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in Money Mindset | Mental Health · April 2, 2021

Why I Quit My Side Hustle

Back in July 2018, I started my first official side hustle, Moonstone Accounting. An accounting firm providing tax and bookkeeping services to small solo-preneur businesses. This was at a time where I desperately wanted to get out of the 9-5 life at any cost. I thought “I am an accountant, why not?”

So I did it. I opened a company and began marketing my services. I had no idea what I was doing because being an accountant and being the owner of an accounting firm are two different things.

In the first year, I didn’t really do much with it, but in the second year, business surprisingly picked up.

This was probably because I spent a considerable amount of time experimenting with Social Media, networking and trying out all types of marketing programs and what not.

I kept getting referrals and it was great.

I learned a lot and I met amazing people in the process, but soon after I started realizing that I wasn’t really enjoying the process. I figured it had something to do with the fact that I was tired from working both my 9-5 and the side hustle.

Then, in May 2019 we bought our first investment property, the Duplexes. That project didn’t immediately pick up because the units were occupied so the rehab didn’t start until late August of 2019.

Once the rehab project started, I began to realize that I dreaded switching focus to the accounting biz. I continued to blame the lack of motivation to just being tired, but I quickly realized this dread didn’t apply to the real estate business.

When we were working on the duplexes, I was immersed in it. I loved it even when I was exhausted and grumpy. It was a dream come true and I could go on day and night.

By the end of 2019, I already knew that the accounting business was no longer what I wanted, but I didn’t know how to get out of it. I felt like I had an obligation to my clients and also was terrified “What would people think?” “Will they see me as a quitter? Unreliable?”

This was also at time where I was going through serious health issues, physically and emotionally. Then in February 2020 the miscarriage happened during tax season and I began to resent Moonstone Accounting even more.

We live in a society where “keep hustling”, “work hard or go home”, “work now, play later” and I let that drive my life. I felt like I needed to keep pushing even if it didn’t feel right. Maybe there was a light at the end of the tunnel.

I now know this concept of pushing yourself to the limits is nonsense! It basically almost killed me with anxiety and depression. Having a 9-5 job, and 2 side hustles was not sustainable for me.

You can tell me that your Uncle Sam had 5 jobs while going to med school and never missed a workout. Good for him, but that’s 90% not the case with most people.

Even after having a mental breakdown, I kept at it and tried to stay positive. I mean, that’s what you are supposed to do, right? However, it slowly began to consume my energy. I felt trapped. It was a constant struggle between what I wanted vs. what I thought I needed to do.

I began looking for ways to make the accounting biz work and at moments, it felt doable. I tried outsourcing, automating, etc. I even hired a business coach to help me set up the systems I thought I needed to make the side hustle work. Only to realize that I was trying so hard to sustain something that made me miserable. So yes, I paid a good chunk of money to be told what I knew deep inside. To be honest, it was the best money ever spent. I’d probably be forcing myself to continue something that didn’t make me happy just to please others. My coach helped me see that there were many other opportunities that would make me happier like launching this blog.

It is now April 2021 and the end of 2020 tax season. I am pretty much closed for business. I still have few things to wrap up, but just the thought that it is coming to an end, makes me feel liberated. The irony of this is that I had the keys to set me free all this time.

It was a great learning experience and I don’t regret any of it, but my calling has been real estate since I first worked as property manager back in 2011. Now I know this with certainty.

The constant struggle to get new business is not my cup of tea. In real estate, I have more control of the income I bring and it’s overall more consistent. On the first of the month, you can expect to see incoming rent money.

The plan now is to focus on growing my 9-5 income and taking advantage of my steady W2 income to grow our real estate empire so that someday, these properties work for us while we are in some beach drinking margaritas.

Some people will still talk and judge me for giving up. Maybe some will resent me for not being reliable, but in the last few months of focusing on my mental health, I’ve learned that putting the needs of others before my own is not healthy or sustainable.

And with this, I am closing one chapter of my life and I am super excited for the next one.

Thanks to all of you who supported me through this journey. You have no idea how much I appreciate you.

This post may contain affiliate links. I may get commissions for purchases made through links in this blog.

Previous Post: « Why we sold our Duplexes and how it turned out.
Next Post: If I had known what I know now… »

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New Blog Post 🚨 In this week’s blog post I am New Blog Post 🚨 In this week’s blog post I am going over why we bought a short-term rental, our experience so far. Plus what we did prior, during and after purchasing our first short-term rental in March 2022, a Cabin in Blue Ridge, GA.

Check it out at www.beyondjustnumbers.com or link in bio @beyondjustnumbers
I can’t stress this enough. Some investors are l I can’t stress this enough. Some investors are looking to make money from day one, but that’s not always the case. It wasn’t for us and I’ve talked to a lot of rookie investors who have told me “Thank God I have my personal finance situation together.” 

This is just my opinion. Do you agree? Let me know in the comments!

Want to join a free community of like-minded individuals? Join our REI Coffee Chat Community where we talk real estate investing, personal finance and financial freedom, and much more! Link in bio @beyondjustnumbers

Want to learn more about investing in real estate? Read my blog www.beyondjustnumbers.com

#realestateinvesting #realestateinvestor #creativefinancing #investmentproperty #buyrealestate #firemovement #debtfreejourney #financialindependenceretireearly #rentalproperty #investinginproperty #personalfinanceblog #wealthbuilding #planforretirement #investorlife #livefree #airbnb #moneyisfreedom #enjoythejourney #reicommunity #realestateinvestments #shortermrentals #cashflow #realestate
I used to think that investing in real estate was I used to think that investing in real estate was for the rich. I became in love with real estate while working for a real estate investment company that owned hundreds of units. This was back in 2011 and I was 20 years old at the time. I had less than 5 years permanently living the US, so I had no idea about anything. I grew up in Colombia and the only talk of money we ever had was the lack of it. 

The investors I worked for were a wealthy family, so naturally, I thought… Real Estate requires wealth. I don’t have wealth. Therefore, I cannot invest. 

I figured… well shit, I need become wealthy so I can invest in real estate. Eventually, after educating myself I realized how wrong I had it. You can build wealth BY INVESTING in real estate.

Took me a couple of years to figure it all out. Hence, why I didn’t start investing until 2019. I wish I had figured out earlier, but it is what it is. In just 3 years of investing in real estate, I was able to accumulate more wealth than I ever thought possible. 

Just to give you an idea…Did you know you could invest in real estate with as little at 3.5% of the purchase price? For a $150,000, that’s only $5,750. Buy a duplex that needs a little bit of work, fix it up, rent one side and live in the other. This will reduce your monthly expenses significantly, save the money and do it all over again.*

Of course it’s not that simple, but it’s also not that difficult. There are some particular steps and considerations which is  why I recommend doing further reading on the subject. 

Book Recommendation:
✅“The House Hacking Strategy” by Craig Curelop and ✅“Investing in Real Estate with No (and Low) Money Down” by Brandon Turner. 

#realestate #realestateinvesting
🚨 New Blog Post! Continuing the “Getting Star 🚨 New Blog Post! Continuing the “Getting Started in Real Estate Series” 

You’ve found a property either on your own or through a realtor, you’ve run your numbers, you’ve got a lender and now you are ready to make an offer. What’s next?

In this post I want to discuss a few items:

✅Key components of a real estate contract
✅How do you make a compelling offer to ensure you get the property you want
✅The main contract contingencies and how they work
✅Communicating with your realtor

I also provide real examples of what we have done personally. 

Check it out at www.beyondjustnumbers.com

Let me know what you think!
If I listed all of the hats, I’d never end 😂. If I listed all of the hats, I’d never end 😂. Anyone else? Show me the multiple hats you wear and tag me. Let’s have fun with some reels.

Trying to get good at the real game like @investinginyourwealth. How did I do?
The fact that you are not where you want to be doe The fact that you are not where you want to be doesn’t mean you won’t get there. Greatness takes time. Focus on what you control.

And remember, it’s okay to pivot.

#mindset #realestate #firemovement #realestateinvesting #realestateinvestor #rentalpropertyinvestor #rentalproperty #cashflow #motivation #financialfreedom #financialindependence #financialindependenceretireearly
We see a lot of advice around hiring a real estate We see a lot of advice around hiring a real estate friendly CPA. However, when you look up  CPAs that specialize in real estate, they can be pricey.  However, that doesn’t mean that other CPAs or tax professionals aren’t good. They might not be particularly aware of certain items, but they can research and collaborate with theirs peers. Perhaps it may require you to do a little of work to compensate. Things you can do:
✅ listen to The Real Estate CPA podcast or join the Facebook group
✅follow social media accounts of the pricey Real Estate CPA and take notes of what they are saying
✅attend free educational events 
✅read BiggerPocket book on Real Estate taxes 
✅if you know anyone working with a really good Real Estate CPA firm, ask them what they are doing

Then use that to go your CPA or tax professional and be like “Hey, is this something we can do for me?” They’ll probably say, “Let me look into it”. 

If they are good, they are going to research it and/or ask their CPA peer group. (CPAs and tax preparers also have Facebook groups where they collaborate with each other).

Here is a piece of advice, if they tell you “No, we can’t use this loophole or no, you don’t qualify to use this strategy” —> Ask WHY and “How can I qualify in the future?.” This way you confirm they did their homework and aren’t just being lazy. Don’t just take no for an answer. You can then get a second opinion by asking a question in a forum or to your peers.

So don’t panic if you don’t have a real estate CPA or tax professional. 

Next video I’ll be answering the question… “Can I skip the tax professional altogether and do my own taxes?”

#realestate
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