I originally wanted to make this blog post about Webull, but I still haven’t had enough time to play with it. My work schedule has been crazy thanks to this pandemic. However, a topic on a podcast I listen to this morning really hit me and I wanted to talk about it a little bit. This post may ramble a bit, and if it does, good! It’s to make a point about what we should be thinking about during a pandemic like this.
Where will you be 10 years from now? What a question, huh? Listening to a podcast this morning, this was one of the topics of conversation… It was really something that got my brain juices flowing. In 2030, when you are telling your story, what will the year 2020 mean to you? It makes me think back to 2008 during the Great Recession…
The way I thought back then, made it impossible for me to find opportunity. I have since changed my way of thinking and realize that as unfortunate the current situation is, it’s important to realize the opportunities that are available. I may not even be able to invest as much as I want to right now, but there is still opportunity. By invest, I don’t mean just financially…
Think of it this way. A good majority of us are stuck at home (not me, thanks Navy…). What opportunity do you have by being home? Are you teleworking? Did you lose your job? Are you on paid leave? No matter the situation, take your time and work! Whether it’s something as simple as spending more time with your family, or learning something new… TAKE ADVANTAGE! I haven’t been able to spend much time at home, but on the weekends, I have tried to focus on spending time with my kids. I am putting a little time into my real estate course, but focused mainly on getting some of that quality time. It made me think about why this journey to financial freedom is so important. The little amount of time I get with my family is precious. I want more of that!
So, what are YOU doing? Lost your job? Try to make money doing something else. There are a few things online, but you really have to commit the time. If you are stuck at home, try your hand at eCommerce. It can be a great opportunity if you have the time to commit. It’s relatively easy and cheap to start. If you are still working and doing well with your budget, consider investing in the stock market. I am currently looking into energy and natural resources such as oil. It is so cheap right now! What’s going to happen when things go back to normal and folks are back at work? Those assets will grow!
Where will you be 10 years from now? Still such a powerful question. I usually plan my life in 5-year increments as it is. To add another 5 really made me curious. Ten years from now, I want to be wealthy and a multi-millionaire. I want to be fully retired and only working because I want something to do, not because I have to. Ten years… so much can happen.
Now I am in a pretty good spot thanks to putting almost 20 years in the Navy. When I retire from the Navy, I will get a guaranteed check for life. That will be a nice chunk of change and some true passive income. I worked really hard for it. It’s not enough to sustain my family long term, but it’s a start. What else will I have? Well, I am planning to buy more rental properties. That will be another source of a passive income. My current property nets me a little over $1,000 a month after all expenses (mortgage, insurance, property manager, maintenance, vacancy…). What if I get a few more like that? $1,000 a month is a lot, but that’s off of 2 doors (so really $500 apiece). If you are getting $100-$200 a month on a door, that’s good. I plan to have around 20 doors by the time I retire from the Navy, maybe more. Check this out… With just one rental property that gave me two doors, I am already making ¼ of what my retirement check will be. What have I been doing wrong the past 18 years? Sheesh!
By the time I retire from the Navy, I plan to have already made some sales as a real estate agent. I want to use that money strictly to invest. I think I can swing this in my last few years if I can get another set of orders here in Hawaii. If things don’t work out and I wind being forced to go back to the mainland, I will request to extend one more year here and just retire. I will make less in retirement than I wanted to, but I can start my work as a full-time real estate agent. Either way, I am happy with where I am headed.
So, where you are headed? In 2030, are you going to look back and say “I missed out,” or will you say that “I stepped up and made it happen?” Now is the time to take advantage! Whether you invest in assets such as real estate or stocks, just do something. Don’t be the person that looks back at 2020 and says, “I couldn’t do anything because of what was going on.” DON’T BE THAT PERSON! Even if you aren’t in a good spot to invest, take the time and learn and invest in your greatest asset… your brain.
Where will you be 10 years from now?