Newbie Suzee - Posting Goals: Got criticism or book suggestions?
Hello! I'm Suzee.
Up until I read Rich Dad Poor Dad last month, I believed myself to be a pretty well off 30year old.
I'm married, have a kid on the way (8 months pregnant), a house (Long Island, NY), 2 dogs (rescue Galgos from Spain), a full-time job that helps pay the mortgage (roughly $2,400 / mo), and a pretty average life.
I read and listen to Bigger pockets podcasts in my spare time (this has been for roughly a month thus far).
I'm up to 5 Books (all recommended on Bigger Pockets) and Podcast 27 as of posting this.
I intend to keep up the momentum until I am confident enough (with my ever-growing knowledge-data-base) to start analyzing and figuring out clever ways to get rental properties (multi-families to small commercial/apartment complexes).
So let's get right down to it:
My Goal: Financial Independence.
My Why: So I can be there for my kid when it counts.
The long and short: I grew up with a single parent who had a 'good work ethic' and kept a roof over our head by being an absentee parent. That being said, while I knew it was necessary, it still troubled me that they never supported any of my extracurricular activities and could never be there for things I really wish they could have. I want to be able to be there for my daughter when she grows up. I want to be that parent who is gung-ho at their sports games, cheering and making sure they know they're loved and supported, overly so- so my 'why' revolves on being able to be there whenever I can and HOPEFULLY, allowing my knowledge of financial independence to help support their dreams. If nothing else, show them that financial independence is possible while everyone else around me is trapped in the rat race.
[Starting Today 7-16-19] Game plan:
Everyday Habit: Read 30 pages of a book listed on BP and 1 podcast while taking notes.
Every Week for 1 year: Finish or come close to finishing a book (1-2 weeks per book depending on length), continue adding to book list and apply what I’ve learned whenever / where-ever I can.
In 5 Months from now [January 2020]: Focus more on Analyzing properties books and start analyzing a house a day. Multi-family or small apartment -commercial. While I’d like to stay in one particular market to learn the house values there, this is mainly for ‘learning to analyze’ and getting good at it so depending on what’s available my radius of search results may expand rapidly.
In 1 Year: Armed with the knowledge of roughly 30 books (depending on what life throws at me because REALISTICALLY; I am having a kid…), a ton of life-experience stories from podcasts, the constant practice of analyzing properties and having a basic understanding of home values in a specific area, NOW will be the time to start visiting homes with realtors for purchasing. With the goal of building AN EMPIRE (because why not dream big?)! The first house will be a BRRR project (unless I see a better deal come along) that I can foresee paying its own mortgage with a bit of extra cash flow. The second we will leverage the 1st to get and when we get it cash flowing, this will start to chip away at our own mortgage. The 3rd is much the same.
The 3 year mark goal is to have it so all these cash flow rentals cover our mortgage but also have exit strategies in the event of a major disaster, ect.
The 5 year goal is to replace one person’s salary with this system or make it so we can both work part-time if we so choose to. This will allow more time for us to be at our daughters extra circulars and even start putting away for her college fund.
When our daughter is 8 years old: I want this system to be running so smoothly that I can easily help her to understand it and teach her Financial Independence, a lesson SORLY needed in all education systems but never taught (Reminder, use Rich Dad Poor Dad tactics to teach her). I want my daughter to take over this empire if she wishes it, but more importantly I want to be able to use it to fund her ambitions in life. I don’t want to give this to her on a silver platter, so property management will be a mandatory trade for fueling her dreams but at least she will understand this option and see how assets and liabilities work.
I am posting this here so feel free to add your two cents. This is my first kid after all so I'll take anything from MODERATE parenting advice to 'how to build a financially independant empire'.
I'm amassing a list of books suggested on BP podcasts to read in the next year (already have 30 listed) but will GLADLY take more suggestions! Please give me a 'why' I should read it though if you make a suggestion. Just helps me put them in order for learning/building and growing purposes.
Looking forward to browsing, learning and soon(tm) contributing to the forums when I have some more knowledge under my belt.
See you around. :)