I wouldn't advise anyone to do it and I stress the importance of a good education,but In my case I really believe it helped me get ahead financially.
I've always been an independent person,maybe it comes from being an only child,I don't know.I've always hated to be told what to do and how to do it.In my teens (I'm 40 now) I really didn't have a care in the world and didn't think much about the future,I just knew that somehow I would make it.I packed my bags and moved to the beach,where I truly wanted to be and still reside today.The jobs were seasonal and paid just enough to get by.I really didn't have my priorities in place at the time,living for today and never thought about tomorrow.One day I found myself in a dire situation,unemployed and flat broke.It was a terrible feeling,fearing that I would have to move away from a place that I love.I swore that if I ever got out of that situation,that I would never let it happen again.Fortunately I found another job and started to get my feet back on the ground.
At the age of 22,I realized that if I really wanted to get ahead in this world and live on this beach with my educational background,I was going to have to think outside the box.I started working harder and living below my means.I started a saving money and by 1999 I had enough for a down payment on a home that I purchased for $55,000.My goal was to pay this home off as quickly as possible,which I did.We all know what happened to RE prices during the upcoming years.In 2003,I took out a HELOC on my primary residence to pay off a small balance on my first mortgage and fund the 10% down payment to purchased another house and vacant lot.When I closed the deal,I had roughly $80,000 instant equity in the house and lot combined.Today the equity is roughly $175,000!Over the next couple years,I worked hard and focused on paying off the HELOC on my primary,which I did in 2006.I purchased another home and vacant lot in 2005 at a steep discount and plan to have it paid off in a couple of years.To make a long story short,I have 2 rentals that cash flow,and a primary residence and two vacant lots that are paid for.My net worth has grown from $18000 in 1999 to over $430,000 today.I work for myself at my leisure and continue to live below my means.I continue to save and look for investment opportunities.
No matter what you situation may be,don't ever let the naysayers get you down.You can beat the odds with a positive attitude,determination and will power.Things happen for a reason.The bad experiences in my life,helped make me who I am today.
Last edited by Get Real on Tue Dec 09, 2008 7:09 am, edited 2 times in total.