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Updated about 6 years ago on . Most recent reply

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6
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Justin Young
2
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6
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Am I kidding myself?

Justin Young
Posted

I've read dozen of business books over the past couple years but the other day stumbled across "Rich Dad Poor Dad" for the first time (trite I know).  My mind was blown.  

After a lot of searching during the past few years the path to financial freedom suddenly seemed so clear. Everything I read in the book, I was like "YES!  That's Right!" 

As a result my goal has become  "Get enough cash flow enough over the next 2 years to cover all expenses each month ($2k)" 

Is this a realistic goal? Or am I tricking myself? 

Some context:

My wife and I recently moved to CT from Dallas.  Within the last year I also started a new business and so far only pull in about $1k/month (pitiful I know, but it's just starting to take off finally).  No full time job for me, I've just been working on the biz but my wife has a full time job.  We split the bills evenly. My portion of bills is $2k/month including our mortgage on a house we bought just last year (*face palm*) I have about $40k in a 401k and a credit score of 785.  I also have about $50k in unsecured credit available.


My new business is in real estate photography and as a result I've made a lot of good relationships with key people I'd need on my team.  Loan officers, realtors etc who could help get me plugged in here.   I've also downloaded several Bigger Pockets audio books today and have been devouring them.  Any additional advise would be hugely appreciated.

So, big question again is: Am I just fooling myself into thinking my short term goal is attainable?

Most Popular Reply

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2,113
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908
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Shawn Mcenteer
  • Realtor
  • Boonton Township, NJ
908
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2,113
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Shawn Mcenteer
  • Realtor
  • Boonton Township, NJ
Replied

Sure you can achieve that 2k/month cash flow in 2 years.  Right now though its probably best to stay active on BP, keep networking, figure out what exactly you want to do and learn your market.  Owner occupying a multi family property sounds like the way to go but you need to figure out what you are willing to do and how you want to do it.  You are not fooling yourself but it will likely come at a cost and will take a lot of dedication.

  • Shawn Mcenteer
  • 9739753895
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