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.