Goals:
•
Long Term Goals
•
Short Term Goals
o
Establish a liquid emergency fund in my local bank that will be able to payfor six months worth or expenses in the event that I loose all income andstill have to pay all of my current bills.
This fund will be $3000 and saved in a readily available moneymarket account.
I can save at least $200 a month toward this fund. At that rate itwill take me one year.
Once this fund has reached the $3000 level I will take the $200 and put in my investment account.
o
Establish a savings fund for investing.
This fund will have no maximum limit.
This fund will never be touched unless it is for an investment.
I will contribute $1 per day to this account.
Once my emergency fund has reached its goal then I willcontribute $1 per day plus $200 per month.
o
Establish a savings fund for charitable donations.
This fund will have no maximum limit.
This fund will never be touched unless it is for a donation tocharity
I will contribute $1 per day to this account.
o
Find an accountant.
Interview at least 10 accountants.
Three interviews per week for a month.
Hire one accountant for bookkeeping and to prepare quarterly professional fanatical statements.
o
Find a real-estate agent
Interview at least 10 agents.
Three interviews per week for a month
Hire one agent
o
Purchase a rental property
Contact a lender. (Novastar)
Create a plan to qualify for a loan to purchase first property.
•
Monopoly Formula
o
I realize that I cannot go straight from where I am now to some of my previously stated goals in one single step. I believe I should start out withsmall real estate investments and build up from there using the monopolyformula.
o
Starting
I will start by purchasing condos in the Tempe area under $100,000range. (Up to 4 properties) No later than 1 year after eliminatingmy bad debt.
Leave a Comment