All Topics / Help Needed! / 8 Year Plan – Advice Needed

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Hi Every one i only turned 27 last night !!!
    Since i was 18 i have always said. that by the age of 35 i would like to be financially comfortable and semi retired.
    What does Semi retired mean to me? I will still be running my business but instead of working 60 to 70 hours a week i would like to unwind and only work 4 days a week. Lets face it whats the point of staying home if you enjoy what you do? Plus extra cash means you can always invest more to be even more comfortable?

    My wife and I would like to achieve these goals by 35.
    1) Pay off our current Home Loan – Currently we only owe 105k
    2) Have two investment properties so be-time we actually " Retire they will generate positive cash Flow"
    3) Purchase a second home in Cairns where we can spend 3 months of the year in Cairns and also rent out the property when where not there.
    4) Also have some savings sitting in the bank just in case of a rainy day.

    Overall: We own a business which creates regular income but with the business running well I'm looking at doing some other work. We dont have a expensive life style we want to be wealthy not to have materialistic stuff but to enjoy life and be comfortable. Apart from the Business and Home loan we don't have any other debt.

    any advice would be great.

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of HighrangerHighranger
    Member
    @highranger
    Join Date: 2011
    Post Count: 3

    Hey Johann22,

    What about kids? you haven't got them on your list.

    Cheers

    HR

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    HI Highranger

    Me and my wife have decided not to have kids!!!

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of HighrangerHighranger
    Member
    @highranger
    Join Date: 2011
    Post Count: 3

    Good on you and your wife!
    I wish I had my life planned out at your age as you do.

    Hope you achieve your goals.

    HR

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    What kind of business is it that you are running?  I wonder if you can acquire some property through the business as opposed to in your own names.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of streamlineinvestingstreamlineinvesting
    Participant
    @streamlineinvesting
    Join Date: 2010
    Post Count: 171

    It is pretty hard to gather what exactly you need to gain this financial freedom that you want. I guess some things that you may need to answer would be:

    How much is your current house worth?
    How much do you save on average a month?
    What are your current repayments on your business loan?

    And probably a few other questions as well.

    You can just make a spreadsheet with a few assumptions such as capital appreciation, net rental yield, monthly savings etc and you see if your properties can be positively geared in 8 years, it should definitely be achieveable, but it does depend on a variety of things.

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Thank you every one for your advice.

    Last night i started a spread sheet it should take me a couple of days to really get this done. It was good to see after doing some figures that in 8 years time we can reach these goals pretty comfortable.

    But the good thing is that in life things always change so as long as we change with what is changing then we should be allright

    good luck to all

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

Viewing 7 posts - 1 through 7 (of 7 total)

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