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Updated over 6 years ago,
I have three questions I need help with.
Hello,
I am Prudhvi Kadiyala. I am 25 years old from Tampa, Florida. I am a Civil engineer and got a full time job 3 months back. Now I want to earn passive income so that I can retire 10 years from now. That's my end goal. Becoming wealthy and independent of the day time job. I do not have any savings right now I don't want to rely on parent's money for investing in real estate.
I have three questions:-
How much should I save for investing and When should I start investing to meet my end goal? I can save 25000$ a year with my current job.
What is the best strategy I can follow to retire in 10 years time with a passive income of 6000$-8000$/month? I know rental properties are the ones that generate passive income. But I do not have money to put down for multiple properties to generate that kind of income. Is there a way I can achieve relying on rental properties down the line? I want to know a strategy how I can work my way up there.
What are some actionable items I can do while I save that initial money to invest?
Thank you.