I have learnt from previous workshops that goals must be SMART:
S - Specific
M - Measurable
A - Attainable
R - Realistic
T - Timely
In my earlier postings, I defined financial freedom for myself as when my passive income exceeds my expenditure. I gave myself the timeline of 2022 to bring down my monthly expenses to $2800 and to bring up my monthly passive income to $2800.
Based on increasing my passive income by $2400 every year, I will be able to increase my monthly passive income by $200 each year. The plan is as such
2008 - $200 (achieved)
2009 - $400
2010 - $600
2011 - $800
2012 - $1000
2013 - $1200 (Car loan fully paid for)
2014 - $1400
2015 - $1600
2016 - $1800
2017 - $2000
2018 - $2200
2019 - $2400
2020 - $2600
2021 - $2800 (Housing loan fully paid for)
Therefore, by 2022 I will be effectively financially free! Of course, this is based on the assumption that I have paid off all my car and housing loans by then.
hello ff,
ReplyDeleteI think monthly expenditure will only go up, not down.
Thanks for the good post. It has always been a good read for me.
Merry X'mas and all the best in generating more passive income.
Cheers!
dream
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