it.. but part of me feels I should be getting ahead.

I'm sort of venting, but would like your opinion on my situation and any advice you have.

Thanks so much.

[HalfDozenDaily]

For the time being, I'd work for your dad and leave your savings nicely tucked away personally...

[corn18]

Hi everyone, I woke up today concerned about my financial situation because my income has been relatively small for quite some time now. I graduated in 2011 with a Bachelor of Commerce degree and since then have obtained my real estate license, and I'm on my way to becoming a residential appraiser as well.

I'm 25 years old, have no debt, and currently have about $28,000 in savings. I currently pay about $450/month for rent. Since I'm in my training period of becoming an appraiser, I'm only making about $200 a week, since my mentor has 3 kids and he has to provide for his family.

My dad owns a real estate brokerage but I'm not exactly thrilled about the idea of following in his footsteps, as he works extremely long days and is highly passionate about his work. He's hired 2 employees but they haven't sold a single property in the 2 years they've worked there (my father however sells a lot). I'm very interested in technology and have a desire to start a small business on the side to supplement my income until my appraisal income increases (should be within the next 12 months).

I have absolutely no idea which direction I should go in... right now I'm sitting in my apartment with no work available at this moment, but have no debt and 28k in savings so I'm not quite desperate yet. I can work part-time at my father's business as their "computer guy" as he puts it.. but part of me feels I should be getting ahead.

I'm sort of venting, but would like your opinion on my situation and any advice you have.

Thanks so much.

You need a strategic plan. Imagine your perfect world. You are running a successful technology business as the CEO. That is your vision. Now start building a timeline of things that need to happen from that perfect state backwards. Just brainstorm it. Maybe ask a small business owner to help you do this step. Eventually you will work backwards far enough to get to where you are today. That is your strategic plan. Now go execute that. Everything you do for the next 5-10 years should contribute in some meaningful way to your vision. If that means working for your dad to learn how to run a business, then do that. If that means getting a job as an intern at a technology incubator company, do that. Be bold. Be courageous. Think big. Everything is simple when you know exactly what you want.

[A-Aron1]

28k in savings is an awesome amount for only making $200/wk!! How did you do that?

[jwrbike]

Tom is right. Make a plan to get where you want to go. But while you are waiting, work. Dad's computer guy, sell real estate, or anything to keep the $'s coming in. Do not live off your savings. Keep earning so you can keep investing. Consistent investing is the key to long term success.