Now, if one of your friends asked you what your dream job was – the thing you would envision yourself doing for the duration of your working life, what would your response be? Might it be a job that allowed you to earn a lot of money? You might say that money can buy you the things you want and the lifestyle you aspire to lead, but sometimes spending time doing something you may not necessarily like can have its limitations. Consider, for example, being a teacher. Now, teachers have paid leave for many weeks every year, they have half term holidays, end of term holidays, and long summers. But ask any teacher if they are in the job for the holidays, and I’m sure you will get a strict “No!” Firstly, no one would admit to being a teacher for the holidays, I guess. But teaching salaries rise year on year with experience, according to a scale – or to use the words, pay-spine – that you don’t really have to be better at your job to get an automatic raise. But it is a job that pays well, has many days off, yet you will find that there is a shortage of English teachers and many are leaving the profession. Clearly, the money is not necessarily the motivating factor.
And what about passion? If you like the job, doing what you love will give you a lot of job satisfaction. Yet will it give you the job security and the money you need away from the work? Speak to a musician in a band. In their twenties maybe playing in a band, gigging and performing to crowds is cool. But as they age and get to their forties and have responsibilities like children, the travelling and money may not be enough. So passion itself is not necessarily enough.
How does this work in a property context? Don’t be blinded by how the tales of income streams and revenues will come by easily, and you can earn lots of money doing nothing. It is a lot of hard work! You may not enjoy it, but you may tolerate it because the income would give you chances for leisure, such as scuba diving, playing the piano, travelling – or whatever else you prefer. Property management is not someone paying the mortgage on a property you own – make sure you know fully what you are getting into!