January 10th, 2007 11:48 pm
2007 Goals (Rough Draft)
My one goal this year:
$5,000 monthly passive income from real estate by age 25 on September 10th, 2007… 8 months from today. That’s 5K/mo net positive cashflow after property expenses, management and debt service. (Too aggressive??)
1) no lying (For Sure!)
2) no money down (?)
3) work part-time (?)
First order of business: put up a blog at www.AbleBuyer.com tomorrow to track my progress. (Blog is up… still considering title, content, update frequency, search engine strategy, how much time to dedicate to it, etc)
Next: get out of my current mess as quickly as possible and eliminate all distractions. (Bankruptcy? Repay all debt? Settle Debt? How? Still considering…)
At the same time: start building my team of advisors and professionals so I can start analyzing deals and financing options as soon as possible. (Started talking to people about my goal… there is progress)
UPDATE Jan 13th:
As you can see here and from the comments, the 2007 goal is still in planning stage. I made the goal and then as I started talking about it here and with other people, different issues and concerns started coming up.
This morning I spent several hours talking to my wife about goals. Her 2007 goals/intentions for me and/or us:
- Save her credit - no late marks and no BK!!
- Pay off her 27K of debt ASAP
- Have 12K set aside for a year of school at UC Davis which she will transfer to in the summer
- Stable income - what I have right now doesn’t feel stable to her
I’m glad we talked. Our communication hasn’t been the best lately about all this stuff. She did appreciate me making a detailed financial statement and sharing it with her this morning.
She very much did not appreciate being unaware of the 50K Countrywide note, the 22K personal note and the other 5K personal note. That’s my fault because I have been running around like crazy trying to fix this mess so that she doesn’t have to worry about a thing and neglected to discuss some of this stuff with her. However, not discussing important financial decisions really hurts our marriage. Better communication should be my goal for 2007 too.