Planning for 2015

The only way to achieve anything is by setting goals. You can start with long-term goals like building a real estate portfolio worth $1,000,000, or creating $5,000 a month from passive real estate income. These long-term goals then need to be broken down by years, months, weeks, and days. There is no way we’ll reach our long-term goals if we don’t work towards them every day.

With that, the end of the year is a great time to look at existing long-term goals or make new ones. It’s also a great time to define the things you want to achieve in the upcoming year to help you reach those long-term goals. Here’s a look at my goals for 2015:

Finance goals:

• Save at least $45,000 – In order to accomplish this goal, I need to save $3,750 each month. Not a small amount, but in order to achieve financial freedom within the next decade, my wife and I are willing to live a frugal life (spend on things that are important to us and save everywhere else). The $3,750 each month will be divided into two: savings and investing. We’ll be saving for a few goals such as traveling and buying a house to live in. The money we save for investing will be divided into our IRA’s and to down payments on new real estate investments.
• Purchase 3 additional properties – Now that we have two properties, we’re hungry for more and want to build our passive income by purchasing additional properties. Our goal for 2015 is to buy three additional properties. At an average of $25,000 per down payment, we’re looking to invest around $75,000 (before closing costs).
• Grow my net worth to $150,000 (it’s currently at $100,000) – Assuming we can save $45,000 in 2015, that should help bring our net worth to around $150,000 (of course, if our IRAs and properties appreciate, that will help as well).

Personal goal:

• Start a family – This is a big one, and kind of scary. This is definitely the main goal for the year.

Passive REI blog goal:

• Write one post per week – I don’t have lots of plans for this blog… pretty much what I mentioned in the About page; keep myself accountable and share my journey with others. One post a week seems like a good amount and of course during interesting times like new projects or while closing I’ll blog more often. But for now once a week is my goal.

So these are my goals for 2015. In order to keep myself accountable, I’ll touch on these goals in my monthly income reports every quarter and at the end of the year.