All Forum Posts by: Mike Paisley

Thank you everyone for your suggestions and support! I really like the idea of being conservative during these uncertain times and continuing to save cash. I plan to purchase a primary residence in the next 1-2 years and house hack. Ideally, I'm looking for a multifamily that I can rent out one side(s) and live in the other. I would also like to rent extra rooms in my side to further increase revenue potential. 

Right now, for me being financially independent is generating $ outside of W2 employment to support my living expenses. Being that my living expenses are relatively low right now, that means generating roughly $2k/mo. (this is pretty conservative, as I have been living on roughly $1k/mo. the past year) post-tax in passive income. 

I live a pretty minimalist lifestyle and don't require a lot of things outside of the essentials of food, transportation, and shelter. This # will likely increase when I have a spouse and children to account for, but will also be in a better position at that point in time to have accumulated more income producing assets.

Thank you again for the encouragement and excellent suggestions. If there is anything else that you can add or share, I am all ears!

Good Morning BP community,

My name is Mike and this marks my first post on the forums after being an active podcast listener and forum reader. 

Here is some background info and then I'll get straight to the point:

I am 28 years old and worked hard to pay off over $75,000 of student loan, auto, and credit card debt over the past three years and am now DEBT FREE. I have no dependents, am currently renting, and have a stable 9-5 and a side hustle in the evenings. 

I worked hard on getting my expenses as low as possible (without house hacking) and generate roughly $3,000/mo. on top of my expenses. 

I have built up $10,000 of emergency savings and take the company match for the offered 401k plan. My goal is to be financially independent by the age 35.

My question is what to do with my surplus of income to reach my goal?

Thank you for your time and ideas!