5 Year Plan to Financial Freedom
Depsite all the chaos that’s going on in my life currently with the upcoming wedding, china assignment, saving for a home, etc., I have been spending a lot of time recently dwelling on the need for a 5 year plan.
Lets face it -- I’m adrift in the middle of the rat race and I don't have an escape plan. I'll admit I have been making good progress over the past 1.5 years - quickly closing in on 20% of my "financially free" net worth goal. However, my life is changing and I can now easily see myself and my fiancée making all the typical decisions middle class people in America make - buying a McMansion, having 1 parent stay home to raise kids, allowing our standard of living to creep upward, maybe even buying a vacation home, and at times spending maybe more than we should.
In a short period of time we will be making these decisions and I already know deep down we are going to want the best of both worlds and in the end it means we are going to be sacrificing some of our progress to financial freedom.
This puts pressure on me to finds new ways to accelerate/maintain our progress. If Im not going to be able to keep our expenses below average there is only one thing to do -- I have to find ways to increase our income. I can no longer rely on simply frugal living and my career to reach our financial goals at least not for the next couple of years. At this point I think being frugal can only play a part in reaching our aggressive financial goals. We need something more to keep the pace.
I am starting to think I have to add more dimensions to our family financial structure. Right now we have my job income, 2 rental properties, some web site income, dividends, and interest. Somehow I need to expand or create additional streams of income to maintain my annual savings. In short I'm thinking I need a five year plan that’s going to show me how I'm getting out of the rat race in the next 5 years.
Related in Financial Goals:
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