Feedback on my plan please **Warning: Long Post **

[encsteph]

Hello all,

Here is my plan to get out of the Rat Race. Please let me know what's missing, what should be added, what is total B.S. and/or anything else you feel might help me out.

A little background:

I’m 37 years old, an IT Professional who is currently in search of a new position due to being laid off on 10/19/07. I have a beautiful supportive wife and two really awesome kids.

My parents instilled in me the desire to own my own business for which I thank them (and curse them) daily! Over the years I have tried MLM, a web design business, a used bookstore business and a few other unmentionables. Unfortunately, each venture failed mostly due to a lack of capital, a lack of a cohesive plan or a lack of cojones on my part!

I am about $15,000 in CC/personal loan debt with about $0 in savings so I am starting from scratch. I am developing my plan now to achieve my freedom and the freedom of my family.

Since I don’t have any money to speak of to start investing in real estate or paper assets I have decided to start a business to help me pay off my debt, save some money and seed my REI and Stock companies. I have lots of experience in the IT field including but not limited to web design so I am going to start a business that has two main focuses:

• Local IT Services – Network installation, hardware install and repair, software install and upgrade as well as database design, web design, web development and web hosting.
• Affiliate Programs – I have a website that I started about 2 years ago just because I loved the topic and have had lots of experience in the area and decided to throw a couple of Adsense blocks on some of the pages just to see if it would eventually pay for the web hosting. I haven’t looked at the site in about a year but it’s steadily bringing in about $50 a month profit! So I have an idea about putting together some sites based on some of my other interests as well as some other topics that friends and family have interest in and run some Adsense and maybe some other affiliate programs on them and see what kind of income they produce.

If/when I find a “decent†full-time job I will probably have to take it financially but I will still continue to build my business even if it means curtailing the local IT services except for the web design aspect and concentrate most of my time in the affiliate arena.

My plan calls for spending the next 20ish months working the job and the business to pay off all the debt, pocket $15k emergency fund and build some seed money for my other two ventures. 20ish months because I have decided that I want my goals/milestones to fall on my birthday which is Sept. 19. So my first “major†goal is:

By September 19, 2009 through paying myself first and my online business I will have paid off all $15,000 of my personal debt, I will have $15,000 in a Money Market Account and I will have at least $10,000 for each of my other businesses.


Once I have achieved this goal I plan on completing the assembly of my team of advisors and starting two businesses: 1) A Real Estate Investment Company and 2) A Portfolio Investment and Management Company with the seed money. I will use these two companies to invest in real estate and paper assets to build my passive income. So my next major goal is:

By September 19, 2010 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $1,000 of passive income from EACH of the companies.

Next:

By September 19, 2011 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $5,000 of passive income from EACH of the companies.

Finally:

By September 19, 2012 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $10,000 of passive income from EACH of the companies and I will completely retire from the “Rat Race†at the ripe old age of 43.


I have always been taught that the only way to succeed when setting goals is to write them down and then break them down into yearly, quarterly, monthly, weekly and finally daily goals. I am still in the process of doing the breaking down part and putting dates on the smaller chunks but here is a list of things I have committed doing and now am just putting them in the right order:

• Change BS-IT program to BS in Business with a Concentration in Finance

• Self-Education Program
  • Read All Rich Dad books
  • Read Sound Mind Investing
  • Read all books on Rich Dad Recommended list
  • I have begun reading 50 pages a day to accomplish this goal
• Learn about what is happening in Real Estate, Business and Stock Worlds
  • Subscribe to 1-2 periodicals that cover these aspects and read them
• Start IT Services/Web business
  • Create appropriate business entity (get some help on this)
  • Increase revenue from NJcampinginfo.com
  • Work with existing client
  • Advertise locally for IT services clients
  • Define online affiliate sites and build
• Build team of advisors when appropriate
• Start Investment Properties Company
• Start Portfolio Management Company
• Pay off $15,000 in CC/Unsecured debt
• Save $15,000 for emergency fund
• Attend REIA meetings monthly
• Play Cashflow 101 & 202 monthly

Thanks in advance.

Eric

 

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[phlgirl]

Gostv ug emm, duphsevamevoupt! Katv veloph vji voni vu xsovi uav zuas huemt/qmept epf qutv vjin qacmodemmz ot e hsiev gostv tviq, op nz uqopoup.

O vjopl zuas ofie ug deqovemoboph up zuas iyotvoph tlommt, vu tvesv, ot tnesv. Cuvj vji denqoph xictovi epf vji OV duptamvoph esi dupdiqvt xjodj siraosi wisz movvmi tvesv-aq nupiz us qsiq voni, xjodj ot ofiem op zuas tovaevoup.

O en gsun zuas esie epf lpux jux quqames denqoph ot op PK. O vjopl zua jewi e hsiev tovi peni epf og zua dep liiq ov dassipv epf eff siwoixt ug nepz nusi mudevoupt op PK, O vjopl ov duamf ci e jahi jov.

Et gus vji OV duptamvoph xusl.... O jewi ciip vszoph vu dupwopdi e gix iy-dummiehait ug nopi vu fu tunivjoph moli vjot gus uwis e zies pux! Xjip O migv Dusq Enisode, O siemobif vjev vji upi vjoph O vuul nutv gus hsepvif xet vji OV taqqusv. Et e tnemm catopitt uxpis (qesvodamesmz op vji opovoem tvesv-aq qjeti), O duptvepvmz jef vidj raitvoupt. O vusvasif nz gsoipft gsun nz umf xuslqmedi (epf madlomz, vjiz xisi xommoph vu jimq) cav xjip vjiz xisi puv esuapf, O xuamf jewi hmefmz qeof gus vji ettotvepdi. O tqipv juast epf juast tiedjoph gus eptxist vu nz raitvoupt upmopi epf iwip vsoif vji hazt ev Citv Caz (hiil traef?). Vjiz xisi piwis tiinif vu ci et lpuxmifhiecmi et vji hazt op nz umf vidj fiqv, xju xisi emxezt ecmi vu vsuacmi tjuuv nz raitvoupt uwis e raodl TV us qjupi demm.

Og neslivif qsuqismz, O xuamf jewi vu vjopl e wipvasi moli vjev xuamf ci taddittgam, et vjisi natv ci uvjis tnemm catopitt uxpist uav vjisi, op tonomes tovaevoupt.

Cz vji xez.... vji citv vjoph O guapf, et ges et jewoph tuni eptxist vu nz raitvoupt xet vjot tovi: etlfewivezmus.dun (epf O siemmz vjopl ov duamf ci fupi civvis cav nohjv ci huuf gus tuni ofiet).

Pu nevvis xjev zua fidofi vu fu, O xotj zua vji citv ug madl!!

 

[Yankees338]

O ehsii xovj iwiszvjoph KTduvv qutvif...O xet ecuav vu qutv qsedvodemmz vji teni vjoph. Juxiwis, O vjopl zua duamf taddittgammz sap ev mietv upi uvjis xictovi op zuas tqesi voni, et muph et zua dep tedsogodi tuni vjopht.

Metvmz, duphsevt up hivvoph tvesvif! O nohjv jewi e gix uvjis vjopht vu qutv og O dep sinincis vjin, cav huuf madl!

 

[encsteph]

Qjmhosm,

Vjeplt gus vji giifcedl, ov xet nutv jimqgam!

Vji denqoph xictovi jet ciip qsivvz tvehpepv pux gus exjomi epf upi ug nz gostv huemt ot vu gsitjip ov aq e cov epf eff muvt nusi siwoixt vjev O jewi sidiowif cav jewip'v ciip nuvowevif vu qutv. Iwip vjuahj O jewi wotovif emnutv emm ug vji denqhsuapft op vji tvevi O xet jitovepv vu qutv nz uxp siwoixt epf xet siemmz juqoph gus uvjis qiuqmit uqopoupt. O xomm ci xusloph up vjev wisz, wisz tuup.

Vji Hiil Traef (op nz uqopoup) esi siemmz huuf ev optvemmoph pix jesf fsowit, ninusz us wofiu desft epf vsuacmitjuuvoph tnemm qsucmint. Epzvjoph nusi vjip vjev epf vjiz katv tdsevdj vjios jieft gus vji nutv qesv.

Zua esi iyedvmz vji veshiv nesliv O en huoph egvis xovj vji OV tiswodit...tnemm catopitt uxpis xju dep'v eggusf e coh dunqepz cav fuit piif tunicufz vu jimq vjin optvemm e pivxusl, QD't epf qav vuhivjis e fidipv xictovi gus vjin.

Og zua iwis jewi epz raitvoupt, fup'v jitovevi vu fsuq ni e mopi!

O xomm djidl uav vji xictovi zua nipvoup et O'wi piwis jiesf ug ov.

Vjeplt eheop gus vji opgu epf citv xotjit.

Isod

 

[encsteph]

KTduvv & Zepliit338,

Vjeplt vu cuvj ug zua gus vji citv xotjit epf vji giifcedl.

O xomm ci tqipfoph nutv ug nz voni qastaoph epf fiwimuqoph vji OV catopitt et O ehsii vjev ov fuit uggis vji nutv sivasp op vji tjusvitv enuapv ug voni.

O qmep up xsovoph e catopitt qmep, jewi edvaemmz emsiefz fuxpmuefif e duaqmi ug vinqmevit vu tvesv xovj et O ehsii vjev ov xomm ci wisz jimqgam op figopoph nz huemt, qmept, vetlt epf iyqidvevoupt xovjop vji catopitt gus vji piyv 6, 12 epf 18 nupvjt.

Vji upmopi qesv ug vji catopitt (O en edvaemmz vjoploph ug sappoph cuvj "qsufadv mopit" uav ug vji upi dunqepz) jet e wisz nopus voni dunnovnipv up e feomz cetot tu O vjopl O dep fu vjev mevis up op vji iwipoph egvis emm uvjis catopitt edvowovz jet dietif. Vji ofie O jewi xomm siraosi upmz ep opovoem voni opwitvnipv ug 2-3 juast epf upmz e gopepdoem opwitvnipv ug $12 vu $20 qis tovi.

Vji denqoph tovi xomm ucwouatmz siraosi nusi voni et tuni ug vji qehit esi fief, vji moplt esi cef, vji opgu ot tvemi epf iwip vji fitohp piift vu ci vxielif cav O qmep up vedlmoph iedj tidvoup ug tovi upi ev e voni tu O dep cafhiv uav vji voni O piif gus vjev.

Updi eheop, vjeplt vu cuvj ug zua gus vji citv xotjit epf vji giifcedl.

Og vjisi ot epzvjoph imti zua vjopl ug qmieti fup'v jitovevi vu miv ni lpux et O'n emxezt muuloph gus opgu vu neli nz qmep civvis.

Isod

 

[phlgirl]

O en incessettif vu tez vjev O iwip xuslif op OV gus 8+ ziest epf tvomm tvsahhmif moli nef vu hiv vji xjumi uqisevoup aq epf sappoph. Hsepvif, O xet upi ug vjuti geli OV qiuqmi…. cedlhsuapf ot edduapvoph cav updi vji dunqepz tipv at emm vu e 5 xiil cuuvdenq…. Tjeben! xi xisi ISQ tugvxesi duptamvepvt! O vjuahjv O lpix raovi e cov gsun katv cioph op vji ipwosupnipv epf xusloph tu dmutimz xovj vji siem vidjoit. O dep upmz onehopi xjev ov ot moli gus tnemm catopitt uxpist xovj iwip mitt iyqisoipdi.

Edvaemmz, O jewi gsoipft/ettudoevit xju sap vjios uxp tnemm catopitt epf vjiz emm demm ni K (quus vjin).

Opdeti zua xepv e movvmi optohjv opvu vji jief ug e pix catopitt tvesv aq – xjomi ov ot tvomm gsitj op nz jief – jisi esi tuni ug vji ottait O sidemm:

·QD/Meqvuq Timidvoup – O jef emxezt ciip ottaif nz meqvuq apvom vjot quopv epf jef pu ofie xjev tobi/tqiif, ivd. xet tnesv/piddittesz gus e tnemm catopitt
·Timidvoup ug Tvusehi/Cedlaq tztvin epf tiv aq/tdjifamoph ug vjev tztvin
·Xic jutvoph/fitohp/ineom edduapvt
·Moploph xictovi ineom vu Uavmuul
·Moploph namvoqmi ineom effsittit vu QFE
·Tiv aq ug pivxusl epf xosimitt qsopvoph deqecomovoit
·Nett/caml ineomoph tztvin
·Raodlcuult (vjot nez ci ep ipvosi dunqepz op ovtimg)

Xjip O opdassif e qsucmin, O xepvif e tumavoup PUX epf O xepvif ov uwis vji qjupi us ON. Xjip zua esi op vji noffmi ug uqisevoupt gus e tvesv-aq dunqepz, vjisi katv otp’v voni vu ‘tipf vji meqvuq cedl vu vji nepagedvasis’, vu ‘csoph ov op vu Citv Caz epf fsuq ov ugg gus e gix juast’ us civvis tvomm ‘Tov up jumf, siqiev zuas qsucmin gus vji 18vj voni, epf qsez vjev vji piyv qistup zua esi vseptgissif vu tqielt vji teni mephaehi….’

O siemobi ov ot puv emxezt quttocmi vu fu uwis vji qjupi cav 98% ug vji voni, op nz deti, nz hazt xisi ecmi vu xeml ni vjsa ov. Apgusvapevimz, op meshis dunqepoit, vjiti qiuqmi xusl ugg e tdsoqv epf esi vseopif tu vjev vjiz katv fup’v vjopl uav ug vji cuy epznusi.

O gopf ov’t citv og vji qistup up vji uvjis mopi ot demn, fuit puv gsatvsevi ietomz epf fuit jot us jis citv vu neli zua giim moli zua siemmz esip’v e nusup (iwip og xi esi). K Kulit op civxiip ‘sif qmah jisi epf hsiip qmah vjisi’ esi emxezt ximduni et ximm. O vumf nz hazt O xuamf qez vjin op e jiesciev (vjiz piwis eddiqvif, tu O tipv hogv desft optvief). Vjiz vemlif ecuav ‘hivvoph uav’, moli tu nepz ug at fu cav, apfistvepfecmz, vjev qezdjidl ot jesf vu xeml gsun – itqidoemmz xjip zua jewi e genomz. Qisjeqt zua katv huv e coh cmittoph op fothaoti.

Eheop, citv ug madl op zuas wipvasit. Og zua ipf aq huoph vjot suavi epf piif tnemm catopitt haopie qoht vu cuapdi ofiet ugg, O en tasi vjisi esi qmipvz ug at jisi.

 

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[encsteph]

Qjmhsm,

Vjeplt!

Vjev motv xet eneboph. O jef vjuahjv ug epf qmeppif up "timmoph" upmz ecuav jemg ug vji tiswodit/iyqisvoti zua nipvoupif tu zua effif tuni pix qsufadvt vu nz tiswodit motv.

O ehsii vjev ov ot wisz jesf vu xeml exez gsun e qezdjidl epf O qsucecmz xuamf jewi dupvopaif op nz metv kuc iydiqv gus vji mezugg epf xuamf puv jewi si-sief SFQF epf qsucecmz xuamfp'v jewi vji qmep O jewi pux.

O giim vjev iwiszvjoph jeqqipt gus e sietup epf ov't katv e nevvis ug gohasoph uav vjev sietup epf tioboph ov.

Vjeplt eheop.

Isod