As some of you might have already noticed the site was slow or briefly down, I must apologize. And thank you for your patience.
2016 goals was all great goals, as far as financial go in meeting passive income, and giveaways. So this year number one goal is:
1. Give away 100% of the post-expense earning on the rental property in the Midwest to my nieces and nephews who are in college. I currently have 6 nieces and nephew in pre-med, med school, engineer, and trade school. $700 isn’t much per kid, it might help them buy a new computer or books. I wouldn’t want to ask them what they going to use the money for, I just hope they put it to good use.
The reason I do this not because my siblings can’t afford their kid’s college tuition, but I just want to show my gratitude toward my family. Everything they did for me while I was struggling. I was and still am very much appreciate their help. I am forever be grateful to what have given me. I hope one day they will do the same.
We will continue to give back to our universities, hospital, church, temple and to our parents. That will not change.
2. Moving wellroundedinvestor.com to a self host that is fast and reliable.
My domain mapping at WordPress was expiring so I took the opportunity to move my site into self-host. I’m still testing out this new hosting service. But one thing for sure, I’ve lost all the graphics on my website. So, changing to self hosting sooner rather than later probably a good thing.
After 2 years of blogging, my website traffic has doubled. This blogging business probably never going to pick up, but I’d like to continued share my journey post financial independence. So, maybe the number of posts might be reduced as I’m aiming for better content.
I’ve just moved it. But so far I’m not too impressed with customer service with webhostinghub.com
3. Do my book every week or at least once a month. Since, I now have 4 rental properties or 11 units. I must dedicated a lot of time maintaining the book or else. I’m trying to convince Mr.W to do this as he’s an accountant, but he hasn’t practiced accounting for so long. Plus he doesn’t like this kind of stuff. Who does? Hihi but I need to do it.
4. Talk to my boss about going part-time. I know I failed do do it last year, but it wouldn’t hurt to put this back on the list.
5. The goal by the year end to generate $5,000/month in rental income from the mixed used property and the property in the Midwest. Right now I have the Midwest property rented, and the restaurant spaces rented. I’m still looking for tenant for the 2 upstairs apartment. (the triplex and the 4-plex I also own, I’ll leave these income in private).
**Notice this change from $6000/year last year goal to $60,000/year… after I switched my investment around and probably commit more hours to rental property.
I cashed out $77k and $300k to buy the 2 properties from my taxable account. Had I leave all of my money in the stock market, it’s probably valued at $450k.
But after I bought the 2 properties, and make improvements, the $77k is worth $130k and the mixed use are worth $650k ám the property nearby are going for $700k. I’m waiting for the transaction to go through to get the comps. But it doesn’t matter. What matters is the cash flows.
My $377k investments have the potential to earn $5,000/month or $60,000 per year. I’d have $1.2M in the taxable account generating at 4% dividend to produce that $5k income.
that is the reason why I put this out there to see. Especially, after cashing out like this.
6. $50K in emergency fund. Right now, I’m living paycheck to paycheck. I don’t like that feeling. So building a good core is the priority.
7. Take 2 trips outside of the US and 2 trips in the US . We have one trip to St. John planned, but I’m not sure where we are going next just yet. I read the airfare from Boston to Ireland is $70, maybe we’ll get to snipe the deal.
There is so much to see in the US, I’d like to go and explore Florida and Grand Canyon someday.
8. Improve my medical skill. It’s time for me to shut the door and study again. I’ll see how this one is going to go as I’m getting ready to retire. But I put it out there, that way when I revisit my goal, it’s one of the thing I need to focus on.
What are your goals for the year?