Through this blog, I am going to document my progress to reach my goal of at least $4,033 pre-tax dollars through investments (mostly real estate). I want to document this progress for two reasons: I want to show you exactly how I do it (what works and what doesn’t work for me) and I also want to be held accountable to my own goals.
In addition, I will explain how I got to where I am with three rental properties and approximately $710 monthly cash flow to my bottom line on a salary of $49,400. I will outline exactly how I did this so you will have ideas for how to replicate my success. I will describe and photograph each of my projects to show you. This blog is to share ideas in creating wealth by using your head and hands.
I got the idea for this blog after I read through a variety of blogs including Timothy Ferriss, Mr. Money Moustache, and Richard Branson’s entrepreneurship blog to name a few. Many times I was left feeling, well how exactly did you ‘buy your first rental property’? What steps did you take? When you asked your friends for a loan, did you simply say “Hey, I want some money, so, uhhh, can I have some?” Many times these nitty-gritty details are left out of the discussion. These discussions will be tackled in this blog.
Many of the blogs I follow discuss the excess in which we American’s live. Do you really need three TV’s? How about that HUGE DVD collection (ever heard of Netflix…it’s an even BIGGER DVD collection you can borrow!)? Do you really need to buy a fifth pair of jeans? that third pair of black shoes? that new car? the newest iAnything?
Mr. Money Moustache espouses saving almost 50% of your take home pay (is it even possible if you aren’t in the top 25% of the nation’s earners?). Tim Ferriss recommends creating an online money tree which keeps selling products with little input from you (great, but what if you can’t think of the next great gizmo of the hour?). Pat Flynn recommends building a stream of passive income (is there really such a thing as ‘passive’ income?).
After reading these blogs, I felt a little dejected; doubts crept in “would it ever be possible to retire as early as I wanted to?” I really didn’t want to have to work until I’m 65+ (if I choose to, that’s fine, so long as it’s my choice). At some point, I realized all of the ideas in these blogs are great ideas, I just needed to take the ideas that worked for me, as I understood them, and apply them to my life, hence this blog.
I want to show that many of the success stories profiled on each of the websites are not an overnight success. There are ups and downs; successes and failures as well as road blocks and speed bumps. But it’s possible. It is possible to be a success while dealing with these speed bumps and failures. The methods described in many of the blogs and websites I mention work (or at least should…maybe I’ll fail). If I do fail, at least you’ll see what not to do. If I do fail, I will learn from my failure and be more successful in the future. If someone sees me take a wrong turn somewhere, please, speak up.
What do you plan to do? How can you make it a success? Maybe real estate isn’t your thing. Maybe you’re an avid photographer, could you start a camera rental business (http://money.cnn.com/2013/07/01/smallbusiness/camera-gear.moneymag/index.html)? What if you really like pets, could you start a pet treat truck (http://www.nbcnews.com/business/doggie-food-trucks-fetch-company-profits-6C10411778)? What can you do to start a business?