Venkatesh Rao

Miami isn’t the next tech hub. It’s surrounded by a swamp. Construction costs are insane because of hurricane codes. Vacant land doesn’t exist. Property insurance has risen on average 20% per year for 5 years. Plus it’s hot AF. Ever been there in July?

Starting a business isn’t right for everyone. 95% of folks are better off getting a job. It’s hard AF. Decisions are critical and plentiful. Risk is for real. Stress can be crippling. Delegation can be impossible for poor communicators. Most folks don’t have what it takes.

Technology isn’t as far along as the media makes you think it is. We’re 5+ years away from autonomous vehicles. Alexa still can’t play the song I want 25% of the time let alone make decisions and “learn”. Robots fall on their faces when they aren’t on perfectly flat ground.

Real estate isn’t a good place to start. It’s terrible at generating wealth compared to other forms of entrepreneurship. Rich parents or a bankroll of your own? Sure. Everyone else? Start a biz or make money some other way. The odds are much better.

More on RE because this is important. Early in your career you need to double and triple or create cash from nothing. That’s hard AF to do in real estate. It’s good at growing your wealth over a lot of TIME. Early on you don’t have time. Do something else.

Don’t “just buy that first property”. I hear this so much but it makes me angry. Assets are overpriced AF right now and yield is tight. Overlevering right now is very risky. Look for cashflow, not appreciation. Cashflow is TIGHT out there right now.

Chasing your passion is a bad idea. And it’s the best way to end in heartbreak IMO. If you’re passionate about it so are other people. It’ll be competitive AF. You’re more likely to make emotional (and bad) decisions. Chase opportunity now and your passion later.

Getting rich quick isn’t possible. The media tells you the stories of the overnight successes. But that’s all bullshit. It gets clicks but it doesn’t work that way for 99.99% of successful folks.