#5: Reverse Engineer Your Passive Income GoalsApr 15, 2023
You’re closer to your financial goals than you think...
As much as I talk real estate, YOU DON’T NEED IT or any asset to live "free(er)" now, United States or abroad.
Work jobs you love
Quit. Get a remote job
Don't quit. Request a remote job
Create a one man or woman online business
Use your knowledge for consultancy via LinkedIn posts
Stay at your job. Ask better questions of your employer to flex
Take intentional steps for geographic freedom like virtualizing your mail... and GO!
I do talk about financial freedom through assets a lot. In my own journey, real estate is playing huge role. Here's why...
Assets are options for later when you either can’t or don’t want to make income the way you’ve been doing it.
I got off the career highway at 46 years old with 2000+. They take care of family. No employer needed. But honestly, 1-5 will do.
Reverse Engineering Financial Freedom
Don’t get overwhelmed by the concept. A few thousand a month is enough for most.
Here’s a basic example:
- You have $5K in basic expenses (food, shelter, gas, etc.)
- You’ll need $5K in passive income to cover them
- Now add $3K more to live well, totaling $8K needed monthly (no need to live in scarcity)
- Now reverse engineer the number of deals and time needed to get to $8K
- If you have savings or assets (i.e. investment account) to leverage, it can move faster than you'd expect
Now you have the start of a ‘financial blueprint’ on how to get there. But we have to add lifestyle related goals to complete the financial blueprint.
- Active investor or passive in other's deals
- Single family homes or multi family or other
- Partner with money (faster) or do it solo (slower)
- Reverse engineer: how much needed for down payments.
- Create financial blueprint with numbers and bring it to life.
Now going to work has more meaning, to store money from pay needed for deals. Or get a partner with money (faster).
In my case, I had 35 single homes (2002-2014), sold some plus add paychecks. The result? 18 paid off generating $13k monthly. Goal was cash flow > corporate salary and to be able to get off the career highway when I chose and to continue my lifestyle. I met that goal. So can you.
But notice it’s not a get rich quick. It’s plan and execute financial freedom for real, and it takes time.
My new coaching student Laura is on month 2 with me. Her financial blueprint has basic expenses covered by passive income in 2 years. She’s leveraging 3 pieces of real estate, some savings, and equity in a property she owns. Her plan is moving fast.
If you need coaching support with your blueprint reach out to me. In the interim, I’ve included a more detailed explanation, in a 3 min clip for you.
I hope this helps you plan your financial freedom and Try Life On more.
Talk to you soon,