Hi all

Writing to keep myself accountable.

Current net worth for year attached

Next years goals

1. 500k total investments between taxable and tax deferred

2. fully fund IRAs for 2020/2021

3. Contribute max to regular or solo 401k (dependent on job)

3. Practice financial freedom. Fully live off rentals from Feb 2021. All earned monies go towards savings, giving or fun.

Towards this end I am looking at decreasing monthly costs first

1. health insurance is $540/mth (ouch, I am looking at how I can reduce this by $200, hopefully news next week)

2. cut costs of supplements  $240 a year

3. cut lawn care costs by $200 a year 

4. will cut HSA fees by 100 a year (did not know it was that high) by moving it to Fidelity

5. will cut monthly chiro membership, will save over $600/yr

6. will look into reducing cable boxes and using Roku and Infinity add on to still get Comcast on those TVs for free (potential savings, $180 year)

7. will look at eating out costs

* I increase my auto investments amount by the amount of the cut once it is made and official

and then rental income

1. will look at rental variable costs (utilities, taxes, and maintenance). see if we can do better

2. will look at vacancy rates, see if we can do better

and my income

1. line up a contract for after January (preferably 1099 for tax advantages)

2. look into other income sources to switch too or just to have. (ideas wholesaling real estate, blog, consulting or selling something in my own business)

and not losing track of the big picture

1. Make an impact on people. Share my  faith and blessings with others.

2. Make a bucket list of items I want to buy or do or help people with and work my way through it.  

PS  For those who are struggling or get discouraged. I just looked back at my first entry, October 2013, I had just bought the first 6 homes and  was recovering from basically losing everything. It really is very emotional to read this and think back. I was so full of excitement, fear and hope back then and so naive but I hung in there and I MADE IT.  You can too.

This was a quote from my very first post

" I  am concentrating on real estate as my avenue to freedom.. looking at 'monthly income' vs savings. I want to have enough monthly income in 5 years (see my goals) to feel 'safe' and like I have choices. I am in good shape and health so do not feel I will quit working but will certainly enjoy any job I do more knowing I do not 'have to' work. "

HI all

Above is my house fix up debt payoff. goals to actuals. I am so grateful for this group. I am looking forward to setting goals and  investing more. My past 6 years most of my money (though not all) went towards the rentals and this crazy house fix up.  I DID continue investing automatically every month through out but not as much.  Still figuring my goals but here are some updates.

1 I paid off ALL the house fix up debt and I did not have to sell any properties to do so.  Crazy insane year.  Finally that house fix up period is over and I now have an almost brand new house that will I think appreciate quite a bit in the next 2 years.. if the new tear downs and builds mean anything. I think I will keep the house at least 2 years to take advantage of that. We shall see. 

2. My contract at work ends 1/31/21. I have 3 potential job opportunities winding their way through the process. I do not expect much news until after the near year. I DO plan to go back to work at least for a few  months to build up my savings (see my new sidebar). The job market is slower for sure but still a few things out there.

3. After January 2021 I will transition to FULLY relying on the rentals  for all my regular costs and budgetted extras so anything I make  in a job will go towards savings/investments minus some fun things and helping people. I want to use my money on experiences and helping people vs buying things. 

4. I think I feel safer having $750k in investments to feel financially free  (so I am $370k short right now) but I do not want to fall into the trap of continually movnig the goal posts for myself. I  will reevaluate that as I go. I am already starting to relax a little bit with money. I have taken several small and midsized road trips this year and am loosening up on spending. I go to North Carolina skiing and hiking next week. I do not want to waste money though so I try to be frugal where I can and still live a bit. I awnt to give away more too.  I somehow came up with $100k (see graphic.. note I did not escrow for real estates taxes last year so the months skipped of rental monies or super low rental monies reflect those monies going for taxes)  between April and now to pay off the house fix up debt. if I can do that again it can really help this goal of $750k but how much of my life do I want to give up for that.. not alot. so it will depend on this new contract. One job I interviewed for sounds SUPER awesome and fun (and pays the most)  .. the others sounds average.. not as exciting or fun. we will see. (and pay less).

5. I feel grateful to still have great health and a car that is nowhere near it's end .I love my chevy Suburban!  

6. I will evaluate this year if my new property manager is savings me money or costs slightly more for more peace of mind. In either case I am beyond thrilled with switching and the peace of mind it brings.

7. I want to lower my house costs  and move eventually. I do not see this house as a long term house.

Keep going forward everyone. Momentum is key. Even doing one thing towards your goals a day or week keeps you on track.

I am teaching a David Ramsey financial freedom course next month via Zoom. I will get it set up on the web and post it here in case anyone wants to come.

The Christmas Star  was here!!