Moses Lin never imagined that strumming his guitar for $3 tips at a local coffee shop would one day lead to a six-figure income and a million-dollar net worth. But at 31, the Southern California native has done just that, blending his musical talents with an eye for real estate to create a uniquely modern American success story.
Don't Miss:
- A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.
- The average American couple has saved this much money for retirement — How do you compare?
“It was crazy,” Lin says, recalling his $70,794 earnings this past April from a combination of wedding performances and property investments. It’s a far cry from his humble beginnings and points to the changing landscape of work and wealth for millennials willing to take unconventional paths.
Lin’s primary gig as a wedding guitarist now commands fees up to $15,000 per event, he told CNBC's Make It series. Couples pay for his musical skills while footing the bill for his travel and support team. This past June saw him realize a long-held dream of playing at destination weddings in Italy’s Lake Como and Milan.
See Also: Don’t miss out on the next Nvidia – you can invest in the future of AI for only $10.
But it’s Lin’s move into real estate that has truly amplified his financial success. Taking advantage of the pandemic’s pause on live events, he purchased his first properties in Little Rock, Arkansas in May 2020. It was "one of the best decisions I’ve ever made in my life,” Lin told CNBC.
With eight buildings in his portfolio, Lin’s rental income provides a steady backbeat to his more volatile music earnings. While the roughly $2,500 monthly profit isn’t enough to live on, Lin sees the investments as long-term plays. “It's so minimal that I don't even consider it work,” he explained, noting that he spends less than an hour a week managing his properties.
Trending: This investment company boasts a 35.14% internal rate of return (IRR) for its realized projects, allowing accredited investors to earn passive returns and avoid the headaches of being a landlord.
Lin’s story raises questions about the evolving nature of careers and wealth-building for millennials. In an era where traditional paths to financial security seem increasingly out of reach for many, his multipronged approach can offer a potential blueprint for others.
Yet, Lin is quick to point out the challenges that come with his success, particularly in real estate. “How do we balance things where it’s a good financial choice, but you’re also not building an empire off taking advantage of people?” he said, grappling with the ethical implications of being a landlord in today’s housing market.
As Lin grows his music business and real estate portfolio, he told CNBC that he's also found time to mentor other aspiring musician-entrepreneurs, charging $1,500 for hourlong coaching sessions. He wishes he had access to this role when starting out, noting the lack of business-savvy mentors in the wedding music space.
With earnings of roughly $275,000 in 2024 and projections to hit $500,000 by year’s end, Lin has already achieved his million-dollar net worth goal. He credits much of his success to telling people what his objectives are, a financial and professional strategy that’s paid dividends.
As the gig economy continues to evolve and millennials seek innovative ways to build wealth, Lin’s move from coffee shop performer to successful entrepreneur offers a compelling case study of the power of diversification and the potential for turning passion into profit.
Read Next:
- Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.
- This billion-dollar fund has invested in the next big real estate boom, here's how you can join for $10.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
