So just how far am I away from this lofty goal which would place me 2nd on the NZ rich list:
| Cash | 68.03% | NZD 38,460.67 |
| Investment | 31.97% | NZD 18,077.27 |
| Total | NZD 56,537.94 |
Quite a way to go... but hey I have a plan.
Step 1 - Quit my job.
Step 2 - Profit.
OK, I may have skipped a few steps there, but anyway...
The first thing I need to do, before giving a two finger salute to my boss, is to start generating enough passive income to cover my living expenses and go toward future investment. I have determined this amount of money to be 400,000 NZD a year. Currently I am generating about 3300 NZD a year passively, so I have a way to go yet.
I also want this income to be rock solid stable, so the majority of it will be in income providing type investments. I realise this might make my ultimate goal a bit more tricky, but hey I've got the rest of my life to get there!
So the magic interim figure I am aiming for is 10,000,000 NZD using the tried and true formula of 25 x planned retirement income.
More on how I'm going to get there later.
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1 comment:
Your philosophy sounds similar to Robert Kiyosaki's. He's a bit old news but if you haven't read any of his books you'll find you're reading your own mind I think.
That said, there are a lot of holes in his theories and he oversimplifies wealth generation. I wouldn't pay for his books anymore, but worth borrowing from a friend or the library.
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