Sunday, January 30, 2011

Let's try this again

So I was gonna quit this blog and just continue on my own until I saw my brother's blog and gave me the energy to continue.

Let me say that I understand that this plan to be a millionaire in 3 years will not work. Not because it can't, but because that is not the goal of this blog. There are two goals:

1) To demonstrate to myself that I can do something consistently over a long period of time (ie: this blog). It has been a major problem of mine and it is part of the reasons why I'm not as successful as I'd like to be. My theory is that, if you start doing one thing consistently, you will begin to do other things consistently.

and 2) Aiming high. I've learned something about myself. When I set a goal that is damn near impossible to reach, I usually end up reaching halfway there. I'm using this understanding in hopes of being able to fail and succeed at the same time.

So here's a quick update. I have two full time security jobs. The first is at a bank and the second is at a shipping depot. I've worked at the bank since Sept.of 2008 and at the depot since April of 2010. One pays 9.26 while the other pays 10.00. I still have the 2 properties which make me about 700.00 a month. Last year was spent paying off debts and, for the most part, I'm situated.

My plan for this year is to be able to save up enough money to buy a property straight out or through foreclosure, or to get another mortgage on a building over 2 units, preferably a 4 unit or better. I'm sick of mortgages, so if I get another one it has to be one that makes me a profit of at least 1500 a month. If I buy a two unit or three unit straight out, I'll be making the same profit so it's really an "either or" kind of thing.

Each month I'm hoping to save at least $2000. By August and September I can seriously start looking for the building to buy. By the end of February, however, I should be out $3,000 thanks to some overdue water bills I will be paying this month, but it shouldn't affect the overall outcome of my plan. I don't have to pay rent or utilities because I live in a basement that shares power with the 2nd floor tenants of the 1st property, let's call it property Alpha. My only bills are food and car maintenance (insurance, gas, mechanical shit), and going out (which is a rarity). I still don't want a girlfriend so I still enjoy the occasional "tryst" with a woman that I'll probably not see again. So my expenses are very low, making my plan fairly simple to execute. The only variable is life.

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