Whats My Action Plan to Financial Freedom?
A recent comment really got me thinking. The comment was straight to the point - what am I doing to reach my goals? On the surface I am doing what everyone else is doing - working, saving money, and investing. However, what is the plan that is going to make me financially free?
Let me recap what I think I have done so far that really defines my progress:
1) I lived like a college student for the first few years of my career
2) I save a high percentage of my income to build a financial base
3) I purchased my 1st house and eventually converted it into a rental property
4) I bought a 2nd house that I plan to convert to a rental property in the future
5) I have max out my 401(k) and Roth IRA contributions every year since I have been working.
So what else am I doing? Whats my master plan? How am I going to get to financial freedom?
Good questions to which I have been thinking alot about. Heres what I know so far:
- I need to continue to expand my streams of income. I'll dig into this further in a future post, but so far I have some passive income and rental income.
- I also need to become a better investor. The rate of return on my entire net worth last year wasn't pretty although my investments have done much better this year. The bottom line is I need to find ways to improve my consistency.
- I need to continue to develop my career at my employer. Things have been going well so far and I am coming up on a key transition that could help me springboard to the next level which could mean more income and other benefits.
- Most importantly I need to get my fiancee and myself on the same financial page. This is a big project and if we aren't aligned to the same goals all this work could be for nothing. More to come regarding this.
Related in Financial Goals:
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