Podcast Summary
Quitting Your Career for a New Path: A Soul-Sucking Audit: Evaluate your current situation, identify what's holding you back, and take tangible steps towards a new path, whether it's giving back or real estate investing with no or low money down.
It's not too late to make a change in your life, even if it feels scary or uncertain. The guests on this episode of the Bigger Pockets Podcast, Tim Rhode and Pat Hyben, share their experiences of quitting successful careers to pursue new paths focused on giving back and investing in real estate. They discuss the importance of evaluating your current situation and identifying what's holding you back, or as they call it, doing a "soul-sucking audit." This episode offers valuable insights and practical advice for anyone looking to make a change, providing tools and systems to help turn abstract thoughts into tangible steps. And for those interested in real estate investing, the episode also touches on the possibility of investing with no or low money down through companies like Rent to Retirement.
Alternative ways for passive real estate income: Experienced investors offer passive income through real estate funds, data providers aid in off-market deals, and a book provides guidance on transitioning to real estate investing.
There are alternative ways for accredited or high net worth investors to earn passive income through real estate without the hassle of owning rentals. PPR Capital Management, led by experienced real estate investor Dave Van Horn, offers this opportunity through private real estate funds that invest in both real estate notes and commercial properties. For those looking to find off-market deals, PropStream is a leading real estate data provider that can help identify motivated sellers and provide accurate comps. Additionally, for those seeking guidance on quitting a current situation to pursue real estate investing, Tim Rhode and Pat Hyben's book, "The Quitter's Manifesto," offers practical steps to make a successful transition.
From Top Agents to New Challenges: Even successful real estate agents may choose to pivot into other areas of the industry or entirely new fields to find new challenges and experiences.
Even highly successful individuals in real estate, such as Pat and Tim, have chosen to pivot from their sales careers to focus on other areas of the industry and beyond. Pat, a former top real estate agent with a background in sociology and a history of jumping between various real estate companies, eventually transitioned into real estate investing, podcasting, and co-founding GoBundance. Tim, a legendary real estate salesperson in Manteca who offered Pat a job, also decided to step away from sales and became a millionaire by the age of 40 in Belize. Both individuals reached a point where they no longer found joy in selling real estate and sought new challenges, proving that success in real estate doesn't always mean a lifelong commitment to sales.
Realizing the need for personal growth: Both Tim and Pat quit their real estate careers due to a desire for personal growth and self-fulfillment, not solely based on financial reasons.
Both Tim and Pat had moments of realization that led them to quit their careers in real estate and pursue new paths. For Tim, it was the realization that he no longer wanted to sell homes and instead wanted to invest in real estate as his best client. For Pat, it was falling asleep during a listing appointment, which made him question his happiness and fulfillment in the business. Neither decision was made solely based on financial reasons, but rather a desire for personal growth and self-fulfillment. While they both had different motivations, they both found the courage to quit and figure out their next steps.
Personal experiences and practical considerations in making major life decisions: Major life decisions can be influenced by both personal experiences and practical considerations. A significant experience can solidify a decision to leave an industry, while long-term obligations and practical concerns may delay the transition.
Sometimes, experiences can lead individuals to make significant life changes in a visceral way. For instance, the speaker shared how their television real estate business led to numerous complaints from agents and sellers, causing them to have a "stop in their tracks" moment. This moment came when they could still vividly recall a potential homebuyer and her emotional connection to a property. Although the speaker had been considering a change for some time due to industry shifts and dissatisfaction, this experience solidified their decision to leave. The speaker's business situation also played a role, as they had long-term leases and obligations that prevented them from leaving immediately. Ultimately, the speaker's decision to leave the industry came after a 7-month book tour, during which they realized they no longer wanted to return to their previous role. This story highlights the importance of both personal experiences and practical considerations in making major life decisions.
Feeling stuck in a job or situation despite passions and goals: It takes courage and support to pursue new opportunities, even when it's necessary for personal growth and fulfillment.
Sometimes, despite the comfort and security of a job or situation, it may not align with our passions and goals. This disconnect can lead to feelings of unhappiness and a sense of being stuck. The fear of the unknown and the desire for stability can prevent us from making a change, even when it's necessary. It takes courage and support from others to take the leap and pursue new opportunities. The journey may not be easy, but the potential rewards can be significant. It's important to trust in ourselves and our abilities, and to have faith that new challenges and experiences can lead to personal growth and fulfillment.
Evaluating Job Satisfaction with the Soul-Sucking Meter: If respect, prospects for growth, and overall job satisfaction fall below a 6 on the soul-sucking meter, consider exploring new opportunities to increase fulfillment and success despite fear of the unknown.
Everyone experiences fear and self-doubt when considering making a major life change, such as leaving a job. For David, the fear of failing in real estate sales kept him in a soul-sucking police job. However, with the encouragement of trusted mentors, he gained the confidence to take the leap. The soul-sucking meter, a tool used to assess job satisfaction, can help individuals evaluate their current situation and determine if it's time to quit. If the respect, prospects for growth, and overall satisfaction fall below a 6, it may be time to explore new opportunities. The fear of the unknown can be daunting, but with proper preparation and support, making a change can lead to greater fulfillment and success.
Taking calculated risks for long-term growth: Consider the fear of losing stability, but weigh it against potential for better fit and fulfillment. Take calculated risks and focus on long-term growth to successfully transition from one opportunity to the next.
Quitting a job can be a daunting and emotional experience, but it's important to consider the long-term fit and potential for growth. Using the metaphor of trapeze swings, the authors encourage readers to take calculated risks and trust that they'll be able to grab onto the next opportunity. The fear of losing stability, such as health insurance, can be a significant barrier, but it's essential to weigh that against the potential for finding a better fit and greater fulfillment. The worst-case scenario may seem dire, but upon closer examination, it's often less catastrophic than imagined. The process of contemplating failure can help individuals assess their current situation and make informed decisions about their future. One example of this trapeze swing approach is seen in the story of Rob, who overcame his fear of losing health insurance to pursue his passion for real estate. Another example is David, who built his real estate team, invested in bigger opportunities, and maintained a safety net to catch him if he fell. By taking calculated risks and focusing on long-term growth, individuals can successfully transition from one trapeze swing to the next.
Embrace career transitions, find joy and financial success: Adapt and take calculated risks to find joy and financial success in your career transitions
Career growth involves taking risks and trusting yourself to let go of one opportunity and embrace the next. Pat shared his personal experience of several career transitions, from real estate to coaching, to working with athletes, and eventually to Real Estate Rock Stars and investing in apartment buildings. While some ventures didn't work out, he learned from them and moved on. The key was identifying what brought him joy and financial success. When he started Real Estate Rock Stars, he felt he could make a difference and make money at the same time. Only when he stopped making money and lost enjoyment did he decide to quit. Some of his current 47 income streams were not present during his career transitions, but his ability to adapt and take calculated risks led him to where he is today.
Discovering what brings joy beyond financial stability: Realizing human connection is essential for happiness, keep moving forward in life's journey, and find what resonates to bring lasting joy.
Investing in real estate or any other venture for financial stability alone can be unreliable and may not bring lasting joy. Instead, it's essential to discover what truly makes us happy and fulfill our needs, whether it's people, experiences, or personal growth. The speaker shared his experience of realizing his need for human connection during the COVID-19 pandemic and how he found joy in connecting with people through Gobundance. Life's journey is not always clear-cut, and it may involve trying different opportunities and jobs before finding the right fit. The key is to keep moving forward and not get discouraged by the messy or ugly parts of the journey. Ultimately, finding what resonates with us and brings us joy is the foundation for a fulfilling life.
The importance of like-minded individuals for happiness and success: Surrounding oneself with like-minded individuals offers encouragement, advice, and a sense of community, contributing to personal growth and success.
Having like-minded people in your life can significantly contribute to your happiness and success. The speaker shared his personal experience of how the encouragement and support from successful individuals helped him quit his job and pursue his passions. He emphasized that while financial stability is important, the social and personal component is equally significant. The speaker also acknowledged that despite appearances, achieving success involves overcoming numerous challenges and failures. Therefore, surrounding oneself with individuals who can relate and offer support is crucial for growth. The speaker's story highlights the importance of building a network of like-minded individuals who can provide encouragement, advice, and a sense of community.
Overcoming fears and finding peace of mind: Evaluating life priorities and addressing fears can lead to greater happiness and fulfillment. Tools like SimpliSafe can help alleviate home security concerns, while the 'soul sucking audit' can identify areas for personal growth.
Having peace of mind and addressing your concerns can significantly improve your quality of life. Rob shared how his fear of leaving his home unsecured held him back for months, but with the help of SimpliSafe home security, he can now travel without worry. Similarly, investing time and energy into evaluating one's life and prioritizing what truly matters can lead to greater happiness and fulfillment. Tools like the "soul sucking audit" can help individuals identify areas where they're not quitting and encourage them to make positive changes. Overall, taking steps to alleviate stressors and focus on what brings joy can lead to a more contented and purposeful existence.
The power of a strong support system: Having a team of loved ones, partners, mentors, and coaches increases chances of success in major life changes. Fear is natural, but calculated risks with a solid team can lead to a more fulfilling life.
Building a strong support system, including loved ones, partners, mentors, and coaches, significantly increases the chances of success when making a major life change, such as quitting a job or starting a business. Financial stability is important, but having a team of people who believe in you and can provide guidance and practical advice is crucial. For those who know they're unhappy with their current situation but struggle to take the leap, this book is for you. It's a reminder that fear is a natural feeling, but taking calculated risks and having a solid team behind you can lead to a more fulfilling and meaningful life. As the saying goes, "You can't do it alone."
A tactical guide with specific steps to achieve goals: Accept risk, write out plans, build a 'plane' before quitting, and don't abandon hobbies without a worthy replacement.
The book "Quitter" by Jon Acuff is not about strategy or inspiration, but rather a tactical guide with specific steps to help you achieve your goals. The author emphasizes the importance of accepting risk and not quitting hobbies unless you have a replacement that brings equal or greater joy. From a personal finance perspective, Acuff shares his regret of not consistently investing in real estate during a particular decade when it would have significantly paid off. Overall, the book encourages readers to write out their plans, build their "plane" before jumping off the cliff, and not quit on their goals or hobbies without a worthy replacement.
Hobbies that bring joy and fulfillment: Successful investor Pat finds happiness in working out, hiking, and managing finances. The author's book inspires readers to quit unfulfilling jobs and pursue passions.
Pat, a successful real estate investor, has three hobbies that bring him joy and fulfillment: working out, hiking, and counting his money. These hobbies not only provide personal satisfaction but also serve as sources of motivation and pride in his accomplishments. The book "Quit Like a Millionaire" is for anyone who has ever woken up on a Monday morning and dreaded the start of the work week. By sharing his own experiences and providing practical steps, the author aims to inspire and empower readers to quit their unfulfilling jobs and pursue their passions.
Identifying the right moment to pursue a passion project: Self-reflection and recognition of emotional and physical exhaustion are crucial in deciding to quit a job and pursue a passion project.
Identifying the right time to quit a job and pursue a passion project requires self-reflection and recognition of emotional and physical exhaustion. As shared by the guest on the podcast, he was a new dad working full-time during the pandemic, which added to his stress and made his schedule overwhelming. Despite earning more from his consultation business than his day job, he was physically and emotionally drained. It took the encouragement of industry leaders for him to make the leap and quit his job. The emotions leading up to the quit were anxiety and exhaustion, which eventually gave way to relief and excitement for the new chapter ahead. The guest's experience serves as a reminder that identifying the right moment to pursue your dreams requires careful consideration of your emotional and physical well-being.
The cost of commitment and dedication: Evaluate personal and emotional costs of commitment before sacrificing well-being for financial security. Open to new opportunities for long-term happiness.
Commitment and dedication to a career or goal can lead to significant success, but it's important to evaluate the personal and emotional cost. The speaker shares his experience of being deeply invested in law enforcement, striving to be the best, and making good money. However, he realized that his soul was dying due to the negative work environment and deteriorating relationship with the community. He was terrified of leaving due to the financial security, but eventually made the decision to pursue real estate. Now, he reflects on the emotions of his past and is grateful for the advice from mentors that led him to his current success in real estate. Ultimately, it's crucial to consider the long-term impact on one's well-being and be open to new opportunities.
Stepping out of comfort zones and facing fears: Facing fears and setbacks are natural parts of growth, and progress, no matter how messy, is still progress.
Growth and progress in life often involve stepping out of comfort zones and facing fears. These experiences can serve as reminders of past risks and accomplishments, motivating us to continue making jumps in our personal and professional lives. However, the journey towards growth is not always smooth, and setbacks and mistakes are inevitable. It's important to remember that everyone is dealing with their own challenges and that progress, even if messy and difficult, is still progress. Quitting or letting go of something that feels scary can be a necessary step towards growth, and the fear and apprehension are a natural part of the process. Ultimately, the hardships we face and the progress we make contribute to our sense of pride and satisfaction with our lives.
Find an investor-friendly agent for financial freedom: Connect with local market experts through BiggerPockets Agent Finder for guidance in real estate investing, neighborhood analysis, and confident decision-making.
Real estate investing requires persistence and time commitment. Despite market fluctuations, the ultimate goal remains the same: financial freedom. Timing the market perfectly is not essential; instead, focusing on time in the market is key. To navigate the process effectively, finding an investor-friendly agent is crucial. With BiggerPockets Agent Finder, investors can easily connect with local market experts who can help analyze neighborhoods, numbers, and take confident action. Remember, investing in real estate involves risk, so it's essential to consult with qualified advisors before making any decisions. Visit biggerpockets.com/deals to find your investor-friendly agent and get closer to financial freedom.
