encsteph
New Contributor
Hello all,
Here is my plan to get out of the Rat Race. Please let me know what's missing, what should be added, what is total B.S. and/or anything else you feel might help me out.
A little background:
I’m 37 years old, an IT Professional who is currently in search of a new position due to being laid off on 10/19/07. I have a beautiful supportive wife and two really awesome kids.
My parents instilled in me the desire to own my own business for which I thank them (and curse them) daily! Over the years I have tried MLM, a web design business, a used bookstore business and a few other unmentionables. Unfortunately, each venture failed mostly due to a lack of capital, a lack of a cohesive plan or a lack of cojones on my part!
I am about $15,000 in CC/personal loan debt with about $0 in savings so I am starting from scratch. I am developing my plan now to achieve my freedom and the freedom of my family.
Since I don’t have any money to speak of to start investing in real estate or paper assets I have decided to start a business to help me pay off my debt, save some money and seed my REI and Stock companies. I have lots of experience in the IT field including but not limited to web design so I am going to start a business that has two main focuses:
My plan calls for spending the next 20ish months working the job and the business to pay off all the debt, pocket $15k emergency fund and build some seed money for my other two ventures. 20ish months because I have decided that I want my goals/milestones to fall on my birthday which is Sept. 19. So my first “major†goal is:
By September 19, 2009 through paying myself first and my online business I will have paid off all $15,000 of my personal debt, I will have $15,000 in a Money Market Account and I will have at least $10,000 for each of my other businesses.
Once I have achieved this goal I plan on completing the assembly of my team of advisors and starting two businesses: 1) A Real Estate Investment Company and 2) A Portfolio Investment and Management Company with the seed money. I will use these two companies to invest in real estate and paper assets to build my passive income. So my next major goal is:
By September 19, 2010 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $1,000 of passive income from EACH of the companies.
Next:
By September 19, 2011 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $5,000 of passive income from EACH of the companies.
Finally:
By September 19, 2012 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $10,000 of passive income from EACH of the companies and I will completely retire from the “Rat Race†at the ripe old age of 43.
I have always been taught that the only way to succeed when setting goals is to write them down and then break them down into yearly, quarterly, monthly, weekly and finally daily goals. I am still in the process of doing the breaking down part and putting dates on the smaller chunks but here is a list of things I have committed doing and now am just putting them in the right order:
Eric
Here is my plan to get out of the Rat Race. Please let me know what's missing, what should be added, what is total B.S. and/or anything else you feel might help me out.
A little background:
I’m 37 years old, an IT Professional who is currently in search of a new position due to being laid off on 10/19/07. I have a beautiful supportive wife and two really awesome kids.
My parents instilled in me the desire to own my own business for which I thank them (and curse them) daily! Over the years I have tried MLM, a web design business, a used bookstore business and a few other unmentionables. Unfortunately, each venture failed mostly due to a lack of capital, a lack of a cohesive plan or a lack of cojones on my part!
I am about $15,000 in CC/personal loan debt with about $0 in savings so I am starting from scratch. I am developing my plan now to achieve my freedom and the freedom of my family.
Since I don’t have any money to speak of to start investing in real estate or paper assets I have decided to start a business to help me pay off my debt, save some money and seed my REI and Stock companies. I have lots of experience in the IT field including but not limited to web design so I am going to start a business that has two main focuses:
- Local IT Services – Network installation, hardware install and repair, software install and upgrade as well as database design, web design, web development and web hosting.
- Affiliate Programs – I have a website that I started about 2 years ago just because I loved the topic and have had lots of experience in the area and decided to throw a couple of Adsense blocks on some of the pages just to see if it would eventually pay for the web hosting. I haven’t looked at the site in about a year but it’s steadily bringing in about $50 a month profit! So I have an idea about putting together some sites based on some of my other interests as well as some other topics that friends and family have interest in and run some Adsense and maybe some other affiliate programs on them and see what kind of income they produce.
My plan calls for spending the next 20ish months working the job and the business to pay off all the debt, pocket $15k emergency fund and build some seed money for my other two ventures. 20ish months because I have decided that I want my goals/milestones to fall on my birthday which is Sept. 19. So my first “major†goal is:
By September 19, 2009 through paying myself first and my online business I will have paid off all $15,000 of my personal debt, I will have $15,000 in a Money Market Account and I will have at least $10,000 for each of my other businesses.
Once I have achieved this goal I plan on completing the assembly of my team of advisors and starting two businesses: 1) A Real Estate Investment Company and 2) A Portfolio Investment and Management Company with the seed money. I will use these two companies to invest in real estate and paper assets to build my passive income. So my next major goal is:
By September 19, 2010 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $1,000 of passive income from EACH of the companies.
Next:
By September 19, 2011 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $5,000 of passive income from EACH of the companies.
Finally:
By September 19, 2012 I will have purchased enough Real Estate Investment properties and enough paper assets to have at least $10,000 of passive income from EACH of the companies and I will completely retire from the “Rat Race†at the ripe old age of 43.
I have always been taught that the only way to succeed when setting goals is to write them down and then break them down into yearly, quarterly, monthly, weekly and finally daily goals. I am still in the process of doing the breaking down part and putting dates on the smaller chunks but here is a list of things I have committed doing and now am just putting them in the right order:
- Change BS-IT program to BS in Business with a Concentration in Finance
- Self-Education Program
- Read All Rich Dad books
- Read Sound Mind Investing
- Read all books on Rich Dad Recommended list
- I have begun reading 50 pages a day to accomplish this goal
- Learn about what is happening in Real Estate, Business and Stock Worlds
- Subscribe to 1-2 periodicals that cover these aspects and read them
- Start IT Services/Web business
- Create appropriate business entity (get some help on this)
- Increase revenue from NJcampinginfo.com
- Work with existing client
- Advertise locally for IT services clients
- Define online affiliate sites and build
- Build team of advisors when appropriate
- Start Investment Properties Company
- Start Portfolio Management Company
- Pay off $15,000 in CC/Unsecured debt
- Save $15,000 for emergency fund
- Attend REIA meetings monthly
- Play Cashflow 101 & 202 monthly
Eric
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