Things Don’t Last
The first time I became aware that things don’t last forever was when “The Great One” Wayne Gretzky was traded from the Edmonton Oilers to the Los Angeles Kings.
The second time was in my own career when my employer no longer saw the value I brought to the table; it was golden handshake time. I had a great ride and have no regrets.
One door closes and ..….
The Backdoor Plan; An Exit Strategy
Even though Gretzky did not lose his job he did lose a position with a team he thought he was untouchable. Gretzky realized he needed to have a backdoor plan; an exit strategy.
How do I know Wayne was developing an exit strategy? His Dad told me.
I have never met Wayne Gretzky but meet his Dad, Walter.
Walter Gretzky is a humble guy and it was my Great Pleasure to hear Walter speak.
There was an open question section of as part of Walter’s presentation and I got to ask Walter a question.
I am a huge Wayne Gretzky fan. It is my opinion that Wayne retired too early from the NHL and his on-ice hockey career.. (Rick Harris, armchair general manager, and one-time Edmonton Oiler season ticket holder)
Gretzky retired with 2857 total points; 894 Goals and 1963 assists.
My Question to Walter Gretzky?
Walter; Wayne had 2857 total points; 894 goals and 1963 assists; his last three seasons in the NHL and with the New Your Rangers; Wayne was averaging over a point a game.
Why did he not keep playing; go for 3000 total points; he could have easily ended his career with over a 1000 goals and 2000 assists?
Walter; said he asked Wayne the same question.
Wayne’s Answer: He had a Backdoor Plan; an Exit Strategy. Wayne knew his on-ice hockey career would not last forever. Wayne retired in 1999; for you hockey enthusiasts you will agree Wayne had a Backdoor Plan; formulated a plan long before he retired.
Wayne was setting the bar again; unfortunately; I was not paying enough attention.
The Accidental Plan
In 2002 we started to purchase investment real estate but it was not a plan.
By 2005 we had purchased a couple of more investment properties; still no clear plan.
The Awakening Read
In 2006 I read a book that changed our investment real estate life; Real Estate Investing in Canada by Don R. Campbell.
The Backdoor Plan; Should You Have One?
My reference to the backdoor is in regards to computing and not your house. Having a backdoor to your home is another way out and a safe escape route which are both important; for me having a backdoor plan was there for a new beginning.
There was no crystal ball; it was time for us to have some control over our investments and investment real estate was our Backdoor Plan of choice.
I did not keep our investment real estate business a secret; just did not share with most people at work.
I had been building another method of investing and did not know that sometime in my future we would have a secure remote access to a new career.
Don’t give your day job; use your job to build a strong financial foundation; your lenders will look kindly to you securing investment real estate mortgages. Remember you are an employee.
My Great One Question for You
What going on in your life that has got your interest in investment real estate?