For some context, I grew up with 3 brother in a single parent household. My mother never made much and we were definitely considered poor. I absolutely hated the thought that I could end up becoming poor when I was out in the world by myself.
My senior year in college I decided to make a strict financial plan. A 5 Year Plan. The breakdown is as follows:
End Goal: Making 100k and be debt free
Year 1: Get a job in an industry where end goal is possible (I chose medical device sales)
Year 2: Become debt free (30k in cars, 2k in business loans, 2k in personal loans, and 18k in student loans)
Year 3: Max out all income at current job in regards to bonuses, raised and promotion opportunities.
Year 4: Have 10k of side income independent of making job. I plan on having one rental property and hopefully a monetizable YouTube Channel.
Year 5: Make over 100k and be debt free.
So far I am in year 2 and my debt should be paid off in December which is right on track! I technically make over 100k now, but that is including benefits and bonuses, so I moved my goal to make 100k salary. It may sound like I’m bragging, but having this intentional framework developed is the only reason I was able to be put in the position that I am in today.
Growing up, I saw my mother handle problem as they came. I realize now that being proactive, intentional, and prepared are the most important aspects when it comes to having a financially healthy life.
Submitted October 24, 2020 at 07:57PM by athompson13 https://ift.tt/3mjUCGr
