My story is similar to many 2nd generation immigrants in this country – I grew up poor as dirt. I watched my mother juggle two jobs… work nights and weekends. I saw the stress on her face at the end of every month; when she would sit alone at the kitchen table, calculator and pen in hand, crunching numbers trying to figure out how to make ends meet.
She left everything she knew behind in order for me to have a chance at the “American Dream”. But to say the deck was stacked against me would be a huge understatement. There was no inheritance to jump start me. There was no father or rich uncle to take a million dollar loan from. If it was gonna happen, it was all up to me.
My Millionaire Pledge
As I get older, I get much better at making excuses. Much better at being “rational and realistic”… but so much worse at reaching for the stars. Kids have the freedom to dream big, irrational dreams. There are no limitations in their thought. To the 8 year old me, the world was still an enormous place full of endless possibilities. I could be whatever I wanted.
When I was young, I told myself I would be a millionaire by the age of 30. I don’t know why I chose that number, but it just felt right. It gave me enough time to “figure it out”. Well, fast forward 20 years and now I’m 28 – with still a long way to go to 7 figures.
Am I discouraged that I’m not a millionaire yet? Not at all! I’m truly blessed to be living in such an amazing time and place. Opportunities still abound in this country I love, so it’s time to put aside the limiting thoughts – and it’s time to start dreaming big again.
And while hitting a million dollars in 2 years might be a little crazy – how about if I gave myself 7?
7 years to 7 figures
Dreams are just dreams unless you make a plan, and plans are just wishes unless you take action. In order for me to achieve my dream, I need to follow an ACTIONABLE PLAN to reach my goal.
So in order for me to become a millionaire in 7 years (end of 2024), I pledge myself to these goals:
1.) Owning a personal portfolio of income producing properties (real estate) that generates 50k/month in passive income.
2.) Creating a business that generates 20k/month in passive income.
3.) Growing this blog to generate 20k/month in passive income.
I will do that by:
Goal #1: The Real Estate
- Acquire 50-75 rental units that generate anywhere from $600-$1,000 in gross rents per month.
- Target a minimum 15% cash on cash return for any real estate deal.
- Target ownership by EOY
2018: 3 units
2019: 8 units
2020: 14 units
2021: 23 units
2022: 30 units
2023: 40 units
2024: 50 units+
Goal #2: The Business
- Focus on quality over quantity. I.E. – a few high dollar clients over many small ones
- Leverage other’s strengths through partnerships where available.
- RE asset management & digital marketing/consulting (web design, SEO, PPC)
- Target gross income by EOY
Goal #3: The Blog
- Consistently post high quality content, 2-3 times per week.
- Create a community of like-minded entrepreneurs to help encourage each other through our journeys.
- Create strong affiliate ties with brands I already use and love.
- Find advertising partners that can provide value to my audience.
- Start a podcast
- Write an eBook
- Target gross income by EOY
Ok, so these are lofty goals. But if I achieve them, I should become a millionaire by the time I’m 35.
I also realize that these are annual gross income goals, which will be much harder to achieve than simply having a net worth of $1,000,000… But hey, I figure if I fail at grossing $1mm/year, having a net worth of $1mm by 35 isn’t a bad Plan B. 😉
This blog post was inspired by J. Money’s “Millionaire to-do List” over at Budgets Are Sexy.
I’ll be periodically updating this post to keep track of my progress and plan to do an EOY update for each milestone.
This post was written for accountability, but more than that – it was written as a reminder… a reminder for me, and every person with the same dreams – to start reaching higher, to start being bolder, to start dreaming big dreams again.
Mr. Smart Money
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