Our podcast guest this week is Monika Jazyk, a mother of four who chose to stay home with her children instead of pursuing a career in education. After the 2008 financial crisis, Monika realized that she and her husband needed to do something different in order to achieve their savings goals.
In this episode, Monika discusses her journey to financial success and how she has helped her family achieve their goals.
She talks about how they changed their approach to finances after realizing that the traditional methods weren’t working for them. They decided to invest in real estate, which they felt was more achievable than they had initially thought. They also felt that this would give them a better chance to improve their financial literacy and knowledge.
They started investing in real estate by purchasing a ski condo in Blue Mountain. They had no previous experience or education in real estate investing, but they were familiar with the area and felt it was a safe investment. They did eventually add value to the property through renovations, but they didn’t know about important factors like condo fees and shoulder season vacancy rates. As a result, the condo ended up being a financial burden rather than a source of income.
Later they made the decision to purchase a property in Timmins, Ontario, based on the high rents and low prices. However, they eventually sold the property after the mines in the area closed down, leading to a loss of jobs and decreased demand for housing.
As a real estate investor, Monika is currently focused on investing in high-growth areas with strong economic fundamentals. She prefers to work with joint venture partners in order to take advantage of development opportunities and generate returns for her partners.
Monika feels that in the next few years, there will be some exciting opportunities for investors, as interest rates are expected to go down again. Those who are strategic about their investments and understand the market cycles will be in a good position to take advantage of these opportunities.
As the founder of the RPI Education group, Monika’s hope is to spread the word about wealth secrets and improve financial literacy among its members. One of the ways they are doing this is through the Wealth Immersion program, which offers resources like videos, worksheets, and group coaching.