Author Topic: My own challenge: turning things around!  (Read 3044 times)

mike@livetheneweconomy

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My own challenge: turning things around!
« on: July 16, 2012, 09:42:49 AM »
I'm a career military officer only a few years out from transitioning to civilian life and I've just in the last few months taken the time to figure out my financial future!  Anyhow, I've committed to the following goals:

1) No non-mortgage debt within 24 months.
2) Another income source of at least $1,000 monthly within 24 months.
3) $40,000 in savings within 24 months.  Down payment on post-military home.
4) Retire NLT Age 52 (yes, I know, I'm late to the game on this).  Earlier if I can generate enough income streams without having to start a bridge job after my transition to civilian life. 
5) Income-generating assets of $750,000 NLT Age 52.

Undoubtedly some of this will change as I learn and grow, but this is where I'm at now and I love this awesome community I've just discovered.  My wife and I are currently dialing down our lifestyle to find out where our real cost-of-living is.  I'm blogging the entire thing over at my site so that I stay committed and accountable!  Anyhow, I'm glad to be here!  Thanks!


arebelspy

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Re: My own challenge: turning things around!
« Reply #1 on: July 16, 2012, 11:43:04 AM »
Hey Mike, welcome!

Have you checked out The Military Guide to Financial Independence and Retirement?

http://the-military-guide.com/
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

igthebold

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Re: My own challenge: turning things around!
« Reply #2 on: July 16, 2012, 01:38:38 PM »
2) Another income source of at least $1,000 monthly within 24 months.

Welcome! I don't want to discourage you, but I'll share my experience with setting a goal like this. In 2011 I made a new year's resolution, something like, "I will earn $100 of scalable revenue by the end of the year." (meaning it wouldn't have to be a lot, but it should have the potential to grow to something better)

What ended up happening was that I got into a couple not-so-great business partnerships which still act like medium-weight balls-and-chains around my ankle. They're not terrible, but they're not grand-slam awesome, and they haven't made a dollar for me yet, though they should Real Soon Now™.

In other words, it's a great goal.. just be careful about letting it force your hand when the result isn't obviously a winner.

Good job writing down goals, though. Having something specific you're aiming for is better than, "save a lot and retire."

mike@livetheneweconomy

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Re: My own challenge: turning things around!
« Reply #3 on: July 16, 2012, 03:20:53 PM »
arebelspy, Yep!  I love Nord's site! 

igthebold, Thanks for the advice.  I've been getting some growth at my site, so who knows, that might turn out to do something one day.  In addition, I'm also looking at some freelance writing gigs.  I also can do some additional adjunct teaching, but the buck on those is sometimes not worth the bang.  If anything, I just want to know I can do it, even if I move away from this source or that down the line.  Given that I've been military now for 22 years, just getting my brain accustomed to searching for new opportunities is what I'm mainly hoping for!

carolinakaren

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Re: My own challenge: turning things around!
« Reply #4 on: July 23, 2012, 04:43:33 PM »
Good for you for writing it all down!  In March I wanted to commit to knocking $6000 per month off my mortgage.  It's the only debt I have.  I even thought of a catchy phrase..."mortgage-free in 23" (months that is).  Anyway, I wussed out!  Didn't say a word about it on the forums and that was a mistake! 

arebelspy

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Re: My own challenge: turning things around!
« Reply #5 on: July 23, 2012, 05:25:59 PM »
Good for you for writing it all down!  In March I wanted to commit to knocking $6000 per month off my mortgage.  It's the only debt I have.  I even thought of a catchy phrase..."mortgage-free in 23" (months that is).  Anyway, I wussed out!  Didn't say a word about it on the forums and that was a mistake!

Now the challenge is .. how can you still meet that goal?  19 months left.  ;)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

carolinakaren

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Re: My own challenge: turning things around!
« Reply #6 on: July 24, 2012, 01:57:46 PM »
You are correct Arebelspy, only 19 months.  I'm brainstorming about how to make that a reality.....and thanks for holding me accountable!