Where am I going?

Where am I going? Didn't think of this until I started digging into my goals and plans. It's impossible to figure out a way to get to a place, when you don't know where that place is. That's what I was doing when I started writing out all of my goals. So let me take a step back...

I want to be financially free by the age of 30. What does that even mean? What does it entail? Everyone has their own idea of financial freedom and I need to outline what mine is. May 16, 2022: I wake up, take the dog for a walk, eat breakfast with my family, take the kid(s) to daycare (scary thought lol), check out the progress on a few of my flips, come home, take the dog out again, review comments/write post for blog, read (never stop reading) and maybe some TV if there's time before the misses and I go get the kiddos. This is what my first Monday as a 30 year old will look like. Some people's idea of financial freedom is waking up and shopping all day or sitting on the couch watching TV and that's totally fine; but for me I'd go crazy if I wasn't engaged in some sort of way. At 30 I don't plan on not working again - I just want to be able to work for me. When I want. How I want. And as for as long as I want to. 

I've always toyed with the idea of real estate investing; be it wholesaling, rental properties, or flipping. There's so many ways to attack this industry and honestly this wouldn't feel like work for me...more of a hobby. Growing up, I would go into open houses with my mom, watch HGTV with my dad, daydream about mansions with my buddy, and struggle to draw floor plans with my limited skills - bottom line I want this to be a big part of my life-after-30 income. Income..how much of that do I need?

Lets attack it the other way and estimate expenses for a family of 4 in a paid off home with 2 paid off cars and low credit card debt (no debt at all can be its own problem when looking for more).

• ​Groceries - $500 (some estimates say up $200/week!)
• Electricity - $120
• Cell Phones - $120
• Cable/Internet - $100
• Hair/Beauty - $90
• Gas - $100 (2 -$25 tanks twice a month for two cars)
• Water/Sewage - $50
• Health Insurance - $450 (estimate via ehealthinsurance.com) 
• College Savings - $200 ($100 per child per month)
• Emergency Savings - $300

All in all looks like I'll be needing about $2,030 a month. For my piece of mind, I'd need about a $2,500 buffer; so I need to shoot for $4,530 in after tax income. Also, let me know if I'm missing any major expenses. Thanks to Chloe for reminding me about health insurance!

I have roughly 5 and a half years to payoff approximately $200k in debt, plan and pay for a wedding, and be able to consistently clear $4,530 in monthly after-tax dollars. Jesus take the wheel...

This goal/planning post is a lot bigger than I thought so I'll break it into 2. Keep your eyes open for the second half mid-week. 

What does Financial Freedom look like for you? Let me know below!