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Progress Report – August 2017

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. The first target was $4k per month by December 2016 which I was just shy of making at my base salary at my job as an Account Executive ($42,000/year or $3,500/month – not including my commissions and before taxes). In April I received a small raise bringing my base salary to $47,200/year or $3,9300k/month almost to my target of $4,000/month in gross income mark.

The second milestone was $8,000 gross income/month by July 2017. I needed to double my current monthly income in order to get there… unfortunately I did not hit that goal in July of 2017… I fell behind to my dismay.

Despite not hitting that target I remained focus and determined to continue to work towards my goals of achieving a gross income of $1Million/year or $83.4k/month by May 29th of 2020 my 28th birthday.

While I didn’t hit my goal of $8k/month in July of 2017, I did inch closer after I acquired a duplex (read more about the deal here Part 1 & Part 2). and after finding a tenant to live on one side of the duplex and myself and a roommate living in the other, I was able to increase my monthly income by $1,500/month. This brings my current total gross monthly income to $5,400/month as of August 1st, 2017. I am now just 32% or $2,600/month behind where I should be. This is a small gap to close and I am looking at what I can do to get to that $8,000/month mark and beyond to my next target of $16,000/month by February 2018.

Scoreboard 

ScoreBoardToday 8/18/2017 – $5,400/month in gross income (before taxes & expenses)

  1. $4,000/month – December 2016 – Achieved April 2017 – 4 months behind
  2. $8,000/month – July 2017 – as of August 2017 – $5,400/month – $2,600 delta to target
  3. $16,000/month – February 2018
  4. $32,000/month – September 2018
  5. $64,000/month – April 2019
  6. $128,000/month – November 2019
  7. $249,000/month – May 2020

 

The reason why this is so important to me is that I want to be able to spend time with my family, provide value to others, and give back to those that are in need. Ultimately I’d like to have a solid financial foundation that provides the support for me to focus on others. At this moment in my life, I am able to focus on creating a strong financial support system for my ideal life. I wrote down in 10th grade that I wanted to be making a million dollars a year by the age of 30 and by the age of 40 I want to have given away over a million dollars. That’s my ultimate goal is to be able to look back and tell my 15-year-old self that he did it. He put his mind to it and achieved it.

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