Five Friends Who Saved $50 a Week for Two Years Just Purchased Their First Investment Property
Najee Hannigan, a 26-year old entrepreneur from Philadelphia, encouraged his friends and cousins to put aside $50 a week so that they could all collectively invest in something big. Two years later, they have successfully accumulated enough money to purchase their first own real estate property.
"If you want to go fast, go alone. If you want to go far, go together." This is the African proverb that Hannigan thought of when he talked to his two younger cousins, Meqai Herder and Ahmid Hill, who are both 23-years old, and his two long-time friends, Tyree Harvey and Darius Jacobs, who are both 26-years old, about a business proposal in hopes to change their lives as well.
In 2017, Hannigan thought that it was a great idea for each of them to save $50 a week or $200 a month and the money they put together could be used to purchase an investment property. "The most challenging part was getting them to understand that time is going to pass regardless, we can invest in [ourselves] or continue to let time pass us by," Hannigan told Because of Them We Can.
Together, the group saved enough money within two years and they have recently bought their first property which they plan to restore before renting it out. They have also established a property management company with hopes to acquire more properties in the future.
Hannigan, who is also a founder and co-owner of the childcare center Extraordinary Scholars Academy, was thankful that his friends trusted him fully despite their doubt at first. He believes trust is the foundation that made their plan into fruition.
"Find people you trust and never give up. Don't argue about dumb stuff and always think of the bigger picture. Giving up something like cable or clothes for a year or two can put you in a position to have it [for] a lifetime."
As for the five friends, they always think of what could happen if they would stop with what they have already started and used it as motivation.
"We knew that if we gave up at any point that we would end up like everyone else, stuck..."