Crafting Your Why and Ultimate Goal
Hey BP folks ... I'm a relative newbie investor with two homes currently and the cash in hand to acquire one, likely a duplex.
A lot of the webinars talk about ... what's your why, what's your goal? It seems like the "goal" ultimately boils down either to a net worth $$ amount or a passive income $$. (IE, financial freedom is when my investments pay $5000/month in cash flow.) (OR, once I've reached $1-2M in net worth I can cash out and live off an annuity.)
Not sure if I'm thinking about that right, but that seems like the two primary "paths" -- not that they aren't interrelated, but it's relevant because it dictates how much of an appreciation play / vs / cash flow play you're going for.
I'm 30, I'd love to make "the plan" to hit "the goal" at 50, that seems achievable, but I'm having a hard time wrapping my head around those 2 paths/end goals and how to "SWOT" the routes for achievability. I guess the net worth goal seems easier, because you could simply get 5+ properties and run them till they're paid off.
Thoughts?