This is the age old question for us young people. I’m 20, and half a year into my first dev job, and I’m wondering what will I leave for my children. With just a dev (Software Engineer, etc.) job in Canada you will barely ever make 6 figures. With living expenses and taxes being what they are it’s very hard to save substantial amounts of money to invest them. From what I’ve read and heard, real estate is a great way to create lasting wealth (doesn’t mean being rich), but it takes substantial initial investment and a good amount of disposable income. I’m quite interested in becoming an ML engineer who even as juniors make triple what I’m making, which might be great but getting into the (Machine Learning) industry without a degree seems impossible - maybe I’m wrong, I guess I’m here to find out - I’d wanna try… More on the topic, would entrepreneurship - as in - creating a (software) product, a service, etc. eventually generate enough revenue to begin creating a so-called “nest egg”. As a side note I am aware that it very much depends on the product and how you manage the business, my question is more on which is best to start with.
I don’t think its necessarily a requirement but it is definitely a great vehicle to take you to that goal. I think real estate investing is also really great because you get the passive income (if you buy and rent it out) as well as appreciation, and the loan gets paid down by your tenants over time. I bought my first multi-family last year and I’m looking to acquire another one this year. Since your 20 you could probably look into something like an FHA loan to get your first home for 3.5% down, ideally on a multi-family so you could rent out one of the units, and live in another one (house hack). Check out Bigger Pockets podcast, and read Brandon Turner’s book Investing in Real Estate With Low and No Money Down. Those are some things that really helped me get started!
I know it doesn’t really answer your question on entrepreneurship but hopefully that gives you a little more confidence in real estate as an option for you!
Thanks, yeah that is something I’m thinking about (in Canada it would be 5% down) for the multi family property. I will look through the Market but the prices are insanely inflated and hard to save for (not impossible) we’ll see what makes sense cause rent may not cover much…