Planning For Your Future

Hello everyone. I missed writing my blog last week and its mostly due to the title of my post this week. I was living my life because I have a career that allows me to take time off when I want. 78% of this country lives paycheck to paycheck, meaning first they have a job. They have to ask some other “grown up” to take time off to do what they really enjoy. Then, they hope that they get “Approved” to take that time off.

Whether that is going to a sun-soaked beach or climbing to the peaks of the Himalayas. I’m not saying this to offend anyone that has a 9 to 5 job, because I used to be that person for 17 years. I say this to wake people up to either find a way to make money while they sleep “Passive Income” or they will work till they DIE. I figured out this truth over 9 years ago.

So that sounds all good you might say, but what is the solution to this. Well there are two basic solutions to this, you can build up investments such as stocks, bonds, and real estate to create this passive flow of income. Or you can create a business that will eventually create that income for you. Look at the richest people on the planet, they are either investors or they are business owners. They are the ones that employ everyone else. Assuming you are reading this blog and are not an investor or a business owner you have the power to do one or the other or both.

I myself decided to attack the challenge on both fronts. My wife and I own 4 businesses now and consistently invest in the market. We are about to buy our first investment property to diversify our investments more. I say this to let you know, don’t wait 17 years like I did to figure this out. The most valuable thing you have especially if you are young is time. My advice to you, if you are wanting to get out of the rat race sooner and have control over your life, and not subserviently to a job or another adult running your schedule, is the following.

1. Get out of all your credit card debt.
2. Fund an emergency fund of $3,000.
3. Get a 1099 side gig or start a business to take advantage of the tax code.
4. Setup a retirement fund that will allow you to retire no later than 65.
5. Create a savings fund with at least 4 to 6 months of your after tax paycheck.
6. Buy a house which creates leverage for your money.
7. Buy your first investment property.
8. Never invest more that 10% of your income to high risk investments.

That is a great basic game plan. You should be able to fully fund everything you want. You might end up working 60 to 80 hours or more a week, for 2 to 3 years depending on what you make now. However, if you follow those 8 steps and work with a good financial professional, you will be able to retire at 65. The other good news, is that it might be sooner! The earlier you start the better, and the better chance you have to retire at 60 or 55. Play it right, and you can partially retire before you’re 50! If you have any questions or would like to discuss this further comment below and I will answer questions about the 8 steps above in greater detail.

You can turn your debt into wealth!