#5 “So, what’s your end goal here?”
“When I spend $15k one month on a trip to Hawaii with my family, I want that money to be replaced the very next month from rental income.”
My goal is relatively simple really. I will hit certain milestones of calculable and dependable monthly income from my rental properties, so I can live life with a confidence that my 401k won’t provide. Who knows when they’re going to die? I certainly don’t. I don’t know how long that pile of money (401k) will have to last. I want streams of money that replenish every month regardless of how long I live (and for my family’s sake, that stream will continue long after I’m gone).
You see, streams of money give me freedom. When I spend $15k one month on a trip to Hawaii with my family, I want that money to be replaced the very next month from rental income (plus much more even!), and the next month, and so on. When I take the entire summer off of work to spend it with my family while my sons are on summer vacation it will be fully funded by streams of rental income.
But why the urgency? Why do I work so hard at this now? The way I see it, if I don’t get on this now, I imagine a future where my son is 18 and about to go to college, and my second son is 15 and needs a new car so he can get to his expensive club sports practices, and health insurance is even more ridiculously expensive than it is now… If I don’t have streams of income, then I’ll be locked into my 9-5, working hard just to spend the entirety of each paycheck on my expenses, never getting ahead, and never having ‘more than enough.’ That’s not what I want. I’m investing the time and money now, so when those times come, I won’t worry about buying a $20k car for my son because guess what will come the very next month? Another $20k in rental income. I won’t worry about my son’s tuition bills because they will be paid for by my tenants! (Yes, I plan to have my tenants pay for my sons’ college tuition.)
Finally, I want to set an example for my family of what can be achieved financially with enough grit and determination and accumulation of knowledge. And ultimately, I want to share and help others do the same in my sphere of influence.
What about you? Are you already strapped for cash on a monthly basis? Do you see an ‘out’ or even a break from your 9-5? Will your pile of money be big enough or do you want streams of income? What are you going to do to change that? Real estate is definitely not a ‘quick fix’ but you can begin investing now to change the future for you and your family.
Please, let me know how I can help and I’ll do my best to get you involved and get your own streams of income started. I even have a property right now that has a few spots left for investors looking to gain some passive income, some streams of cash to supplement your current income.