Five years to Financial Freedom. Beginning 2017

[Stephen R.]

Although there is some disagreement on the subject, common wisdom tells us to verbalize our goals in order to increase our chances of success. So here goes...

I only began my real estate journey a few months ago but I'm committed to making this work. 2017 will forever be known as The Year of Action. 

1 year goal- Purchase at least six (6) properties in 2017. This will be a combination of fix/flip, lease option and buy/hold. I had originally set a much higher goal but two events have tempered my ambition. My wife and I will be closing on a SFR next month (not included in the goal) and we recently found out we will have, not one, but two new additions to our family this year.

2 year goal- No more weekends, beginning 2019. Without being number specific, my goal is to generate sufficient passive income to eliminate all weekend overtime at my W2 job. 

3 year goal- Private school for my three children. Generate sufficient additional income/reserves to fund private education for my children. I have established Coverdell Education Savings Accounts and have made funding them priority number one by the time they reach kindergarten. This will be a combination of the proceeds from any flips, or sufficient passive income allocated to cover tuition going forward.

5 year goal- Financial Freedom. This is my most ambitious goal but one I think is attainable. Ultimately, I would like to move out of the evil Northeast, to somewhere warm and friendly, where the residents celebrate July 4th and not April 15th. (assuming I can make it past the border guards and the barbed wire fences)

10 year goal- To infinity, and beyond! This one will be refined as time progresses. But as my son says, in the words of Buzz Lightyear...

Now, although I consider myself self-motivated, at times we all need support and encouragement. This is why some people claim we should not verbalize our goals (we find affirmation and encouragement merely in making goals rather than attaining them) however, I still believe in the power of positive energy. Of course, being new to the game I feel as though I take more than I give, so in an effort to give back, and as an incentive to you all to help keep me on track, I am planning on raffling off a new iPad Pro to anyone who assists and encourages me in reaching my 1 year goal. If successful, I will enter the names of anyone involved and randomly select a winner in January 2018. I can't estimate your chances of winning* but will say that "failure is not an option." 

Okay, that's enough talk. Let's do this thing...

* (Enter legal disclaimer, blah, blah, blah)

[Thomas S.]

Setting goals is a interesting exercise. Some see them as something to strive for others as setting one self up for failure and disappointment.

I have never set a goal for myself in life that I did not accomplish but that is primarily because I do not set goals as something to strive for but rather something I know I would accomplish. I have never set any goal that was a unrealistic challenge.

There are a multitude of facts one must process prior to setting goals. They are not intended to be pie in the sky dreams and should not be intended as motivational. If one is not self motivated goals will never be achieved.

My goal for 2017 is business as usual, increase my income, possibly buy another rental property and flip another house.