We’ve been through the basics of this site — what it’s about as well as the details behind earn, save, and invest. We’ve also covered the key topics of net worth and cash flow.
We’ve also noted that if you put all these together in the right way, you will become wealthy.
But what we haven’t covered is the underlying question: why do we want to become wealthy?
One Question, Many Answers
That question can be answered in many ways. Personal finance is, after all, personal. So each of us will have our own spin on it.
For me, that answer is to have financial freedom — to be able to work or not work if I choose, to be able to have my most precious resource (time) at my complete control, and to not have to let money concerns stand in the way of life’s decisions.
You might answer this differently. My plan is to use this site to help you become wealthy so you can answer it for yourself however you want.
My Plan
I will share more of my plans in future posts, but in general I hope to:
- Put together $4 million in assets
- Invest those assets in ways that generate enough income to more than pay my living expenses
- Never have to spend a penny of the assets themselves — just live on the income they produce
Once I reach this point, I can choose what to do. I love my job currently and I may stick with it for another 20 years. But it would be nice not to have to, right? Wealth helps provide financial freedom and financial freedom gives choices.
That’s what I hope for you — that you would have the finances that allow you to do whatever you want to do.
Here’s to reaching all our goals together…
Financial freedom = estimating how much your portfolio will earn in income – (your expenses + factoring in potential future expense)
The future is clouded… must plan the best you can…
Yes.
I will be posting soon on the exact details of my plans. I build in plenty of cushion for unplanned/unexpected expenses. I like a lot of margin of safety.
Looking forward to your plan. I have been curious to see if you kept the rentals.
Oh yes, I kept them — and they are doing well…
I like your goal and hope you hit it soon! My hubby and I are still chugging along. I think we had a net worth under $50,000 when I first “met” you in 2009, but we’re right under $500,000 now. Our general plan is to get 1-2 million in investable cash to live off of plus have several rental properties instead of just the one we have now. The rental income plus the returns from the 1-2 million should equal financial freedom for us. We’ll see. May be a little slower on the roll soon though since we’re trying to get pregnant, lol.
In an upcoming post I’ll give even more details. I’m getting close!!!!
With 14 properties, aren’t you at $4M in assets right there? That’s huge! I’m only at 4, and don’t think I can handle more.
Sam
You would think so.
But yours are in San Francisco. Mine are in Grand Rapids. 馃檪
As for handling them, I have a property manager since I live 1,200 miles away.