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I have this twitter account that I completely forgot about. If I Google my name it’s the 5th search result and I’ve only used it a few times. I stumbled upon it just recently though and it motivated me:
When I created this the only thing I possessed were dreams and ambition-- I was dead broke and had a bunch of student debt… Fast forward 6 years. I’m 29 years old and there are 262 days until my birthday!
Up to this point (there’s a small story in my below post, I wanted to make this a short intro though, feel free to read if you like) I’ve created enough monthly cashflow through rental properties to pay for all of my expenses. This could technically be called “financial freedom”, however, it doesn’t allow me the freedom to pay for other things like trips and other spending on myself…. I call the stage I’m at “financial independence”.
I’m posting in this thread to keep me accountable mostly, and also update on what I’m doing to achieve the next goal of Financial Freedom... before I hit my Dirty 30's!
262 Days to go:
BREAKDOWN:
Recurring Monthly Payments:
Cadillac: $652
Internet: $100
Gym: $53
Utilities: $100
Auto insurance: $135
Gas: $250/mo
Groceries: $340
Restaurants: $250
Other food & Drink: $200
Rent: $500/mo (I currently rent a condo in my city w/ my girlfriend for $1000/mo)
Bank Fees: $19.45
Overall Monthly Expenses: -$2,599.45
Monthly Cashflow: (I calculate this by adding up all my monthly rental income and subtracting monthly amounts for Mortgage, Taxes & Insurance. ) : $3,791
NET INCOME: (after what it costs for me to live an average month minus my expenses): $1,192/mo
My goal is to reach a net income of $3,000/mo. This would allow me to travel abroad (if I did go abroad I would have more money available due to not buying food, gas, etc where I live) or to or take a couple short trips every month if I desired.
THE PLAN:
MY plan is to minimize as many monthly recurring expenses I can and maximize my (mostly passive) income by buying more rental properties.
How?
My (slowlane?) job is as a Realtor in my city. I make quite a healthy income and will not take my foot off the pedal in this until I've reached my goal. I'll be focusing on earning as much income as I can as a Realtor, maximizing my income with my current rentals, and trying to minimize as much of my recurring payments as I can.
Won't be posting every week as I often get in the zone with work, will try to keep it updated though.
When I created this the only thing I possessed were dreams and ambition-- I was dead broke and had a bunch of student debt… Fast forward 6 years. I’m 29 years old and there are 262 days until my birthday!
Up to this point (there’s a small story in my below post, I wanted to make this a short intro though, feel free to read if you like) I’ve created enough monthly cashflow through rental properties to pay for all of my expenses. This could technically be called “financial freedom”, however, it doesn’t allow me the freedom to pay for other things like trips and other spending on myself…. I call the stage I’m at “financial independence”.
I’m posting in this thread to keep me accountable mostly, and also update on what I’m doing to achieve the next goal of Financial Freedom... before I hit my Dirty 30's!
262 Days to go:
BREAKDOWN:
Recurring Monthly Payments:
Cadillac: $652
Internet: $100
Gym: $53
Utilities: $100
Auto insurance: $135
Gas: $250/mo
Groceries: $340
Restaurants: $250
Other food & Drink: $200
Rent: $500/mo (I currently rent a condo in my city w/ my girlfriend for $1000/mo)
Bank Fees: $19.45
Overall Monthly Expenses: -$2,599.45
Monthly Cashflow: (I calculate this by adding up all my monthly rental income and subtracting monthly amounts for Mortgage, Taxes & Insurance. ) : $3,791
NET INCOME: (after what it costs for me to live an average month minus my expenses): $1,192/mo
My goal is to reach a net income of $3,000/mo. This would allow me to travel abroad (if I did go abroad I would have more money available due to not buying food, gas, etc where I live) or to or take a couple short trips every month if I desired.
THE PLAN:
MY plan is to minimize as many monthly recurring expenses I can and maximize my (mostly passive) income by buying more rental properties.
How?
My (slowlane?) job is as a Realtor in my city. I make quite a healthy income and will not take my foot off the pedal in this until I've reached my goal. I'll be focusing on earning as much income as I can as a Realtor, maximizing my income with my current rentals, and trying to minimize as much of my recurring payments as I can.
Won't be posting every week as I often get in the zone with work, will try to keep it updated though.
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