My 3-year Game Plan for Financial Freedom

[Nicholas Jose]

My Game Plan

Good evening, BP.

2019 is a month away and I’d like to share with you guys my game plan for the next 3 years. Keep in mind that this is a WIP, and perhaps if there’s someone out there who’s in a similar position as me, they could use the below formula as their own blueprint to financial freedom as well. But first, here’s my current situation:

• No student debt to pay off.
• Living rent-free with my parents (I’d like to move out eventually).
• Living in northern NJ (where the state's property taxes are crazy high, so I'm basically playing the REI game on HARD MODE)
• Annual salary (after taxes) ~ $38K/year (this’ll be lowered by the time I turn 26 since I’ll be paying for my own car insurance, health insurance, etc., which would consequently prolong the time it’ll take me to reach my financial goals)
• Excellent credit score
• Planning on quitting my job 3 years down the line (2021)

As for my game plan, I’ve broken it down into six phases:

Phase I (early 2019):

• Grow seed money by first saving 10K from my 9-5 job and investing it with my uncle in fix-and-flip projects. My uncle flips from 1-2 houses per year and the ROI is around 20%.
• Continue learning REI.

Phase II (early to mid-2019):

• During the time between investing the 10K and getting it back (with ROI), my earned income from my employment will be used to grow my reserves (ensuring that I keep my expenses in check).
• Continue learning REI.

Phase III (mid- to late-2019):

• Get back my 10K + ROI. At this point, I have four options:

1. Reinvest the 10K again and repeat Phase II,
2. Reinvest the 10K again, plus some of my earned income,
3. Reinvest the 10K again, plus most of my earned income, or
4. Reinvest the 10K again, plus all of my earned income

• Continue growing my reserves by working at my 9-5 job.
• Continue learning REI.

Phase IV (2020-2021):

• Repeat Phases I-III for the next two years.

Phase V (2021):

• Have 50K in cash to start investing in rental properties.
• Find a 3-4 bedroom multifamily unit somewhere in northern NJ and house hack it via FHA loan.
• Have sufficient reserves in case something goes wrong.
• Continue working at my 9-5 job?
• Continue house flipping with my uncle?

Phase VI (2021 and beyond):

• ?????

So this is my game plan for the next three years. What do you guys think? What could be improved upon for better and/or faster results?