The purpose of this blog is to share my journey and the knowledge I gather along the way towards financial freedom. I have shared my goals and targets of earning a million dollars by the age of 28 and $10 million by the age of 30 by focusing on doubling my monthly income. In my August update, I shared how I was at $5,400/month between my W2 job and renting out the duplex I purchased in July. As of September 1st, I moved into a new role as an Area Manager – which now combined with the income from the duplex brings my total monthly income to $8,200 before taxes, insurance, & expenses.
The second target was to hit $8k/month in July of 2017 which I ended up achieving 2 months later than planned in September. I am now focusing on how I can increase my passive income stream to achieve the next target of $16,000 per month by February of 2018. I am looking at larger real estate opportunities such as apartment complexes and commercial buildings that will command higher rents than smaller multi-family or single-family property.
While I didn’t hit my goal of $8k/month in July of 2017, I did achieve my goal and am on track. I am hoping now that I am building momentum I can begin achieving the desired income targets on schedule and even earlier than planned. This brings my current total gross monthly income to $8,200/month as of September 1st, 2017. I am now just 48.75% or $7,800/month away from the February target.
Current Scoreboard –
Today 10/8/2017 – $8,200/month in gross income (before taxes & expenses)
$4,000/month – December 2016 – Achieved in April 2017
$8,000/month – July 2017 – Achieved in September 2017
$16,000/month – February 2018 – As of September 2017 $8,200/month
$32,000/month – September 2018
$64,000/month – April 2019
$128,000/month – November 2019
$249,000/month – May 2020
Previous Progress Reports
Progress Report – August 2017