Where I've been and where I'm headed. What do you think?

[bosco]

So It's 2009. I have a gut feeling that this is going to be 'my' year. 2008 was not soo good to me...or was it?

A quick look @ 2008
Primary residence w/ 300K equity
30K Home Equity Loan for rehab home
No CC Debt
No Car Loans
Live In Girlfreind
Good Job (100K/Yr) for a fortune 100 company
50K in Savings

The only thing that changes for 2009 is that I broke off my 10 year relationship with my Girlfriend, have a little less savings and I don't have the rehab home anymore.

She did not have a great job so I gave her a 15K check to help her get back on her own. I also gave her the rehab property that was 95 percent completed and on tract to be our 1st rental property. I purchased the home with a home equity loan on my primary residence.

Although there was minimal cash investment by her. Less than 8% best I can tell, we did share in the experience (labor, thought process, etc). She did not share in many of the house expenses other than food shopping and an occasional electric bill
So I go to bed with a clear concience knowing she will be OK and that I did the right thing by her. THis property will clear 500/month to her. I still pay the laon despite her now retaining title to the property.

So Today, I have a house, A Job, a clean concoince and plenty of dreams.

Jan 1 2009
Primary residence w/ 300K equity
30K Home Equity Loan but no Rehab Home
No CC Debt
No Car Loans
No live in Girlfreind
Good Job (100K/Yr) for a fortune 100 company
35K in Savings

Future Goals:
1.Be Happy
2.Take more time out for myself, freinds/family and hobbies
3.Make enough money to live comfortably (150K a year or so minimum)
4.Own a Business - Be independant of a sole source of income(like my corporate Job) and to take advantage of opportunites that owning your own business offers.

Immeadiate Goals:
1.Purge my life of clutter. I have tons of stuff around my house that are worth a decent amount of money. Mostly collectibles and whatnot.
2.Sell currnt home. Not that I need to but want to. Time to close this chapter in life and open the next.
3.Devise action plan. This post is the start.

Other than selling my Newly built ranch home with large outbuilding and awsome landscaping with 300K equity after mortgage is satisfied when sold and re-investing that into a 3 family where I would live in one of those units....I'm Not really sure what actions to take to enable me to achieve my goals.

So I know 2009 has the potential to be very good to me. I am hoping the fastlane community could provide me with some pointers on where I should go from here. I've been participating in the forums on and off for a few years and i've learned that this is one of the best communities out there. THanks in advance for your help!

I sincerely wish you all the best wishes, health and prosperity in the new year!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[TaxGuy]

Lol if '08 wasn't a great year for you it must've been a disaster for me, I'd have to look back at where I was this time last yr, but as of now:

A quick look @ 2009
Primary residence w/ 60K equity
10K CC debt
25K Student loan debt
No Car Loans
Live In Fiance
Ok Job (25K/Yr + commissions, started in Sep '08 and realistic first yr is $40-50K/Yr) for a fortune 500 company + 15K/Yr in rental income
3K in Savings

With that in mind how long have you owned your house to you have 300K in equity?(did you put a lot down, get a really good price or is it worth a lot more than 300K?)

Either way you have a lot to work with and to reach the goals you set should be very realistic by the end of the year, just make sure to set small, easy goals at first and go from there, such as:

Immeadiate Goals:
1.Purge my life of clutter. I have tons of stuff around my house that are worth a decent amount of money. Mostly collectibles and whatnot.
2.Sell currnt home. Not that I need to but want to. Time to close this chapter in life and open the next.
3.Devise action plan. This post is the start.

1. Unless they're very rare collectibles consider donating to Goodwill or local charity, it'll solve the clutter and you'll be doing a good deed(it's what we did and we still have plenty of my mom's stuff she left behind when we bought the house that the living space is worth much more than the few hundred bucks and time spent trying to sell it all :coco

2. Not a good time to sell, but if you have 300K in equity and plan on downgrading then it would be worth it to live in a property that is paid off and possibly have a good amount left over to invest.

3. Try doing the Personal Constitution on AndrewG's website(www.lyved.com), we started it this weekend and still have a ways to go before we have a final copy, but it'll be a great way to list all the goals you have for the year both personally and professionally. To top it off we are gonna make it so we have to keep going back to it every week and either amend it or just make sure we're sticking to versus the typical New Year's Resolution of "set it and forget it" which of course by Jan 31st for 99.9% of resolutions is forget trying to live up to the resolution :smxB:

 

[bosco]

Anyone else have any input on this. I am really at a crossroads here and want to make the best of it...

Thanks as always for everyones input!

 

[fanocks2003]

So It's 2009. I have a gut feeling that this is going to be 'my' year. 2008 was not soo good to me...or was it?

A quick look @ 2008
Primary residence w/ 300K equity
30K Home Equity Loan for rehab home
No CC Debt
No Car Loans
Live In Girlfreind
Good Job (100K/Yr) for a fortune 100 company
50K in Savings

The only thing that changes for 2009 is that I broke off my 10 year relationship with my Girlfriend, have a little less savings and I don't have the rehab home anymore.

She did not have a great job so I gave her a 15K check to help her get back on her own. I also gave her the rehab property that was 95 percent completed and on tract to be our 1st rental property. I purchased the home with a home equity loan on my primary residence.

Although there was minimal cash investment by her. Less than 8% best I can tell, we did share in the experience (labor, thought process, etc). She did not share in many of the house expenses other than food shopping and an occasional electric bill
So I go to bed with a clear concience knowing she will be OK and that I did the right thing by her. THis property will clear 500/month to her. I still pay the laon despite her now retaining title to the property.

So Today, I have a house, A Job, a clean concoince and plenty of dreams.

Jan 1 2009
Primary residence w/ 300K equity
30K Home Equity Loan but no Rehab Home
No CC Debt
No Car Loans
No live in Girlfreind
Good Job (100K/Yr) for a fortune 100 company
35K in Savings

Future Goals:
1.Be Happy
2.Take more time out for myself, freinds/family and hobbies
3.Make enough money to live comfortably (150K a year or so minimum)
4.Own a Business - Be independant of a sole source of income(like my corporate Job) and to take advantage of opportunites that owning your own business offers.

Immeadiate Goals:
1.Purge my life of clutter. I have tons of stuff around my house that are worth a decent amount of money. Mostly collectibles and whatnot.
2.Sell currnt home. Not that I need to but want to. Time to close this chapter in life and open the next.
3.Devise action plan. This post is the start.

Other than selling my Newly built ranch home with large outbuilding and awsome landscaping with 300K equity after mortgage is satisfied when sold and re-investing that into a 3 family where I would live in one of those units....I'm Not really sure what actions to take to enable me to achieve my goals.

So I know 2009 has the potential to be very good to me. I am hoping the fastlane community could provide me with some pointers on where I should go from here. I've been participating in the forums on and off for a few years and i've learned that this is one of the best communities out there. THanks in advance for your help!

I sincerely wish you all the best wishes, health and prosperity in the new year!

As far as I see it, if you feel well and have a clean concience, then you have a good base to build something great on.

Closing out old and non-supportive habits is very good. I encourage that, because I do that from time to time (just to relieve my mind from bad stuff). This absolutly include certain people, certain papers and certain items overall.

Where you are going to go from here is up to you. As always: Find what you truly love doing and find a way of making both a living of it and building wealth from it. You can never be truly great at things you hate doing. If you like your current job, then find ways of getting bonuses and other "share-in-the-pool" opportunities. If you want to be an employee (which isn't a bad thing if you truly like it), then think like a smart CEO (bonuses, options etc).

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.