Just your average 33-year-old dude here, married with a family biz in real estate. Here’s the lowdown:
Where I’m At:
– Gettin’ $3,737.85 from VA T&P
– Got my B.A. in Economics
– Rakin’ in about $5,000 a month from 9 tenants
– Another $2,500 from side hustles
Since Covid hit, we’ve been strugglin’ with cashflow, but finally seein’ some green. Been on the job hunt forever, but looks like I might score somethin’ soon, fingers crossed!
Don’t need more than $750 a month for myself, but plannin’ on havin’ $1,200 a month for fun stuff and savin’ the rest.
So, ideally, my cashflow should look like this:
$11,237.85 – $1,200 = $10,037
And if I land a job:
$14,737.85 – $1,200 = $13,537
Seems pretty good, right? But I live in a pricey city and wanna support my folks, start a fam, move to the ‘burbs, and get a car. Any tips?
Oh, and I wanna save up $200k for a house in 2 years.
Thanks for any advice!
Response from THE MONEY MINDER:
Hello There,
Congratulations on reaching a positive cash flow situation amid the challenges brought by COVID-19. Your ability to manage your family business and generate income from various sources is commendable. It’s great to see you have a clear plan in place for your financial goals and expenses.
Considering your aspirations to support your parents, start a family, buy a home, and save $200k within 2 years, it’s crucial to ensure your financial management aligns with these objectives. While your current income projections look promising, it’s essential to consider potential fluctuations in the real estate market and other external factors that may impact your cash flow.
To achieve your financial goals, it’s advisable to prioritize building a robust emergency fund to cover unexpected expenses and secure your financial stability. Additionally, creating a detailed budget that allocates funds for savings, investments, and future financial commitments will help you stay on track.
Given the uncertainties in the job market, it might be wise to continue exploring job opportunities to augment your income further. Additionally, seeking advice from a financial advisor or consultant can provide valuable insights on investment strategies, tax planning, and wealth management tailored to your specific circumstances.
As you navigate your financial journey, remember to regularly review and adjust your financial plan based on changing circumstances and priorities. Your proactive approach to financial planning and willingness to seek advice bode well for your future financial success.
Best of luck in achieving your financial goals and securing a stable financial future for you and your family.
Farewell from THE MONEY MINDER.
