Each year brings so many changes. Since I started this crazy adventure, I couldn’t have predicted the twists & turns each year would bring. 2018 was another eventful year, and I know 2019 will be more of the same! Rather than creating resolutions for the year or a list of goals, I’m simplifying it. I have just one goal for the entire year. My one goal for 2019 is lofty but attainable with a lot of hard work.
2019’s One Goal
Buying a house in Florida is my ultimate goal, but it’s not my one goal for 2019. In fact, I don’t foresee me purchasing a Florida home in 2019. Instead, I want each investment and adventure I take this year to lead me to more financial freedom.
In 2018, I ran across this quote from Chad Carson on the Bigger Pockets Instagram. It greatly resonated with me, and motivated how I want my life to look. As a reminder, I’m single & self-employed- so those two factors can make finances scary. I started thinking how I could remove the fear and produce more stability in my life & finances, and that’s when I decided on my goal for 2019.
By the end of 2019, I want to be living off passive income & brand partnerships. I want my real estate commissions & house flipping profits to be auxiliary income and used to further facilitate investing & buying a Florida home.
I work as a Realtor full time, but by the end of 2019, I want those commission paychecks to not be necessary for my day-to-day living. My current setup is that I live off my real estate commissions. The house flipping profits are supplementary for future projects and investing. By utilizing my commissions as additional funds for investing, I can continue to grow my wealth and financial freedom.
So How Am I Going To Reach My goal?
I need to set up more passive income streams. So for Flip 5 that I’m living in, that means finishing up the Garage Airbnb so that it will not only pay for the mortgage but provide additional income. For the cottage Airbnb, I will either continue to utilize it as an Airbnb, or I’m leaning towards long term leasing that. Airbnb offers sporatic income while long term leases offer a steady stream. For this new method to work for me, I need steady income.
I need to reduce my monthly expenses. I already live far below my annual take-home pay. In fact, I live off $25,000 year. That’s it. I plan to reduce that even more in 2019. I want to reduce non-essential monthly bills and find ways to reduce the necessary ones. (Luckily, I don’t have cable expense! So that’s one I’ve already worked to reduce!). I’m looking to reduce my health insurance, cell phone, and other expenditures.
I will collaborate with more brands. One of the things I loved most about 2018 was working with brands that I greatly admire and trust. I’ve been a respected feature writer for Homes.com, a Home Depot partner, and a finalist in Jeffrey Court’s Renovation Challenge. These partnerships allow me to introduce you to more products and projects that I hope will inspire you. I hope you trust me when I’m showcasing a brand– it’s one that I trust, that I believe will resonate with my readers, and that I think offers something of value. These brand partnerships allow me to bring more design and DIY projects to you!
I’ll need to build-up a bigger savings nest-egg. If I’m living off passive income, I can expect there will be a rainy day. A house that needs a new dishwasher. A vacancy period between tenants. That nest-egg will come from commissions and flip proceeds.
I have my work cut out for me in 2019. This is a big goal for a single self-employed person, so I will have to be intentional with each decision I make. But as we already know, I love a good challenge!