Multimillionaire Journey: Goal Completed!!: Paid of Close to 70,000 of debt in one year!!

A post not too long ago called Failed Goal: Laplace Demon, Survival Bias, Survival Game described how I failed my goal of paying off close to $70,000 in debt by this past Septemeber. The debt was incurred because it was needed for large remodeling project started last October described in Multimillionaire Journey: My Credit Card Bills are Too Damn High!

Balance on my last credit card is 0.00! Two months late but finally paid all my debt stemming from that large remodel. I feel like a huge load has been lifted from my back. Sometimes when you set out a goal it doesn’t realize during the time frame that you want, I wanted it paid two months ago, it happened just now, sometimes the goal is reached late but the important thing is that it happened!

Now I could focus more on generating more income by investing and planning. A plan has been in development to reach my multimillionaire milestone. This past month I have been thinking, thinking, and thinking some more and finally put something down on paper. My plan is to sell two of my single family rental properties that generate little to no income and trade them up to multi-family properties that will generate MORE passive income.  They will be more work to maintain and manage but if I want to become a multimillionaire within 10 years it needs to be done.

I also plan on investing ferociously in stocks and bitcoin. Not yet though. Those markets are frothy right now but they will come down in price soon. When that happens I plan to invest a substantial amount I will have in savings at that point and continue to do so. I just need to find the right time and I don’t believe right now is the time to invest heavily in those markets. The time will come though. It always does.

The third part of my plan is to start making small loans. These loans would be generating more passive income to compliment the income coming from the properties. I have been doing research on what is the best method to start but I will hopefully start making my first loan about two years from now.

Within the next few years I will need to start executing my plan. That is the most difficult part, the execution of a plan. Anybody can plan anything, executing the plan is the tough part. It was tough executing my plan to pay off about $70,000 in debt in one year.  Any earnings I got went entirely to paying off the debt. I didn’t buy new shoes this whole year until yesterday. Sacrificing, execution, and finishing plan, even if its late.

 

Visualization and Time Passing

Do you remember when you were a kid daydreaming you were a superhero? It was easy, you conjured up a fictitious reality whenever you felt like. You simply thought of a scenario and there you were. As a kid, the world is full of possibilities. As you get older the possibilities narrow. Daydreaming happens less because we become more grounded to our reality. People get responsibilities, jobs, kids, who has time to daydream?

Can All Tenants Just Get Along?

Can all tenants just get along? Most can. Some try. A few never. 

Failed Goal: Laplace Demon, Survival Bias, Survival Game

I failed. My goal was to have all of my credit card debt paid off by this time and I haven’t. I still have about $16,000 left to pay. Bummer. The problem is that I am not a Laplace Demon. You see a Laplace Demon can predict the future by understanding all the movements of things using Newtonian physics. If I was to know all of the positions and velocities of the Universe…….

The Mistake: Not Seeing the Work

Often times people never see the work. The behind the scenes work. They only see the product, the results. This warps the reality to make them think that life is easy, that making money is easy, that losing weight is easy, being an actor is easy, or anything that brings results.

Multimillionaire Mind: The 5 Stages of Wealth

 

 

 

More than a decade ago I read the Idiots Guide to Getting Rich. The book primarily spoke about stock investing rather than real estate but the one thing that stood out from the book was introducing the 5 stages of wealth. I currently measure my wealth building by those 5 stages and now I wish to share it! Here they are:

Being Wealthy and a Bum are the same thing? Say what?!?!

Being a bum is the same as being wealthy. I know what your saying. Your crazy! But believe it or not, it’s true. Being wealthy and being a bum on the streets share one common trait. More freedom than the rest.

Dogs: A Landlord’s Perspective

Dogs, doggy, scooby doo. They are cute and mean. The are lovable and smell. They keep us mentally healthy but need a lot from us. They shit and pee. I have a doggy. She shits and pees all the time. When they are young sometimes they poo and pee on you! On a rental property its a gamble, a crap shoot, a roll of the dice. Should I accept a doggy or not?

Multimillionaire Journey: Net Worth 1

Every month or so I track my net worth. I go through all my assets with value and subtract it by all my liabilities. Usually I would do it on a notebook I have full of strange ideas and realistic goals. Now that I have this blog….I will be doing it here. Here we go:

Motivation: A Twist on Insecurity

Insecurity is when you are not feeling up to snuff, not good enough, lacking in some way. We all have it. Believe it or not, those insecurities has helped humanity build, invent, and capitalize. It has helped built skyscrapers. The Great Pyramids. The billionaire. The car. The airplane. Cures for diseases. In a nutshell, it is what makes people wake up every morning. Insecurity makes you care.