Why an MBA Might Not Be for You, What It Takes To Turn Your Dreams Into Reality, & More
Thursday Three: Episode 22
read time 2 minutes
Here are three interesting ideas you won’t find doom scrolling.
TL;DR
Advice: Why an MBA Might Not Be for You
Quote: What It Takes To Turn Your Dreams Into Reality
Tip: How Much Cash Should You Hold in Reserves for Your Rental Property?
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Why an MBA Might Not Be for You
One of my friends recently graduated from Kellogg Business School. I've always been interested in business school, but have always been skeptical about whether or not it's worth it. So I asked him, and here's what he told me…
Depends on the person. A lot of people think they are going to join a startup by going to business school…that’s not a good avenue if you want to take a bunch of risk.
Business school is best for people looking pivot into private equity, big tech, or banking. But it’s really not the best place for starting a company or working at a startup.
The real benefit for me was the people. The people at Kellogg were amazing. 600-700 people. Lots of time to explore things — couldn’t really do that when working full time.
Good for exploring new things like writing, meeting people, or exploring different career paths. Had an opportunity to work at a VC fund. Some people don’t have the self drive but if you do, it’s worth it.
Also came out of school with a great group of growth oriented friends.
What It Takes To Turn Your Dreams Into Reality
You can dream, create, design, and build the most wonderful place in the world … But it requires people to make the dream a reality. - Walt Disney
Walt said this about his theme parks. But it's not just about theme parks. It's about life.
You can dream up a beautiful life with a beautiful house and beautiful food and beautiful vacations.
But if you don't have people to occupy that beautiful house, eat that beautiful food, and go on those beautiful vacations, then your dream will never become a reality.
Just something to remember.
How Much Cash Should You Hold in Reserves for Your Rental Property?
It's standard for landlords set some rent aside for capital expenditures like a new roof, water heater, or air conditioning system. But let’s say — god forbid — within two months of renting your property, you have to replace your roof. You haven’t collected $10,000+ in capex to cover that expense…
So how much cash should you start with in order to cover your ass if you have some major expense pop up before you've built up some serious reserves from collecting rent?
According to this thread on Bigger Pockets, people are recommending anywhere from three to six months of PITI (Principle, Interest, Taxes, and Insurance), depending on the condition of the home, the cost of labor in your area, and the cost off materials.
For example, if your AC system is 30 years old — aka me – and you know you are going to have to replace it sooner rather than later, then you might want to set some more money aside in your reserves at the get go.
