Someone asked me if I would have a property manager if I lived 5 minutes away from my rental property instead of across the Atlantic from it.
Yes, of course I would!
You have two types of time in your life: Free and Taken. Taken time is the one consumed by tasks required to maintain the current condition of your life. You need a job to pay the bills, you need to take the garbage out to avoid living in toxic waste. This time is, in the long run, a waste, because you get nothing from it other than surviving.
Now, free time is more interesting. You can use it as you want, you can binge on all TV shows or you can use it for growth: learn a new skill, buy a new property, create a new business, work a few extra hours for savings.
Only during free time you can really create the compounding growth that leads to financial independence. If you are not familiar with compounding interest, I’d recommend you read about it, but long story short, small changes in investment now, bring big changes in the future.
Based on that, one should maximize the amount of growth time, even if it costs money, because in the long run, it makes money.
To put it in concrete terms, I’d rather have 1 extra free hour per week to figure out how to buy my new property, than ditch the property manager and make 10% more per month… because an extra property is much more wealth than 10% of extra revenue in one.
My end goal is to reach the point in which I could permanently leave on holidays on a beach and my life would just work, because all responsibilities will have someone assigned to them that gets paid to fulfill them, not because I want to live on permanent holidays, but because I want to live in 100% growth.
One clarification: a job that lets you save money is part maintenance, part growth time.
