Financial Freedom - Plan of Action
66Please visit my main goal page to read all about my quest and all posts related to it.
My goal for the next 3 years is to accumulate $250,000 in savings so that I can quit my job and “work from home.”
In the interest of disclosure, I will provide the following:
1) I currently have $3000 invested into an online business that I am using as one of my income generating activities.
2) I currently have at least $40,000 in equity in my house that I plan to sell over this 3 year period that will go towards my $250,000 goal.
3) I currently have close to $20,000 in credit card and financial aid debt that will be paid off in the next 6 months by an outside source not discussed.
4) I have a full time job that exactly covers all of my living expenses, so everything discussed in this blog will be going into my savings.
With that said, let’s move on to my plan for how I will reach my $250,000 goal.
I have split up the income I generate into 4 areas to keep myself diversified. Those are:
1) Real Estate – plan to make $100,000 over 3 years
2) Poker – plan to make $50,000 over 3 years
3) Investments – plan to make $50,000 over 3 years
4) Blogging/Miscellaneous – plan to make $50,000 over 3 years
Other than real estate, the other 3 areas are somewhat new ventures to me so I have a sliding scale with how I hope to accumulate $50,000 from each. It basically comes out to earning roughly $1400 a month, but my goal is to start my first month with a profit of $75 and increase that amount by $75 each subsequent month so that by the 36th month I will be earning $2700 a month. If I make more or less each month then that is fine, but I feel it is easier on me to have a monthly short term goal while working on the bigger long term goal.
