Balancing Family, Life, W-2, and Real Estate. How Does She Do It? with Aileen Prak

Passive Wealth Strategy Show - Real Estate for Busy Pros

Have you ever felt overwhelmed balancing family, work, and ambitions to build wealth through real estate investing? How does one give adequate time to their family, refine investment strategies, and still achieve their financial goals?

In this episode, Taylor welcomes Aileen Prak to discuss balancing life, family, work and real estate investing. Eileen shares her experience setting priorities and goals and refining the investment strategy with her husband. She talks about managing multiple family, work, and investment commitments, including building a network of connections, creating relationships, and setting small goals. She also explains how two partners with different skill sets can successfully work together to achieve their goals through communication and compromise.

Tune in for an insightful conversation on maintaining balance while building wealth!

[00:00 - 06:12] Balancing Life, Family, and Real Estate Investing

• Focus on the importance of time and how to spend it
• Set priorities, goals and delegate responsibilities
• Invest in multifamily apartments outside of your comfort zone
• Leverage the experience of a sponsor to learn and be passive investors

[06:13 - 11:26] Leveraging Strengths and Weaknesses to Achieve Goals

• The power of leveraging off each other's strengths and weaknesses
• Having a support network for help with kids and other tasks
• Identifying individual strengths and weaknesses
• Communicating effectively to divide and conquer tasks
• Creating a division of line between what is enjoyed doing and what is good at doing

[11:27 - 19:31] Navigating Business Goals Together

• Set goals based on family and overall life quality
• Break down goals into smaller steps
• Handle disagreements by understanding each other's perspective
• The end goal is the same, but how to get there may require compromise

[19:32 - 24:07] Achieving Financial Independence and Spending Time with Family

• Don't forget why you are doing it in the first place
• Grow business to have time freedom and be able to spend it with kids
• Expose kids to real estate without limiting beliefs
• Enjoy current job and make a decision when one of them wants to leave

[24:08 - 29:40] Closing Segment

• Best investment: first house bought
• Worst investment: a property with high deferred maintenance and low market value
• The most important lesson: always walk away from a bad deal

Quotes:

"I wanted to gain more time and freedom to spend more with my family, not be dependent on that W-2, and have that choice to continue working because I wanted to, not because I had to." - Aileen Prak

"If you can overcome those limiting beliefs, you can get there and start so much quicker without having to feel like you're not enough. And you totally are, but you need to start making the right moves and start getting outside of your comfort zone, networking with other people." - Aileen Prak

Connect with Aileen!

Website: https://bonavestcapital.com

Podcast: How Did They Do It? Real Estate

Apply to Invest with Taylor at www.investwithtaylor.com

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