My journey of becoming financial independence by 35 years old
It’s a couple of months late, but I’ve been busy lately as the turn-over season begins. It’s a blessing to have students as renters, they will graduate. Some of my renters graduated early as juniors, that’s pretty impressive. However it creates more work for me. I’ve been trying to not make a mess out of it by limited showings to once a week, that poses some problem in scheduling. I won’t be doing that on the next cycle.
Call my Dad once a week – I’ve been pretty good at calling him, except for this month, he’s oversea. One funny phone call was I told him I’m engaged, he said “ok” then move on to our conversation and hang up. Only less than a minute later, he called me and confirmed that’s I’m engaged to be married. :p he’s supper cute.
volunteer at least 200 hours – basketball and soccer coaching. I’m half way through my goal, given I spend 10 hours a week. Our team got killed last week, and this week we demolished a gold division team. It’s soccer, baby!
travel outside of the US – I have Cozumel and Puerto Rico lined up for February and July – we’ve already done the Cozumel trip. It was amazing snorkeling experience.
Have $50K in emergency cash – I did spare $50k, only to use it to pay cash for a rental property. So now it’s back to $0.
Invest or have $30k in investment account, either in cash or in dividend paying stocks – instead of investing, I divesting. So, this year might be a bust,
Reach $6k/year or $500/mo in dividend payout – now it’s back to $300/mo in dividend, but I’m putting my rental for rent at $1100/mo, so it would raise my monthly to $1000/mo after taxes and management. We’ll see by year end
Negociate parttime position at work. I have a doctoral degree, I’m young and capable, I don’t want my clinical knowledge to go to waste. mr is not ready to retire, I’d be bored to death staying home or worse, get depress for failure to thrive?:) not that bad, but I do need to get out of the house – I haven’t started yet.
give away 5% of my income – my Dad or to one of my niece and nephew who are going to college – progress as schedule. I’ve been consistently give to my dad, and planning in using the rental money as give away money, so it’s will be more than 5%.
My 2016 goals didn’t have any goals for self-improvement, project or continue education. But I guess, each year, for my job, it requires 15 credit hours of CEs. I usually do 15-30 credits. Last year I took on French. But every year as I own my own house and rentals, I’d learn different skills as stuff come up. For example, today, I changed the door bell button. I didn’t know it was so easy until I dug into it and look for the tutorial. 4 screws later, voila, new and improved doorbell button. :p
Well, that’s all folk!
My portfolio is sitting at $201k + $58k (set aside for the investment property assessing at $115k), so if I only count my portfolio, I’d say it’s sitting at $316K as of now. This doesn’t count my 401k, Ira, Roth IRA, 4-plex, 3-plex. Between my investments, savings, and paying down mortgages, I can sock away $100k/year. If I account portfolio performance, it might takes 8-10 months to increase $100k. It’s not my goals to increase asset or networth, what’s matter in retirement is cashflow. The cash that flowing in each month that I’m not working is what count, otherwise, even if I have a mountain of gold, I could still spending it away at some point if there isn’t cashflow.