As people who use real estate investing to pursue\u00a0their dreams, we often put our focus on short-term goals and results and neglect the more important long-term vision.<\/p>\n
And don’t get me wrong, I don’t blame anyone! There\u00a0is so much minutiae\u00a0that comes with pursuing real estate that it really takes some concentration to work on the now and <\/em>plan for\u00a0the\u00a0future simultaneously. However…<\/p>\n So for todays post, I just wanted to help remind you guys and gals of some the important things you need to be working on for the long-haul, while you are making the small day-to-day things happen in your real estate business. I hope you find these helpful!<\/p>\n As an up-and-coming investor, you are aspiring to reach some type of defined “wealth” level.<\/p>\n To be “rich” is a VERY subjective concept and we all need to do some soul searching in order to figure out what it means for each of ourselves, individually.<\/p>\n Because we all live in different\u00a0areas with different cost of living standards, to one, an annual income of $100,000 looks a lot different in terms of lifestyle than the other.<\/p>\n For example, I live in the San Francisco bay area, and with what I want to accomplish and the type of life I want to lead, I have found that my income goal is to\u00a0build a passive income portfolio through real estate that nets me\u00a0$30,0000 a month. That’s a take-home of $360,000 per year and it would provide me enough to travel at will, the ability to continue to build wealth, give back extravagantly\u00a0and live very comfortably.<\/p>\n Now I know if I happen to live in a cheaper area, (I actually spent a large part of my life right outside Atlanta, GA) that number would look more like $150,000 per year.<\/p>\n It simply depends on your goals, the cost of living in the area you reside and so on.<\/p>\n So the take away: How much money do you want to make? What lifestyle do you want to lead?<\/p>\n If you don’t take the time out now to figure this out, you’re going to find yourself in 10 years being like, “What did I just do with my life?” (Not saying that in 10 years from now you’re life will be over, but a lot will be potentially wasted and you definitely won’t find yourself close to where you want to be).<\/p>\n You need to have a clear vision you’re working toward, otherwise your target goal will be nothing, and you’ll hit it every time!<\/p>\n It amazes me how many people (including myself at this point) live paycheck-to-paycheck,\u00a0when they don’t even have to!\u00a0<\/em><\/p>\n Saving money is a key to building wealth, and if you don’t start now, 10 years from now you’ll regret it big time!<\/p>\n Let me share a story about someone I know, we’ll call him Bob.<\/p>\n Bob worked the majority of his life making a good living at around $80,000 a year. He played hard on the weekends and worked hard during the week. He was known as a great guy! Loved good food, good laughs and being “hostest-of-the-mostest” if you caught my drift.<\/p>\n Well he recently retired, without a penny to his name. When he realized he was getting older, and his body ended up making it so he could no longer work, it was to late!<\/p>\n He was stuck.<\/p>\n Being in his late 50’s his end result was to live off of disability and social security for a take home amount of about $1200 a month.<\/p>\n Perspective: Lived his whole life on $80,000 per year (around $6,600 per month) and gets to retire and end his days on a lifestyle budget of $14,400 per year ($1,200 per month).<\/p>\n Super sad right?<\/p>\n This is because he didn’t plan and he didn’t save. Don’t be Bob! Get a plan for the future, right now, otherwise you will<\/em> regret it!<\/p>\nHere are 5 things You Need to Do Right Now In Order to Secure the Future<\/h2>\n
1. Define Your Lifestyle Cost<\/h3>\n
2. Start Saving Money<\/h3>\n