Posted by Wayne-NC on March 21, 2001 at 06:18:37:
Advice: It’s not how much you make, but what you do with what you make. Read Robert Kiyosaki’s “Rich Dad, Poor Dad” for starters.
Financial Independence - Posted by ChiGuy
Posted by ChiGuy on March 21, 2001 at 24:41:22:
Hello…
Me and my wife were having a discussion about our quest for financial independence. What would be a good barometer to follow as far as retiring from our jobs. I’m 33 and she’s 36. Our combined gross is about 60K/year.
We’re shooting for a goal of $100K/yr in RE in the next 3 years. I know that the FIRST thing we have to do is clear up ALL our debt. I have 2 questions.
-
Is 100K doable in 3 years, or could it be done quicker? I’m for the quicker part!
-
We know what kind of lifestyle we want to create. We basically decided to work in chunks of time (3 months on/3 months off, 6 on/6 off, something like that. What area of RE should we concentrate on to be able to have this lifestyle ? (Flips/Rehabs etc???)
We’re working hard at this and along with using our jobs to clear up our debt, (Appx. 40K - 20K for my car, 20K misc) We’re feeling pretty good about our progress.
We really appreciate your advice in advance, especially from you who are already financially independent!
Take care, and God Bless…
ChiGuy
Re: Financial Independence - Posted by DanT
Posted by DanT on March 21, 2001 at 06:19:12:
Exact numbers vary based on where you are and how hard you work at it. Working in chunks of time may be a little difficult as in any business you make hay when the sun shines. If business is rolling and the market is strong you are better off making the money and taking some time off during a slump of sorts. Paying off debt in my opinion should be one of the first priority as low overhead offers greater flexibility and peace of mind. What type of business, really I think it goes with what you like and are comfortable with. Try one and after a few deals if you like try another. I like rehab and landlording. Most don’t but it works for me. DanT