Want to quit my job!

[Dar Shan]

Hi Everyone, I'm just starting my real estate investment career with the goal of financial freedom and not having to work. 

I know a lot of you have already reached this stage. Congratulations! This question is for all of you that have already quit your job...

What was peoples target monthly income number to get to the point of quitting their job? I know everyone's number is different and depends on a variety of different things. But, I'm curious and need some motivation and guidance on creating my own target number.

Thanks for your help! 

[Michael R.]

@Dar Shan & @Mary Bodrato You should definitely listen to Podcast #151 with Clayton Morris.  He talks about how everyone has their "Freedom Number" and the way you find it is by doing the following:

-Take an average of ALL of your expenses for a 6 month period.  Do not include the holidays since spending on gifts can skew the figures.  Lets assume that number is $5,000/month

-Once you have your average expense number he says to add a 10% "fudge factor" so you have some extra in case you need it.  $5,000*0.1=$5,500

-Then take figure out the average amount, per door, that you can/want to make from your investments.  This could be based on the deals you've done, or the criteria you've set for deals you intend to do.  Lets say that number is $200/door

-Divide your average expenses + the 10% fudge factor by the average per door income you've determined.  This will give you the total number of doors you need to own before you can quit your job. $5,500/200=27.5 doors

Now figure out how long it will take you to achieve that number and you can essentially determine the time, give or take, that it will take you to become financially free.  

I hope this helps!